ArgentinaPayment of tax: On 30 March 2022, the Federal Public Revenue Administration published a General Resolution which extends payment facilities for small and medium enterprises that is taxpayer’s preferential installment terms and interest rates for pending tax and social security obligations until 31 May 2022 due to COVID-19 pandemic.
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BoliviaFiling return: On 22 April 2022, the Tax Administration published guidance, which extends the deadline until 31 May 2022 for filing certain corporate tax reports and statements, for the tax period closing on 31 December 2021.
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CanadaIncentives on small businesses: On 7 April 2022, the Finance Ministry presented the Budget for 2022. Accordingly, eligible businesses benefit from the federal small business tax rate of 9% as well as their respective provincial small business tax rates. The small business tax rate increases at the higher general tax rate once taxable capital reaches $15,000,000.
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Hong KongFiling return: On 1 April 2022, the Inland Revenue Department issued profits tax returns, for the year of assessment 2021-22. Taxpayers are generally required to file their returns within one month from the date of issue of the relevant returns. For employer’s returns, the deadline for filing is extended to 1 June 2022.
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IndiaAssessment: On 30 March 2022, the government published the Finance Act 2022 in the Official Gazette. The due date for completing the assessment of AY 2020-21 has been extended from 31 March 2022 to 30 September 2022.
Incentives on industry & manufacturing: Under the Finance Act, the 15% corporate tax rate for qualifying domestic manufacturing companies is extended, with the optional rate made available for companies that commence manufacturing or production on or before 31 March 2024.
Incentives on small businesses: Under the Finance Act, the eligibility period for claiming the tax holiday incentive for start-ups (exemption for 3 consecutive years out 10 years from the date of establishment) is extended, with the incentive made available for start-ups established up to 31 March 2023.
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ItalyFiling return: On 22 April 2022, the tax authority of Italy issued the latest models, instructions, and technical specifications for tax returns, that are effective for tax filing in 2022 in respect of the 2021 tax period.
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PolandInterest on late payment: On 12 April 2022, the Polish Ministry of Finance third time published the increased interest rates on tax arrears as well as on the late payment.
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RussiaInterest on late payment: On 29 April 2022, the Central Bank of Russia adopted a decision to cut the key interest rate from 17% to 14%, with effect from 2 May 2022. The key interest rate is used for the purposes of calculating interest deduction and late payment interest on overdue taxes.
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TurkeyMain corporate tax rate: On 15 April 2022, Turkey published Law No. 7394 in the Official Gazette, containing various tax measures. The Law introduced an increase in the corporate tax rate to 25% on financial sector companies, including banks, financial leasing companies, asset management firms, and insurance companies.
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UkraineMain corporate tax rate: On 30 March 2022, the Ukrainian parliament received a bill on taxation of companies related to economic relations with the “aggressor state”. The bill proposes an increase in corporate income tax from 18% to 27% for companies doing business with Russia. The new tax rules will apply from the tax period that started on 1 March 2022.
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ZambiaMain corporate tax rate: Recently, the Zambian Government has published Practice Note No. 1/2022 which provides an overview of the various 2022 tax changes implemented through the Budget 2022 Amendment Acts. The budget reduced the standard corporate income tax rate from 35% to 30%.
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