Ukraine: National Bank increases the interest rate from September 2021
On 9 September 2021, the National Bank of Ukraine has decided to increase its key policy rate from 8% to 8.5% per annum with effect from 10 September 2021. The interest rate has a tax effect on the late tax payment interest and penalties which is
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 MoreIndia further extends due dates of ITR for FY 2021-22
On 9 September 2021, the Central Board of Direct Taxes (CBDT) has issued a press release announcing the deadline extensions for filing income tax returns and various audit reports for the 2021-22 tax year due to some difficulties reported by
See MoreThailand reduces WHT for payments made via electronic system
The Thai Revenue Department has issued instruction no. Taw.Paw. 336/2564 to extend withholding tax (WHT) reductions on certain types of income for payments made via the electronic withholding tax system. The reduction time was due to run from 1
See MoreMalaysia: IRBM releases updated FAQs providing new CbCR submission requirement
On 13 September 2021, the Inland Revenue Board of Malaysia (IRBM) has published the updated “frequently asked questions on tax matters during the national recovery plan”. Accordingly, companies in Malaysia responsible for filing the CbCR report
See MoreRussia introduces reduced rate for IP income
On 31 August 2021, the Federal Tax Service has published a clarification. Accordingly, from 2 August 2021, regions of Russia may set a reduced corporate income tax rate for the income received by taxpayers from the provision of rights to use the
See MoreThailand: BOI approves measures to accelerate carbon reduction
The Thailand Board of Investment (BOI) approved incentives to encourage companies to reduce greenhouse gas emission as well as an enhanced scheme for electric vehicles and measures to mitigate Covid-19 impacts and support local vaccine
See MoreArgentina: AFIP extends payment facility for SMEs
In response to COVID-19 outbreak, on 26 August 2021, the Federal Public Revenue Administration (AFIP) published General Resolution 5057/2021 to extend a payment facility for small and medium enterprises (SMEs) until 30 November 2021. The facility
See MoreOECD: Podcast on the Global Digital Tax Agreement
On 9 September 2021 the OECD made available a podcast on the global digital tax agreement. The international tax system has become outdated during the past 30 to 40 years owing to the effects of globalisation. Multinational enterprises are more
See MoreBotswana: General Commissioner sets TP documentation threshold
On 1 September 2021, the General Commissioner published a ruling and set a threshold for the preparation and submission of transfer pricing documentation. The ruling is effective retroactively from 1 July 2019 (2020 tax year). According to the
See MoreNorway releases proposed amendment to the petroleum taxation system
On 31 August 2021, the government of Norway has issued a release proposing amendment to the petroleum taxation system. Under the amendment, the Government is proposing to revise the special petroleum tax system as of 2022, replacing the rules on
See MoreWorld Tax Brief: September 2021
Botswana Withholding tax rates: On 30 June 2021, the Minister of Finance and Economic Development enacted the budget for 2021/22. Accordingly, the general withholding tax rate increased from 7.5% to 10% on dividends paid to both resident and
See MoreUNCTAD report on illicit financial flows
The UNCTAD publication Economic Development in Africa Report 2020: Tackling Illicit Financial Flows for Sustainable Development in Africa was published in July 2021. The UNCTAD report argues that tackling illicit financial flows is an important
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 MoreOECD: Ukraine commits to automatic exchange of financial account information
On 30 August 2021 the OECD announced that Ukraine is committed to implementing the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by 2023. More than a hundred member countries of the OECD's
See MoreOECD: Update on FTA developments
The August 2021 update of the OECD’s Forum on Tax Administration (FTA) outlined recent developments. Tax Administration 3.0 The FTA discussion paper entitled Tax Administration 3.0 sets out their view of the future of tax administration.
See MoreUkraine issues taxation of income of non-residents
On 27 Aug 2021, the Ukrainian Ministry of Finance has issued Order No. 480 regarding the taxation of income of non-residents, which are equated to dividends. The Order provides clarification on the application of the new rules of taxation of income
See MoreKazakhstan: National Bank increases its base rate from July 2021
On 26 July 2021, The Monetary Policy Committee of the National Bank of the Republic of Kazakhstan made a decision to increase the base rate from 9% to 9.25% annually with the interest rate corridor of +/- 1.0 percentage points. The rate is used
See More