India: CBDT extends time of Compulsory e-Filing of WHT Form 10F
On 28 March 2023, the Directorate of Income Tax declared that the relaxation granted for the e-filing of Form 10F for withholding tax by non-resident taxpayers who do not possess an Indian PAN number has been extended until September 30, 2023. In
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India: Finance bill 2023 passed in the lower house of Parliament
On 24 March 2023, the lower house of Parliament (Lok Sabha) passed the Finance Bill 2023 which implements tax proposals for the next fiscal year. The Bill received 64 official amendment proposals, among which one intends to remove extended tax
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US: Tax proposals under the budget for fiscal year 2024
On 9 March 2023, U.S. President Joe Biden released the Fiscal Year 2024 Budget introducing following tax proposal. Ensures Corporations Pay Their Fair Share: The Budget includes an increase to the rate that corporations pay in taxes on their
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Norway: Corporate tax proposals for budget 2023
On 6 October 2022, the National budget for 2023 was delivered including following tax proposals related to corporate taxation. Increasing the tax rate from 35.2% to 37.84% on dividends and capital gains effective from 6 October 2022. It is
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Colombia: New Government presents Tax Reform Bill to Congress
On 8 August 2022, the new Government of Colombia presented a Tax Reform Bill to Congress. Although the general income tax rate (35%) is not modified, the Bill includes changes in corporate income tax (CIT), and personal income tax. The main tax
See MoreKenya: Corporate tax measures in Finance Bill 2022
On 12 April 2022, the Finance Bill 2022 was presented in the National Assembly of Kenya, which provides following tax measures related to corporate taxation. Corporations donating money to non-profit organizations can deduct the donation from
See MoreNigeria: President signs Finance Bill 2021 into Law
On 31 December 2021, the President, Muhammadu Buhari, signed the Finance Bill 2021 into Law at an event at the state house. The Act introduces various changes to 12 different laws in Nigeria. On 21 December 2021, Senate passed this Finance Bill
See MoreMalaysia: Tax exemption on income from foreign sources
On 30 December 2021, the Ministry of Finance (MoF) announced that foreign source income derived by resident taxpayers will be exempt from tax from 1 January 2022 to 31 December 2026. The Malaysian government has agreed to exempt foreign-source
See MoreNigeria: President submits Finance Bill 2022 to Senate
On 7 December 2021, the President, Muhammadu Buhari, transmitted the Finance Bill 2021 through a letter to the Senate for consideration. In the letter, the President explained that the Finance Bill seeks to support the implementation of the 2022
See MoreIreland: Finance Department releases amendments to Finance Bill 2021
On 12 November 2021, the Finance Minister, Paschal Donohoe T.D., appreciated the approval by Government to a number of Government amendments to be put down at Committee Stage of the Finance Bill 2021. The Minster has decided not to proceed with
See MoreEgypt explains rules and instructions for the tax treatment of capital gains
On 6 September 2021, the Egyptian Ministry of Finance has issued Decree No. 428 of 2021 clarifying rules and instructions for the tax treatment of capital gains resulting from the disposal of securities, shares, and treasury bills, as well as the
See MoreSouth Africa: SARS publishes 2021 tax guide
On 30 August 2021, the South African Revenue Service (SARS) published 2021 Tax Guide or Budget 2021 Tax Guide, which provides a synopsis of the most important tax, duty and levy related information for 2021/22. The guide includes the Tax
See MoreSouth Africa: SARS updates guidance on capital gains tax for individual and legal entities
On 1 July 2021, the South African Revenue Service (SARS) published latest ABC of Capital Gains Tax for Individuals (Issue 12) and ABC of Capital Gains Tax for Companies (Issue 10). Guide of capital gains tax for individuals This guide
See MoreAlgeria: President signs Finance Act 2021
On 31 December 2020, the President signed the Finance Act for the year 2021, which includes the following measures: The Act imposes a 15% capital gains tax on the real estate and securities transactions and describes calculations and liability
See MoreSouth Korea enacts tax revision bill for 2021
At the end of December 2020, South Korea has enacted a tax revision bill for 2021, which was passed by Korea’s National Assembly on 2 December 2020. The tax revision bill generally effective from fiscal years beginning on or after 1 January 2021.
See MoreSerbia: Ministry of Finance adopts Rulebooks concerning CIT amendments
On 30 December 2020, the Rulebooks (as the regulations are referred to in Serbia) regarding corporate income tax amendments published in the official gazette. The Rulebooks are effective retroactively for tax periods starting in 2020 including
See MoreBolivia: Government publishes Budget Law for 2021
On 28 December 2020, the Government Officially published the Budget Law for 2021 and Law No. 1355, which effects from 1 January 2021. Under Law No. 1355, a 5% VAT refund is introduced on sales prices for low-income individuals with monthly income
See MoreFrance: Government publishes Finance Law for 2021
On 30 December 2020, the Government Officially published Finance Law for the year 2021. On 17 December 2020, the French Parliament approved the Finance Bill for 2021. The Act includes: Corporate Income Tax In the context of the Covid-19
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