Algeria Tax Compliance-Submission of returns: The Algerian Directorate General of Taxes (DGI) has declared the deadline for filing tax returns for 2022. Accordingly, the deadline for the 2022 tax return is extended to 31 May 2023.
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Australia Incentives: The Australian Taxation Office (ATO) has announced the deadline for companies to apply for the R&D Tax Incentive for financial year 2021-22. If a company operates on a standard income year (1 July to 30 June), the statutory deadline to apply for the R&D Tax Incentive is within 10 months after your income period closes.
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Belgium Rates-Special tax rate: Belgium has implemented a temporary windfall tax on the excess income of electricity producers, aligning with Regulation (EU) 2022/1854 of 6 October 2022. The windfall tax applies to income exceeding EUR 130 per MWh at the rate of 100%, and for electricity generated from solid and gaseous biomass fuels and urban waste incineration, the threshold is set at EUR 180 per MWh.
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China Payment of tax-Payment procedures: China’s State Taxation Administration made an announcement regarding the nationwide launch of an online cross-border tax service for non-resident enterprises. This service allows overseas companies to conveniently pay their taxes directly through the online platform. To register, non-resident enterprises can use their email address and upload the required certificates.
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Rates-Reduced rates: The Ministry of Finance and the State Taxation Administration issued announcements regarding the reduced CIT rate for small and low-profit enterprises, applicable to the portion of income below CNY 1 million, has been extended until the end of 2024.
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Hong Kong Tax Compliance-Submission of returns: The Inland Revenue Department (IRD) has issued a Circular Letter providing an extension of due date for N code returns. The IRD has decided to extend the due date for filing 2022/23 Profits Tax returns with Accounting Date Code ‘N’ from 3 May 2023 to 17 May 2023.
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Ireland Rates-Special tax rate: The Irish Department of Finance has published a public consultation document on the transposition of the OECD Pillar Two global minimum tax rules in line with EU Council Directive 2022/2523 of 14 December 2022. The consultation period will run to close of business on Monday 8 May 2023.
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Malaysia Rates-Reduced rates: The Dewan Rakyat (lower house of the Parliament) has passed the Finance Bill 2023. Effective from YA 2023, it has been proposed to reduce the preferential tax rate for MSMEs by two percentage points for the first RM150,000 of taxable income. For taxable income from MYR150,001 to 600,000, the tax rate is 17%. The standard tax rate of 24% applies if taxable income exceeds MYR 600,000.
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Saudi Arabia Incentives: Saudi Arabian government recently revealed the establishment of four additional special economic zones (SEZs) throughout the nation with a set of incentives. These incentives comprise a permanent 0% withholding tax on profit repatriation, a reduced 5% Corporate Income Tax rate, exemption from customs duties on capital equipment, and a 0% Value Added Tax (VAT) on goods traded within the SEZs.
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Turkey Tax Compliance-Submission of returns: The Turkish Revenue Administration has announced the extension of several deadlines for tax returns and payment. Accordingly, the corporate tax return and payment deadline for the accounting period 2022 has been extended to 5 May 2023 from 2 May 2023.
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UAE Incentives-Small business: The Ministry of Finance has issued Ministerial Decision No. 73 of 2023 on Small Business relief. Small Business Relief is intended to support start-ups and other small or micro businesses by reducing their Corporate Tax burden and compliance costs. Taxable persons that are resident persons can claim Small Business Relief where their revenue in the relevant tax period and previous tax periods is below AED3 million for each tax period.
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Vietnam Payment of tax: The Ministry of Finance (MoF) has issued Decree No. 12/2023/ND-CP, which provides for tax payment deadline extensions for qualifying taxpayers in various sectors. The corporate tax payments for the first and second quarters of 2023 are extended by 3 months. Taxpayers need to submit an extension application before 30 September 2023.
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Zambia Sanctions for non-compliance-Mitigation of penalties: The Minister of Finance and National Planning, Mr. Situmbeko Musotokwane, has declared an extension to the tax amnesty program which will exempt all penalties and interest on past due taxes. This extension will last for a period of 3 months starting from 1 April 2023.
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