Tax - International

Current News
EU Lawmakers Endorse Minimum Corporate Tax Directive
May 20, 2022

On May 19, members of the European Parliament (MEPs) approved a Commission proposal implementing the recent international agreement on a global minimum corporate tax rate of 15 percent. The report was adopted by 503 votes in favor, 46 votes against, ...

No Major Tax Changes In New Zealand's 2022 Budget
May 20, 2022

New Zealand's newly released 2022 Budget included no major tax policy changes. The Government said an existing measure, aimed at reducing fuel prices, would be extended. In March, the Government reduced the fuel excise duty by 25 cents a litre, with ...

Switzerland To Share Tax Data With 12 More States
May 20, 2022

At its meeting on May 18, 2022, the Swiss Federal Council approved the dispatch on the introduction of the automatic exchange of information on financial accounts (AEOI) with 12 other partner countries. Specifically, the Federal Council intends to ex...

China To Refund Large Businesses' VAT Sooner
May 20, 2022

The Chinese Government has announced that it will allow large enterprises to take advantage of a VAT refund sooner. Earlier, in Ministry of Finance and State Administration of Taxation Announcement No. 14 [2022], released only in Chinese, the Chinese...

Indonesia Expands Digital VAT Regime To More Businesses
May 20, 2022

On May 17, 2022, the Indonesian tax authority listed a number of companies that have been added to the scope of its digital VAT regime for non-resident suppliers of electronic services. The requirements are set out in Finance Ministerial Regulation N...

MEPs Seek Windfall Taxes On Energy Firms
May 20, 2022

Members of the European Parliament have called for the introduction of taxes on energy companies, in response to the invasion of Ukraine. EU lawmakers were meeting to discuss funding for responses to the crisis, proposing confiscating Russian oligarc...

Italy Receives EU Nod To Provide Firms With Tax Reliefs
May 20, 2022

The European Commission has approved a EUR1.2bn Italian umbrella scheme to support the agricultural, forestry, fishery and aquaculture sectors in the context of Russia's invasion of Ukraine. Under this scheme, the eligible beneficiaries will be entit...

HK To Exempt SkyPier Terminal Users From Air Passenger Tax
May 20, 2022

The Hong Kong Government is to make legislative amendments to provide an exemption from the Air Passenger Departure Tax (APDT) for passengers arriving at Hong Kong International Airport (HKIA) through the SkyPier Terminal (SPT) via the Hong Kong-Zhuh...

Irish Tax Agency Clarifies Tax Rules For Healthcare Worker COVID-19 Bonus
May 20, 2022

The Irish Revenue has released guidance on the tax treatment of payments under a government scheme for eligible frontline healthcare workers. The Irish Government has announced a COVID-19 recognition payment for eligible frontline healthcare workers,...

Russia Planning New Tax Rules For Cryptocurrencies
May 19, 2022

Russia's State Duma approved at first reading a bill on the taxation of digital financial assets. The bill provides for a VAT exemption for digital financial assets that are used as consideration when purchasing goods and services, as well as an exem...

South Africa Clarifies SEZ Tax Rules On 'Excluded Activities'
May 19, 2022

The South African Revenue Service (SARS) has released a new binding general ruling (BGR) that clarifies when a company operating within a special economic zone will lose access to associated tax privileges. The BGR is said to provide guidance on the ...

Australia Ramping Up Efforts To Collect COVID-19 Tax Debts
May 19, 2022

The Australian Taxation Office has indicated that it is moving to ensure collection of tax debts that arose during the COVID-19 pandemic. The tax agency stated: "The Australian Taxation Office (ATO) remains committed to engaging with taxpayers about ...

Bulgaria Probing Sales Underreporting
May 19, 2022

Bulgaria's National Revenue Agency has announced that it is probing more than 2,000 companies that reported "illogically high" inventory values in their balance sheets for 2020. The NRA said tax officials are checking the availability of goods and co...

Bermuda To Proceed With Eased Rules For Restricted Banks
May 19, 2022

The Bermuda Monetary Authority has announced that it will proceed with proposals, announced in August 2020, to allow restricted banks to expand the scope of their activities, and will reduce the minimum capital requirements for such entities. Backgro...

Norway To Amend Property Tax Rules Following Power Lines Ruling
May 19, 2022

The Norwegian Government has said it will table legislation to amend the country's law governing property tax on land, after a ruling from the Borgarting Court of Appeal. The Borgarting Court of Appeal ruled on October 11, 2021, that it is the landow...

