Japan submits tax reform bill 2024 to parliament

February 10, 2024

On 2 February 2024, the Japanese Cabinet submitted the tax reform bill 2024 to parliament. The bill covers various tax measures. Key measures of the bill include: Driving Domestic Growth: The introduction of new tax credit incentives is

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Germany: Bundesrat refused to approve draft business tax reform bill

November 30, 2023

On 24 November 2023, the upper house of the German parliament (Bundesrat) declined approval of the "Growth Opportunity Act," a business tax reform bill previously sanctioned by the lower house on 17 November 2023. Instead, the upper house referred

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Germany: Bundestag approves draft business tax reform bill

November 23, 2023

On 17 November 2023, the German lower house parliament (Bundestag) passed a bill that seeks to promote economic expansion, stimulate investment, and make the tax system more user-friendly and equitable. Some of the key provisions of the bill

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Russia extends deadline for carrying forward tax Losses, makes other changes to corporate tax code

August 30, 2023

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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Germany: MoF releases draft bill on corporate tax reform

July 20, 2023

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

July 17, 2023

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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Switzerland plans to extend loss carryforward time limit

July 11, 2023

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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Albania implements comprehensive income tax reform: major changes to corporate, individual, and withholding tax laws

May 28, 2023

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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IMF Report Comments on Denmark’s Economy

May 14, 2023

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

April 30, 2023

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

April 15, 2023

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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Belarus issues law on various tax amendment

January 18, 2023

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

December 05, 2022

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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Albania plans to amend income tax law

November 05, 2022

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

November 01, 2022

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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Malaysia: Corporate tax proposals in budget 2023

October 15, 2022

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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New Zealand: Inland Revenue seeks comments on loss carry-forward rules

August 01, 2022

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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Australia issues guidance on changing in loss carry back choice

July 15, 2022

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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