Italy: Final guidance on hybrid mismatches rules
On 26 January 2022, the Italian Revenue Agency (IRA) has declared the finalization of Circular No. 2/2022. The circular clarifies the hybrid mismatch rules that has introduced as part of the Decree No. 142 of 2018, which transposed the measures
See MoreIMF Report Examines the Economy of South Africa
On 11 February 2022 the IMF issued a report and a selected issues paper following discussions with South Africa under Article IV of the IMF’s articles of agreement. Economic growth was estimated at 4.6% in 2021 but is projected to reach only
See MoreRomania extends deadlines for tax return 2021
On 28 January 2022, the National Agency for Fiscal Administration (ANAF) of Romania has published a Notification No. 137 declaring the annual corporate income tax return and payment deadline is extended to 25 June 2022 for the tax year 2021.
See MoreArgentina: AFIP again extends tax payment facilities for SMEs
On 28 January 2022, due to COVID-19 pandemic, the Federal Public Revenue Administration (AFIP) published General Resolution 5142/2022 of 28 January 2022 to extend time limit of previously introduced tax payment facilities for small and medium
See MoreFrance: Supreme Court decides on the definition of residents for tax treaty purposes
On 2 February 2022, the French Administrative Supreme Court ruled that a company benefiting from a temporary and partial corporate income tax exemption should be considered liable to tax and therefore a tax treaty resident. The French tax
See MoreLithuania publishes form for reportable cross-border arrangements
On 17 January 2022, the State Tax Inspectorate issued Order No. VA-7 of 14 January 2022, amending the rules for annual reporting on the use of reportable cross-border arrangements for DAC6. The order introduces the PRC914 notification form and
See MoreIMF report looks at tax reforms in Morocco
On 9 February 2022 the IMF published a report following discussions with Morocco under Article IV of the IMF’s articles of association. After contracting in 2020, the economy is estimated to have grown by 6.3% in 2021. GDP growth is projected
See MoreGermany proposes further extensions of several fiscal measures for the COVID-19
On 3 February 2022, the German Ministry of Finance has introduced a bill that provides further measures to support taxpayers during the COVID-19 pandemic. The draft bill primarily provides for the retention of transitional measures that have
See MoreNorway publishes regulations on the deferral of tax payments
On 25 January 2022, Norway has published regulations amending regulations on deferral of tax payments and other deadlines in response to COVID-19. The original regulations provided for a deferral of employer contributions, advance taxes and VAT
See MoreOECD: Consultation on draft rules for nexus and revenue sourcing under Pillar One
On 4 February 2022 the OECD published a public consultation document entitled Pillar One – Amount A: Draft Model Rules for Nexus and Revenue Sourcing, requesting input from stakeholders on the nexus and revenue sourcing rules under Amount A of
See MoreEU: Role of Environmental Taxation in Supporting the Transition to Sustainability
On 7 February 2022 the European Environment Agency (EEA) issued a briefing entitled The role of environmental taxation in supporting sustainability transitions. This examines trends in taxes on pollution, greenhouse gases and resource use and
See MoreMalaysia: IRBM releases rules amending the restriction on deductibility of interest
On 31 January 2022, Inland Revenue Board of Malaysia (IRBM) published the Income Tax (Restriction on Deductibility of Interest) (Amendment) Rules 2022, amending the original rules published in 2019. The rules amend the definition of
See MoreWorld Tax Brief: February 2022
AlgeriaIncentives on industry/manufacturing: On 30 December 2021, the Finance Ministry Officially published the 2022 Finance Law. Accordingly, qualifying manufacturing companies are granted a reduced corporate tax rate of 10% on profits reinvested
See MoreIMF report on Israel’s economy recommends tax changes
On 7 February 2022 the IMF published a report on Israel’s economy following discussions under Article IV of the IMF’s articles of agreement. The IMF notes that Israel managed the pandemic well, providing effective government support to the
See MoreOECD: 2022 Global Forum Capacity Building Report
On 3 February 2022 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published the 2022 Global Forum Capacity Building Report. Over the past decade the Global Forum has been involved in capacity building to
See MoreJordan: ISTD issues guide on CbC reporting requirements
On 2 February 2022, the Jordan Income and Sales Tax Department (ISTD) has issued a press release clarifying the issuance of a guide related to the preparation and submission of Country-by-Country (CbC) reports. ISTD has published the guidelines
See MoreGhana Revenue Authority Proposes Revisions to Tobacco Tax
On 26 January 2022 the Ghana Revenue Authority (GRA) announced that revisions to the Tobacco Tax will be implemented later this year after consultations with relevant stakeholders are completed. The GRA intends to introduce a combination of
See MoreGhana: Report Recommends Changes to Tobacco Taxation
On 26 January 2022 the Vision for Alternative Development (VALD), a Ghanaian NGO, released a Study Report on Economics of Tobacco in Ghana. The report recommended the re-introduction of a specific tax in addition to the ad-valorem tax system and
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