UAE: FTA publishes corporate tax guide on exempt income

October 28, 2023

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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US: final regulations on carryback of consolidated net operating losses

July 20, 2023

On 12 July 2023, the U.S. Treasury Department and IRS released final regulations in the federal register that affect corporations filing consolidated returns. These regulations permit consolidated groups that acquire new members that were members

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Malta amends the income tax group deduction rules

February 28, 2023

On 21 February 2023, Malta published Legal Notice 40 of 2023 in the Official Gazette amending the income tax group deduction rules. According to the amendments, the total allowable deductions that may be claimed shall not exceed EUR 1 million per

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South Korea: MOEF announce tax reform plan for 2022

July 26, 2022

On 21 July 2022, South Korea’s Ministry of Economy and Finance (MOEF) announced the tax reform plans for 2022. The aim of this plan is to enhance corporate competitiveness, reinforcement of tax support for jobs and investment, support smooth

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UK: Statistics for Investments under the EIS, SEIS and SITR

May 08, 2022

On 5 May 2022 the UK government published statistics for the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR). These latest statistics show the amount of funds raised by

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India publishes Finance Act 2022

April 09, 2022

On 30 March 2022, the government published the Finance Act 2022 in the Official Gazette. The law implements the measures of the Union budget 2022-2023 presented in February 2022. The law includes the following corporate tax measures: A new

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IMF: Report on the Economy of Hong Kong SAR

January 22, 2022

On 20 January 2022 the IMF published a report on the economy of Hong Kong SAR (China) following discussions under Article IV of the IMF’s articles of agreement. Hong Kong SAR's economy has recovered strongly from a number of domestic and

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Norway: Government presents the National Budget for 2022

October 20, 2021

On 12 October 2021, the Government of Norway has presented the National Budget for 2022 in the Parliament includes the following tax proposals. Introduction of tax incentives for investments in small start-up companies.Reduced Bracket Tax and a

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Spain publishes state budget bill for fiscal year 2021

January 13, 2021

On 31 December 2020, Spain’s State Budget Bill for Fiscal Year (FY) 2021 (the Budget Bill) was published in the Spanish Official Gazette after its prior approval by the Spanish Congress and Senate. The main corporate tax measures are summarized

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Greece: AADE publishes preferential tax regime status for the 2019

December 25, 2020

On 7 December 2020, the Greek Public Revenue Authority (AADE) published Circular No. A.1267 of 7 December 2020, which determines the states that have a preferential tax regime based on the provisions of par. 6 and 7 of article 65 of law 4172/2013

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Poland publishes law amending corporate income tax act

December 11, 2020

On 30 November 2020, the act amending the Corporate Income Tax Act was published in the Polish Journal of Laws and thus entered into force. The amendment introduces compliance of limited partnership having their management or registered office in

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Portugal publishes Supplementary 2020 Budget

August 11, 2020

On 24 July 2020, Portugal published Law No. 27-A/2020 in the Official Gazette and entered into force on 25 July 2020. The law provides for the Supplementary 2020 Budget and an economic and social stabilization program in response to the

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OECD: Corporate Tax Statistics

July 12, 2020

On 8 July 2020 the OECD released the second edition of the annual Corporate Tax Statistics publication. This edition contains statistics on corporate tax revenue and tax rates; information based on the country by country reporting by large

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EU: Consultation on Limiting the Impact of non-EU subsidies

June 22, 2020

A consultation on measures to limit the impact of non-EU subsidies was launched with the publication of a White Paper by the European Commission on 17 June 2020. The consultation will run until 23 September 2020 and the EU is looking at the

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UK: Finance Bill 2020 Published

March 20, 2020

On 19 March 2020 the UK introduced the Finance Bill 2020 into parliament. In addition to implementing the changes to rates and allowances included in the budget announcements the Bill introduces the digital services tax. The measures in the Finance

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Greece: Government publishes Law 4646/2019 in the Government Gazette

January 14, 2020

On 12 December 2019, the President announced that Law 4646/2019 was published in Government Gazette. Corporate tax According to Law, as from 1 January 2020, corporate tax rate will be reduced from 28% to 24% for all legal entities for the

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Greece: Parliament adopts tax reform measures

December 15, 2019

On 6th December 2019, Greek Parliament approved tax reform bill (Law 4646/2019), which contains several measures regarding corporate income tax, personal income tax, withholding tax rates, the participation exemption for capital gains

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Norway launches a consultation proposal on changes to the group contribution rules

August 29, 2019

On 13 August 2019, the Ministry of Finance published a proposal to amend the group contribution rules regarding EFTA Court rule of 13th September 2017, which found that Norway's rule violated freedom of establishment rights in cases where there is

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