The Bahamas intends to lower the value-added tax rate from 12 percent to 10 percent, the territory announced in its supplementary 2021/22 Budget, released on October 27.
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Malta’s recently released 2022 Budget includes measures to support low-income workers and those working part-time or overtime, to improve the supply of affordable housing, and to introduce a new concessionary tax regime for artists and performers.
p>The European Commission has announced plans for a new Directive on Administrative Cooperation, on the exchange of information on online platforms‘ sales, and a new Communication on Tax Good Governance.
The European Commission has approved under the Temporary State Aid Framework a Cypriot aid scheme allowing for the deferral of VAT payments by companies affected by the coronavirus pandemic.
The Bahamas Department of Inland Revenue has announced a Tax Credit and Tax Deferral Employment Retention Programme, which will benefit businesses with an annual turnover of BSD3m (USD3m) or more and a minimum of 25 non-executive employees.
On March 17, 2020, Luxembourg’s Ministry of Finance announced the relaxation of certain tax payment deadlines for companies and self-employed individuals affected by the coronavirus outbreak.