UAE: FDA issues guidance on corporate tax for natural persons
On 24 December 2023, the UAE Federal Tax Authority (FTA) issued a release about publishing a guide outlining criteria for determining natural persons subject to Corporate Tax and their compliance requirements. The law came into effect on 1 June
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Argentina: AFIP raises foreign currency tax for imports & freight
On 13 December 2023, Argentina’s tax authority (AFIP) declared that it had increased the tax on foreign currency purchases (PAIS tax) from 7.5% to 17.5%. This tax rate is applied to the purchase of foreign currency for the payment of import
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Australia to halt deductions for ATO interest charges
On 13 December 2023, the Australian Taxation Office (ATO) announced that the government will amend the tax law to deny deductions for ATO interest charges as part of the 2023–24 Mid-Year Economic and Fiscal Outlook (MYEFO). This measure is not yet
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Poland: Draft bill raises limits for tax-deductible costs
On 11 December 2023, Poland’s Lower House of Parliament received a draft law from the government in which it amended the Act on Personal Income Tax and the Act on Corporate Income Tax. The draft law increases the applicable limits to 100% for the
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UAE: FTA publishes corporate tax guide on accounting standards
On 6 November 2023, the Federal Tax Authority (FTA) of the United Arab Emirates (UAE) released the Corporate Tax Guide on Accounting Standards and Interaction with Corporate Tax - CTGACS1. This guide provides general guidance on the interaction of
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South Africa: SARS issues updated guide on taxation
On 1 November 2023, the South African Revenue Service (SARS) issued an updated guide on taxation. This guide providing a high-level overview of the most significant tax legislation administered in South Africa by the Commissioner for the South
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UAE: FTA publishes corporate tax guide on exempt income
On 16 October 2023, the Federal Tax Authority (FTA) of the United Arab Emirates (UAE) released the Corporate Tax Guide on Exempt Income: Dividends and Participation Exemption. This guide is designed to provide general guidance to Taxable Persons,
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Belgium: Federal Government agrees on budget measures for FY 2024
On 9 October 2023, the Belgian government agreed on Budget measures for the fiscal year 2024. Here is a broad summary of the key tax measures in the budget agreement, as announced by the finance minister. The proposed key measures are
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Ireland reveals plan for implementing participation exemption in Irish corporate tax
On 14 September 2023, the Minister for Finance MR. Michael McGrath published a Roadmap for the Introduction of a Participation Exemption to Irish Corporation Tax, including a technical consultation to inform ongoing design work. The roadmap sets
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Egypt publishes income tax amendment law
On 15 June 2023, the Egyptian Tax Authority published Law No. 30 of 2023 in the Official Gazette amending some provisions of the Income Tax Law No. 91 of 2005. The Law entered into force on 16 June 2023. The key amendments to the Income Tax Law are
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United Kingdom Enacts Finance Bill 2023
On 11 July 2023, the United Kingdom (UK) Finance (No.2) Act 2023 was enacted, that incorporates provisions to adopt the Organization for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) Pillar Two income inclusion
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Ireland incorporates close company surcharge into corporation tax for preliminary tax calculation
On 7 June 2023, the Irish Revenue issued eBrief No. 139/23, which provides guidance regarding the incorporation of close company surcharges into the computation of corporation tax. Accordingly, Tax and Duty Manual Part 41A-07-02 - Payment of
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Sri Lanka: IRD releases guidelines for calculating income tax
On 9 May 2023, the Sri Lankan Inland Revenue Department (IRD) released Circular No: SEC/2023/E/03. This circular provides detailed guidelines for calculating income tax for the assessment year beginning on 1 April 2022. The circular takes into
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Sri Lanka restricts deductions by cash payments
The Sri Lankan Inland Revenue Department (IRD) has recently released the Inland Revenue (Amendment) Act, No. 04 of 2023. This act was certified on 8 May 2023, has now been officially published in the Official Gazette on 12 May 2023. The IRD also
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Turkey creates disaster reconstruction fund for natural disasters affected areas
On 21 March 2023, Turkey published Law No. 7441 in Official Gazette to create a disaster reconstruction fund for natural disasters affected areas. The fund is exempt from corporate income tax on all income received and its activities related to
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Ireland: Revenue updates guidance for charges on income for corporation tax purposes
On 1 February 2023, the Irish Revenue issued eBrief No. 025/23 regarding charges on income for corporation tax purposes. Accordingly, Tax and Duty Manual Part 08-02-01 has been updated. The updates include the following sections: In section
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Turkey further extends CIT exemption from income on certain TRY deposit accounts
On 26 January 2023, Turkey published Presidential Decision No. 6728 in the Official Gazette extending the exemption from corporate income tax (CIT) for income derived from Turkish lira (TRY) deposit and participation accounts converted from foreign
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Ireland explains non-resident corporate landlords within the charge to corporation tax
On 21 November 2022, the Irish Revenue published eBrief No. 199/22 clarifying that corporate landlords are subject to corporation tax rather than income tax on Irish rental income from 1 January 2022. Accordingly, the following Tax and Duty Manuals
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