Singapore: IRA’s issues e-tax guide on R&D tax measures
On 8 June 202, the Inland Revenue Authority of Singapore (IRAS) issued an updated e-Tax Guide on Research and Development (R&D) Tax Measures (Seventh Edition). The guide sets out the relevant research and development (R&D) tax measures as
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Bangladesh: Budget proposal for FY 2022-23
On 9 June 2022, Mr. AHM Mustafa Kamal, the Finance Minister of Bangladesh presented the national budget for fiscal year (FY) 2022-2023 in the parliament. The budget set the target for total revenue earnings for the fiscal year 2022-2023 has
See MoreMalaysia: MoF announces principal hub incentive scheme 2022
On 24 May 2022, the Finance Ministry of Malaysia has issued the Income Tax (The Principal Hub Incentive Scheme) Rules 2022. The rules may be cited as the Income Tax (The Principal Hub Incentive Scheme) Rules
See MoreChina deposits BEPS MLI ratification instrument
On 25 May 2022, China has deposited its instrument of approval for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS Convention). China's instrument of approval also covers Hong
See MoreTaiwan reduces the late payment surcharge from 1 January 2022
On 18 May 2022, the Ministry of Finance of Taiwan has announced that the late payment surcharge has been reduced to 1% for every 3 days, up to a maximum of 10%. Previously the rate was applicable to 1% for every 2 days, up to a maximum of 15%. If
See MoreBangladesh: 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
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