Uzbekistan Joins OECD's Global Forum On Tax Transparency
May 19, 2022

Uzbekistan has signed up to become the 164th member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. Like all Global Forum members, Uzbekistan will participate on an equal footing and commits to combatting tax evasion...

Poland Expands VAT Exemption For Real Estate Rentals
May 19, 2022

Poland has amended its value-added tax law to ensure that the supply of housing to tenants through local government units is exempt from value-added tax. An ordinance issued by the Minister of Finance provides that, with effect from May 10, 2022, the...

India Extends Deadline For GSTR-3B Forms For April
May 18, 2022

India's Central Board of Indirect Taxes and Customs (CBIC) on May 17, 2022, announced an extension to the deadline for filing Form GSTR-3B for the month of April 2022. The deadline has been extended to May 24, 2022, in newly issued Notification No. 0...

EU Consults On Proposed DEBRA Directive
May 18, 2022

The European Commission has launched a consultation on its proposal, announced on May 11, for a debt-equity bias reduction allowance (DEBRA). The measure is intended to support businesses by introducing an allowance that will grant to equity the same...

Swiss Public Clears New Tax On Streaming Services
May 18, 2022

Swiss taxpayers voted in favor of introducing a new levy on video streaming services, in a referendum held on May 15. The tax will be levied at a four percent rate on income from the supply of audiovisual content to consumers through electronic means...

Belgium Begins Accepting 2022 Corporate Tax Returns
May 18, 2022

On May 17, the Belgian tax authority began accepting corporate income tax returns for the 2022 tax year through the Biztax portal. As announced by the agency on May 9, 2022, corporate income tax returns are due this year by October 17, 2022. The dead...

Australian Tax Agency Sets Out Priorities For 2022 Tax Season
May 18, 2022

The Australian Taxation Office (ATO) has set out four priorities for Tax Time 2022. The ATO said it will be focusing on: record-keeping; work-related expenses; rental property income and deductions; and capital gains from crypto assets, property, and...

Nigerian Tax Agency Clarifies Holding Company Tax Issues
May 18, 2022

Nigeria's Federal Inland Revenue Service has issued a Public Notice that provides guidance on tax issues concerning the operation of a holding company structure in Nigeria. The Notice replaces guidance issued in April 2012, "Explanatory Notes on The ...

Mexico Updates List Of Firms Registered Under Digital VAT Regime
May 18, 2022

Mexico has released an updated list of digital services providers registered to collect and remit VAT on supplies to Mexican consumers. The list, containing 154 providers, is included in Official Notice 700-04-00-00-00-2022-023, which was published i...

Uzbekistan Extends VAT Reliefs For Basic Foodstuffs
May 18, 2022

Uzbekistan has extended a number of value-added tax relief measures, in a recently enacted bill that provides for other changes to the tax code. Law No. ZRU-767 "On amendments and additions to the Tax Code of the Republic of Uzbekistan" extends the V...

Austria To Stop Sharing Tax Information With Russia
May 18, 2022

Austria intends to suspend tax cooperation with Russia under the Common Reporting Standard. The decision was approved at committee level by Austria's parliament on May 12, 2022. The decision, which will have retroactive effect, will deny Russia acces...

European Parliament To Vote On Removing Ukrainian Trade Tariffs
May 18, 2022

The European Parliament's International Trade Committee gave its green light on May 16, 2022, for a one-year suspension of all EU import duties on Ukrainian exports to support the country's economy. European lawmakers in the International Trade Commi...

Switzerland To Ease Rules For Intra-Group Dividends WHT Exemption
May 17, 2022

The Swiss Government has agreed to significantly ease the rules concerning the dividends withholding tax exemption for payments between related parties. Under existing law, a Swiss parent company may receive a dividend without any deduction for withh...

US Legislation Tabled To Punish Firms Linked To Russia, Belarus
May 17, 2022

Senate Finance Committee Chair Ron Wyden (D-OR) and Senate Finance Committee Member Rob Portman (R-OH) have introduced legislation to disallow foreign tax credits for companies that pay taxes to the Russian government, and to disallow other tax benef...

Cyprus To Improve Tax Perks For Returning Expats
May 17, 2022

Cyprus has tabled legislation to improve tax breaks for returning expatriates. The bill, which was approved by the Council of Ministers on May 10, is part of a larger Business Attraction Plan that the Government has newly devised. Now tabled in the H...

J5 Tax Chiefs To Partner With Banks To Tackle Fiscal Crime
May 17, 2022

Tax agencies from the US, the UK, Australia, Canada, and the Netherlands have launched a new partnership with the world's biggest banks to collaborate on tackling tax crime. The new partnership was announced following a Joint Chiefs of Global Tax Enf...

