China declares tax incentives for small businesses
On 24 March 2023, during an executive State Council meeting led by Premier Li Qiang, the State Council of China made an important announcement regarding the extension of supportive tax and fee policies. This includes the highly anticipated renewal
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UAE: Ministry of Finance declares small business tax relief measures
On 06 April 2023, the Ministry of Finance has issued Ministerial Decision No. 73 of 2023 on Small Business Relief for the purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax
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Indonesia announces tax incentives to encourage investment in Nusantara
Indonesia issued Government Regulation No. 12 of 2023 (GR 12/2023) to facilitate the process of doing business in the new capital and to encourage companies to invest in Nusantara. The regulation aims to provide more security, opportunity and
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South Africa announces ten-year extension of R&D tax incentive
On 22 February 2023, the Minister of Finance has announced the extension of the section 11D tax incentive for research and development (R&D) in South Africa for another 10 years, until 31 December 2033. This incentive allows companies to claim a
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Cyprus: Cabinet approves financial incentives for energy saving investments
The Cypriot Ministry of Finance announced that the Cabinet has passed a bill amending the Income Tax Act, providing for an additional tax exemption in the form of a capital deduction for certain investments for Cypriot companies wishing to implement
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Malaysia: PM presents the revised budget for 2023
On 24 February 2023, Anwar Ibrahim, the Prime Minister and Minister of Finance, presented the revised budget for 2023. The budget was first introduced on 7 October 2022, but Parliament dissolved shortly after that ahead of the November 2022
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South Africa: Finance Minister delivers Budget 2023-2024 in parliament
On 22 February 2023, the South African Finance Minister presented the Budget 2023 in the parliament providing following tax proposals related to corporate taxation: Expansion of the renewable energy tax incentive: Under the expanded incentive,
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Hong Kong: Tax measures proposed in 2023-24 Budget
On 22 February 2023, the Financial Secretary delivered the budget speech for 2023-24 proposing the following tax measures. The Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of
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Russia: MoF Clarifies Tax Incentives for IT Sector
On 1 February 2023, the Ministry of Finance (MoF) of Russia published a Guidance Letter 03-03-06/1/5102 clarifying the application of tax incentives in the IT sector, that reducing the corporate income tax rate and social security
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Peru extends tax incentives for R&D investments until 2025
On 30 December 2022, Peru published Law No. 31659 in the Official Gazette modifying Law No. 30309. The Law promotes scientific research, technological development and technological innovation (R&D investments). The tax benefits are extended for
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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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Kazakhstan provides exemptions on income from IP and IT
On 23 December 2022, the State Revenue Committee of Kazakhstan issued a press release clarifying the corporate income tax exemption for intellectual property (IP) and information technology (IT) income. The release was issued in accordance with the
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Peru extends tax incentives for real estate investment funds until 2026
On 29 December 2022, Peru published Law No. 31650 in the Official Gazette modifying Legislative Decree 1811. The Law approves the extension of the validity of tax incentives to promote real estate investment funds until 31 December 2026. The Law is
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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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