Corporate Tax News – Issue 60 – November 2021
05 November 2021
Although the COVID-19 pandemic seems to be far from over, some countries are taking steps to try to recoup some of the revenue lost in 2020/2021 and re-energise their economies by introducing various levels of tax and economic reforms. This is the case in France, Indonesia, Ireland, Mexico, Netherlands, Poland, Romania and the UK, all of which are covered in this issue. At the time of writing, however, legislative bills in Brazil and the U.S. have stalled. Separately, 136 countries have reached a landmark agreement on a sweeping overhaul of the international tax system that will impose a 15% minimum tax rate on certain MNEs.
Other countries are tinkering with their tax systems—for example, Italy has scrapped its patent box regime and replaced it with a generous super deduction, Russia has clarified the application of its participation exemption and South Africa has some far-reaching changes in the works for the rules limiting tax deductions for interest expense. The EU has updated its noncooperative jurisdiction list. Finally, the issue includes an article from Canada, offering its perspective on the 2020 agreement that replaced NAFTA.
Kevin Doyle, Tax Partner and International Tax Coordinator, discusses Budget 2022 and Finance Bill 2021 and the various changes for business taxation.
If you would like more information on any of the articles in this issue—or would like to discuss their implications for your business—please contact your local BDO professional or the author listed at the end of the article.