OECD: Decarbonisation and Intergovernmental Fiscal Relations
On 6 June 2023 the OECD published a working paper with the title Decarbonisation and intergovernmental fiscal relations: Policy challenges and reform options by Luiz de Mello and Teresa Ter-Minassian. The study represents the latest in a series of
See MoreNorway releases proposed amendment to the petroleum taxation system
On 31 August 2021, the government of Norway has issued a release proposing amendment to the petroleum taxation system. Under the amendment, the Government is proposing to revise the special petroleum tax system as of 2022, replacing the rules on
See MoreSaudi Arabia exempts from income tax for oil and hydrocarbon production
On 26 June 2020, the Saudi Arabian government issued Royal Decree No. M/153 providing an exemption of income taxes for oil and hydrocarbon production non-Saudi companies listed in the Saudi financial market. The Decree has explained that this
See MoreNamibia: Finance Minister proposes Budget for 2019/20
On 27 March 2018, the Finance Minister of Namibia presented the budget for 2019 to the parliament. The following tax proposals will be finalized in this budget for 2019: Phasing out the current tax incentive for manufacturers and exporters
See MoreSouth Africa introduces Budget 2019 in parliament
On 20 February 2019, Tito Mboweni (South Africa’s Minister of Finance) presented the Budget 2019 in the parliament. The budget proposal would not increase taxes in any category but proposed to increase tax collection by not adjusting for inflation
See MoreChina: Draft Law on Resource Tax
First introduced in 1984, the Resource Tax originally applied to crude oil, natural gas, coal, and other mineral resources based on their quantity and weight. The Chinese Government first extended the Resource Tax nationwide in November 2011. By
See MoreNetherlands: MoF publishes an overview of tax changes for 2018
The Ministry of Finance (MoF) provides an overview of the most important tax changes as of January 1, 2018, which were approved by parliament on 19th December 2017. It concerns changes in the field of income tax, payroll tax, gift and inheritance
See MoreUK: Impact of video games tax relief
Research has been conducted on behalf of HMRC to look at the impact of video games tax relief (VGTR) on the production of culturally British and European video games. The survey was conducted by holding qualitative in-depth interviews with 51 video
See MoreMozambique provides a draft law that revises the tax rules for oil and mining operations
The Council of Ministers in Mozambique, on 30th of May 2017, approved the proposed changes to the special tax regimes applicable to Petroleum and Mining Operations. The following step is for the draft bill to be sent to Parliament for approval and
See MoreNigeria: Electronic tax clearance certificate expected to be introduced soon
The Federal Inland Revenue Service (FIRS) declares it will soon announce electronic Tax Clearance Certificate (TCC) system to assist reduce fraudulent certificates. The implementation of the e-TCC verification system had reached an advanced stage,
See MoreGreece: Maximum amount of aid per investment project offered for 2016
Ministerial Decree No. 106688 was published in the Official Gazette on 14th October 2016 regarding the determination of the maximum amount of aid per investment project tendered in 2016 under the new investment law. This decree refers Mechanical
See MoreGreece: Maximum amount of aid for 2016
Ministerial Decree No. 106688 was published in the Official Gazette on 14th October 2016 regarding the determination of the maximum amount of aid per investment project tendered in 2016 under the new investment law. This decree refers Mechanical
See MoreTurkey: R&D reform Package increases
Some amendments regarding the current research and development (R&D) incentives were introduced on the basis of Turkish Law no. 6676. Companies those carry out R&D activities in Turkey may benefit from the R&D incentives and aids for
See MoreUK: Statistics for Creative Industries Tax Relief
On 20 July 2016 the UK published updated statistics on claims for creative industry tax relief. The statistics include data for the film tax relief, high end television tax relief, animation tax relief and video games tax relief for periods up to
See MorePuerto Rico: Tax credit guidance issues on limited utilization
The Treasury Department released Informative Bulletin No. 16-11 of 6 May 2016 to pronounce that a restriction will be obligatory to the application of the investment, investigation and development tax credit which refers to a tax credit equal to 50%
See MoreArgentina- exemptions for biofuels extended
The Executive Branch’s Decree 630/2016 of Argentina was published in the Official Gazette on 2 May 2016. The Decree became effective from that date and extended the provisions as follows: –Amended article 4, chapter I, title III of Law 23966
See MoreNorway: Fiscal Budget for 2016 Approved with Tax Measures
The Norwegian Government has approved its 2016 Fiscal Budget on 14 December 2015. The corporate income tax rate has been reduced from 27% to 25%. The current limit of NOK15 million increases to NOK20 million for in-house research and development
See MoreUK: Statistics for Creative Industries Tax Relief
The UK has published statistics relating to the claims made for creative industry tax relief. The statistics include data for the film tax relief, high end television tax relief and animation tax relief for periods to April 2015. In the case of high
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