AustriaMain corporate tax rate: On 8 November 2021, the Austrian Federal Ministry of Finance (MOF) published a draft law on the eco-social tax reform bill 2022. Subsequently, the corporate tax rate will reduce from 25% to 24% in 2023 and from 24% to 23% in 2024.
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Azerbaijan CFC-rule: On 16 November 2021, Azerbaijan amended its Tax Code, including changes related to the Rules for Controlled Foreign Enterprises (CFC). Accordingly, a foreign company is considered to be a CFC of an Azerbaijan-based company if the company meets certain conditions. The changes will be implemented from 1 January 2022.
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Colombia Late payment interest: On 29 October 2021, the Colombian National Tax Authority (DIAN) has issued Resolution No. 000126. Accordingly, DIAN has temporarily reduced penalties to 20% and a default interest rate of 20% of the current bank interest rate in response to COVID-19.
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MalaysiaIncentive for small businesses: On 18 November 2021, the Parliament of Malaysia passed the 2022 budget at the policy stage. In order to stimulate the business activities of micro, small and medium-sized enterprises (MSMEs), newly established MSMEs receive an income tax rebate of up to RM 20,000 for each tax year in the first 3 tax years under certain conditions. In addition, some tax incentives are proposed to attract oil and gas companies to invest and participate in LLA.
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Morocco Reduced rates: On 26 October 2021, the Ministry of Finance (MoF) has published the draft Finance Law for 2022. The law includes the reduction of the top rate of corporate tax from 28% to 27% for industrial companies whose net profit is less than MAD 100 million.
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Netherlands Withholding tax rates: On 2 November 2021, the parliament of the Netherlands approved the conditional withholding tax (WHT) rate of 25% on dividends paid to low tax jurisdictions. The conditional withholding tax will apply from 1 January 2024 on dividend payments to jurisdictions with a corporate tax rate below 9% and non-cooperative jurisdictions listed by the EU. The same scope of jurisdictions applies for the conditional withholding tax on interest and royalties that effect from 1 January 2021.
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NigeriaMitigation of penalties: On 30 November 2021, the Federal Tax Office announced the waiver of interest and penalties for corporate tax liability. The deadline for the submission of all outstanding declarations and the payment of the resulting tax debts, including the assessments of the previous years is extended until 31 December 2021.
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PeruTaxation of capital gains: On 27 October 2021, The Government has submitted a bill to Congress through which it requests extraordinary powers to legislate on tax matters. The bill increased the capital gains tax rate from 5% to 10%.
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Russia Incentive for small businesses: On 18 November 2021, the Russian government has submitted a draft bill to the parliament proposing the introduction of an experimental automated simplified tax system for small businesses. The new regime will be available to companies that meet certain criteria.
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Singapore Treatment of losses-carry back: On 16 November 2021, the Income Tax (Amendment) Act 2021 came into force. The Act introduced an extension of the enhanced loss carry-back relief scheme. In order to support companies with their cash flow, the enhancement to the loss carry-back relief scheme has been extended for another year.
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SpainCorporate tax rate: On 4 November 2021, the Spanish lower chamber passed the budget for 2022 which provides for a minimum corporate tax rate of 15% of the tax base for certain taxpayers from 2022. It applies to companies with a net turnover of at least 20 million euros or to companies that have opted for tax consolidation regardless of their turnover.
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TaiwanIncentive on industry and manufacturing: On 11 November 2021, the National Taxation Bureau of Northern Area (NTBNA), Ministry of Finance (MOF) of Taiwan has issued a press release where it was stated that corporations filing Research & Development (R&D) expenditures as tax credits shall comply with the relevant regulations.
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Zambia Main corporate tax rate: On 29 October 2021, the Minister of Finance and National Planning presented the Budget for 2022 to the National Assembly of Zambia. The budget proposed to reduce the standard corporate income tax rate (CIT) to 30% from 35% for corporate entities.  
Reduced rates: Under the budget lower CIT rate of 15% on hotel and lodge income from accommodation and catering services will be extended to 31 December 2022.
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