Kenya: Corporate tax measures in Finance Bill 2022
On 12 April 2022, the Finance Bill 2022 was presented in the National Assembly of Kenya, which provides following tax measures related to corporate taxation. Corporations donating money to non-profit organizations can deduct the donation from
See MoreParaguay issues resolution on TP reporting requirements
On 7 April 2022, the tax authority of Paraguay has issued General Resolution No. 115/2022, which provides detailed rules on the preparation and submission of the transfer pricing (TP) reporting requirements as per Law No. 6380/2019 and
See MoreOman publishes guidelines to clarify CbC reporting obligations
In March, the Tax Authority published guidance clarifying the country-by-country (CbC) reporting requirements of multinational corporations (MNEs) operating in Oman. The guide provides a general overview of the CbC reporting requirements as part of
See MoreIMF: Tax Policy and Gender Equality
On 22 April 2022, as part of the Spring Meetings of the IMF and World Bank, there was a video presentation on gender and taxation by Maria Coelho of the Fiscal Affairs department of the IMF. The speaker noted that laws that once existed legally
See MorePhilippines: BIR clarifies the filing deadline of attachments to 2021 CIT return
On 18 April 2022, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 46-2022, describing the deadline of submission of attachments to the 2021 annual income tax return and other matters is on or before 31 May 2022, whether
See MoreTurkey enacts various amendments to the tax measures
On 15 April 2022, Turkey published Law No. 7394 in the Official Gazette containing various tax related measures including corporate tax rates, tax exemptions, and incentives. The main measure of the amendments are as follows: 25% corporate tax
See MoreUK: Research on Awareness of Pension Tax Relief
In 2015 HMRC commissioned a research agency to conduct independent research on pension tax relief, exploring awareness and understanding of the pension tax system in the UK. The research included discussion groups with individuals; interviews with
See MoreEU: Public Consultation on Minimum Rates of Alcohol Excise Duty
On 11 April 2022 the European Commission began a consultation on the minimum rates of alcohol excise duty in the EU. The consultation will continue until 4 July 2022. The consultation aims to gather the views of the relevant stakeholders on
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OECD: Peer Review Reports on Making Tax Dispute Resolution More Effective
On 14 April 2022 the OECD published a further set of peer review reports under BEPS Action 14 which is concerned with making tax dispute resolution mechanisms more effective. These reports set out the results of assessments under stage two of the
See MoreECOSOC: Meeting to Discuss International Cooperation in Tax Matters
The UN Economic and Social Council (ECOSOC) met on 8 April 2022 to consider international cooperation in tax matters. The discussions covered tax and the digital economy and illicit financial flows. Tax and the Digital Economy The meeting
See MoreUN: Meetings of the Tax Committee
The 24th session of the UN Committee of Experts on International Cooperation in Taxation was held in virtual meetings from 4 to 7 April and 11 to 12 April 2022. Workplans were presented by the various Subcommittees for approval by the
See MoreArgentina: AFIP extends tax payment facilities for SMEs
On 30 March 2022, the Federal Public Revenue Administration (AFIP) published General Resolution 5178/2022, which extends payment facilities for small and medium enterprises (SMEs) that is taxpayers preferential installment terms and interest rates
See MoreCroatia: Tax Administration declares CbC notification deadline
On 11 April 2022, the Tax Administration declared that the notification deadline for submitting Country-by-Country (CbC) report until 2 May 2022. This deadline applies for multinational entities
See MoreBrazil: Government proposes new transfer pricing system
On 12 April 2022, the tax authority and Organisation for Economic Co-operation and Development (OECD) met to discuss Brazil’s proposal for a new transfer pricing (TP) system. The Brazilian Economy Minister, Paulo Guedes, said that the creation
See MoreBrazil and OECD present outline of new transfer pricing rules
On 12 April 2022 an event was held to present the outline of the new transfer pricing rules drafted by Brazil following a consultation process with the OECD. After Brazil had expressed the intention to become a full OECD member, Brazil and the
See MoreCanada: Finance Ministry presents Budget 2022
On 7 April 2022, the Finance Ministry presented Budget 2022. Some of the tax measures for business in the Budget are given below: Small business tax rate According to the Budget, qualifying businesses benefit from the small business 9%
See MoreGreece: Government introduces new rules for interest deduction restriction
On 28 March 2022, Government published Law No. 4916/2022, which establishes new group escape rules for the 30% of EBITDA interest deduction restriction. The new group scape rule was made optional when the Greek interest restriction rules were
See MoreCyprus: Tax department publishes FAQs on DAC6 reporting
On 8 April 2022, the Tax Department of Cyprus has posted online Frequently Asked Questions (FAQs) regarding reportable cross-border tax arrangements (DAC6). The FAQs are currently available in Greek language and covered following
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