Albania Rates-Special tax rate: On 18 January 2023, Albania gazettes Law 98/2022 regarding introduction of a temporary windfall tax on energy producers. This windfall tax is imposed at a rate 50% on excess income on the sale of electricity at a price above 8.5/KWh.
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Bulgaria Rates-Special tax rate: Bulgaria has introduced a law regarding windfall tax on electricity companies. The windfall tax applies the period from 1 December 2022 to 30 June 2024 with an installed capacity of more than 1 MWh in accordance with Council Regulation (EU) 2022/1854 on an emergency intervention to address high energy prices.
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Colombia Tax Compliance-Submission of returns: On 16 December 2022, the Colombian Ministry of Finance Published Decree 2487 specifying the deadlines for tax payment and filing tax return in 2023. Some of the key deadlines for companies depend on the last digits of the taxpayer’s tax number.
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Hungary Rates-Special tax rate: On 7 December 2022, Hungary published Decree 496/2022 in the Official Gazette increasing the tax rate for temporary windfall taxes. Accordingly, oil companies will have to pay tax at a rate of 95% on the price difference between the price of oil purchased in Russia and the international market price (Brent crude oil).
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Italy Rates-Special tax rate: Italy has published Budget Law No. 197 in official Gazette No.303 related to the State Budget for 2023 and the multi-year budget for 2023-2025. A new 50% temporary solidarity contribution one-off windfall tax applies on surplus income of energy companies that have benefited from the surge in oil and gas prices.
Liability to Tax: The sugar tax and plastic tax are suspended up to 1 January 2024.
Taxation of capital gains: Budget law introduced new rules for the taxation of cryptocurrencies. Capital gains and other income realized on the sale of cryptocurrency is subject to tax if equal to or greater than EUR 2,000 in a tax period. Capital gains also allowed to be offset by capital losses from cryptocurrency and excess loss allowed to be carried forward up to 4 subsequent periods.
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Kazakhstan Incentives-Industry/manufacturing: On 23 December 2022, the State Revenue Committee of Kazakhstan issued a press release clarifying the corporate income tax exemption for intellectual property (IP) and information technology (IT) income. The provisions are applicable from 1 January 2023.
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Morocco Rates-National/Federal: Morocco enacted Finance Law No. 50-22 for the Fiscal Year 2023 and it was published in the official Bulletin No. 7154 bis of 23 December 2022. The Finance Law 2023 has introduced a reform of corporate income tax rates that will span four years, aimed at unified tax rates from 2023 to 2026.
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Peru Payment of tax-Due dates main corporate income tax: On 3 January 2023, the Peruvian tax authorities (SUNAT) issued Resolution No. 000001-2023/SUNAT in the Official Gazette extending the due date for monthly tax obligations of December 2022.
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Romania Rates-Special tax rate: Romania has published Ordinance No. 186/2022 in the Official Gazette to introduce windfall tax on surplus profits in the fossil fuel industry. This tax is based on the EU Council Regulation 2022/1854 and applies to crude oil, natural gas, coal, and refinery companies.
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South Korea Rates-National/Federal: South Korea’s National Assembly has approved the budget for 2023 including the tax reform proposal for 2023. The National Assembly cuts the corporate tax by 1 percentage point applicable from 1 January 2023. In addition, a resident surtax at a rate of 10% is charged on CIT liability assessed each year.
Rates-Special tax rate: Introduces global minimum tax of 15% in accordance with OECD’s pillar two model rules applicable from 1 January 2024 for multinational enterprises (MNEs) with minimum revenue EUR 750 million in at least two of the immediately four preceding fiscal years.
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Sweden Rates-Special tax rate: The Swedish Ministry of Finance has issued a proposal to impose a temporary tax (windfall tax) on the excessive earnings of electricity producers in accordance with EU Regulation 2022/1854. It would be levied at a rate of 90 % on incomes above SEK 1,957 per megawatt-hour (MWh).
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Taiwan Payment of tax-Due dates main corporate income tax: On 4 January 2023, the Ministry of Finance of Taiwan issued a press release regarding the tax payment deadline for Q4 (4th quarter) and January 2023. Accordingly, the deadline has been extended to 22 February 2023.
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Turkey Incentives-Industry/manufacturing: On 26 January 2023, Turkey published Presidential Decision No. 6728 in the Official Gazette extending the exemption from corporate income tax (CIT) for income derived from Turkish lira (TRY) deposit and participation accounts converted from foreign currency.
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Uruguay Payment of tax-Advance payments due: On 16 January 2023, the government of Uruguay released Decree No. 419/022, which outlines the minimum amounts of monthly advance payment for corporate income tax (IRAE) for the financial year (FY) 2023.
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