The Finance Act 2022 - Key Highlights
The Finance (Miscellaneous Provisions) Act 2022 (“The Act”) has been promulgated and gazetted on 02 August 2022 and contains the amendments as announced in the Budget Speech 2022/23.
The Act has catered for significant areas such as the alignment with the OECD regarding the Global Minimum tax by introducing a Domestic Top-Tax on resident companies forming part of an MNE group with global revenue of EUR 750 million or more.
The most important feature of The Act is the reintroduction of the Tax Arrears Settlement Scheme (“TASS”) to enable the recovery of taxes due as of 07 June 2022. The TASS provides a full waiver on penalties and interest applicable.
This alert covers the key measures contained in The Act and the dates they become effective.
The Act has catered for significant areas such as the alignment with the OECD regarding the Global Minimum tax by introducing a Domestic Top-Tax on resident companies forming part of an MNE group with global revenue of EUR 750 million or more.
The most important feature of The Act is the reintroduction of the Tax Arrears Settlement Scheme (“TASS”) to enable the recovery of taxes due as of 07 June 2022. The TASS provides a full waiver on penalties and interest applicable.
This alert covers the key measures contained in The Act and the dates they become effective.
