UK updates late payment interest rates
On 5 August 2022, the HMRC declared the revision of late payment and repayment interest rates following the base rate increase by the Bank of England to 1.75%. The Bank of England Monetary Policy Committee voted on 4 August 2022 to increase the
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Hungary gazettes the 2023 Budget bill including transfer pricing changes
On 27 July 2022, the Hungarian Official Gazette published the Budget Bill (Law XXIV of 2022) providing for amendments to the Hungarian transfer pricing regulations. The law was passed by the parliament on 19 July 2022. The law includes the following
See MoreHong Kong: IRD issues a circular extending lodgement for certain taxpayers
On 1 August 2022, the Hong Kong Inland Revenue Department (IRD) has published a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2021/22 Tax Returns. Recognising the impact of the recent situation of the
See MoreUkraine: STS explains international taxation during martial law
On 3 August 2022, the State Tax Service (STS) of Ukraine explained the rights and obligations of taxpayers and supervisory authorities in matters of international taxation during martial law, taking into account the Ukraine- Russia war. Statute
See MoreUK: Capital gains tax statistics
On 5 August 2021 the UK released the latest annual statistics for capital gains tax (CGT) collections. The statistics are based on self-assessment tax returns that report a CGT liability. Record amounts of capital gains were reported in 2020/21
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World Tax Brief: August 2022
Argentina Advance payments due: On 28 June 2022, Argentine Official Gazette published General Resolution 5211/2022 amending the provisions on income tax advance payment. The resolution increases the thresholds for making advance payments
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WTO: Latest Issue of World Tariff Profiles
On 29 July 2022 the World Trade Organization (WTO) issued the latest edition of its annual publication World Tariff Profiles. The publication sets out global tariff and non-tariff information on more than 170 countries and is issued in
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Ireland provides guidance on the tax deductibility of DSTs
On 5 August 2022, the Irish Revenue published an eBrief No. 158/22 on Tax and Duty Manual Part 04-06-03 that provides guidance on the tax deductibility of Digital Services Taxes (DSTs). The purpose of this manual is to outline the rules in relation
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Taiwan extends tax deductions for smart machinery and 5G investment
On 26 July 2022, the Ministry of Finance of Taiwan announced that the smart machinery and 5G investment deductions will be extended to the end of 31 December 2024. Furthermore, investments in new information security products or services will be
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Cyprus increases the deduction for research and development related cost
On 20 July 2022, the Cypriot Official Gazette published the amended income tax law increasing the deduction for research and development (R&D) expenses for the years 2022, 2023 and 2024. The changes are provided under the amendment of Article 9
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Egypt reintroduces the tax dispute resolution
On 28 July 2022, the Egyptian government published Law No. 153 of 2022 in the Official Gazette. The Law has amended the previous Law 79 of 2016 and extended the provision of tax dispute settlement until 31 December 2022. The tax dispute
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Transfer Pricing Brief: August 2022
Cyprus Scope of transfer pricing rules: On 30 June 2022, the Cyprus House of Representatives enacted detailed transfer pricing legislation amending the Cyprus Income Tax Law (ITL) and the issuance of Regulations. The amendment includes the
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IMF Report makes Policy Recommendations to Italy
On 27 July 2022, the IMF issued a report following the conclusion of discussions with Italy under Article IV of the IMF’s articles of agreement. Italy’s economy has recovered from the drop in output during the pandemic and employment and
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Belarus reduces tax rates for the High-Tech Park
Recently, Belarus reduced the tax rates on gross income for the companies’ residents of the High-Tech Park. The rate is reduced to 1% from 2%. On 7 April 2022, by the Resolution of the Council of Ministers No. 178, the rate was increased to 2%
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New Zealand: Inland Revenue seeks comments on loss carry-forward rules
On 21 July 2022, the New Zealand Inland Revenue published Interpretation Statement on tax loss carry-forward rules for Consultation. The consultation period is from 21 July 2022 to 1 September 2022. This interpretation statement provides guidance
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Russia: CBR cuts the Key Interest Rate to 8.0%
On 22 July 2022, the Central Bank of Russia (CBR) adopted a decision to cut the key interest rate from 9.5% to 8.0%. The key rate also impacts interest penalties, which are adjusted along with the adjusted key rate. For corporate taxpayers, the
See MoreHong Kong: IRD publishes gazette on tax concessions for certain shipping-related activities
On 22 July 2022, the Inland Revenue Department of Hong Kong published in the Gazette “Inland Revenue (Amendment) (Tax Concessions for Certain Shipping-related Activities) Ordinance 2022” to provide half-rate profits tax concessions (i.e. at a
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Turkey increases the late tax payment interest rate
On 21 July 2022, the Turkish Revenue Administration has issued Presidential Decision No. 5801, through which the late tax payment interest rate has been increased from 1.6% to 2.5% per month. The previous rate was applicable from 30 December 2019,
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