IMF report on Japan’s economy
On 25 January 2023 the IMF issued a report following discussions with Japan under Article IV of the IMF's Articles of Agreement. Japan is recovering from the pandemic and the economic recovery is projected to continue in the near term supported
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South Korea approves budget for 2023
On 23 December 2022, South Korea’s National Assembly approved the budget for 2023 including the tax reform proposal for 2023. Accordingly, South Korea changes the existing tax-related measures including transfer pricing measures. The key tax
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Turkey extends additional R&D and design deduction until 2028
On 10 January 2023, Turkey issued Presidential Decision No. 6652 in the Official Gazette on additional research and development (R&D) and design deduction. According, Turkey extends the application of additional deduction for R&D and design
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Philippines: FIRB finalizes tax incentive guidelines
On 12 January 2023, the Philippines Department of Finance has announced that the Fiscal Incentives Review Board (FIRB) is finalizing the guidelines on the suspension or withdrawal of tax incentives, and the cancellation of project or activity
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Dominican Republic: DGII extends exemptions for agricultural sector
On 5 January 2023, the Dominican Tax Authorities (DGII) published General Rule No. 01/2023 regarding temporary exemptions for the agriculture sector. The major benefits include following measure: Exemption from the requirement to pay income tax
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Malaysia: IRBM issues public ruling on tax incentives for investments in R&D companies
On 29 December 2022, the Inland Revenue Board of Malaysia (IRBM) issued Public Ruling No. 12/2022 and Public Ruling No. 13/2022, on tax incentives for investments in R&D companies. The objective of this Public Ruling (PR) is to provide an
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Ukraine clarifies about industrial parks tax incentives
On 9 December 2022, the State Tax Service (STS) of Ukraine issues a press release providing details about industrial parks tax incentives. Industrial Park tax incentives is regulated by the Law of Ukraine № 5018-VI as of 21 June 2012. Law
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Singapore: IRAS publishes updated e-tax guide on tax exemption
On 1 December 2022, the Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide on tax exemption for Real estate investment trusts and qualifying offshore infrastructure project or asset. The e-Tax Guide describes the scenarios
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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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Vietnam: MoF publishes guideline for STD fund
On 7 November 2022, the Ministry of Finance (MoF) of Vietnam published a Circular No. 67/2022/TT-BTC which provides a detailed tax obligations guideline for the companies that create and use a science and technology development (STD) fund. As per
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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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Taiwan: Executive Yuan approves draft amendments on R&D and equipment investment credits
On 17 November 2022, the Executive Yuan approved a draft amendment providing tax credit on R&D and equipment investment. The proposed amendments will now be submitted to the Legislative Yuan for deliberation and are hoped to be implemented at
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UK: Evaluation of Creative Industries Tax Relief
On 17 November 2022 HMRC published a research report on four creative industries tax reliefs. The report which was prepared by Ipsos in partnership with Olsberg SPI and London Economics presents the results of research into the Film Tax Relief
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Singapore introduces income tax reform Act 2022
On 4 November 2022, Singapore's official Gazette published the income tax (Amendment) Act 2022. The Act includes the following measures: Extension of withholding tax exemption to 31 March 2023 from 31 March 2022 for foreign mediators and
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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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Ireland: Finance Minister presents the Budget 2023
On 27 September 2022, Paschal Donohoe, the Finance Minister of Ireland announced the Budget 2023. The main tax measures proposed in budget 2023 include: Income Tax An increase of €3,200 in the income tax standard rate cut-off point for all
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Oman introduces tax exemptions for sectors of economic diversification
On 8 September 2022, the Oman Tax Authority (OTA) announced some conditions and procedures for obtaining income tax exemption for companies operating in sectors contributing to economic diversification. The exemption is offered only to companies
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