Belgium Interest on late payments: On 27 October 2021, the Federal Public Service has published the late payment interest for companies.  According to the notice, the interest rate is set at 4% for the 2022 calendar year.
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CyprusIncentives: On 15 October 2021, the Cyprus Ministry of Finance presented the strategy for attracting companies to activate and expand their activities in Cyprus. With effect from 1 January 2022, the 50% tax exemption for investments in certain innovative companies by corporate investors will be extended. In addition, there is an increased deduction of research and development costs from taxable income up to an amount of 120% of the costs.
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IndiaFiling return:  On 11 October 2021, the Central Board of Direct Taxes published Notice No. 119/2021 exempting certain non-residents from filing income tax returns in India from assessment year (AY) 2021-22, provided certain conditions are met.
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IndonesiaMain corporate tax rate: On 7 October 2021, the House of Representatives passed the harmonized tax law with the aim of supporting tax reforms and creating a fair, prudent, effective and accountable tax system. The government intends to keep the CIT rate at 22% for fiscal 2022 and subsequent years. The bill will be submitted to the President for signature and ratification.
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NetherlandsMain corporate tax rate: On 15 October 2021, an amendment to the tax plan 2022 was submitted to the Lower House of Parliament. Accordingly, an increase in the corporate income tax rate from 25% to 25.8% for profits over 395,000 euros would take place with effect from 1 January 2022.
Thin capitalization rules: Another proposal would tighten the generic interest deduction limitation for corporate income tax purposes. Accordingly, the interest payable on balance would only be deductible up to 20% (from 30%) of the EBITDA for tax purposes.
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NigeriaPenalties for late return: Recently, the federal tax authorities warned that late declarations of income tax returns beyond 30 November 2021 would result in penalties and interest for the 2021 tax year. The chairman said the extended deadline for companies to migrate to the new platform for filing statements on CITA for the 2021 assessment year expires on 30 November 2021.
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PolandCFC- rule: On 8 September 2021, the Polish government submitted a bill to the Parliament including the proposal extending the application of the CFC rules.
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PortugalIncentives for industry & manufacturing: On 11 October 2021, the Portuguese government presented the draft budget for 2022 to the parliament. The draft budget changed the patent box regulation, which provides for an increase in the exemption of income from the sale or the granting of temporary use of industrial property rights from 50% to 85%.
Incentives for Others: On 11 October 2021, the Portuguese government presented the draft budget for 2022 to the parliament. Accordingly, a new tax credit allows for the deduction of expenses related to the acquisition of certain property, plant and equipment, non-consumable biological assets, or intangible assets made between 1 January 2022 and 30 June 2022. The tax credit is subject to certain conditions.
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RussiaInterest on late payments: On 22 October 2021, the Russian Central Bank has announced the decision to increase the key rate from 6.75% to 7.5% with effect from 25 October 2021.
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Interest received: On 27 September 2021, the Ministry of Finance has published the tax policy guidelines for 2022-2024. Accordingly, the corporate tax rate on interest income on qualifying ruble-denominated bonds issued by Russian legal entities in the organized securities market will be increased by 15% so that the rate will apply after 31 December 2021. The reduced tax rate currently applies to bonds issued between 1 January 2017 and 31 December 2021.
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SingaporeSubmission of returns: Recently, the Inland Revenue Authority of Singapore (IRAS) partnered with the tax community and government agencies to simplify Corporate Income Tax (CIT) Filing 2021 for companies. Accordingly, the due date for corporate tax filing for Singapore companies is 30 November 2021.
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UkrainePE rules: On 12 October 2021, the Ukrainian State Fiscal Service has clarified permanent establishment (PE) classification rules for nonresidents.
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Vietnam Incentives for industry & manufacturing: On 6 October 2021, Vietnam’s government issued Decision No. 29/2021/QD-TTG (Decision 29) on Special Investment Incentives to facilitate more high-tech investments into the country. The decision includes three different incentive scheme levels.
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