Costa Rica: Ministry of Finance reduces interest rate for late payments
On 24 June 2022, the Costa Rican Ministry of Finance has published the resolution RES-DGH-026-2022/RES-DGA-187-2022 providing to decrease the interest rate applicable on late payments of taxes, surcharges and penalties, and on tax refunds.
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Canada enacts federal budget bill 2022
On 23 June 2022, Canada's Budget Implementation Act 2022, No. 1, Bill C-19 which includes several tax measures received Royal Assent. Bill C-19 implements tax measures announced in the 2022 and 2021 federal budgets, as well as various other
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UK: Tax Gap for 2020/21
On 23 June 2022 HMRC published details of the tax gap for 2020/21. This is a measure of the difference between the amount of tax that should have been collected by HMRC, and the amount that was actually paid. The tax that should be collected is the
See MoreBRICS Summit Declaration Notes Progress on Tax and Customs Cooperation
Following the virtual BRICS summit held on 23 June 2022, the Beijing Declaration emphasised the need to cooperate to promote economic recovery. The BRICS group of emerging powers – Brazil, Russia, India, China and South Africa – has
See MoreKenya: President gives assent to the finance act 2022
On 21 June 2022, Kenya’s President has given his assent to the Finance Act 2022 which was presented to the Parliament on 13 April 2022. The act contains following tax measures mostly take effect on 1 July 2022. The Bill proposed to introduce
See MorePoland: MoF extends the filing deadline for corporate income tax return
On 22 June 2022, the Polish Ministry of Finance has published a draft decree extending the deadline for submitting the CIT-8E return. Accordingly, the deadline for submitting the CIT-8E return is 30 September 2022. The extension applies to all
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Hungary: Finance minister presents 2023 budget bill to parliament
On 22 June 2022, the Hungarian finance minister submitted the 2023 Budget Bill in parliament providing following tax measures related to transfer pricing changes. The bill proposes to revise the regulation of the application of the interquartile
See MoreDominican Republic: DGII publishes clarifications on CbC Reporting for MNE
On 22 June 2022, the Directorate General of Internal Revenue (DGII) published a Notice (No. 18-22) clarifying Country-by-Country Reporting (CbC) for Multinational Enterprises (MNEs). The notice includes the following procedures: Submit CbC
See MorePoland increases late payment interest rates in fifth time
On 15 June 2022, the Polish Ministry of Finance fifth time published the increased interest rates on tax arrears as well as on the late payment. Accordingly, the standard rate is increased from 13.5% to 15% per annum; the reduced rate (applies when
See MoreHong Kong: IRD waives surcharges for payment of tax by instalments for businesses
The Inland Revenue Department (IRD) has started issuing tax demand notes for the year of assessment 2021/22. Taxpayers who encounter financial difficulties in settling their tax bills on time may apply for payment of tax by instalments before the
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Austria: MOF Updates Guidance on COVID-19 treaty Issues
On 20 June 2022, the Ministry of Finance published a Circular (no. 2022-0.433.029 of 17 June 2022) clarifying various tax treaty issues that have arisen due to the COVID-19 pandemic, including permanent establishments(PE) and the application of the
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OECD: Tax Administration 2022
On 23 June 2022 the OECD’s Forum on Tax Administration (FTA) issued Tax Administration 2022, which is the tenth edition of the report. The report sets out internationally comparative data on various features of tax systems and tax
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Pakistan presents the Budget for 2022/23
On 10 June 2022, the Finance Minister presented the Budget for 2022/23 to the National Parliament. The budget includes the following proposals: The corporate tax rate for banks will be increased from 35% to 45% for tax year 2023 onwards; the
See MoreTanzania: Finance Minister presents Budget for 2022/23 to the Parliament
On 14 June 2022, the Finance Minister presents the Budget for 2022/23 to the National Assembly. This Budget highlights presents a summary of the tax and related regulatory changes. The Budget Bill is now subject to the President’s sign to become a
See MoreLuxembourg: Tax Authority updates guidance on CFC rules
On 17 June 2022, the Luxembourg Tax Authority published Circular n°164ter/1 (the guidance) on the controlled foreign corporation (CFC) rules. The guidance includes the following topics: Foreign controlled companies with regard to corporate
See MorePoland extends the deadlines for submitting transfer pricing documentation
On 10 June 2022, the President of the Republic of Poland signed the Act of June 8, 2022 providing for the extension of the deadlines for submitting a declaration on the preparation of local transfer pricing documentation (TP statements) and TPR
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South Korea: Government proposes to lower CIT rate to 22%
On 16 June 2022, South Korea's Government proposed to lower the corporate income tax (CIT) rate from 25% to 22% to stimulate corporate investment through the new economic policy direction. Â The carry forward loss system is also revised. In order to
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Qatar: Tax authority updates master file and local file submission deadline
On 8 June 2022, the General Tax Authority (GTA) of Qatar issued Decision No. 10 of 2022 that amends certain provisions in Decision No. 4 of 2020 to clarify that the deadline for filing the transfer pricing Master File (MF) and Local File (LF) is 60
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