Oman introduces economic stimulus plan
On 9 March 2021, the government of Oman declared an economic stimulus plan in response to the Covid-19 pandemic. The stimulus plan contains several tax incentives as follows: A 5-year income tax exemption for new businesses having main
See MoreIreland: Revenue publishes an eBrief on payment of interest and royalties
On 10 March 2021, the Irish Revenue issued an eBrief No. 054/21 regarding updates to Tax and Duty Manual. This manual contains payment and receipt of interest and royalties without deduction of income tax. Some key points of this manual are given
See MoreHong Kong: Tax measures proposed in 2021-22 Budget
On 24 February 2021, Hong Kong Financial Secretary Paul Chan presented the 2021-22 Budget providing following tax measures. The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the
See MoreSouth Africa: Finance Ministry presents Budget 2021 in Parliament
On 24 February 2021, the Finance Minister, Tito Mboweni, made 2021 budget speech in the Parliament. Most of that relief will reduce the tax burden on the lower and middle-income households. Some of the tax proposals in this budget are given
See MorePhilippines: CREATE Bill sends to President for signature to make it Law
On 3 February 2021, the House of Representatives announced in a release that the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill has been approved in Congress and the final bill has been sent to the President for signature to
See MoreBotswana: Finance Minister presents Budget for 2021 to the National Assembly
On 1 February 2021, Dr. Thapelo Matsheka, Botswana’s Minister of Finance and Economic Development has presented National Budget for the fiscal year 2021 to the National Assembly. The Budget contains a number of important tax measures. The key
See MorePeru issues Law on tax incentives for agribusiness
On 31 December 2020, Peru has issued Law No. 31110 in the official gazette modifying new regime and tax incentives for agribusiness. The new Law replaces previous Law No. 27360 and is effective from 1 January 2021. The Law aims to develop
See MoreSri Lanka: Budget for 2021
The Inland Revenue Department (IRD) of Sri Lanka has issued a notice to taxpayers announcing the tax proposals in the 2021 Budget recently presented in parliament. As per the National budget of 2021 presented in Parliament, following new
See MorePanama declares revised tax rates for SMEs
On 17 December 2020, Panama has published Law No. 189 which introduces reduced income tax rates for companies and individuals qualifying as SMEs with effect from 1 January 2020, subject to the following conditions: The SME's gross annual
See MoreKenya: President signs the Tax Law Amendment Act (No. 2) of 2020
On 23 December 2020, the President of Kenya signed the Tax Law Amendment Act (No. 2) of 2020 which amends the Income Tax Act and the Value Added Tax (VAT) Act of Kenya. Critical changes include reinstating corporation tax
See MorePortugal: Madeira region is planning to reduce CIT rate to 14.7%
Portugal's Madeira regional government is planning to cut down the corporate income tax (CIT) rate from 20% to 14.7%. The CIT rate reduction is considered as part of the regional budget plan for
See MoreNorway: Parliament approves budget for 2021 including 15% WHT rate
On 19 December 2020, the Norwegian parliament passed the national budget for 2021. The budget includes a proposal of 15% withholding tax on interest, royalties, and rent payments for certain physical assets paid by companies operating in Norway to
See MoreUkraine: Parliament accepts changes to recently implemented BEPS legislation
On 17 December 2020, the Ukrainian Parliament has accepted a tax reform bill, which contains important changes to recently implemented BEPS legislation. The following important changes were introduced related to recently implemented BEPS and other
See MoreNetherlands updates tax rates for 2021
The Dutch Ministry of Finance has issued an overview of the main tax changes for 2021, which were approved by the Senate on 15 December 2020. The main tax changes are as following: The lower corporate income tax (CIT) rate is reduced from
See MoreCosta Rica: Ministry of Finance publishes new CIT rates for 2021
On 8 December 2020, the Costa Rican Ministry of Finance has published the Executive Decree No. 42733-H providing new corporate tax brackets for 2021. Decree No. 42733-H enters into force on 1 January 2021 and replaces the prior decree on rates
See MoreKenya publishes the law reversing the tax rates provided due to COVID 19
On 27 November 2020, the National Treasury has published the Tax Laws (Amendment) (No.2) Bill, 2020 (“the Bill”) in the Kenya Gazette Supplement No.216 (National Assembly Bills No.48). The law seeks to reverse the major tax concessions
See MorePhilippines: Finance Department issues Corporate Tax Reform
On 29 November 2020, the Department of Finance announced that the Senate passed of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which was a redesigned version of corporate tax reform package. The CREATE Act as approved by
See MoreUK: Evaluation of the Patent Box regime
On 17 November 2020 the UK published an evaluation of the patent box regime. The patent box was designed as an incentive for companies to retain and commercialise their intellectual property in the UK. A lower 10% rate of corporation tax is
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