Bangladesh: 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 MoreMalaysia publishes tax audit frameworks including petroleum, finance and insurance
On 1 May 2022, the Malaysian Inland Revenue Board (“MIRB”) published three tax audit frameworks including tax audit framework for petroleum and finance-insurance. Audit Framework for tax and petroleum replacing the previous versions which
See MoreAustralia: Eligibility criteria for reduced tax rate
On 12 May 2022, the Australian Taxation Office (ATO) has released a guide to help a corporate entity determine if it is eligible for the reduced company tax rate of 25%. These include companies, corporate unit trusts and public
See MoreTaiwan announces net profit rate reduction for companies affected by COVID-19
On 9 May 2022, the Ministry of Finance of Taiwan has announced that net profit rate is reduced for companies affected by the COVID-19 pandemic. The rate is reduced by 20% for companies which net operating income was reduced of at least 30% in 2021
See MoreIndia: CBDT issues guidelines on Investment Funds tax incentives
On 9 May 2022, the Central Board of Direct Taxes (CBDT) issued Circular No. 9 of 2022, which provides a set of guidance on the provisions (clause (23FE) of Section 10) of the Income Tax Act that exempt sovereign wealth funds (SWF) and pension funds
See MoreTaiwan extends filing deadline for 2021 income tax return to 30 June 2022
On 4 May 2022, Taiwan’s Ministry of Finance (MOF) has extended the deadline for filing income tax return for the tax year 2021 from 31 May 2022 to 30 June 2022 due to the COVID-19 pandemic. The extension is applicable for both personal income tax
See MoreSingapore publishes guidance on filing CIT return for 2022
On 4 May 2022, the Inland Revenue Authority of Singapore published guidance on the 2022 corporate tax filing season. The guidelines include submission procedures, applicable thresholds, and guidelines for CIT forms. It also describes procedures for
See MoreSingapore updates List of Jurisdictions participating under MCAA-CbC
On 29 March 2022, the Inland Revenue Authority updated the list of jurisdictions participating under the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports. Under the list: Azerbaijan, effective
See MorePhilippines: BIR clarifies the filing deadline of attachments to 2021 CIT return
On 18 April 2022, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 46-2022, describing the deadline of submission of attachments to the 2021 annual income tax return and other matters is on or before 31 May 2022, whether
See MoreIndia publishes Finance Act 2022
On 30 March 2022, the government published the Finance Act 2022 in the Official Gazette. The law implements the measures of the Union budget 2022-2023 presented in February 2022. The law includes the following corporate tax measures: A new
See MoreHong Kong: IRD issues profits tax, property tax and employer’s returns for 2021-22
The Inland Revenue Department today (April 1) issued about 220,000 profits tax returns, 120,000 property tax returns and 300,000 employer's returns for the year of assessment 2021-22. About 2.48 million tax returns for individuals will be issued on
See MoreThailand extends transfer pricing disclosure deadline
On 25 March 2022, in response to the COVID-19 pandemic, the Thai Minister of Finance has announced an extension the deadline for filing the transfer pricing disclosure form to 30 May 2022 for the fiscal years starting on or after 1 January 2020 to
See MoreHong Kong: IRD extends the CbC notification deadline
On 18 March 2022, the Hong Kong Inland Revenue Department issued a press release announcing an extension of the CbC notification deadline for accounting periods ending between 31 December 2021 and 28 February 2022. Under section 58H of the
See MoreTaiwan: CFC rules will be effective from 2023
On 16 March 2022, Taiwan’s Ministry of Finance (MOF) issued a press release where it is stated that the controlled foreign company (CFC) rules will be effective from 1 January 2023 for individuals and 2023 taxable year for
See MoreKazakhstan: Government invites public comments regarding transfer pricing amendments
On 16 March 2022, the State Revenue Committee announced that they opened a public consultation on a draft bill to amend transfer pricing rules. The deadline for this public comments is 8 April 2022. The draft Bill contained the following measures
See MoreSingapore: Corporate tax proposals under budget 2022
Recently, the Minister of Finance presented the 2022 budget to Parliament. The main corporate tax proposals are summarized below: The Ministry of Finance is introduced a minimum effective tax rate of 15% for multinational enterprise groups (MNE)
See MoreHong Kong: Block Extension Scheme for Lodgement of 2021/22 Tax Returns
On 4 March 2022, the Inland Revenue Department (IRD) of Hong Kong has issued a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2021/22 Tax Returns. In this letter, the term “tax representative” refers to a
See MoreKazakhstan: Government announces tax benefits for manufacturing industry
On 28 February 2022, the State Revenue Committee announced new corporate income tax and value added tax (VAT) benefits for the small businesses in the manufacturing industry. This was reported by the State Revenue Committee of the Ministry of
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