Singapore: IRAS publishes updated e-tax guide on the Carry-Back relief system
On 31 Mar 2023, the Inland Revenue Authority of Singapore has released the eighth edition of the e-Tax Guide on the Carry-Back Relief System. This updated guide provides important information for individuals and businesses that have unabsorbed
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Singapore: IRAS updates e-Tax Guide on the general anti-avoidance provision and its application
On 31 Mar 2023, the Inland Revenue Authority of Singapore (IRAS) published the second edition of its e-Tax Guide concerning The General Anti-Avoidance Provision and its Application. The updated guide includes the following main purposes: First,
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Russia: Government plan to create free economic zone in new occupied territories
On 20 March 2023, the government of Russia planning to establish of a free economic zone in the new occupied territories of the Donetsk, Zaporizhzhia Kherson, and Lugansk. Taxpayers that meet the criteria for eligibility and operate within the free
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Zambia: Ministry of Finance and National Planning extends tax amnesty period on interest and penalties
On 31 March 2023, the Minister of Finance and National Planning, 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
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Japan enacts tax reform bill to align with OECD BEPS 2.0 Pillar Two
On 28 March 2023, Japan enacted its tax reform bill 2023 shortly after it passed in the Japanese Diet. The bill incorporated laws to implement the international tax reform in alignment with the OECD BEPS 2.0 Pillar Two initiative, based on the model
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India: CBDT extends time of Compulsory e-Filing of WHT Form 10F
On 28 March 2023, the Directorate of Income Tax declared that the relaxation granted for the e-filing of Form 10F for withholding tax by non-resident taxpayers who do not possess an Indian PAN number has been extended until September 30, 2023. In
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India: Finance bill 2023 passed in the lower house of Parliament
On 24 March 2023, the lower house of Parliament (Lok Sabha) passed the Finance Bill 2023 which implements tax proposals for the next fiscal year. The Bill received 64 official amendment proposals, among which one intends to remove extended tax
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Vietnam sign MAAC for implement Pillar Two global minimum tax
On 22 March 2023, Vietnam signed the Convention on Multilateral Administrative Assistance in Tax Matters (MAAC) to apply international cooperation for tax administration, prevent tax evasion and avoidance. With the inclusion of Vietnam, MAAC now
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Singapore: IRAS updates list of jurisdictions under CbC reporting
On 24 March 2023, the Inland Revenue Authority of Singapore (IRAS) updated the list of countries involved in the automatic exchange of Country-by-Country reports (CbC) under the Multilateral Competent Authority Agreement (MCAA). Israel is included
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Sweden proposes implementation of global minimum tax law
The Ministry of Finance has issued a memorandum containing suggestions and explanations to supplement the preliminary report on the implementation of the EU global minimum tax directive. On 7th February 2023, preliminary report was presented to the
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Lithuania proposes a temporary solidarity contribution on the banking sector
On 9 March 2023, the Finance Ministry of Lithonia declared a proposal for the introduction of a temporary solidarity contribution on the banking sector. According to the proposal the key features of the proposal include: The temporary
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Russia: Government decide to impose windfall tax on large companies
According to announcement from the Minister of Finance of Russia, an agreement has been reached by the Russian government to impose a windfall tax on big companies operating in Russia. A proposed tax on large company’s excess profits is set to be
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Germany: MoF publishes draft BEPS 2.0 pillar two implementation bill
On 20 March 2023, the German Ministry of Finance (MoF) published a draft discussion for the implementation of the global minimum tax. It has initiated steps towards enforcing the EU Directive on the adoption of a Global Minimum Tax (2022/2523),
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Germany gazettes Law regarding CbC reports exchange agreement with US
On 15 March 2023, the official gazette of Germany published the Law regarding the ratification of the agreement with the United States for exchanging Country-by-Country (CbC) Reports, which agreement signed on 14 August 2020. The law enters into
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Lithuania publishes draft law to transpose public CbC reporting
On 7 March 2023, the government of Lithuania issued a draft law to transpose the EU Public Country-by-Country (CbC) Reporting Directive into domestic law. According to the Directive, the upcoming legislation will mandate multinational corporations
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Bulgaria proposes windfall tax for all sectors
On 17 march 2023, 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
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Sweden: Tax Agency declares new e-Service for digital platform operators
The Swedish Tax Agency has made an announcement that a newly launched e-service portal is now accessible for the registration process of platform operators. Platform operators covered by the rules must register by 30 June 2023 at the latest.
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South Africa announces ten-year extension of R&D tax incentive
On 22 February 2023, the Minister of Finance has announced the extension of the section 11D tax incentive for research and development (R&D) in South Africa for another 10 years, until 31 December 2033. This incentive allows companies to claim a
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