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Corporate Tax News
Issue 62 - May 2022
CAMBODIA - New law aims to attract investors
CANADA - CRA position on income tax implications of cryptocurrency transactions
CANADA - Highlights of 2022 budget measures affecting businesses
CHILE - U.S. tax treaty ratification moves forward
ESTONIA - Agreement reached to postpone Estonia’s implementation of the global minimum tax
EUROPEAN UNION - Draft directive aims to reduce bias that favours debt financing
GERMANY - Expanded reporting obligations for German entities affect ultimate beneficial owners
INTERNATIONAL - Corporate tax bytes
KUWAIT - Income tax on Kuwait-registered branches of GCC banks proposed
LUXEMBOURG - Capital contribution without share issuance does not increase acquisition price for pur
OECD - Impact of the OECD Pillar Two model rules on natural resource companies
OECD - Pillar Two rules could have lasting impact on MNE groups
SPAIN - Interaction of new minimum tax with Pillar Two and summary of White Paper on international t
UGANDA - Definition of beneficial ownership may be expanded
UNITED ARAB EMIRATES - Ministry of Finance launches public consultation on proposed corporate tax re
UNITED STATES - FY 2023 budget plan proposals affecting corporate businesses
UNITED STATES - Important cryptocurrency related proposals included in 2023 budget proposal
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Indirect Tax News
Issue 2-2022
BAHRAIN - Guidance issued on VAT treatment of cryptocurrency transactions
CHINA - Input VAT refund policy expanded
CZECH REPUBLIC - Guidance issued on the VAT treatment of cryptocurrency transactions
EUROPEAN UNION - Commission proposes solution to address double VAT on distance sales of goods from
EUROPEAN UNION - EU Finance Ministers approve new VAT rates directive
INTERNATIONAL - Indirect tax bytes
ITALY - New VAT rule for credit notes in insolvency proceedings
NETHERLANDS - Foreign entrepreneurs using OSS need not appoint tax representative
SINGAPORE - GST increase postponed and will be phased in
SLOVENIA - New rules for VAT registration of non-resident suppliers, higher registration threshold a
SPAIN - Ruling issued on VAT treatment of cryptocurrency platform transactions
UNITED ARAB EMIRATES - Updates on VAT rules
UNITED STATES - Sales tax issues with crypto transactions
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GES News
June 2022 Issue
DENMARK - Denmark offers a special tax regime to highly paid inbound expatriates and researchers rec
HONG KONG - Tax deduction for domestic rent
ITALY - New Italian tax guidelines on the carried interest scheme
UNITED KINGDOM - New legislation requires overseas entities with UK property to register and declare
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Transfer Pricing News
Issue 39 - June 2022
BRAZIL - Tax authorities unveil plan to align Brazil's transfer pricing rules to international stand
CZECH REPUBLIC - Impact of new Transfer Pricing Guidelines
INTERNATIONAL - Transfer pricing bytes
SOUTH AFRICA - Draft interpretation note on intragroup financial arrangements issued for public comm
SPAIN - 2022 tax audit plan and CbC reporting findings released
UNITED KINGDOM - HMRC’s transfer pricing and diverted profits tax statistics – a view on results and
UNITED STATES - Customs duty refunds on transfer pricing adjustments
UNITED STATES - Differences between transfer pricing and financial reporting valuations
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INTERNATIONAL - COVID-19-related updates
INTERNATIONAL
Corporate Tax News Issue 61 - February 2022
COVID-19-related updates
Bhutan:
Tour operators, hotels and airline companies may defer the payment of business income tax or corporate income tax for income year 2019 until 30 June 2022, if they request a deferral from the tax authorities. This relief measure, originally announced in June 2021 to apply until the end of the calendar year, was extended in a
notification
issued on 30 December 2021.
Canada (Quebec):
In a press conference held on 1 February 2022, the Quebec Premier announced that the provincial government has abandoned the plan to impose a health tax on individuals who remain unvaccinated for COVID-19 without a valid medical reason.
Hong Kong
: Due to the increasing number of COVID-19 cases, the Inland Revenue Department issued a
letter
on 14 January 2022 extending the deadline for filing 2020/21 profits tax returns for loss cases with accounting date code “M” (i.e., accounting dates that fall between 1 January 2021 to 31 March 2021) from 31 January 2022 to 28 February 2022.
India
: A
circular
issued by the Central Board of Direct Taxes on 11 January 2022 extends the deadline for filing the income tax return for assessment year 2021/22 from the original due date of 31 October 2021 to 15 March 2022 and returns that were due by 30 November 2021 now may be filed by 15 March 2022. The deadline for the submission of audit reports also has been extended.
Indonesia
: The ministry of finance issued a regulation on 31 December 2021 that extends healthcare-related tax incentives that were due to expire at the end of 2021, to 30 June 2022. In addition to a VAT exemption for certain supplies, an exemption from withholding tax is granted for the following parties:
Government agencies, hospitals and other authorized parties with respect to the purchase of medical supplies (e.g., medicine, vaccines, personal protective equipment, equipment for patients, etc.);
Certain businesses for the purchase of goods and/or materials to be used in their business operations;
Businesses in the pharmaceutical industry for the sale of their products to distributors in Indonesia; and
Additional income received by healthcare workers.
Netherlands:
In a press release issued on 28 January 2022, the government announced that the emergency deferral of tax payments by entrepreneurs and companies is extended to 31 March (the deferral already had been extended to 31 January 2022).
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