Finland: Tax agency explains the tax changes for 2023
On 13 December 2022, the Finnish tax administration has released an explanation of tax changes for 2023. Some of them are legislative changes proposed by the Government but not yet debated in the parliament. The proposals related to corporate
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Armenia extends tax privilege for start-up IT companies
On 16 December 2022, the Armenian parliament adopted the relevant laws "On amendments and additions to the Law on State Support of the IT sphere" and "On Amendments to the Tax Code of the Republic of Armenia" for the extension of tax incentives for
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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 â„– 5018-VI as of 21 June 2012. Law
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Spain: Congress of Deputies adopts law to support innovative startups
On 1 December 2022, the Spanish Congress of Deputies has approved the Law for the Promotion of the Emerging Companies Ecosystem, better known as the Startups Law. The law facilitates some tax measures for the startups business. Under this, the
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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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Ecuador submits a draft bill in the parliament on tax incentives for audiovisual and energy sectors
On 24 November 2022, the government of Ecuador submitted a draft bill in the National Assembly that provides incentives for audiovisual and energy sectors. The incentives include: A remittance tax exemption on expenditures occurs for carrying
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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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Nigeria: President signs the startup act 2022 into law
On 19 October 2022, the Nigerian president signed the startup act 2022 which provides several measures to promote and support startups containing following tax incentives. In accordance with the provisions of the Industrial Development (Income
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Zambia: MoF presents 2023 Budget
On 30 September 2022, the Minister of Finance (MoF) proposed the 2023 Budget to the National Assembly. The important tax measures of the budget include: Reduce the corporate income tax rate from 30% to 25% on income earned from value addition
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Malaysia: Corporate tax proposals in budget 2023
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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