Tax-News.com: UK Announces Tax Breaks For Businesses In 2022 Budget
With the UK corporate tax rate set to rise 25 percent from April 2023, the UK Government has announced various tax proposals that are intended to support businesses and the UK economy, in the newly released 2022 Budget.
Tax-News.com: Indonesian Lawmakers Approve Tax Reform Plans
Indonesia's lower house of parliament has signed off on a bill that provides for a two-stage hike to the headline value-added tax rate, the cancellation of a planned corporate tax cut, and the introduction of a new top rate of personal income tax.
Tax-News.com: Singapore To Implement Budget 2021 GST Reforms Unchanged
Following a consultation exercise, the Inland Revenue Authority of Singapore has said the territory intends to go ahead with various important goods and services tax regime changes without accepting amendments proposed by stakeholders.
Tax-News.com: Hong Kong To Amend Tax Rules For Foreign-Source Passive Income
The Hong Kong Government has issued a statement committing to amend its tax law with regards the tax exemption for foreign source passive income from 2023, to ensure the territory does not end up placed on the EU's tax blacklist of non-cooperative territories.
Tax-News.com: EU Seeks Input On New Withholding Tax Directive
On September 28, 2021, the European Commission launched a consultation on a proposed Directive that would obligate member states to introduce the same rules regarding withholding tax on dividend and interest payments.
Tax-News.com: Belt And Road Forum Agrees Digital Tax Admin Agenda
China has set out the priorities of the Belt and Road Initiative Tax Administration Cooperation Mechanism (BRITACOM) Council over the next five years, at the 36-country grouping's second forum.
Tax-News.com: Netherlands Announces 'Modest' 2022 Budget
The Dutch Government has announced changes aimed at improving the tax system in its 2022 Tax Plan, released on September 21.
Tax-News.com: Singapore To Allow Taxpayers Longer To Report TP Adjustments
The Singaporean Government has announced it will amend provisions on transfer pricing adjustments in the draft Income Tax (Amendment) Bill 2021, which includes measures announced in the 2021 Budget, following a consultation.
Tax-News.com: EU To Table A Digital Tax Proposal In October
The European Commission has committed to tabling a proposal for a digital tax in October, whether or not an international agreement surfaces from OECD-led talks on new international tax rules for the world's largest firms.
Tax-News.com: China's New Urban Maintenance And Construction Tax Law In Force
China's Ministry of Finance and the State Administration of Taxation have issued a statement announcing tax relief from the Urban Maintenance and Construction Tax.
Tax-News.com: Colombia Enacts Decree To Support Struggling Firms
The Colombian Government has issued Decree 939 of August 19, 2021, which enables the tax agency to revise an assessment for potentially viable companies that are facing insolvency, where doing so may save the company and jobs.
Tax-News.com: Hong Kong Discusses US Termination Of Shipping Tax Pact
The Hong Kong Government has said it is looking at potential measures to support the shipping industry following the decision by the US Government to terminate the two territories' agreement that exempted shipping industry income from tax.
Tax-News.com: US Lawmakers Approve New Cryptoassets Reporting Rules
The US Senate has approved the inclusion of new provisions in the bipartisan infrastructure bill to require intermediaries involved in cryptocurrency trading to report details about transactions.
Tax-News.com: Indonesia To Shoulder Retailers' VAT On Rental Costs
The Indonesian Government has legislated to shoulder the value-added tax liability of retail businesses on rent and service charges due between August and October 2021.
Tax-News.com: Mexico Publishes Second Report On Industry-Average Tax Burdens
On August 1, 2021, Mexico's federal tax authority released a second report on the effective corporate tax paid by large businesses in various economic sectors.
Tax-News.com: Wyden Takes Aim At US Pass-Through Income Tax Break
Senate Finance Committee Chair Ron Wyden (D-OR) has introduced legislation to overhaul the 20 percent deduction for pass-through income introduced into US tax law in 2017.
Tax-News.com: Asia-Pac's Tax Take Dropped, Even Before COVID-19: Report
Tax revenues fell in 2019 in two-thirds of economies across Asia and the Pacific as a result of an economic slowdown prior to the COVID-19 pandemic, according to a new OECD report.
Tax-News.com: Hong Kong Sets Out Response To Int'l Tax Reform Plans
Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui Ching-yu, has set out how the territory intends to respond to the OECD's proposed new international tax framework.
Tax-News.com: Thailand Explains New VAT Rules For B2C Electronic Services
Thailand's Revenue Department has released new English-language guidance on the value-added tax rules for business-to-consumer supplies of electronic services rendered by non-resident businesses.
Tax-News.com: OECD Receives Backing For Historic International Tax Overhaul
The OECD has said 131 countries and jurisdictions have put their name to an international agreement on an overhaul to tax rules for the digitalized economy and for large multinational businesses.
Tax-News.com: Firms Given More Time To Seek New Zealand's R And D Tax Perks
New Zealand has announced further extensions to due dates for applications for the country's research and development tax incentive for the 2019-20 and 2020-21 income years.
Tax-News.com: BVI Says New Global Tax Rules Should Appreciate Offshore IFCs
The British Virgin Islands Government has released a statement expressing concerns on the proposals being discussed by the OECD to establish modernized rules for the digitalized economy, including a minimum global corporate tax rate.
Tax-News.com: Hong Kong Explains COVID-19 Reliefs For Tax Debtors
Hong Kong's Inland Revenue Department has explained COVID-19 tax concessions available for taxpayers struggling to pay their tax dues and has highlighted upcoming property tax obligations.
Tax-News.com: Hong Kong, Georgia Tax Deal To Enter Into Force
The Hong Kong Government has announced that the comprehensive double tax agreement it signed with Georgia last year will enter into force on July 1.
Tax-News.com: Mauritius Announces New Tax Reliefs In 2021-22 Budget
Mauritius announced numerous tax relief measures for investors and for wealthy foreign individuals in its newly released Budget.
Tax-News.com: EFTA States' Tax Rulings Receive The All-Clear
The EFTA Surveillance Authority has closed its investigations into the tax ruling practices of Iceland, Liechtenstein, and Norway, without finding any evidence of state aid infringements.
Tax-News.com: US IRS Flags Deadline For Q2 Estimated Tax Payments
The US Internal Revenue Service has issued a reminder to taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without incurring a penalty.
Tax-News.com: Australian Tax Agency Announces Virtual Currency Tax Focus
The Australian Taxation Office has expressed its concern that some taxpayers do not fully understand the tax implications of cryptocurrency gains.
Tax-News.com: Hong Kong Again Slashes Interest On Early Tax Payments
The Hong Kong Inland Revenue Department has announced a further reduction to the interest rate payable on Tax Reserve Certificates.
Tax-News.com: Hong Kong Enhances Tax Rules For Amalgamations
Hong Kong's Legislative Council has passed a bill to implement a series of amendments to the Inland Revenue Ordinance.