Ukraine: MOF approves three Orders on transfer pricing and other taxes
On 20 August 2021, the Ukraine Ministry of Finance announced the issuance of three orders that approve tax clarifications/consultations on: Issues of taxation of income of non-residents, which are equated to dividends (Order №
See MoreThailand extends tax refunds deadline in MAP cases
On 23 August 2021, the Ministry of Finance of Thailand has issued a notification that provides an extension of the deadline to request a corporate or individual income tax refund for certain eligible persons whose standard time to request a tax
See MoreColombia approves new Tax Reform Bill 2021
On 14 September 2021, Colombia has approved the new Tax Reform Bill 2021 (Law No. 2155 of 2021) which modifies corporate income tax (CIT), value-added tax (VAT), and tax incentives. The main tax measures of the Tax Reform Bill are as
See MoreIreland: Government publishes Tax Strategy Group Papers prior to Budget 2022
On 16 September 2021, the Finance Department and the Department of Employment Affairs and Social Protection published Tax Strategy Group papers prior to Budget 2022. Some of the changes in the Budget papers are given below: Corporate tax As
See MoreIMF: Tax and Digitalisation in Asia
On 14 September 2021 the IMF held a digital seminar on Tax and Digitalisation in Asia, coinciding with the launch of an IMF paper on the same subject (Departmental Paper No 2021/017). Currently the most highly digitalised companies often escape
See MoreOECD: Behavioural Insights for Better Tax Administration
On 1 September 2021 the OECD’s Forum for Tax Administration issued a paper entitled: Behavioural Insights for Better Tax Administration: A Brief Guide. Behavioural insights Cognitive science has found that people process information either
See MoreOECD: Measures to Facilitate Withholding Tax Relief Claims
On 6 September 2021 the OECD issued a document entitled: Tax administration responses to COVID-19: Administrative measures to facilitate withholding tax relief claims. Cross-border withholding tax relief procedures are frequently reliant on
See MoreDenmark plans to make permanent the tax incentives for R&D
On 7 September 2021, the Danish government proposed to make permanent the current temporarily increased deduction for research and development expenses of companies under an economic and social plan. An increased deduction of 130% of R&D
See MoreGreece: Prime Minister declares reduced CIT rate for SMEs
On 11 September 2021, the honorable Prime Minister, Kyriakos Mitsotakis, made a speech in Thessaloniki International Fair regarding tax measures. According to his speech, corporate tax rate will be reduced from 24% to 22%. In addition, small and
See MoreFinland: Ministry of Finance issues budget proposal for 2022
On 9 September 2021, the Ministry of Finance of Finland has released the government’s budget proposal for 2022 including following tax measures. Companies may make an extra deduction of 150% in their taxation for 2022-2027 for research and
See MoreIreland: Revenue updates TP rules for some qualifying companies
On 6 September 2021, the Revenue updated its guidance to assist some qualifying companies in accordance with Section 110 regarding the application of transfer pricing (TP) rules and other issues. Under Section 110, a company be a qualifying one if
See MoreSingapore: MOF responses to public consultations on the draft ITA Bill 2021
On 3 September 2021, the Ministry of Finance (MOF) published its responses to feedback provided as part of the public consultation exercise conducted in connection with the draft Income Tax (Amendment) Bill 2021, which proposed a number of
See MoreMexico: Executive Branch submits 2022 economic proposal to Congress
On 8 September 2021, the Mexican Executive Branch has submitted Economic Package for the fiscal year 2022 including a proposal of Tax Reform. The proposed 2022 Tax Law clarifies income tax law, value-added tax (VAT) law, excise tax (duty)
See MoreUkraine: 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
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