COMTAX AB
  • Home
  • Products
  • NEWS
  • Partners
  • Contact
  • Join us
  • FAQs
  • Login

International Tax News & Updates

UAE announces corporate tax from 2023

1/31/2022

 
Picture
The UAE will introduce a federal corporate tax on business profits effective for financial years starting on or after 1 June 2023.

His Excellency Younis Haji Al Khoori, Undersecretary of Ministry of Finance (MoF), said: “As a leading jurisdiction for innovation and investment, the UAE plays a pivotal role in helping businesses grow, locally and globally. The certainty of a competitive and best in class Corporate Tax regime, together with the UAE's extensive double tax treaty network, will cement the UAE's position as a world-leading hub for business and investment. The introduction of a corporate tax regime will help the UAE achieve its strategic ambitions and incentivize businesses to establish and expand their activities in the UAE."
​
With a standard statutory tax rate of 9% and a 0% tax rate for taxable profits up to AED 375,000 to support small businesses and startups, the UAE corporate tax regime will be amongst the most competitive in the world.

See Announcement

OECD updates on harmful tax regimes

1/27/2022

 
Picture
Countries continue the successful implementation of international standards on harmful tax practices, the OECD has said.

At its November 2021 meeting, the Forum on Harmful Tax Practices (FHTP) agreed new decisions on 9 preferential tax regimes as part of the implementation of the BEPS Action 5 minimum standard, bringing the total number of reviewed regimes since the start of the BEPS Project to 317.

The FHTP concluded on regimes as follows: Two newly introduced regimes were concluded as “not harmful” (Hong Kong (China) and Lithuania). Two regimes are abolished (Mauritius). In addition, Qatar amended its three preferential regimes to be in line with the standard and therefore, these regimes are “not harmful (amended)”. Costa Rica made a commitment to amend recent legislative changes that were made to its Free trade zone regime and therefore, regime is now “in the process of being amended”. Finally, one new regime is now under review (Albania).
​
See Announcement

OECD releases latest transfer pricing guidelines

1/24/2022

 
Picture
On January 20, 2022, the OECD released the 2022 edition of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations.

This latest edition consolidates into a single publication the changes to the 2017 edition of the Transfer Pricing Guidelines resulting from:


  • The report Revised Guidance on the Transactional Profit Split Method, approved by the OECD/G20 Inclusive Framework on BEPS on 4 June 2018, and which replaced the guidance in Chapter II, Section C (paragraphs 2.114-2.151) found in the 2017 Transfer Pricing Guidelines and Annexes II and III to Chapter II;
  • The report Guidance for Tax Administrations on the Application of the Approach to Hard-to-Value Intangibles, approved by the OECD/G20 Inclusive Framework on BEPS on 4 June 2018, which has been incorporated as Annex II to Chapter VI;
  • The report Transfer Pricing Guidance on Financial Transactions, adopted by the OECD/G20 Inclusive Framework on BEPS on 20 January 2020, which has been incorporated into Chapter I (new Section D.1.2.2) and in a new Chapter X;
  • The consistency changes to the rest of the OECD Transfer Pricing Guidelines needed to produce this consolidated version of the Transfer Pricing Guidelines, which were approved by the OECD/G20 Inclusive Framework on BEPS on 7 January 2022.

See
Announcement

UK consulting on uncertain tax treatment law

1/20/2022

 
Picture
The UK Government is consulting on the technical guidance for the government’s new policy: Notification of uncertain tax treatment by large business.

The policy has been designed to reduce the legal interpretation portion of the tax gap by helping HMRC identify more legal interpretation issues at an earlier stage. An initial draft of the technical guidance was published in August 2021, explaining how HMRC will interpret and apply the Uncertain Tax Treatment (UTT) legislation and to help businesses comply with the new legislative requirements.

The consultation closes on February 1, 2022.

See Announcement

Switzerland to implement global minimum tax

1/17/2022

 
Picture
During its meeting on 12 January 2022, the Swiss Federal Council decided to implement the minimum tax rate for certain companies agreed by the OECD and G20 member states by means of a constitutional amendment.

Based on that decision, a temporary ordinance should ensure that the minimum tax rate comes into force on 1 January 2024. The law will be enacted subsequently in the ordinary manner.

A minimum tax rate of 15% for multinational companies with turnover of more than EUR 750 million has been agreed by 137 countries. If a country maintains lower tax rates, other countries can impose an additional tax on those undertaxed companies. The incorporation of a minimum tax rate into Swiss law ensures that large companies do not get involved in foreign proceedings. 

See Announcement

Australia reviewing APA program

1/13/2022

 
Picture
The Australian Taxation Office will be undertaking a review of the advance pricing arrangement (APA) program in 2022.

As part of the review, the ATO will consider how to tailor the APA process to better align to risk and taxpayer behavioural indicators.
​
The ATO will consult extensively with taxpayers and advisors as part of the process to understand the market perspectives of the APA product, why it is appealing, and what arrangements are viewed as most desirable for an APA.

See Announcement

Singapore, Jordan tax treaty enters into force

1/10/2022

 
Picture
The tax treaty between Singapore and Jordan entered into force on 30 December 2021.

The tax treaty was signed on 14 July 2021. The treaty 
will benefit businesses in both Singapore and Jordan as well as boost bilateral trade and investment flows between the two countries, the Singapore's Finance Ministry said.

The full text of the tax treaty is available on the Inland Revenue Authority of Singapore’s website.

See Announcement

Israel, UAE tax treaty enters into force

1/7/2022

 
Picture
​The tax treaty between Israel and the United Arab Emirates entered into force on 29 December 2021.

The treaty was signed 31 May 2021.
​
The treaty applies from 1 January 2022.

Tunisia to start automatic exchange by 2024

1/5/2022

 
Picture
Tunisia has committed to implement the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by 2024.

This commitment makes Tunisia the 121st Global Forum member to commit to start AEOI by a specific date, and the tenth African country to do so.
​
Tunisia will also benefit from the expertise of the Swiss Federal Tax Administration as part of a pilot project aimed at assisting the country in its implementation of AEOI.

See Announcement
    Subscribe now!

    Archives

    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    February 2014

COMTAX AB

H3 Business Center
Biogränd 7
SE-572 30 Oskarshamn
Sweden

CONTACT

Tel.: +46 46 590 07 70
E-mail: support(@)comtaxit.com

INFORMATION

Privacy Statement
Partner Program
Picture
© COPYRIGHT 1985 - 2021 COMTAX AB.  ALL RIGHTS RESERVED.
  • Home
  • Products
  • NEWS
  • Partners
  • Contact
  • Join us
  • FAQs
  • Login