Turkey enacts various amendments to the tax measures
On 15 April 2022, Turkey published Law No. 7394 in the Official Gazette containing various tax related measures including corporate tax rates, tax exemptions, and incentives. The main measure of the amendments are as follows: 25% corporate tax
See MoreIndia publishes Finance Act 2022
On 30 March 2022, the government published the Finance Act 2022 in the Official Gazette. The law implements the measures of the Union budget 2022-2023 presented in February 2022. The law includes the following corporate tax measures: A new
See MoreRussia extends the 0% CIT rate for cultural institutions
On 26 March 2022, Russia published Federal Law No. 68-FZ on Amendments to Articles 284 and 284-8 of Part Two of the Russian Tax Code. Under the amendments, the corporation tax rate of 0% applies retrospectively to 1 January 2022 for cultural and
See MoreTurkey: Government submits a draft bill to the Parliament
On 25 March 2022, the Turkish Government submitted a draft bill to the Parliament. The bill contains various tax related measures including corporate tax rates, tax exemptions, and incentives. The main measure of the bill are as
See MoreCanada: Public comments of draft tax Proposals for Certain Budget 2021
On 7 February 2022, the Department of Finance released for public comment a set of draft legislative proposals to implement previously announced and other tax measures. Specifically, the proposals would implement Budget 2021 measures to: Allow
See MoreLithuania adopts important tax law changes
On 7 December 2021, the Lithuanian Parliament adopted several important amendments to the Law (No.IX-675) on the Corporate Income Tax of the Republic of Lithuania. The law proposed the following measures: Effective from 1 July 2022, the
See MoreSpain 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 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 MoreNorway releases proposed amendment to the petroleum taxation system
On 31 August 2021, the government of Norway has issued a release proposing amendment to the petroleum taxation system. Under the amendment, the Government is proposing to revise the special petroleum tax system as of 2022, replacing the rules on
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
See MoreHungary: Parliament approves a bill abolishing the development tax reserve
On 17 November 2020, the parliament approved a bill introducing amendments to the corporate income tax. The bill includes the following tax measures: The small business tax rate will be reduced from 12% to 11% effective from 1 January 2021. In
See MoreUK: Statistics on Patent Box Tax Relief
The patent box legislation allows companies in the UK to apply a lower corporation tax rate to profits earned from qualifying patented inventions and specified equivalent types of intellectual property. The relief was first introduced from 1 April
See MoreDenmark: Government presents draft Budget for the year 2021
On 31 August 2020, the Government presented the draft Budget 2021 or Finance Bill 2021 to the Parliament. The Government's proposal for a Finance Act for 2021 is marked by the corona pandemic, which continues to create both health and economic
See MoreChina reduces income tax rate for Hainan free trade port
The Chinese authorities have rolled out preferential income tax plans for companies and individuals in the southern island province of Hainan. According to a circular jointly issued by the Ministry of Finance and the State Taxation
See MoreKenya: National Budget for FY 2020/21
On 11 June 2020, the Cabinet Secretary for the National Treasury and Planning, Mr. Ukur Yatani Kanacho delivered the 2020/21 Budget to the National Assembly. The summary of proposed tax measures are following: Income Tax Measures Raised
See MoreBangladesh: National Budget for FY 2020-21
On 11 June 2020, Mr. AHM Mustafa Kamal, the Finance Minister of Bangladesh has presented the national budget of Tk. 568,000 crore with an ambitious target of 8.2 percent GDP growth for the FY 2020-21 in Parliament. The revenue collection
See MoreSri Lanka: Updated notice on implementation of amendments to the Inland Revenue Act 2017
On 8 April 2020, the Inland Revenue Department (IRD) of Sri Lanka published a revised version of a notice regarding the implementation of proposed amendments to the Inland Revenue Act, No. 24 of 2017. As instructed by the Ministry of
See MoreThailand announces tax incentive for Special Economic Zone
On 11 February 2020, the Thai Revenue Department made an announcement to launch a tax measure supporting investment in Special Economic Zone (SEZ). Corporate income tax rate for companies in the area will be reduced to 10% in order to
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