Kazakhstan: President signed the legislation to amend the tax Law
Recently, the President signed legislation to make changes to the tax law. Most of the changes effect from 1 January 2022. Some of the amendments are given below: The amendments introduce rules regulating the procedures for the control of the
See MoreOECD: Stage Two Peer Review Report on Jersey under BEPS Action 14
On 24 January 2022 the OECD’s Inclusive Framework published the stage 2 peer review report on Jersey’s compliance with the minimum standard under Action 14 of the project on base erosion and profit shifting (BEPS). Action 14 is concerned with
See MoreCzech Republic: Finance Ministry updates list of jurisdictions exchanging CbC reports
On 20 January 2022, the Finance Ministry published Finance Bulletin No.3/2022, which updates the list of jurisdictions participating in the exchange of country-by-country (CbC) reports for the 2021 reporting
See MoreIndia: CBDT further extends due dates of certain tax returns
On 11 January 2022, the Central Board of Direct Taxes (CBDT) has extended the filing of income tax returns and various audit reports for the 2021-22 tax years due to some difficulties reported by taxpayers and stakeholders due to the COVID-19
See MoreBulgaria approves amendments to the CIT Act
On 20 January 2022, the Bulgarian Parliament passed the draft law amending and supplementing the Corporate Income Tax Act (CITA). The draft law provides for the implementation of the reverse hybrid mismatch rules of the EU Anti-Tax Avoidance
See MorePeru sets deadlines for individual and CIT returns for 2021
On 30 December 2021, the Peruvian tax authorities (SUNAT) has issued Resolution No. 000195-2021/SUNAT in the official gazette regarding the deadlines for individual and corporate tax (CIT) returns for 2021. The Resolution includes an
See MoreOECD: Stage Two Peer Review Report on Serbia under BEPS Action 14
On 24 January 2022 the OECD’s Inclusive Framework released the stage 2 peer review report on Serbia’s compliance with the minimum standard under Action 14 of the project on base erosion and profit shifting (BEPS). The minimum standard under
See MoreUkraine: National Bank increases the interest rate from January 2022
On 20 January 2022, the National Bank of Ukraine has decided to increase its key policy rate from 9% to 10% per annum with effect from 21 January 2022. The interest rate has a tax effect on the late tax payment interest and penalties
See MoreUAE: FTA extends re-determination of administrative penalties
On 24 January 2022, the Federal Tax Authority (FTA) has called on tax registrants to benefit from the Cabinet Decision to extend the grace period to benefit from the re-determination of administrative penalties on violating tax laws until
See MoreOECD releases latest edition of the Transfer Pricing Guidelines
On 20 January 2022 the OECD released the 2022 edition of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations. The latest edition of the guidelines includes changes made to the 2017 edition by reports issued by
See MoreVietnam proposes incentive package for 2022
On 4 January 2022, the Government has proposed a package on reduction and exemption of tax and land use fees worth VND 64 trillion (US$2.81 billion) for 2022 with an aim to facilitate post-pandemic recovery and socio-economic development in 2022 and
See MoreIMF: Report on the Economy of Hong Kong SAR
On 20 January 2022 the IMF published a report on the economy of Hong Kong SAR (China) following discussions under Article IV of the IMF’s articles of agreement. Hong Kong SAR's economy has recovered strongly from a number of domestic and
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Colombia issues decree on the tax return and TP documentation deadline in 2022
On 20 December 2021, the Colombian Ministry of Finance and Public Credit has issued Decree 1778 specifying the deadlines for filing and payment of the tax return (declaration) in 2022 and the deadline for transfer pricing (TP) documentation,
See MoreUK: Statistics on Venture Capital Trusts
On 21 January 2022 the UK released statistics on Venture Capital Trust (VCT) tax relief for the year 2020/2021. The annual statistics on VCT tax relief help the UK government to monitor the cost and effectiveness of the tax relief, which may be
See MoreItaly confirms VAT treatment of TP adjustments
On 30 December 2021, the Italian Revenue Agency has published Ruling No. 884 clarifying the VAT treatment of transfer pricing (TP) adjustments. In the case at issue in Ruling Answer No. 884/2021, a resident company made a number of TP
See MoreOECD: Tax Treatment of Overseas Development Assistance
On 20 January 2022 the OECD announced the launch of a digital hub to bring increased transparency to the taxation of development aid. The Tax Treatment of Official Development Assistance Hub sets out the approaches taken by participating donor
See MoreUK: Consultation on Technical Guidance on Uncertain Tax Treatment
On 18 January 2022 the UK launched a consultation on the technical guidance in relation to the legislation on uncertain tax treatment. Comments are invited by 1 February 2022, and the government intends to publish the final version of the guidance
See MoreWTO: Five Aims for the WTO Member Countries in 2022
A blog post on 10 January 2022 from the WTO Deputy Director General Ms Gonzalez looked at five important tasks for the WTO in 2022. Response to the pandemic The WTO members need to deliver a trade and health response to the pandemic, in view
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