Denmark To Expand Virtual Currency Tax Probe
May 17, 2022

The Danish tax agency has said it will expand its probe into non-compliance linked to virtual currency transactions. The agency announced that it has secured approval from the Tax Council to broaden its enforcement work in this area. Earlier, the Tax...

Puerto Rico To Waive SUT On Hurricane Season Essentials
May 17, 2022

Puerto Rico's Governor, Pedro Pierluisi, recently signed into law House Bill 478, which exempts from the Sales and Use Tax (SUT) certain goods for use during hurricane season. The exemption will apply to sales during the last weekend of May. Pierluis...

Taiwan Warns Firms To Observe New CIT Return Deadline
May 17, 2022

Taiwan's Ministry of Finance has said all corporate taxpayers must submit a corporate income tax return by the extended deadline, even if they have suspended trading. Late filing penalties continue to apply, it said. Earlier, in response to the COVID...

US Lifts Taxes On Ukrainian Steel Industry
May 17, 2022

The United States has decided to suspend tariffs on Ukrainian steel for one year. Announcing the decision on May 9, 2022, the US Department of Commerce noted that "Ukraine's steel industry is uniquely important to the country's economic strength, emp...

Latvia Suspends Double Tax Pact With Russia
May 17, 2022

Latvia has enacted a legislative amendment to suspend its double tax agreement with Russia. Latvia's unicameral parliament, the Saeima, endorsed the law on May 12, 2022, and it was subsequently signed into law by the President. The law provides that ...

Dutch Caribbean Islands Extend PIT Filing Deadline
May 17, 2022

An automatic personal income tax extension has been provided by authorities in the Dutch Caribbean islands of Bonaire, Sint Eustatius, and Saba. The deadline for filing a 2021 income tax return was May 16, 2022. However, an automatic deadline extensi...

EU Lawmakers To Soon Vote On Minimum Tax Directive
May 16, 2022

Members of the European Parliament are expected to back new rules for a global minimum corporate tax rate from 2023 during Parliament's upcoming plenary session on May 18-19. On 18 May, Parliament will consider a report by the economic and monetary a...

COVID-19: Malta To Collect Deferred Tax Debts
May 16, 2022

The Maltese Government has said that businesses that benefited from the territory's tax deferral scheme, introduced in response to COVID-19, must begin settling their deferred tax liability beginning from June. The scheme was launched in March 2020 a...

EU Calls An End To COVID-19 Tax Support Measures
May 16, 2022

The European Commission has said it intends to phase out the State aid COVID Temporary Framework. The Framework was adopted on March 19, 2020, and was last amended on November 18, 2021, enabling Member States to remedy a serious disturbance in the ec...

Guernsey Seeks Expert Advice On Corporate Tax Reform Options
May 16, 2022

The Guernsey Government has appointed a top professional services firm to carry out a review of the territory's corporate tax reform options, as part of a wider Tax Review that looks at how essential services will be funded in the future. The Guernse...

Polish Lower House Endorses Latest Tax Reform Plans
May 16, 2022

Poland's lower house of parliament, the Sejm, has approved legislation for a cut to the bottom rate of personal income tax to 12 percent from 17 percent and other tax changes. The legislation now moves to the Senate. Providing the legislation is appr...

New Zealand Updates Guidance On Resolving Tax Disputes
May 16, 2022

The New Zealand Inland Revenue Department has launched a consultation on changes to its disputes process. The consultation is on a draft standard practice statement ("ED0240"), which sets out the rights and responsibilities of both a taxpayer and the...

Brazil Announces Tax Breaks For Various Critical Imports
May 16, 2022

The Brazilian Government has announced an import tax waiver on beef, chicken, corn, wheat, and crackers, biscuits and other bakery items. It has also reduced tariffs on imported steel rebar and exempted sulfuric acid from tax. The new tax reliefs wil...

Irish Tax Agency Clarifies VAT Postponed Accounting Rules
May 16, 2022

The Irish Revenue has updated its value-added tax (VAT) guidance on Postponed Accounting. The guidance covers the use of postponed accounting arrangements by accountable persons who import goods into Ireland. Postponed accounting arrangements may be ...

UK Poised To Ratify New FTAs With Australia, New Zealand
May 16, 2022

The UK Government has introduced legislation to bring into force the country's new free trade agreements with Australia and New Zealand – the first independently negotiated deals for the UK in more than 50 years. The UK signed the Australia Agreement...