Greece: 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
See MorePoland: MOF launches public consultations for TP method on resale price
On 4 April 2022, the Polish Ministry of Finance launched a public consultation on draft guidelines clarifying the resale pricing method for determining the arm's length value of transactions between associated parties. The guidance clarifies,
See MoreUK: Summary of Responses to Consultation on Corporate Re-domiciliation
On 12 April 2022 the UK government published a summary of the responses to the consultation on corporate re-domiciliation. The UK aims to introduce a regime to enable companies to move their domicile to, and relocated to, the UK.
See MoreWorld Tax Brief: April 2022
China Tax payment: On 28 February 2022, the Ministry of Finance and State Administration of Taxation of China jointly issued Announcement No. 2 of 2022 extending the tax payment deferral policy for SMEs, especially in the manufacturing
See MorePuerto Rico extends tax returns and payments deadlines for the tax year 2021
On 8 April 2022, the Puerto Rico Treasury Department (PRTD) issued Administrative Determination No. 22-03 extending the due date for income tax returns and tax payments for the tax year 2021. The PRTD determines to postpone the deadline to file
See MoreOECD: Strengthening Transfer Pricing Capacity in Mongolia
On 8 April 2022 the OECD published a tax and development case study entitled Tackling Multinational Tax Avoidance in Mongolia. In 2019 the OECD and the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF)
See MoreIndia publishes Finance Act 2022
On 30 March 2022, the government published the Finance Act 2022 in the Official Gazette. The law implements the measures of the Union budget 2022-2023 presented in February 2022. The law includes the following corporate tax measures: A new
See MoreIMF Report Looks at the Economic Situation in Switzerland
On 6 April 2022 the IMF issued a report following discussions with Switzerland under Article IV of the IMF’s articles of agreement. The Swiss economy recovered in 2021 following the crisis caused by the pandemic, with growth reaching 3.7% and
See MoreEU: Pressure on member states to revise CBI/RBI schemes
Recently there has been increased pressure on European Union (EU) member states to scale back their schemes offering citizenship or residence in return for financial contributions. This reflects heightened security concerns in view of the current
See MoreTransfer Pricing Brief: April 2022
AngolaDocumentation-Requirement: On 15 March 2022, the Ministry of Finance of Angola has issued Order No. 1083/22 through which the list of the large taxpayers has been revised subject to the preparation of transfer pricing (TP) documentation.See
See MoreLuxembourg: Tax Authority updates guidance on interest deduction limitation
On 25 March 2022, the Luxembourg Tax Authority updated Circular L.I.R. n° 168bis/1 (French) which clarifies certain aspects of the interest expense deduction limitation rules included in article 168bis of the Luxembourg Income Tax Law (ITL).
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Ireland: Revenue issues an eBrief regarding DAC6
On 1 April 2022, the Revenue published an eBrief No. 078/22, which updates a manual regarding mandatory disclosure of reportable cross-border arrangements (DAC6). This was introduced by Finance Act 2021 and to provide additional guidance on the
See MorePeru modifies export & import transactions reporting requirements under TP rules
On 26 March 2022, Peru issued Legislative Decree No. 1537 in the official gazette regarding relaxing the term for the presentation of the communication of exported and imported goods and the obligation of the information to be registered in said
See MoreIMF: Untapped Revenue Potential of Personal Income Tax
An IMF blog post of 24 March 2022 considers the potential for developing countries to raise more revenue from the personal income tax. This issue has gained importance as low-income countries look for a sustainable recovery after the pandemic and
See MoreIMF Report Looks at the Economic Situation in Greece
On 31 March 2022 the IMF published a report following discussions with Greece under Article IV of the IMF’s articles of agreement. The economy has recovered strongly from the recession in 2020 caused by the pandemic; and output recovered to
See MoreHong Kong: IRD issues profits tax, property tax and employer’s returns for 2021-22
The Inland Revenue Department today (April 1) issued about 220,000 profits tax returns, 120,000 property tax returns and 300,000 employer's returns for the year of assessment 2021-22. About 2.48 million tax returns for individuals will be issued on
See MoreUK: Spring Statement 2022
The UK’s Spring Statement 2022 was delivered on 23 March 2022. National insurance contributions From July 2022 the annual National Insurance Primary Threshold for Class 1
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