UK: Consultation on Implementing the Global Minimum Tax
On 11 January 2022 the UK launched a consultation on the implementation in the UK of the OECD agreement on Pillar 2, the global minimum tax. The consultation is looking for views on the implementation and administration in the UK of the OECD’s
See MoreParaguay publishes new income tax return form with TP section
On 30 December 2021, Paraguay’s tax authorities published a new version of income tax return form including a new section to disclose transfer pricing (TP) adjustments. The new section of income tax return form differentiates the TP
See MoreWorld Tax Brief: January 2022
Armenia Interest received: On 14 December 2021, the Armenian Central Bank has announced the decision to increase the key rate from 7.25% to 7.75% with effect from December 2021. The interest rate of the Central Bank is used for the purposes of
See MoreSingapore updates Order on CbC Exchange of Multilateral Agreement
On 21 December 2021, Singapore published the Income Tax (International Tax Compliance Agreements) (Multilateral Competent Authority Agreement on The Exchange of Country-by-Country Reports) Order 2018. The change includes the addition of a
See MoreAlgeria: Ministry of Finance publishes Finance Law for the year 2022
On 30 December 2021, the Finance Ministry Officially published the 2022 Finance Law. Some of the measures of this Act are given below: Corporate income tax With some conditions, a reduced 10% corporate tax rate is provided for qualifying
See MoreSpain: BEPS MLI enters into force
On 14 December 2021, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, MLI entered into
See MoreSpain adopts the budget bill for 2022
On 29 December 2021, Spanish budget bill for fiscal year 2022 was published in the Spanish Official Gazette following its approval by the Spanish Congress and Senate. The bill introduces a minimum corporate tax rate of 15% of the tax base for
See MorePeru: SUNAT issues Decree on interest deduction limitation rules
On 30 December 2021, the Peruvian Tax Administration (SUNAT) has issued Supreme Decree 402-2021-EF in the Official Gazette clarifying the regulations for interest deduction limitation rules. From 1 January 2021, interest exceeding 30% of EBITDA
See MoreBrazil: Government reduces WHT rate on aircraft leasing payments
On 31 December 2021, the Government Officially published Provisional Measure no. 1,094/2021, which reduces the withholding tax (WHT) regarding leasing of aircraft and aircraft engines by airlines engaged in public transportation from 15% to 0% for
See MoreCosta Rica: Tax authority publishes new tax brackets for the year 2022
On 22 December 2021, the Costa Rican government and the Ministry of Finance posted a Decree No. 43375-H updating the corporate income tax thresholds for tax year 2022. The following corporate income tax rates will apply to the income of
See MoreNigeria: President signs Finance Bill 2021 into Law
On 31 December 2021, the President, Muhammadu Buhari, signed the Finance Bill 2021 into Law at an event at the state house. The Act introduces various changes to 12 different laws in Nigeria. On 21 December 2021, Senate passed this Finance Bill
See MoreTransfer Pricing Brief: January 2022
AustraliaSpecial rules for hybrid instruments or entities: On 16 December 2021, the Australian Taxation Office (ATO) issued Practical Compliance Guideline 2021/5 on imported hybrid mismatch rule relating to a practical administrative approach to
See MoreIMF: Report Examines the Economy of Mozambique
On 21 December 2021 the IMF issued a report following discussions with Mozambique under Article IV of the IMF’s articles of agreement. The report notes that Mozambique needs to take decisive policy action to ensure that its debts are
See MoreIMF: Report Looks At Jordan’s Fiscal Position
On 20 December 2021 the IMF released a report following the third review under Jordan’s extended arrangement. The report noted that Jordan has remained on course with the reform program supported by the IMF, with macroeconomic stability
See MoreMalaysia gazettes finance act 2021
On 31 December 2021, the finance act 2021 was gazetted providing following tax measures. The Finance Bill was tabled in Parliament on 9 November 2021 incorporating a number of announcements made in the Budget 2022. Abolish income tax exemption
See MoreChina revises tax return forms
On 31 December 2021, Chinese State Administration of Taxation (SAT) has issued Announcement No. 34 (2021) for reducing tax burdens in relation to the final settlement of corporate income tax. The announcement includes revision of certain forms for
See MorePeru issues Legislative Decrees on tax incentives for various sectors
On 30 December 2021, Peru’s President Pedro Castillo has enacted Legislative Decrees modifying new regime and tax incentives for agribusiness and other sectors. The Legislative Decrees are effective from 1 January 2021. Tax incentives provided by
See MoreUkraine: Government approves amendments to the law ratifying the BEPS MLI
On 29 December 2021, the Ukraine Ministry of Finance has announced that the Government has approved amendments to the law ratifying the tax treaty related measures to prevent Base Erosion and Profit Shifting (MLI). BEPS MLI entered into force with
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