Costa Rica gazettes resolution reducing interest rate for late tax payments and refunds
On 16 June 2021, the Costa Rican Ministry of Finance has published a Resolution RES-DGH-010-2021 and RES-DGA-222-2021 providing a reduction of interest rate from 10.31% to 10.20% for late tax payments and refunds of overpayments. The rate is
See MoreUS: Interest rates remain the same for the third quarter of 2021
On 27 May 2021, the Internal Revenue Service announced that interest rates will remain the same for the 3rd quarter beginning from 1 July 2021. The rates will be: 3% for overpayments (two (2) % in the case of a corporation),0.5% for the
See MoreFrance: Government announces new tax measures due to COVID-19 pandemic
On 2 March 2021, the Government announced new tax measures for companies impacted by Covid-19, which includes methods of how to calculate corporate tax, early repayment of refundable tax credits. Methods of calculating CIT payments According
See MoreCosta Rica publishes interest rate for late tax payments and refunds of overpayments
On 18 December 2020, Costa Rica's Ministry of Finance has published the Resolution DGH-054-2020 and DGA-542-2020 providing reduced the interest rate for late tax payments and refunds of overpayments to 10.31% (from 10.54%). The rate is based on the
See MoreUS: IRS announces interest rates for overpaid and underpaid tax for 1st quarter of 2021
On 3 December 2020, the Internal Revenue Service announced that interest rates for overpaid and underpaid tax for 1st quarter of 2021 which are unchanged from the previous quarter. The rates will be: three (3) percent for overpayments (two (2)
See MoreCosta Rica: MOF announces interest rate for late tax payment & overpayments refunds
On 16 September 2020, Costa Rica's Ministry of Finance has published Resolutions Nos. DGH-042-2020 and DGA-425-2020, reducing the interest rate to 10.5 percent from 12.2 percent for late tax payments and overpayment refunds. The resolution entered
See MoreUS: IRS announces interest rates for overpaid and underpaid tax for Q4
On 3 September 2020, the Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning October 1, 2020. The rates will be: 3% for overpayments (2% in the case of a corporation);0.5% for the
See MoreColombia: Abbreviated tax refund procedure due to COVID-19 Pandemic
On 10 April 2020, Colombia has published Decree 535 regarding the abbreviated procedure of return and/or compensation of balances in favor of taxpayers of income and complementary tax and of sales tax (VAT), within the framework of the state of
See MoreTaiwan issues final regulations on tax incentive for substantive investments
On 8 January 2020, Taiwan Ministry of Finance issues the final ‘Regulations on Deduction of Undistributed Earnings and Application for Tax Refund for Substantive Investment Made by a Profit-seeking Enterprise or a Limited Partnership’. The
See MoreUS: IRS publishes interest rate on overpaid and underpaid for first quarter of 2020
On 6 December 2019, The Internal Revenue Service announced interest rates for overpayments and underpayments that will remain the same for the calendar quarter beginning January 1, 2020. Accordingly, 5% for overpayments (4% in the case of a
See MoreRussia publishes amendments related to corporation tax
On 29 September 2019, the Russian Government signed a Law no. 325-FZ (Amendments to the Tax Code of the Russian Federation) and published in the Official Gazette. The main amendments relating to corporate income tax are as follows: Limitation
See MoreUS: IRS publishes interest rates on overpaid and underpaid tax for the 4th quarter of 2019
On 28 August 2019, the Internal Revenue Service announced interest rates on overpaid and underpaid tax for the calendar quarter beginning 1 October 2019 that will remain the same, as they were in the prior quarter. The rates will be 5% for
See MoreArgentina amends the compensatory and punitive interest rates
On 18 July 2019, Argentine Federal Secretary of Treasury published Resolution 598/2019 in the official gazette amending Resolution 50/2019 on compensatory and punitive interest rates. According to the Resolution 50/2019, current effective
See MoreEcuador releases advance tax refund procedure for FY 2018
On 4 June 2019, the Ecuadorian Internal Revenue Service (SRI) issued Resolution No. NAC-DGERCGC19-0000022 dated 30 May 2019 concerning refund procedures for overpaid advance income tax in financial year (FY) 2018. According to the resolution,
See MoreSweden:The Administrative Court approves the position of the tax administration on interest on withholding tax refunds
Recently, the Swedish Tax Agency issued a notice concerning a ruling by the Supreme Administrative Court stating that recipients of dividends on which taxes have been levied are entitled to interest if the tax is later refunded. The notice notes
See MoreUS: IRS publishes interest rate for the third quarter of 2018
On 8 June 2018, The Internal Revenue Service announced interest rate for the third quarter of 2018 that will remain as they were in the quarter that began on 1 April 2018. The rates that will begin from 1 July 2018 are as follows: 5 percent for
See MoreGermany: Federal Fiscal Court doubts the constitutionality of additional payment interest
On 14 May 2018, the Federal Finance Court (BFH) issued a decision suspending the additional default interest of 0.5% per month for unpaid taxes. The additional interest is considered unconstitutional. The simple penalty of 0.5% applies to every full
See MoreUkraine issues a letter on refund of overpayment of income tax by non-resident entity
Recently State Fiscal Service released a personal tax consultation letter regarding the refund of tax incorrectly withheld on income derived from Ukraine sources by a non-resident entity. Generally a 15% standard withholding tax rate is applicable
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