Bulgaria officially approves budget Act 2023
Bulgaria has passed the amendments to the draft Budget Act 2023, which aim to protect wages and social security benefits. The government plans to reduce spending to combat inflation and strengthen the economy, but will not raise taxes. The key tax
See More
South Africa publishes a draft legislation to implement APA program
On 31 July 2023, the National Treasury of South Africa proposes a draft legislation to implement advance pricing agreement (APA) program. An APA program offers taxpayers an enhanced level of assurance when engaging in significant international
See More
Germany: BMF publishes draft guidance on CFC legislation
On 20 July 2023, the Federal Ministry of Finance (BMF) issued draft guidance concerning the implementation of the Foreign Transactions Tax Act (FTTA), specifically addressing the taxation aspects related to controlled foreign corporations (CFCs).
See More
South Africa invites public comments on draft tax bills and regulations
On 31 July 2023, the National Treasury and the South African Revenue Service (SARS) released the 2023 Draft Tax Bills and Draft Regulations. The purpose of the 2023 Draft Tax Bills and Draft Regulations is to implement the tax recommendations that
See More
Austria: Government plans to increase windfall tax on oil and gas companies
On 30 August 2023, the Austrian government announced a plan to tighten the windfall tax on oil and gas companies, in an effort to reduce their profits at a time of rising energy prices. The new tax will apply to profits that exceed a pre-crisis
See More
Pakistan: FBR issues circular on finance Act changes
On 26 July 2023, the Federal Board of Revenue in Pakistan (FBR) issued Circular No. 2 of 2023, providing an explanation of the income tax amendments introduced through the Finance Act of 2023. The circular elaborates on the following
See More
Vietnam publishes notice regarding entry into force for BEPS MLI
On 28 July 2023, Vietnam gazetted the “Notice No. 12/2023/TB-LPQT of 21 June 2023” regarding entry into force for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). The MLI will be entered into force on 1
See More
Vietnam plans to implement OECD Global Minimum Tax Rules from 2024
On 26 July 2023, the government of Vietnam has declared that it will implement the global minimum tax rules under Pillar Two in Vietnam in 2024. The rules will include the introduction of a qualified domestic minimum top-up tax and the income
See More
Singapore updates list of jurisdictions under MCAA-CbC
On 20 July 2023, the Inland Revenue Authority of Singapore (IRAS) updated the list of jurisdictions participating under the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports. Aruba has been
See More
Germany released new draft guidance on anti-hybrid rules
On 14 July 2023, the German Ministry of Finance has released a draft decree outlining the application of the country's anti-hybrid rules, established in 2021 under the European Union (EU) Anti-Tax Avoidance Directive (ATAD) implementation Law. These
See More
Germany: MoF releases a revised draft bill on global minimum tax
On 10 July 2023, the German Ministry of Finance (MoF) released a revised draft bill, building on the initial discussion draft from 20 March 2023. significant changes include the introduction of a top-up tax compensation system within the minimum tax
See More
South Africa: SARS updates interest rate tables
On 11 July 2023, the South African Revenue Service (SARS) has published updated interest rate tables . the interest rates tables are given below in three separate documents, numbered according to the following three categories: Table
See More
Germany: MoF releases draft bill on corporate tax reform
On 14 July 2023, the German Ministry of Finance (MoF) has released a draft bill known as the "Growth Opportunities Act." If passed, this act would mark Germany's most significant corporate tax reform since 2008. Key elements of the draft bill
See More
Albania: Government approves new law to attract “Digital Nomads”
The Albanian Parliament approved Law no. 36/2023, to foster tech and innovation start-ups. The law supports “digital nomads” foreign professionals using technology provide their professional services on behalf of entities without an Albanian
See More
Lithuania updates definition of reverse hybrid entities to comply with ATAD2
Lithuania has amended its definition of a "reverse hybrid entity" to comply with the EU Anti-Tax Avoidance Directive (ATAD2). Previously, a Lithuanian entity was considered a reverse hybrid if it was owned by a tax resident of a foreign country, and
See More
Lithuania: Seimas moves one step closer to tax reform
On 27 June 2023, the Lithuanian parliament (Seimas) gave its preliminary confirmation, to a tax reform package proposed by the finance minister. The reform measures include: Proposed changes to the tax framework encompass various aspects of
See More
France issues decree on temporary solidarity contribution for electricity producers
France has issued a decree outlining the guidelines for declaring and remitting the temporary solidarity contribution within the electricity production sector. The contribution is levied on electricity producers in France, with certain exceptions,
See More
Germany passes law for public Country-by-Country reporting
On 21 June 2023, Germany released the Law introducing Public Country-by-Country (CbC) reporting. This legislation is in accordance with Directive (EU) 2021/2101 and is applicable to multinational and high-revenue companies, whether related or
See More