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.
- IRELAND - Budget/Finance Bill contain important changes for business taxation
- OECD - OECD announcement of agreement on International Tax Reform
- BRAZIL - Tax reform stalls
- CANADA - Scoping the impact of the new NAFTA: A Canadian perspective
- EUROPEAN UNION - EU blacklist of noncooperative jurisdictions and grey list updated
- FRANCE - Finance Bill 2022 released
- INDONESIA - Tax reform includes rate increases and tax amnesty
- ITLAY - Patent box regime repealed and replaced with super deduction
- MEXICO - Economic package for 2022 closes loopholes, improves tax compliance
- THE NETHERLANDS - Tax plan 2022 includes changes to transfer pricing, hybrid entity rules
- POLAND - Tax reform bill contains measures affecting businesses
- ROMANIA - Corporate income tax rules revised
- RUSSIA - Tax authorities clarify application of the participation exemption
- SOUTH AFRICA - Tax bill includes tightening of deduction of interest expense
- UNITED KINGDOM - Autumn Budget includes significant changes to corporate tax regime
- UNITED STATES - Autumn Budget includes significant changes to corporate tax regime
Content adapted from BDO Global.
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