Belgium publishes late payment interest rate for 2022
On 27 October 2021, the Federal Public Service (SPF) published a notice with updated interest rate for late payment. According to the notice, the interest rate is set at 4% for the 2022 calendar year, which is as same as the 2021 calendar
See MoreItaly: New patent box regime uses a cost-based approach
On 15 October 2021 a law decree introduced new rules for the patent box regime. The new rules grant an extra deduction of certain research and development (R&D) costs incurred by Italian taxpayers, including expenses relating to
See MoreGermany publishes court ruling on the arm’s-length interest rate on intercompany loans
On 21 October 2021, the German Ministry of Finance released Tax Court Decision No. IR 4/17(dated 18 May 2021), regarding the calculation of an arm's-length interest rate on intercompany loans. Under the ruling, the interest rate should be based
See MorePortugal introduces corporate tax credit due to COVID 19
On 11 October 2021, the Portuguese government submitted the draft budget for 2022 to the parliament. The main corporate tax measures include: The 2022 draft budget changed the patent box regulation, which provides for an increase in the
See MoreRussia increases the interest rate from October 2021
On 22 October 2021, the Russian Central Bank has announced the decision to increase the key rate from 6.75% to 7.5% with effect from 25 October 2021. For tax purposes, the key rate is an important factor in calculating the interest deduction and
See MoreIreland adopts OECD authorized approach for TP of branches
On 21 October 2021, Minister for Finance, Paschal Donohoe TD, published the draft Finance Bill 2021, which underpins the Government’s ongoing support for the economy, particularly in response to the impact of Covid-19. It will introduce the
See MoreThailand introduces CbC reporting
On 15 October 2021, the Thai Revenue Department released guidance concerning the transfer pricing requirements with regard to country-by-country (CbC) reporting for accounting periods beginning on or after 1 January 2021. The guidance is referred
See MoreUN: Tax Committee Discusses Transfer Pricing Issues
In its virtual meetings from 19 to 27 October 2021 the UN Tax Committee is considering aspects of transfer pricing. Among topics that could be pursued further are practical risk assessment tools, transfer pricing aspects of marketing or trading
See MoreUN: Tax Committee Discusses Digital Tax Administration
The UN Tax Committee has to make a decision on moving forward with work on digitalizing tax authorities and on whether to form a subcommittee to provide guidance to developing countries in digitalisation and improvements to tax
See MoreRussia: MOF publishes Tax Policy guidelines for 2022-2024
On 27 September 2021, the Ministry of Finance has reportedly issued the tax policy guidelines for 2022-2024, which includes the following tax measures: The introduction of new corporate and individual tax rules for taxing digital asset
See MoreUN: Committee of Tax Experts Discuss Model Treaty Provisions
The virtual meetings of the UN Committee of Experts on Tax Matters taking place from 19 to 28 October 2021 are considering issues arising from the UN Model Tax Convention that should be the subject of future discussion within the UN
See MoreCyprus: MoF announces strategy for attracting companies providing tax incentives
On 15 October 2021, the Cyprus Ministry of Finance has presented the strategy for attracting companies for activating and expanding their activities in Cyprus. The strategy includes following tax incentives: Extension of tax exemption for
See MoreTurkey increases the rate of remote working in TDZs and R&D and design centers
On 17 October 2021, Turkey has published Presidential Decision No. 4454 in the Official Gazette in order to allow the activities carried out in the technology development zones (TDZs) and R&D and Design Centers to be carried out outside the
See MoreIndia: CBDT exempts certain non-residents from furnishing ITR
On 11 October 2021, the Central Board of Direct Taxes (CBDT) published Notification No. 119/2021, providing an exemption to certain nonresidents from filing income tax returns in India as from assessment year (AY) 2021-22, subject to the
See MoreIndonesia: Parliament passes the harmonized taxation bill
On 7 October the House of Representatives passed the harmonized taxation bill with aiming to support tax reforms and provide a fair, prudence, effective, and accountable tax system. The bill contains the following key income tax changes: The
See MoreNorway: Government presents the National Budget for 2022
On 12 October 2021, the Government of Norway has presented the National Budget for 2022 in the Parliament includes the following tax proposals. Introduction of tax incentives for investments in small start-up companies.Reduced Bracket Tax and a
See MoreUN: Tax and the Sustainable Development Goals
On 19 October 2021 the discussions of the UN Tax Committee covered issues around the role of taxation in achieving the sustainable development goals (SDGs). The work of the UN Committee can help countries to achieve their commitments related to
See MoreNetherlands: Amendments to revise CIT rate proposes for 2022 tax plan
On 5 October 2021, the amendments to the “2020 Tax Plan” were presented to the lower house of Parliament of the Netherlands. Further amendments to the “2022 Tax Plan” were presented on 15 October 2021 to the lower house of Parliament. The
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