Argentina  Advance payments due: On 16 August 2022, the Argentine tax authority published General Resolution No. 5248/2022, requiring a one-time tax payment for certain large companies that benefitted from deducting losses due to the coronavirus pandemic and ongoing Russia-Ukraine conflict.
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Colombia Corporate income tax rate: On 8 August 2022, the new Colombian government presented a tax reform law to Congress. The bill proposed a CIT rate for the hospitality industry from 9% to 35%.
Taxation of capital gains:  The bill proposed increasing the capital gains tax rate from 10% to 30% for non-resident corporations and individuals, as well as for Colombian-based corporations.
Withholding tax on dividends:  According to the draft bill, the withholding tax rate on dividends for payments from resident companies to non-resident companies is to be increased from 10% to 20%.
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Cyprus Incentives for industry & manufacturing:  On 20 July 2022, the Cypriot Official Gazette published the amended income tax law increasing the deduction for research and development (R&D) expenses for the years 2022, 2023, and 2024.
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El Salvador Filing return: On 24 August 2022, the Legislative Assembly of El Salvador approved a tax amnesty program that allows taxpayers voluntarily come forward, accurately declare their income and pay any undeclared or underreported taxes. The program is in force until 1 November 2022.
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Ethiopia  Incentives for industry & manufacturing:  On 12 July 2022, a new Investment Incentive Law No. 517/2022 was published by the Ethiopian Council of Ministers. The new Law aims to expand the scope of investment incentives and boost investment in Ethiopia.
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Greece Incentives for industry & manufacturing:  On 29 July 2022, Greece enacted legislation that provides new research and development (R&D) tax incentives for companies. Accordingly, corporate profits from the exploitation of an internationally recognized patent developed in a funded program of a Greek higher education institution to carry out industrial research are tax-free for up to 3 consecutive years.
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New Zealand  Incentives for industry & manufacturing:  On 26 Aug 2022, New Zealand’s Inland Revenue issued research and development (R&D) tax incentive updates due to the ongoing COVID-19 pandemic. The IR provides details on R&D tax incentive extensions, changes to claiming supporting activities, and digital technology sector guidelines.
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Russia Sanctions for tax evasion:  On 18 August 2022, the government launched a consultation on a proposal to raise the thresholds for tax evasion by legal entities. Accordingly, the proposed threshold for large-scale tax evasion will be increased by RUB 22.5 million from RUB 15 million.
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UK Incentives for industry & manufacturing: On 28 August 2022, the HMRC published updated statistics for creative industries tax relief for 2021/22. This represented a sharp decrease in the amount of tax relief compared to the previous year mainly due to a decrease in the amount of film tax relief given. Around 35% of the relief given in the period was related to film tax relief, and 38% of the relief was related to high-end television tax relief.
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Incentives for small businesses: On 5 August 2022, the HMRC published updated guidance on research and development (R&D) tax relief for small and medium-sized enterprises.
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Interest on late payments: On 5 August 2022, the HMRC declared the revision of late payment and repayment interest rates following the base rate increase by the Bank of England to 1.75%.
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US Compensation for overpaid tax and refunds: On 15 August 2022, the Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning 1 October 2022. Under the Internal Revenue Code, a 6% rate applies to most taxpayers starting from 1st October.
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