Russia extends deadline for carrying forward tax Losses, makes other changes to corporate tax code
The Russian government has extended the deadline for carrying forward tax losses until 31 December 2026. The previous deadline was 31 December 2024. This change will allow businesses that have incurred losses in recent years to offset those losses
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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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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
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Uganda: Parliament approves digital service tax on non-resident digital service providers
On 11 July 2023, the Ugandan Parliament approved Income Tax (Amendment) Bill 2023, which introduces a 5% digital service tax (DST) on every non-resident deriving income from providing digital services in Uganda. After President's approval, the law
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Canada plans to enact DST in 2024
On 12 July 2023, Canadian Deputy Prime Minister and Minister of Finance said “two years ago, we agreed to pause the implementation of our own Digital Services Tax (DST), in order to give time and space for negotiations on Pillar One. But we were
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Switzerland plans to extend loss carryforward time limit
The Switzerland Federal Council has recently made an announcement indicating that there is an ongoing parliamentary consideration of a proposal to extend the period for carrying forward losses from 7 years to 10 years. The primary objective of this
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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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Albania implements comprehensive income tax reform: major changes to corporate, individual, and withholding tax laws
On 2 May 2023, Law No. 29/2023 "On income tax" was published in Albania's official gazette, introducing significant changes to corporate income tax, individual income tax, and withholding tax. The new law will come into effect on 1 January 2024,
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Ireland: Revenue provides guidance on foreign entity classification for Irish tax purposes
On 18 May 2023, the Irish Revenue issued eBrief No. 117/23 to provide guidance on classifying foreign entities for Irish tax purposes. Accordingly, Revenue provides Tax and Duty Manual (TDM) Part 35C-00-02 - Foreign Entity Classification For Irish
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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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IMF Report Comments on Denmark’s Economy
On 12 May 2023 the IMF issued a report following consultations with Denmark under Article IV of the IMF’s articles of agreement. Denmark has made a strong recovery from the crisis caused by the pandemic, but growth is now more moderate due to
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Russia: Government proposes to extend limitation for carry-forward of losses
On 24 April 2023, the Russian Government has submitted a draft bill to parliament proposing an extension of the current limit on the offset of carried forward losses. Currently, from 1 January 2017 to 31 December 2024, companies are only allowed to
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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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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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