Belarus issues law on various tax amendment
On 4 January 2023, Belarus published Law No. 230-Z in the Official Gazette amending various tax measures. The following are the key amendments to the tax code: From 1 January 2023, the deadline for submitting transfer pricing documentation to
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Portugal: Parliament approves budget for 2023
On 25 November 2022, the Portuguese parliament approved the Budget for 2023. This budget includes the following corporate tax measures: Changes in current tax loss carry forward rules for corporate income tax (CIT). Along with other things, tax
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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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Italy approves draft Budget for 2023
On 21 November 2022, Italian Council of Ministers approved the State Budget for 2023 along with the multi-year budget for 2023 to 2025. The budget increasing the tax credits for the purchase of natural gas and electricity through March 2023 and
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Turkey extends CIT exemptions from income on certain TRY deposit accounts
On 9 November 2022, the Turkish Revenue Administration published Law No. 7420 in the Official Gazette amending various tax related legislation. Accordingly, the application period for the corporate tax exemption provided to taxpayers who convert
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Albania plans to amend income tax law
On 27 October 2022, the Albanian parliament is taking into account a draft bill, which proposed an amendment to the income tax law. The new bill includes the following measures: Extend the time period for loss carryover from 3 years to 5
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Portugal: Budget proposal for 2023
On 10 October 2022, the government of Portugal proposed a draft budget bill for 2023 to the assembly. This budget includes the following corporate tax measures: Introduce a new crypto-asset tax system for the taxation of transactions associated
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Turkey exempts CIT from income on certain TRY deposit accounts
On 27 October 2022, Turkey published Presidential Decision No. 6297 in Official Gazette. Accordingly, Turkey provides an exemption from corporate income tax (CIT) for income derived from Turkish lira (TRY) deposit and participation accounts
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Malaysia: Corporate tax proposals in budget 2023
On 7 October 2022, the Finance Minister, YB Senator Tengku Dato’ Sri Zafrul Tengku Abdul Aziz has announced the nation’s 2023 Budget. The budget includes the following tax proposals related to corporate taxation. Reduced the income tax rate
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UK: Growth Plan to address high energy costs and inflation
On 23 September 2022 the UK government announced a series of measures aiming to boost economic growth. Corporation tax The planned rise in corporation tax is cancelled, so the rate of corporation tax will remain at 19%. The Annual
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Colombia: New Government presents Tax Reform Bill to Congress
On 8 August 2022, the new Government of Colombia presented a Tax Reform Bill to Congress. Although the general income tax rate (35%) is not modified, the Bill includes changes in corporate income tax (CIT), and personal income tax. The main tax
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Australia: Consultation on Multinational Tax Integrity and Tax Transparency
A consultation launched by the Australian government on 5 August 2022 sets out measures that would help to address tax avoidance by multinational groups. Comments are invited by 2 September 2022. The package would implement part of the
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Taiwan extends tax deductions for smart machinery and 5G investment
On 26 July 2022, the Ministry of Finance of Taiwan announced that the smart machinery and 5G investment deductions will be extended to the end of 31 December 2024. Furthermore, investments in new information security products or services will be
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New Zealand: Inland Revenue seeks comments on loss carry-forward rules
On 21 July 2022, the New Zealand Inland Revenue published Interpretation Statement on tax loss carry-forward rules for Consultation. The consultation period is from 21 July 2022 to 1 September 2022. This interpretation statement provides guidance
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UK: Mid-Size Business Customer Survey 2021
On 18 July 2022 HMRC published the mid-sized Business Customer Survey for 2021. HMRC has commissioned a mid-sized Business Customer Survey each year since 2015 to measure general perceptions of HMRC and tax administration among mid-sized
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Australia issues guidance on changing in loss carry back choice
The Australian Taxation Office (ATO) has published guidance on how to change a loss carry back choice and whether a change will affect assessments for subsequent income years. Changing loss carry back choice When taxpayers made original loss
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Malaysia issues ruling on time limit for carrying forward unabsorbed business losses
On 30 June 2022, the Inland Revenue Board of Malaysia (IRBM) has published Public Ruling No. 1/2022 on the time limit for carrying forward unabsorbed adjusted business losses. The objective of this Public Ruling (PR) is to provide an explanation on
See MoreEU: European Commission Proposes Tax Allowance for Equity
On 11 May 2022 the European Commission put forward proposals for a tax allowance that would reduce the current tax advantage for debt over equity. This allowance would be designed to encourage businesses to access more equity financing and reduce
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