| Ecuador | Incentive for industry/manufacturing: On 22 February 2022, the Ecuadorian government presented a bill in the National Assembly that introduced a new tax regime for special economic zones (SEZs) to attract investments. The proposed regime includes measures that would exempt corporate income taxes for a period of ten years for qualified companies. See the story in Regfollower |
| Germany | Treatment of losses-carry back: On 3 February 2022, the German Ministry of Finance has introduced a bill that provides further measures to support taxpayers during the COVID-19 pandemic. Accordingly, the loss carry-back maximum amount increases for the tax years 2022 and 2023 from EUR 5 million to EUR 10 million. In addition, the loss carry-back period will be increased from 1 to 2 years from 2022. See the story in Regfollower Interest on late payments: On 23 February 2022, the Treasury Department published a bill that would provide a reduced rate of interest on overpayments and tax refunds. The draft bill provides for reduced default interest of 0.15% per month (1.8% per year) on overpayments and tax refunds, retroactive to 1 January 2019. See the story in Regfollower |
| Hong Kong | Corporate tax rate: On 23 February 2022, the Treasury Secretary presented the 2022-23 Budgets. Accordingly, a one-time reduction of 100% is proposed for the 2021/22 assessment year, with a cap of US$10,000 per case. See the story in Regfollower |
| India | Incentive for industry/manufacturing: On 1 February 2022, the Union budget for 2022-23 was presented by the Finance Minister. Accordingly, newly established manufacturing companies would be granted an additional one-year extension in terms of time to start manufacturing in order to qualify for the concessionary tax regime. See the story in Regfollower |
| Jamaica | Filing return: On 8 February 2022, Tax Administration Jamaica (TAJ) has announced that the income tax filing deadline is 15 March 2022. TAJ reminds both individual and corporate taxpayers to file the income tax return for the year 2021 and to declare their estimated income and tax payable for the year 2022 online. See the story in Regfollower |
| Poland | Interest on late payments: On 14 February 2022, the Polish Ministry of Finance has published the interest rates for tax arrears / late payment. Accordingly, the rate of late payment interest is 8.5% per annum, the reduced rate of interest for late payment of tax arrears is 4.25% per annum and the increased rate of interest for late payment of tax arrears is 12.75% per annum. See the story in Regfollower |
| Romania | Filing return: On 28 January 2022, the National Agency for Fiscal Administration (ANAF) of Romania has published a notification declaring the annual corporate income tax return and payment deadline is extended to 25 June 2022 for the tax year 2021. See the story in Regfollower |
| Russia | Interest on late payments: On 28 February 2022, the Russian Central Bank has announced the decision to increase the key rate from 9.50% to 20%. The measure was taken in response to the Russian invasion of Ukraine, followed by harsh sanctions and the collapse of the Russian ruble. See the story in Regfollower |
| South Africa | Main corporate tax rate: On February 23, 2022, the Finance Minister presented the 2022-2023 budget speech to the National Assembly. The budget proposed to reduce the corporate tax rate from 28% to 27% for companies with tax years ending on or after 31 March 2023. See the story in Regfollower |
| US | Compensation for overpaid tax and refunds: On 23 February 2022, Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning 1 April 2022. The interest rates are computed from the federal short-term rate determined during January 2022 to take effect 1 February 2022, based on daily compounding. See the story in Regfollower |
World Tax Brief: March 2022
March 10, 2022
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