Spain adopts the budget bill for 2022
On 29 December 2021, Spanish budget bill for fiscal year 2022 was published in the Spanish Official Gazette following its approval by the Spanish Congress and Senate. The bill introduces a minimum corporate tax rate of 15% of the tax base for
See MoreBrazil: Government reduces WHT rate on aircraft leasing payments
On 31 December 2021, the Government Officially published Provisional Measure no. 1,094/2021, which reduces the withholding tax (WHT) regarding leasing of aircraft and aircraft engines by airlines engaged in public transportation from 15% to 0% for
See MoreCosta Rica: Tax authority publishes new tax brackets for the year 2022
On 22 December 2021, the Costa Rican government and the Ministry of Finance posted a Decree No. 43375-H updating the corporate income tax thresholds for tax year 2022. The following corporate income tax rates will apply to the income of
See MoreMalaysia gazettes finance act 2021
On 31 December 2021, the finance act 2021 was gazetted providing following tax measures. The Finance Bill was tabled in Parliament on 9 November 2021 incorporating a number of announcements made in the Budget 2022. Abolish income tax exemption
See MoreIMF: How Taxes Can Support Growth in Latin America and the Caribbean
On 14 December 2021 the IMF published a Country Focus on the role of taxation in the Latin America and Caribbean (LAC) region. The analysis is based on the IMF’s latest Regional Economic Outlook for the region. The IMF notes that the public
See MoreFrance: Government Officially publishes Finance Act 2022
On 31 December 2021, Government Officially published Finance Law for the year 2022. On 22 September 2021, the Minister of Economy, Finance and Recovery, Bruno Le Maire and the Minister Delegate in charge of Public Accounts, Olivier Dussopt,
See MoreTurkey reduces withholding tax rates on corporate dividends distributions
On 22 December 2021, the Turkish Revenue Administration has issued Presidential Decision No. 4936 in the Official Gazette reducing the withholding tax rate on corporate dividends distributions from 15% to 10%. The Decision entered into force on the
See MoreOECD: Fiscal Federalism 2022
On 20 December 2021 the OECD released the publication Fiscal Federalism 2022: Making Decentralisation Work. This looks at trends in relations with subnational governments as the world strives to emerge from the crisis caused by the
See MoreOECD: Global Anti-Base Erosion (GloBE) Rules
On 20 December 2021 the OECD published the document Tax Challenges Arising from the Digitalisation of the Economy – Global Anti-Base Erosion Model Rules (Pillar Two). The Global Anti-Base Erosion (GloBE) Rules provide for large multinational
See MoreGreece: Finance Ministry highlights tax measures on 2022 Budget
On 17 December 2021, the Finance Ministry announced an overview of tax measures on the 2022 Budget. Some of the approved tax measures are given below: The corporate income tax rate is reduced from 24% to 22% for legal entities and legal entities
See MoreRussia proposes a 0% CIT Rate to specific sectors
On 25 November 2021, the Ministry of Finance (MoF) submitted Bill No. 25126-8 to Parliament. The law provides for a corporate tax rate of 0% for cultural institutions established by municipalities. If accepted, the 0% rate will apply from January
See MoreSpain: Budget-2022 sets new minimum corporate tax rate
On 4 November 2021, the Spanish lower chamber passed the budget for 2022 which provides for a minimum corporate tax rate of 15% of the tax base for certain taxpayers from 2022. It applies to companies with a net turnover of at least 20 million
See MoreZambia proposes the Budget for 2022
On 29 October 2021, the Minister of Finance and National Planning, the Honorable Dr. Situmbeko Musokotwane, presented the Budget for 2022 to the National Assembly of Zambia. The budget includes the following changes: Proposed to reduce the
See MoreSri Lanka: Budget proposals for FY 2022
On 12 November 2021, the Minister of Finance presented the budget proposals for 2022 that include following key tax measures: A one-time surcharge tax at a rate of 25% on companies or individuals with a taxable income exceeding Rs. 2 billion for
See MoreNetherlands introduces conditional withholding tax
On 2 November 2021, the parliament of the Netherlands approved the conditional withholding tax (WHT) rate of 25% on dividends paid to low tax jurisdictions. The conditional withholding tax will apply from 1 January 2024 on dividend payments to
See MoreMorocco publishes Finance Law for FY 2022
On 26 October 2021, the Ministry of Finance (MoF) has published the draft Finance Law for 2022. The measures of the Finance Law will generally apply from 1 January 2022. The key measures of the law includes the reduction of the top rate of
See MoreIndonesia: Parliament passes the harmonized taxation bill
On 7 October the House of Representatives passed the harmonized taxation bill with aiming to support tax reforms and provide a fair, prudence, effective, and accountable tax system. The bill contains the following key income tax changes: The
See MoreNetherlands: Amendments to revise CIT rate proposes for 2022 tax plan
On 5 October 2021, the amendments to the “2020 Tax Plan” were presented to the lower house of Parliament of the Netherlands. Further amendments to the “2022 Tax Plan” were presented on 15 October 2021 to the lower house of Parliament. The
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