Argentina  Advance payments due: On 28 June 2022, Argentine Official Gazette published General Resolution 5211/2022 amending the provisions on income tax advance payment. The resolution increases the thresholds for making advance payments from ARS 500 to ARS 2500.
See the story in Regfollower
Australia Liability to Tax: On 13 July 2022, the Australian Taxation Office (ATO) issued updated guidance on the application of the Diverted profits tax (DPT). The DPT is aimed at ensuring that the tax paid by significant global entities (SGEs) properly reflects the economic substance of their activities in Australia and prevents the diversion of profits through offshore arrangements involving related parties.
See the story in Regfollower
Belgium  Reduced rates: On 18 July 2022, the finance minister announced plans for comprehensive tax reforms. The reforms include reducing the corporate income tax (CIT) rate for SMEs from 20% to 15%.
Withholding tax: The reforms also proposed to reduce the withholding tax on interest, dividends, and other recurring income from movable property and capital from 30% to 25%.
See the story in Regfollower
Germany Interest on late payments: On 21 July 2022, the Ministry of Finance published the bill providing for a reduced rate for late interest payments on excess payments and refunds of tax in the Official Gazette. The bill had been previously approved by the lower house of the parliament (Bundestag) on 23 June 2022 and by the Federal Council on 8 July 2022. The bill entered into force on 22 July 2022.
See the story in Regfollower
Hong Kong Incentives for industry & manufacturing: On 22 July 2022, the Inland Revenue Department of Hong Kong published a Gazette providing half-rate (i.e. at a rate of 8.25%) profit tax relief for certain shipping-related activities. The newly introduced tax measures will provide economic incentives for qualified ship agents, ship managers and ship brokers to do business in Hong Kong.
See the story in Regfollower
Kazakhstan Dividends: On 11 July 2022, Kazakhstan enacted a law amending the Tax Code, which will come into force from 1 January 2023. According to the amendments, the exemption from dividends on listed securities applies only if these securities were actively traded on the exchange in Kazakhstan.
See the story in Regfollower
Korea, Rep. of Main corporate tax rate: On 21 July 2022, South Korea’s Ministry of Economy and Finance announced the tax reform plans for 2022. Accordingly, the maximum corporate tax rate will be lowered to 22% from the current 25%.
See the story in Regfollower
Nigeria Filing return: On 4 July 2022, the Federal Inland Revenue Service (FIRS) of Nigeria has announced to extend the submission of company income tax returns for the 2022 year of assessment. Accordingly, the filing of CITR for the 2022 YA, due on 30th June 2022, has been extended to 31st August 2022.
See the story in Regfollower
Poland  CFC rule: On 28 June 2022, the Polish government announced a draft law proposing significant changes to the Polish Corporate Income Tax Act. The bill proposed amending the Controlled Foreign Corporations (CFCs) regulations, which included provisions to eliminate double or multiple taxations of CFCs making dividend payments within holding structures.
Groups: The bill also proposed changes to the Polish Holding Company Regime, including increasing the tax exemption for dividends from qualifying subsidiaries from 95% to 100%.
See the story in Regfollower
Turkey  Interest on late payment: On 21 July 2022, the Turkish Tax Administration issued Presidential Decision No. 5801, which increased the interest rate for late tax payments from 1.6% to 2.5% per month.
See the story in Regfollower
Ukraine  Incentives for others: On 22 July 2022, the Ukrainian State Tax Service issued a press release on tax preferences for industrial parks. The Law provides a 10-year income tax exemption for the participants registered in the industrial park and carrying out economic activities in specific areas.
See the story in Regfollower