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International tax news and other global updates for Q2 2022

May 18, 2022 / 8 min read

It can be difficult to navigate global tax changes and other international legislative updates while managing your business day to day. Our international experts are here to help. Read our Q2 2022 update.

Each quarter, our international tax and global consulting experts compile updates from around the world to help you easily stay up to date on international changes. This quarter, we discuss the business tax updates in the UK stemming from the UK spring statement, the German cryptocurrency tax ruling, Mexican employee profit-sharing, and Japan’s 2022 tax reform proposal, among various other updates.

Take a look at the updates below and reach out to your Plante Moran advisor if you have any questions about how these items may affect you.

European Union (EU)

Organization for Economic Cooperation and Development (OECD) general updates

Canada

China

Germany

Italy

Japan

Mexico

Mexican employee profit-sharing: Mexican entities are required to pay a minimum of 10% of taxable profits as employee profit-sharing each year (commonly known as PTU for its Spanish acronym). The profit-sharing related to the previous year is required to be paid to the employees no later than May 31 of the following year. Mexican tax law dictates the way in which the profit-sharing payments are calculated and distributed among the employees.

Mexico’s recent labor law significantly impacted certain profit-sharing rules. While the calculation methodology remains the same, profit-sharing payments will now be limited to one of two proposed methodologies, as follows:

Employers will be required to utilize the method that results in the largest profit-sharing payment to the employee.

United Kingdom (UK)

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