Greece enacts a law providing a 30% tax exemption for SMEs
On 26 May 2022, the Greek Official Gazette published Law No. 4935/2022 which introduced a 30% income tax exemption for certain new business reorganizations. The tax exemption applies provided that the following cumulative conditions are
See MoreUS: IRS publishes interest rates on overpaid and underpaid tax for Q3 of 2022
On 20 May 2022, the Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning July 1, 2022. The rates will be: 5% for overpayments (4% in the case of a corporation).2.5% for the portion of a
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OECD: Report to G7 on Tax Cooperation for the 21st Century
On 20 May 2022 the OECD published a report on Tax Cooperation for the 21st Century. The German G7 Presidency requested the report from the OECD to examine further moves to strengthen international tax co-operation and make recommendations for
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OECD: Supporting SMEs with Tax Compliance
On 20 May 2022 the OECD’s Forum on Tax Administration published a report entitled Towards Seamless Taxation – Supporting SMEs to Get Tax Right. The report looks at efforts by tax administrations to integrate taxation processes into the
See MoreChina deposits BEPS MLI ratification instrument
On 25 May 2022, China has deposited its instrument of approval for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS Convention). China's instrument of approval also covers Hong
See MoreSouth Africa: SARS updates interest rate tables
On 18 May 2022, the South African Revenue Service (SARS) published updated interest rate tables. The South African Reserve Bank changed the “repo rate” on 19 May 2022, effective 1 June 2022. For ease of reference, the tables of interest
See MoreNetherlands plans to reduce corporate tax rate threshold
On 20 May 2022, the Dutch Ministry of Finance has published the Spring Memorandum 2022, informing parliament of the state of the nation's finances and plans for 2023 and beyond. For companies, the regular corporate income tax rate for 2022 is
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OECD: Taxing Wages 2022
On 24 May 2022 the OECD published the latest issue of the annual publication Taxing Wages 2022. This sets out details of taxes paid on wages in OECD countries, covering personal income taxes and social security contributions paid by employees;
See MoreIMF Report Recommends Policy Changes for Germany
On 23 May 2022 the IMF published a report following discussions with Germany under Article IV of the IMF’s articles of agreement. Germany’s economic recovery was gathering strength before the Ukraine war began, but the war has impacted the
See MorePoland increases late payment interest rates in fourth time
On 11 May 2022, the Polish Ministry of Finance fourth time published the increased interest rates on tax arrears as well as on the late payment. Accordingly, the standard rate is increased from 12% to 13.5% per annum; the reduced rate (applies
See MoreUK: Research on Plastic Packaging Tax
On 9 May 2022 the UK published research on the plastic packaging tax. The research was conducted in 2019 with businesses that are involved in handling plastic packaging. The research aimed to understand how different types of businesses handle
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Turkey clarifies about reduced CIT rate for manufacturing and export activities
On 14 May 2022, Turkey has published General Communiqué No. 20 in the Official Gazette, which clarifies about 1% corporate income tax (CIT) reduction for manufacturing and export activities. Turkey reduced the rate by Law No. 7351 on 22 January
See MoreTaiwan reduces the late payment surcharge from 1 January 2022
On 18 May 2022, the Ministry of Finance of Taiwan has announced that the late payment surcharge has been reduced to 1% for every 3 days, up to a maximum of 10%. Previously the rate was applicable to 1% for every 2 days, up to a maximum of 15%. If
See MoreIMF Report on Slovakia Makes Policy Recommendations
On 20 May 2022 the IMF issued a report following discussions with Slovakia under Article IV of the IMF’s articles of agreement. During 2021 the recovery of the Slovak economy was dampened by resurgence of the pandemic and supply chain
See MoreBangladesh: NBR extends CIT return deadline
On 16 May 2022, the National Board of Revenue (NBR) of Bangladesh has published a Notice regarding the extension of the deadline for the filing of corporate income tax (CIT) returns for the 2020-2021 income year ended on 30 June 2021.
See MoreIMF Report Considers the Economic Situation in Italy
On 19 May 2022 the IMF issued a concluding statement following discussions with Italy under Article IV of the IMF’s articles of agreement. By the end of 2021 Italy’s economy had recovered to a level close to its pre-pandemic output,
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UK: Delay in Payment of R&D Tax Credits
It was reported on 17 May 2022 that HMRC has suspended payment of some research and development tax relief claims because it is investigating irregularities. Most R&D tax credit claims will not be affected but some irregular claims are being
See MoreSouth Africa: SARS publishes the comprehensive guide to dividends tax
On 12 May 2022, the South African Revenue Service (SARS) published the 5th issue of the Comprehensive Guide to Dividends Tax. The purpose of this guide is to assist users in gaining a more in-depth understanding of dividends tax. The foundation
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