OECD: Report to the G20 leaders meeting of September 2023
The tax report by the OECD Secretary General to the meeting of G20 leaders on 9 to 10 September 2023 outlines the latest international tax developments in international tax reform, including the work on the two-pillar international tax plan;
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Venezuela sets up four new special economic zones with tax benefits
On 10 August 2023, Venezuela published Decree Nos. 4,838; 4,839; 4,840; and 4,841 in the Official Gazette. The Decrees established four new special economic zones (SEZs) with tax incentives aimed at boosting production, especially for exports. The
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ASEAN Requests a Review of the Global Minimum Tax
On 19 August 2023, at the ASEAN Economic Ministers' meeting, the Chair of the ASEAN Investment Area (AIA) Council called for a review of the global minimum tax that is being implemented under Pillar Two of the OECD two-pillar international tax
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UK: Statistics on Creative Industries Tax Relief
On 24 August 2023 HMRC published updated statistics for creative industries tax relief, showing that GBP 1.66 billion was paid out in tax relief for creative industries in 2021/22. The increase was due mainly to a significant rise in the amount of
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Ireland: Revenue issued new guidance on R&D tax credit
On 21 August 2023, the Irish Revenue issued eBrief No. 185/23 on research and development (R&D) corporation tax credit. Accordingly, Revenue released a new Tax and Duty Manual (TDM) Part 29-02-03A. This manual provides information about how to
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South Korea: MOEF announce tax reform proposal for 2023
On 27 July 2023, South Korea’s Ministry of Economy and Finance (MOEF) announced the tax reform proposal for 2023. The tax reform proposal includes changes in the Korean Pillar two global minimum tax rules and transfer pricing compliance
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Malaysia gazettes rules on deductions for tec-based companies listing on stock market
On 7 August 2023, the Malaysian official gazette published “Income tax (deduction for expenses in relation to listing on main market, access, certainty, efficiency (ace) market or leading entrepreneur accelerator platform (leap) market of Bursa
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Egypt releases amendment to some provisions of the investment law
On 25 July 2023, Egypt published Law No 160 of 2023 in the official gazette amending the Investment Law No. 72 of 2017. These amendments primarily focused on enhancing incentives for foreign investors, encouraging investment distribution across the
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South Africa invites public comments on draft tax bills and regulations
On 31 July 2023, the National Treasury and the South African Revenue Service (SARS) released the 2023 Draft Tax Bills and Draft Regulations. The purpose of the 2023 Draft Tax Bills and Draft Regulations is to implement the tax recommendations that
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Ireland: Revenue updates guidance on R&D tax credit
On 17 July 2023, the Irish Revenue issued eBrief No. 166/23 on research and development (R&D) corporation tax credit. Accordingly, Tax and Duty Manual Part 29-02-03 - Research and Development (R&D) Corporation Tax Credit - has
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Luxembourg: Government submits draft bill on investment tax credit to Parliament
On 13 July 2023, the Luxembourg government submitted Bill 8276 to the Parliament on the modernization of the investment tax credit. The draft bill proposes several amendments to the investment tax credit framework. Notably, the overall investment
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UK: Review of Noncompliance in Research and Development Tax Relief Schemes
On 17 July 2023 HMRC published an analysis of the scale of non-compliance in the research and development (R&D) tax relief schemes and the approach taken to enforcing taxpayer compliance. The UK has two R&D tax relief schemes, a scheme
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Albania: Government approves new law to attract “Digital Nomads”
The Albanian Parliament approved Law no. 36/2023, to foster tech and innovation start-ups. The law supports “digital nomads” foreign professionals using technology provide their professional services on behalf of entities without an Albanian
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Lithuania: Seimas moves one step closer to tax reform
On 27 June 2023, the Lithuanian parliament (Seimas) gave its preliminary confirmation, to a tax reform package proposed by the finance minister. The reform measures include: Proposed changes to the tax framework encompass various aspects of
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US: IRS issues guidance for the advanced manufacturing investment credit
On 14 June 2023, the Internal Revenue Service issued proposed regulations that provide guidance regarding the implementation of the elective payment provisions of the Advanced Manufacturing Investment Credit, established by the Creating Helpful
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Mexico announces tax incentives for investment in Interoceanic Corridor’s development hubs
On 5 June 2023, the Government of Mexico announced a decree introducing tax incentives for companies that decide to invest in Interoceanic Corridor’s development hubs. The decree aims to promote economic development in the disadvantaged southeast
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Nigeria: Tax measures in Finance Act 2023
On 28 May 2023, the immediate past President, Muhammadu Buhari signed the Finance Bill-2023 into law as Finance Act, 2023("the Act"). The act includes the following tax measures related to corporate taxation: "Digital assets" have been
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France announces green industry bill with 15 key measures to secure European leadership
On 16 May 2023, as part of France's ambitions to become a leading green industry force in Europe, Finance Minister Bruno Le Maire unveiled the "Green Industry Bill." This comprehensive legislation includes a range of measures designed to propel
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