Australia Tax Compliance: The Australian Taxation Office (ATO) has released the Reportable Tax Position (RTP) schedule for 2023. To determine whether a company needs to file an RTP schedule, they must conduct a self-assessment. Companies that meet the total business income threshold must use the Reportable tax position schedule 2023 (NAT 74066).
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Belgium Rates-Special tax rate: The Belgian Deputy Prime Minister and Minister of Finance has declared the government’s proposal for the first phase of major tax reforms. The main corporate tax measures include implementation of a global minimum taxation of 15% for multinational enterprises operating in Belgium. If adopted, the proposed measures will generally apply as from 1 January 2024.
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Bulgaria Rates-Special tax rate: The Ministry of Finance has released a proposal to impose a temporary solidarity contribution across all industries, which is now open for public discussion. Bulgaria has already implemented a solidarity contribution on the fossil fuel sector, which involves 33% tax on profits above a certain threshold.
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Colombia Tax Compliance-Submission of returns: The Colombian Ministry of Finance has published Decree 0219 amending the deadlines for filing and payment of the tax return (declaration) in 2023 for specific taxpayers. Some of the key deadlines for companies depend on the last digits of the taxpayer’s tax number (NIT number).
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Costa Rica Tax Compliance-Submission of returns: Costa Rica has issued Resolution No. MH-DGT-RES-007-2023 providing an extension of filing annual informative return for inactive entities. For this year only, the deadline to file the informative return is extended to 31 May 2023.
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Cyprus Incentives-Industry/manufacturing: The Cypriot Ministry of Finance has announced that the Cabinet has passed a bill amending the Income Tax Act, providing for an additional tax exemption in the form of a capital deduction for certain investments for Cypriot companies wishing to implement a range of energy saving measures.
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Finland Rates-Special tax rate: On 23 March 2023, Finnish President signed a law introducing temporary excess profit taxes on electricity and fossil fuel companies. The temporary taxes generally apply for the tax year 2023.
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Italy Rates-Reduced rates: The Italian Council of Ministers has declared tax reform plans, which involves a number of key tax changes. The tax reform plans include the implementation of a lower corporate tax (IRES) rate of 15% for businesses that pledge to make investments that encourage economic growth and generate employment.
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Luxembourg Rates-Special tax rate: The government of Luxembourg has presented Bill 8175 to the Parliament to introduce a temporary windfall tax on surplus revenue from electricity production in accordance with EU Regulation 2022/1854. Electricity providers will be subject to a tax of 90% on surplus revenue from electricity production.
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Malta Tax Compliance-Submission of returns: The Maltese Commissioner for Revenue (CFR) has notified the extended deadlines for the electronic filing of corporate income tax (CIT). These extensions apply only to the electronic filing of tax returns, and not to tax payments. Manual tax returns and all tax payments must reach the Office of the Commissioner for Revenue by the due dates contemplated by the Income Tax Acts.
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Poland Tax Compliance-Submission of returns: The Polish Ministry of Finance has published a decree extending the deadline for filing corporate income tax returns (CIT) and the related payment to 30 June 2023.
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Qatar Tax Compliance-Submission of returns: The General Tax Authority (GTA) of Qatar has published Circular No. 2 of 2023, extending the deadline of income tax return filing and payment to 31 May 2023 for entities with financial years ending on 31 December 2022.
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South Africa Incentives: The Minister of Finance has announced that the extension of another 10 years until 31 December 2033 of tax incentive for research and development (R&D) under section 11D. This incentive allows companies to claim a 150% deduction on qualifying expenditure for eligible scientific and technological R&D activities in South Africa.
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Spain Rates-Special tax rate: The Spanish Ministry of Finance has published a public consultation document on the transposition of the EU Directive implementing Pillar Two global minimum tax rules into Spanish tax law. Taxpayers and stakeholders have until 24 March 2023 to submit comments.
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Thailand Rates-Special tax rate: The Thai Cabinet has approved measures to incorporate global minimum tax regulations as part of the base erosion and profit shifting (BEPS) 2.0 Pillar Two rules issued by the OECD. The Revenue Department stated that they are currently drafting a bill to collect top-up tax, which is to be finalized in 2023 and enter into force in 2025.
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