Bangladesh Corporate income tax rate: On 9 June 2022, the Finance Minister of Bangladesh presented the national budget for fiscal year (FY) 2022-2023 in the parliament. The budget reduces the tax rate for non-listed companies from 30% to 27.5%. Also, to facilitate formalization of the economy and to incentivize formation of One Person Company (OPC), it proposed to reduce the tax rate for OPCs from 25 % to 22.5%.
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Canada Reduced rates: On 23 June 2022, Canada enacted the 2022 Federal Budget Act. Accordingly, the corporate tax rate reductions on profits from the manufacture of zero-emission technologies reduce the general corporate tax rate and the small business income tax rate on eligible profits to 7.5% (from 15%) and 4.5%, respectively (from 9%) for tax years beginning after 2021 and before 2029. This reduction will be phased out for tax years beginning in 2029 and phased out completely for tax years beginning after 2031.
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Costa Rica Interest on late payments: On 24 June 2022, the Costa Rican Treasury Department lowered the interest rate for late tax payments to 8.53% from the 9.35% effective 1 July 2022.
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Kenya Taxation of capital gains: On 21 June 2022, Kenya’s President has given his assent to the Finance Act 2022 which was presented to the Parliament on 13 April 2022. The Bill proposed to increase the rate of capital gains tax from 5% to 15% with effective from 1 January 2023.
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Luxembourg CFC:  On 17 June 2022, the Luxembourg Tax Authority published Circular n°164ter/1 (the guidance) on the controlled foreign corporation (CFC) rules.
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Pakistan Special corporate tax rate: On 10 June 2022, the Finance Minister presented the Budget for 2022/23 to the National Parliament. The budget increased the corporate tax rate for banks from 35% to 45% for tax year 2023 onwards; the current super tax of 4% on banks will no longer apply the after-tax year 2022.
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Poland Filing return: On 22 June 2022, the Polish Ministry of Finance published a draft decree extending the deadline for submitting the CIT-8E return. Accordingly, the deadline for submitting the CIT-8E return is 30 September 2022.
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Interest on late payments:  On 15 June 2022, the Polish Ministry of Finance fifth time published the increased interest rates on the late tax payment.  Accordingly, the standard rate will be increased from 13.5% to 15% per year and the reduced rate from 6.75% to 7.5% per year.
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Portugal  Incentives: On May 27, 2022, the 2022 budget was passed by Parliament. The Budget increases the exemption on qualifying IP taxable income under the patent box scheme from 50% to 85%. It also includes a new reclaim tax incentive system. The scheme provides qualifying corporate taxpayers with an investment incentive for eligible capital expenditures of up to €5 million on qualifying tangible and intangible assets during the period 1 July through 31 December 2022.
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Russia Filing return:  On 10 June 2022, the Central Bank of Russia announced its decision to lower the policy rate after the Bank of Russia Board of Directors decided to cut the policy rate by 150 basis points to 9.50% per year.
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South Korea Corporate income tax rate: On 16 June 2022, the Government proposed to lower the corporate income tax rate from 25% to 22% to stimulate corporate investment through the new economic policy direction.
Incentives: Government proposes to increase incentives for high-tech investment and job creation such as national strategic technology. The proposed national strategic technology tax credit rate is 8%-12% for large/medium-size enterprises and 16%-20% for small-size enterprises.
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