Over recent weeks, several provisions, resolutions and reports have been published on the reference value in property transfers, following the entry into force of Law 11/2021, of July 9, 2021, known as the Anti-Fraud Law (see our comment of July 10).
On November 15th, the Polish President approved immense amendments to the tax law, significantly affecting tax position of foreign investors, domestic companies and individuals.
Following the withdraw of the Proposal of the State Budget Law for 2022 (SBL 2022), the Portuguese Government has administratively approved some of the measures contained in that Bill by Order no. 351/2021-XXII, of 10 November, and Circular Letter no. 30243, of 11 November 2021. In addition, it has once again extended the deadlines to comply with some tax obligations, as occurred in the context of COVID-19 outbreak.
The National Appellate Court has endorsed including software in the definition of “production processes” even if it is developed in non-manufacturing sectors; and criticized denial of entitlement to the credit for software projects on the basis of technical reports from the Spanish finance authority containing legal assessments.
The monetary devaluation indexes were approved by Ordinance no. 220/2021, of 22 October, which updates the annual monetary devaluation indexes applicable to the goods and rights disposed during 2021, whose value should be updated in accordance to articles 47 of the CIT Code and 50 of the PIT Code, for the purpose of determining the tax base of the referred taxes, in particular regarding capital gains.
On 8 September, the Polish Government referred to the Parliament (Parliamentary document No 1532) a proposal for extensive changes concerning, among other things, tax law, and affecting the tax situation of both foreign investors and domestic businesses, and individuals. It has been announced that the relevant legislative acts will be adopted by the end of September.
Taxpayers should pay attention to the following Chinese tax regulation updates regarding outbound remittance in China: one record filing for multiple remittances under one contract and the cancelation of the Local Tax Surcharges related to Withholding Value Added Tax (VAT) and Consumption Tax (CT).
On August 13, 2021 the Chilean IRS (Servicio de Impuestos Internos) issued Exempt Resolution No. 95 (Resolución Exenta No. 95), establishing the instructions to implement the registration under the new voluntary Registry of Foreign or International Financial Institutions as well as establishing the format by which a lender must provide the Borrower a statement confirming that it has not entered into a structured agreement (acuerdo estructurado) in accordance with Article 59 N°1 (b) of the Chilean income tax law (Ley de impuesto a la renta).