Tanzania: Revenue Authority publishes Finance Act 2021
On 30 June 2021, the Revenue Authority Officially published the Finance Act 2021. Some of the tax measures, which generally applies from 1 July 2021 are given below: Permanent establishment According to Finance Act 2021, the definition of the
See MoreBrazil: Executive Branch sends second phase of draft tax reform to Congress
On 25 June 2021, the Executive Branch sent the second stage of the tax reform proposal to Congress. This Tax reform includes the following changes: Government proposed to reduce the corporate income tax rate from 15% to 12.5% in 2022 and to 10%
See MoreTanzania: National Assembly publishes Finance Bill 2021
On 12 June 2021, the National Assembly published the Finance Bill 2021, which contains the measures of Budget for 2021/22. This Act shall come into operation on 1 July 2021. The Bill proposed the following things: The definition of the term
See MoreArgentina: Senate approves the bill regarding progressive CIT rates
On 2 June 2021, the Senate approved the revised draft bill, which introduces new progressive corporate income tax (CIT) rates starting from 1 January 2021. It was approved by the Chamber of Duties on 20 May 2021. According to the draft Bill, the
See MoreArgentina: Chamber of duties approves a bill regarding progressive CIT rates
On 20 May 2021, the Chamber of Duties approved a revised draft bill, which introduces new progressive corporate income tax rates starting from 1 January 2021. The bill has been sent to the Chamber of Senators for final approval. According to the
See MoreColombia: President announces withdrawal of tax reform after protests
On 2 May 2021, Colombian President Ivan Duque has announced that he would withdraw the proposed tax reform which was submitted to Congress on 15 April 2021. This decision came at such a time when multiple deaths occurred around the country since
See MorePhilippines: BIR publishes regulations to implement CREATE Act
On 8 April 2021, the Bureau of Internal Revenue (BIR) Officially published final revenue regulations (Revenue Regulations No. 2-2021, Revenue Regulations No. 4-2021, Revenue Regulations No. 5-2021) for the implementation of the Corporate Recovery
See MoreUS: IRS publishes revised CFC practice unit guidelines
On 22 March 2021, the U.S. Internal Revenue Service has published a revised international practice unit on Receipt of Dividends or Interest from a Related CFC. This Unit was revised to include the extension of the IRC 954(c)(6) look through rule
See MoreNamibia: MOF publishes the 2021/22 Budget Statement
On 17 March 2021, the Ministry of Finance has published the budget statement for 2021/22 providing the following tax reforms: There were no proposed increases or changes to the main tax brackets.Budgeted expenditure for the 2022 year will be
See MoreArgentina: Government proposes progressive corporate tax reform
In mid-March the government led by the president, Alberto Fernández, sent a bill to Congress that lays out the details of a progressive reform to corporate income tax. The latest reform being proposed by the Fernández administration would
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 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 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 MoreNorway: Ministry of Finance announces budget 2021 proposing 15% WHT rate
On 7 October 2020, the Norwegian Ministry of Finance announced the national budget for 2021 proposing 15% withholding tax on interest, royalties, and rent payments for certain physical assets paid by companies operating in Norway to related
See MorePakistan: Federal Budget 2020-21
On 12 June 2020, the Finance Bill 2020 was presented to the national parliament with several tax measures that would affect certain income tax, indirect tax, and customs provisions. The outlay of the budget is: Total revenues are projected at
See MoreAlgeria: Council of Ministers organizes a meeting regarding draft Finance Bill 2020
On 10 May 2020, the Council of Ministers arranged a meeting by video conference regarding the discussion and approval of draft Finance Bill 2020. In that meeting, following issues were coming up: The deadline extension of the 50% reduction in
See MoreIndia: Central Board of Direct Taxes (CBDT) publishes finance act 2020
On 27 March 2020, the Central Board of Direct Taxes (CBDT) published the Finance Act 2020 that includes measures announced as part of the Union Budget 2020-2021 and others. The measures of the Finance Act generally apply from 1 April 2020 (or
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