Armenia Interest received: On 14 December 2021, the Armenian Central Bank has announced the decision to increase the key rate from 7.25% to 7.75% with effect from December 2021. The interest rate of the Central Bank is used for the purposes of calculating interest deduction.
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Cyprus Residence rules- incorporation: On 21 December 2021, an amendment to the Income Tax Law was published in the Cyprus Government Gazette. Accordingly, a company incorporated or registered in Cyprus and the management and control of which is exercised outside Cyprus should be regarded as resident in Cyprus for tax purposes unless it is resident in another country for tax purposes.
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FranceIncentives for industry/manufacturing: On 16 November 2021, the government has introduced some incentives for innovation in the Finance Bill 2022, which would have been enacted by the end of December 2021.
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GreeceMain corporate tax rate: On 17 December 2021, the Finance Ministry announced an overview of tax measures on the 2022 Budget. The corporate income tax rate is reduced from 24% to 22% for legal entities and legal entities on a permanent basis.
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IrelandIncentives-Industry/manufacturing: On 14 December 2021, the Revenue published an eBrief 226/21, which updates a manual to clarify certain aspects of the Research and Development (R&D) Tax Credit.
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ItalyCFC-rules: On 27 December 2021, the Italian Tax Authority published Circular No. 18/E, which provides guidance on the rules for controlled foreign companies (CFCs). The Circular contains clarifications on the subjective and objective requirements for the application of the CFC regime.
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MalaysiaIncentives for others: 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.
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NetherlandsPayment procedures: Recently, the Dutch Tax and Customs Administration grant temporary special payment extensions to entrepreneurs, to help them cope with the corona crisis. Taxpayers can apply for a special tax payment extension for most taxes. The extension will be valid until and including 31 January 2022.
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NigeriaTaxation of capital gains: On 7 December 2021, the Nigerian government proposed a 5% capital gains tax rate on the gains from the disposal of shares in any Nigerian company when the gross proceeds from such sales in any 12 consecutive months exceed ₦500million.
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RussiaInterest on late payments: On 17 December 2021, the Russian Central Bank has announced the decision to increase the key rate from 5% to 8.5% with effect from 20 December 2021. The new rate applies from The CBR’s key interest rate is used for the purposes of calculating interest deduction and late payment interest on overdue taxes.
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Special tax rate: On 25 November 2021, the Ministry of Finance (MoF) submitted Bill No. 25126-8 to Parliament. The law provides for a corporate tax rate of 0% for cultural institutions established by municipalities. If accepted, the 0% rate will apply from January 2022.
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Thailand Incentives for industry/manufacturing: The government of Thailand has declared that it will extend the period of certain tax incentives for businesses located in the special economic development zones (SEZs) for 3 additional years, covering the period from 1 January 2021 to 31 December 2023.
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Turkey Withholding tax rates-Dividends: On 22 December 2021, the Turkish Revenue Administration has issued Presidential Decision No. 4936 in the Official Gazette reducing the withholding tax rate on corporate dividends distributions from 15% to 10%.
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UKInterest on late payments: On 17 December 2021, the UK HMRC has announced the revision of late payment interest rates following the base rate increase to 0.25% by the Bank of England. The Bank of England Monetary Policy Committee voted on 16 December 2021 to increase the Bank of England base rate to 0.25% from 0.1%. HMRC interest rates are linked to the Bank of England base rate.
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UkraineIncentives on services: On 20 December 2021, the President of Ukraine has signed Law No. 1946-IX providing ‘Diia City’ resident IT companies special tax and legal regime from 2022. This will come into force at the end of January 2022.
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Interest on late payments: On 9 December 2021, the National Bank of Ukraine has decided to increase its key policy rate from 8.5% to 9% per annum with effect from 10 December 2021.
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Sanction for tax evasion: On 17 November 2021, Ukraine has published Law No. 1888-IX in the Official Gazette increasing thresholds of criminal liability for tax evasion. The changes are applicable from 25 November 2021.
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