Puerto Rico Considering Income Tax Reduction

Posted on September 18th, by Global Tax Weekly in Corporation Tax. No Comments

Puerto Rico’s Governor, Pedro Pierluisi, explained that the authorities are studying a potential reduction to the corporate income tax rate.

Writing on Twitter, Pierluisi said that the Government had tasked a panel to study tax reform options to lower the burden for all businesses across all sectors of the economy and introduce a simpler system.

In comments published by the El Vocero newspaper, he further suggested that Puerto Rico would target a corporate tax rate below the 28 percent federal rate US President Joe Biden plans to introduce, down from the current rate for businesses in Puerto Rico of 37.5 percent.

For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look


India Releases International Tax Announcements

Posted on September 9th, by Global Tax Weekly in International Taxation. No Comments

In India, in the context of the country’s recent reversal on its retroactive tax stance, which has impacted on various international tax disputes in which the authorities are embroiled, the Government has released a statement to the effect that it does not intend to pay interest on any tax amounts refunded.

India also recently announced a one-month extension to country-by-country reporting regime deadlines. The CbC report notification, required two months prior to the furnishing of the CbC report, in Form No. 3CEAC, may be filed on or before December 31, 2021, rather than on or before November 30, 2021, the Government stated.

For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look


Finland Ends Concessionary Payment Scheme

Posted on September 8th, by Global Tax Weekly in Compliance. No Comments

The doors have closed on Finland’s concessionary payment scheme for tax debtors. Finland has now stopped accepting applications from tax debtors for concessionary payment arrangements, with the deadline to apply for the relief set at August 31.

The Government previously legislated to offer a concessionary rate of interest to tax debtors and new tax payment deferral options, in response to the ongoing COVID-19 pandemic. The legislation provided that where a taxpayer entered into a payment arrangement with the tax authority, interest on outstanding tax liabilities would be reduced to 2.5 percent from seven percent.

Further, taxpayers were granted more time to pay tax debts already covered by a payment arrangement and the option to enter into a new tax payment deferral arrangement of up to two years, covering new tax liabilities.

Finland began accepting applications in late April, and as at the closing … Read More »





RELATED ARTICLES AND INFORMATION

Puerto Rico Considering Income Tax Reduction

Puerto Rico’s Governor, Pedro Pierluisi, explained that the authorities are studying a potential reduction to the corporate income tax rate.

Writing on Twitter, Pierluisi said...

India Releases International Tax Announcements

In India, in the context of the country’s recent reversal on its retroactive tax stance, which has impacted on various international tax disputes in...

Finland Ends Concessionary Payment Scheme

The doors have closed on Finland’s concessionary payment scheme for tax debtors. Finland has now stopped accepting applications from tax debtors for concessionary payment...