Albania Treatment of losses-Carry forward: On 27 October 2022, the Albanian parliament is taking into account a draft bill, which proposed an amendment to the income tax law. The new bill extends the time period for loss carryover from 3 years to 5 years.
Taxability of other income-Dividends: Draft bill introduces new tax rates for dividend income to 8 percent and other investment income to 15 percent.
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Belgium Audits-Statute of limitations: On 10 November 2022, the Belgian parliament approved the law amending the statutes of limitations periods. A standard 3-year statute of limitations where a return has been timely filed. A 4-year statute of limitations where a return is filed late or not filed. A 6-year statute of limitations in specific cases, such as requirements to submit a local file; requirements to submit a CbC report.
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Payment of tax-Due dates main corporate income tax: On 28 October 2022, Belgium’s Federal Public Service (SPF) Finance has declared a general deferral of tax payments of personal income tax, corporate tax, and non-resident tax for tax year 2022. The tax payment deadline is extended from the standard 2 months following the issuance of an assessment to 4 months, for all assessments with an enforceable date up to 31 October 2023.
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Costa Rica Tax Compliance-Submission of returns: On 9 November 2022, Costa Rica published the Resolution No.DGT-R-033-2022 regarding further extension of deadline for filing informative returns for dormant companies. This is the third extension of the filing deadline. Previously, it was extended to 15 March 2022. Then it was rescheduled to 15 November 2022, and now it will be April 2023.
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Ghana Incentives-Industry/manufacturing: On 24 November 2022, Ghana’s Finance Minister read the 2023 Budget Statement and Economic Policy in Parliament. The Minister disclosed that the income tax regime will undergo reforms in 2023 which will introduce an additional income tax bracket of 35%. There will be a freeze on new tax waivers for foreign companies and tax exemptions for free zones, mining and oil and gas companies will be reviewed.
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Greece Refunds: On 14 November 2022, the Greek Public Revenue Authority (AADE) published Decision A. 1160 in the Official Gazette regarding the simplified income tax refund procedures for legal entities. Accordingly, if entities file their corporate income tax return online which results in a credit balance where the amount of tax paid in advance or withheld is greater than the tax due, the excess balance will be refunded without filing a tax refund application.
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Italy Credits: On 21 November 2022, Italian Council of Ministers approved the State Budget for 2023 along with the multi-year budget for 2023 to 2025. The budget increasing the tax credits for the purchase of natural gas and electricity through March 2023 and increasing credit amount from 40% to 45% for gas-intensive and energy-intensive companies from 30% to 35% for other companies.
Rates-Special tax rate: Besides the measures noted in the release, the Italian Council is also considering an increase in the extraordinary solidarity contribution (windfall profits tax) on energy companies from 25% to 35%.
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Portugal Treatment of losses-Carry forward: On 10 October 2022, the government of Portugal proposed a draft budget bill for 2023 to the assembly. The draft bill amends the current tax loss carry-forward regime whereby tax losses computed in a given tax period become available to be carried forward for an unlimited period of time, with the offset of the tax losses to be limited to 65 percent of the taxable profit computed each year.
Rates-Reduced rates: The draft bill reduces corporate tax rate of 17% for SMEs related to agricultural, commercial or industrial economic activity.
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Singapore Incentives-Industry/manufacturing: On 4 November 2022, Singapore’s official Gazette published the income tax (Amendment) Act 2022. The Act includes extension of withholding tax exemption to 31 March 2023 from 31 March 2022 for foreign mediators and arbitrators. Extension of tax incentives applies for aircraft leases from 31 December 2022 to 31 December 2027. Extension of tax incentives applies for project and infrastructure loans from 31 December 2022 to 31 December 2025.
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Taiwan Credits-Investment Tax Credits: On 17 November 2022, the Executive Yuan approved a draft amendment providing tax credit on R&D and equipment investment. The draft amendments added key provisions regarding tax credits for investments in cutting-edge, innovative R&D and advanced manufacturing process equipment. Implementation period applies from 1 January 2023 to 31 December 2029.
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UK Late payments of tax due-Interest due: The UK HMRC has declared that, the Bank of England Monetary Policy Committee voted on 3 November 2022 to increase the Bank of England base rate to 3% from 2.25%. HMRC interest rates are linked to the Bank of England base rate. As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment will increase.
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