Uruguay revises list of low or no tax jurisdictions
On 21 February 2022, Uruguay has published DGI Resolution No. 223/022, which updates the list of low or no tax jurisdictions and regimes, with effect from same date. According to the Resolution No. 223/022 the updated list includes 36
See MoreOECD: Creation of New Co-Chair of the Inclusive Framework
On 1 March 2022 the OECD announced that the OECD/G20 Inclusive Framework on BEPS has elected Marlene Nembhard-Parker of Tax Administration Jamaica to a new position of Co-chair of the organisation. Ms. Nembhard-Parker will chair the group jointly
See MoreIMF: New Database on Special Purpose Entities
On 2 March 2022 the IMF announced the release of a new database on special purpose entities (SPEs) showing cross-border flows and positions of SPEs and based on an internationally agreed definition of SPEs. The release of the database follows
See MoreSingapore to Consult on a Top-up Corporate Tax
In the Singapore budget for 2022, delivered on 18 February 2022, the Finance Minister announced that Singapore will consider introducing a “top-up” tax as part of the adjustments to its corporate tax in response to the OECD/G20 two-pillar
See MoreOECD: Updates to Transfer Pricing Country Profiles
On 28 February 2022 the OECD released updated transfer pricing country profiles for 22 countries, together with new transfer pricing profiles for six more countries. This is the third batch of updates for 2021/22. The OECD transfer pricing
See MoreChile joins International Compliance Assurance Program
On 24 February 2022 the OECD announced that Chile has joined the International Compliance Assurance Program (ICAP). The ICAP is a voluntary risk assessment and assurance program whose objective is to facilitate greater cooperation in tax compliance
See MoreOECD: Building an Investment Tax Incentives Database
On 24 February 2022 the OECD published a working paper entitled Building an Investment Tax Incentives Database. Countries use tax incentives to attract investment, but if tax incentives are poorly designed, they may be of limited effectiveness.
See MoreHong Kong: Tax measures proposed in 2022-23 Budget
On 23 February 2022, Hong Kong Financial Secretary Paul Chan delivered the 2022-23 Budget providing following corporate tax measures. The Financial Secretary proposed a one-off reduction of profits tax for the year of assessment 2021/22 by 100
See MoreWorld Bank: Building Trust When Designing Tax Reform
On 17 February 2022 the World Bank issued a publication entitled Innovations in Tax Compliance: Building Trust, Navigating Politics and Tailoring Reform, by Roel Dom, Anna Custers, Stephen Davenport and Wilson Prichard. The analysis looks at
See MoreOECD announces that Chile has joined the ICAP
On 24 February 2022 the OECD announced that Chile has joined the International Compliance Assurance Program (ICAP). The ICAP is a voluntary risk assessment and assurance program whose objective is to facilitate greater cooperation in tax
See MoreOECD: Consultation on Tax Base Determinations under Pillar One
On 18 February 2022 the OECD launched a public consultation in relation to tax base determinations for Amount A of Pillar 1 of the two-pillar international tax initiative. This is a continuation of the work by the Inclusive Framework in relation to
See MoreSouth Africa: Finance Minister delivers Budget 2022-2023 in National Assembly
On 23 February 2022, the Finance Minister, Mr Enoch Godongwana, delivered the 2022-2023 Budget Speech to the National Assembly at the Good Hope Chamber. Some of the main tax measures are given below: The corporate income tax rate was proposed to
See MoreG20: Communiqué Issued by the Meeting of Finance Ministers
On 18 February 2022 the G20 Finance Ministers and Central Bank Governors issued a communiqué following their meeting which took place on 17 and 18 February 2022. Economic Recovery The communiqué notes that the speed of the global economic
See MoreRussia: Restaurants businesses will be exempt from VAT
On 17 February 2022, the State Duma published Guidance Letter No. 03-07-07/1908 and proposed that public catering companies are exempt from VAT under certain conditions. Accordingly, the companies involved in this project will be exempt from VAT
See MoreOECD Tax Talk looks at international tax developments
The OECD Tax Talk held on 21 February 2022 provided an updated on important elements of tax work at the OECD. Two-Pillar International Tax Package Public consultations have begun and will cover the various building blocks of Pillar One on a
See MoreOECD: Tax Report for the G20 Finance Ministers
On 18 February 2022 the OECD presented its tax report for the G20 Finance Ministers and Central Bank Governors. The main parts of the report are summarised below. Two-Pillar International Tax Package In October 2021 the OECD Inclusive
See MoreOECD: Combating Tax Evasion and Financial Crimes in Latin America
An OECD blog post on 9 February 2022 looked at the fight against tax evasion and financial crimes in the Latin America region and at lessons learned from initiatives of the OECD’s Task Force on Tax Crimes and Other Crimes (TFTC) and the Criminal
See MoreThailand: Amendments to Tobacco Tax and Regulation
It was reported on 17 February 2022 that the Cabinet in Thailand has approved a five-year road map to reduce the level of tobacco consumption and improve overall public health by strategies that combine regulation, information and revised tobacco
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