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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Mongolia proposes to tax credit for electric power production
On 1 June 2023, the Mongolian government submitted a proposal to Parliament to amend the CIT law, providing a tax credit for thermal and electric power production sector. According to the proposal, companies engaged in manufacturing primary and
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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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UK: Statistics for Investments under the Enterprise Investment Scheme
On 17 May 2023 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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IMF Report Makes Policy Recommendations for Germany
On 16 May 2023 the IMF published a report following discussions with Germany under Article IV of the IMF’s articles of agreement. German’s economy has been resilient despite the problems resulting from the Ukraine war and the reduction in
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El Salvador adopts law for the promotion of technological manufacturing and innovation
On 4 May 2023, El Salvador published the Decree No.722 which enacts the law for the promotion of technological manufacturing and innovation. On 19 April 2023, the Legislative Assembly approved this law which grants tax benefits to companies
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Australia: Federal Budget for FY 2023-24
On 9 May 2023, Mr. Jim Chalmers, the Australian Treasurer handed down Federal Budget for FY 2023-24, with some proposed changes to tax and superannuation laws. Many of the measures announced are subject to receiving royal assent and therefore not
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Peru extends income tax exemption for certain non-profit entities until 31 December 2026
On 22 April 2023, Peru issued Legislative Decree No. 1549 in the Official Gazette, which extends the income tax exemption provided by Article 19 of the Income Tax Act for certain non-profit entities. Accordingly, the income tax exemptions, which
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Australia declares small business energy incentive
The Australian Taxation Office (ATO) has declared small business energy incentive with an additional 20% deduction on eligible expenditures aimed at promoting electrification and enhancing energy efficiency. Eligible assets or upgrades will need
See MoreEl Salvador: Parliament approves law for the promotion of technological manufacturing and innovation
On 19 April 2023, the Legislative Assembly approved a law for the Promotion of Technological Innovation and Manufacturing with 69 votes in favor. The new legal law offers tax benefits to individuals or organizations, both domestic and foreign,
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Saudi Arabia launces four new special economic zones across the country
On 14 April 2023, the Government of Saudi Arabia announced the launches of four new special economic zones (SEZs) across the country that offer the chance for foreign investors to have a stake in the world’s fastest-growing economy. The newly
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Malaysia: Parliament adopts finance bill 2023
On 3 April 2023, the Dewan Rakyat passed the Finance Bill 2023 with the following key amendments related to corporate tax measures. Effective from YA 2023, it has been proposed to reduce the preferential tax rate for MSMEs by two percentage
See MoreAustralia declares R&D tax incentive application deadline
On 4 April 2023, the Australian Taxation Office (ATO) announced the deadline for companies to apply for the R&D Tax Incentive for financial year 2021-22. If a company operates on a standard income year (1Â July to 30Â June), the statutory
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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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