India: CBDT issues guidelines on Investment Funds tax incentives
On 9 May 2022, the Central Board of Direct Taxes (CBDT) issued Circular No. 9 of 2022, which provides a set of guidance on the provisions (clause (23FE) of Section 10) of the Income Tax Act that exempt sovereign wealth funds (SWF) and pension funds
See MorePortugal extends the corporate income tax return deadline
Recently, the Portuguese government has provided a brief extension to the corporate income tax return deadline for the 2021 fiscal year. Typically the deadline is 31 May 2022, for taxpayers with a fiscal year that follows the calendar year. The new
See MoreTaiwan extends filing deadline for 2021 income tax return to 30 June 2022
On 4 May 2022, Taiwan’s Ministry of Finance (MOF) has extended the deadline for filing income tax return for the tax year 2021 from 31 May 2022 to 30 June 2022 due to the COVID-19 pandemic. The extension is applicable for both personal income tax
See MoreUK: Research on Benefits of Money Service Businesses
On 9 May 2022 the UK government published the results of research commissioned by HMRC to understand the economic and social benefits of the Money Service Business (MSB) sector in the UK. MSBs are businesses that allow customers to send money,
See MoreIMF Report Considers Fiscal Policy in Denmark
On 9 May 2022 the IMF issued a report following discussions with Denmark under Article IV of the IMF’s articles of agreement. The economic recovery is likely to continue in Denmark, with the lifting of restrictions introduced during the
See MoreRussia clarifies the criteria for transfer pricing controlled transactions
On 26 April 2022, the Ministry of Finance and Federal Tax Service (FTS) published a Guidance Letter 03-12-12/1/37761 clarifying the criteria for qualifying transactions as controlled for transfer pricing purposes. The letter states that taxpayers
See MoreCanada: Government invites feedbacks on draft legislation regarding hybrid mismatches
On 29 April 2022, the Finance Department published a draft legislation proposals that would address hybrid mismatch arrangements, which are used primarily by multinational enterprises to avoid paying their fair share of tax, as committed to in
See MoreWorld Tax Brief: May 2022
ArgentinaPayment of tax: On 30 March 2022, the Federal Public Revenue Administration published a General Resolution which extends payment facilities for small and medium enterprises that is taxpayer’s preferential installment terms and interest
See MoreSingapore publishes guidance on filing CIT return for 2022
On 4 May 2022, the Inland Revenue Authority of Singapore published guidance on the 2022 corporate tax filing season. The guidelines include submission procedures, applicable thresholds, and guidelines for CIT forms. It also describes procedures for
See MoreUK: Statistics for Investments under the EIS, SEIS and SITR
On 5 May 2022 the UK government published statistics for the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR). These latest statistics show the amount of funds raised by
See MoreMalta: CFR publishes FAQs on DAC6
On 29 April 2022, Malta’s Commissioner for Revenue (CFR) has published “frequently asked questions” (FAQs) on the Mandatory Automatic Exchange of Information in relation to Cross-Border Arrangements (DAC6). The FAQs contains the definition of
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IMF Report Assesses Ireland’s Economy
On 5 May 2022 the IMF released a report following consultations with Ireland under Article IV of the IMF’s articles of agreement. Ireland’s economic growth reached 13.5% in 2021 but there are downside risks from the increase in energy
See MorePoland: MoF publishes draft decree changing the TP reports
On 25 April 2022, the Polish Ministry of Finance published a draft decree to change the scope of data and information to be disclosed via transfer pricing reports. The changes introduced by the draft decree include limiting the scope of transfer
See MoreCanada: Bill-19 receives its first reading to implement some measures of Budget 2022
On 28 April 2022, Bill C-19, introduced by the Deputy Prime Minister and Minister of Finance, was received its first reading for implementing some measures of Budget 2022. Some highlighting points are given below: Government banned foreign
See MoreTransfer Pricing Brief: May 2022
BulgariaCompliance with BEPS standards: On 15 April 2022, Parliament is considering a bill to ratify the Multilateral Convention Implementing Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (MLI).See the story in
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UAE: Consultation on introduction of new corporate income tax regime
On 28 April 2022, the UAE Ministry of Finance has released a consultation paper providing details of, and seeking input, on the new federal corporate income tax (CIT) system to be implemented in the UAE, effective for financial years commencing on
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Venezuela: Tax Administration increases the tax unit value
On 20 April 2022, the National Integrated Service of Customs and Tax Administration (SENIAT) of Venezuela published Administrative Ruling SNAT/2022/000023 in the Official Gazette, which increases the value of tax units from VES 0.02 to VES 0.40.
See MoreArgentina: AFIP extends CIT return submission deadlines
On 28 April 2022, the Federal Public Revenue Administration (AFIP) published General Resolution 5189/2022 of 28 April 2022, which extends the submission deadline of corporate tax return to between 23 and 26 May 2022, with the exact date depending
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