India: 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 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
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South Korea enacts tax revision bill for 2022
In December 2021, South Korea has enacted a tax revision bill for 2022 which was passed by Korea’s National Assembly on 2 December 2021. The tax revision bill is generally effective from fiscal years beginning on or after 1 January 2022. The
See MoreHong Kong: IRD extends filing deadline for 2020/21 profits tax returns
On 14 January 2022, the Inland Revenue Department of Hong Kong published a circular letter extending the deadline for filing 2020/21 profits tax returns for loss cases with accounting date code 'M. Recognising the impact of the recent worsening
See MoreAustralia: ATO declares review of APA program
On 12 January 2022, the Australian Taxation Office (ATO) has announced that it is undertaking a review of its advance pricing arrangement (APA) program. The APA program provides a valuable service delivering certainty on dealings with
See MoreSingapore updates Order on CbC Exchange of Multilateral Agreement
On 21 December 2021, Singapore published the Income Tax (International Tax Compliance Agreements) (Multilateral Competent Authority Agreement on The Exchange of Country-by-Country Reports) Order 2018. The change includes the addition of a
See MoreChina revises tax return forms
On 31 December 2021, Chinese State Administration of Taxation (SAT) has issued Announcement No. 34 (2021)Â for reducing tax burdens in relation to the final settlement of corporate income tax. The announcement includes revision of certain forms for
See MoreMalaysia: Tax exemption on income from foreign sources
On 30 December 2021, the Ministry of Finance (MoF) announced that foreign source income derived by resident taxpayers will be exempt from tax from 1 January 2022 to 31 December 2026. The Malaysian government has agreed to exempt foreign-source
See MoreThailand extends certain tax incentives
The government of Thailand has declared that it will extend the period of certain tax incentives for business located in the special economic development zones (SEZs) in Narathiwat province, Pattani province, Yala province, Songkhla province (only
See MoreThailand revises CbC reporting deadline
On 23 December 2021, the Thai Revenue Department has published a notification on amendments to the filing deadlines for Country-by-Country (CbC) reports. Previously CbC report filing deadline was as same as the annual tax return deadline,
See MoreAustralia: ATO issued PCG 2021/5 on imported hybrid mismatch rule
On 16 December 2021, the Australian Taxation Office (ATO) issued Practical Compliance Guideline 2021/5 on imported hybrid mismatch rule – ATO’s compliance approach (PCG 2021/5) relating to a practical administrative approach to the imported
See MoreIndia: CBDT notifies the arm’s-length pricing variation limit for 2021-22
On 29 October 2021, the Central Board of Direct Taxes (CBDT) has published Notification No. 124/2021, which provides for a tolerance limit of 1% for wholesalers and 3% in all other cases for the arm’s-length pricing determination in the
See MoreSri Lanka declares CbC notification deadline for FY 2021
On 25 November 2021, the Inland Revenue Department (IRD) has issued a notice as per the paragraph (e) of Regulation 6 of the Extra Ordinary Gazette Number 2217/7 dated 02.03.2021, MNE Group whose total consolidated group revenue is not less than
See MoreTaiwan: MOF reminds taxpayers for submitting MF and CbC report by December 31st
On 30 November 2021, Taiwan’s Ministry of Finance (MOF) has issued a press release as a reminder to the taxpayers for submitting Master Files (MF) and Country-by-Country (CbC) reports. The profit-seeking enterprises that meet the conditions
See MoreSingapore enacts Income Tax (Amendment) Act 2021
On 16 November 2021, the Income Tax (Amendment) Act 2021 came into force. The Act gives effect to 2021 Budget and non-Budget tax measures, including an extension of the enhanced loss carry-back relief scheme, enhanced deduction for donations and
See MoreUS and India reach agreement on ‘equalization levy’ digital services tax
On 24 November 2021, the United States and India concluded an agreement on a transitional approach to the treatment of the current Indian E-commerce Equalization Levy (EL) in the transition period prior to the full implementation of Pillar 1
See MoreAzerbaijan modifies the Tax Code for TP, CbC Reporting, and CFC rules
On 16 November 2021, Azerbaijan has modified its Tax Code including three main changes regarding Transfer Pricing (TP), country by country (CbC) reports, and controlled foreign company (CFC) rules. The changes will be implemented from 1 January
See MoreMalaysia: Parliament passes the budget for 2022
On 18 November 2021, the Parliament of Malaysia passed the 2022 budget at the policy stage. The budget includes the following tax proposals related to corporate taxations. To support the Government’s initiative in assisting the affected
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