Greece increases additional deduction for advertising expenses
On 21 December 2022, Greece published Law No. 5005 in the Official Gazette, which extended the application of the 30% special deduction for advertising expenses to the tax year 2023 as well as 2022. In some circumstances, a 100% additional deduction
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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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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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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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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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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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UK: Statistics on Creative Industries Tax Relief
On 18 August 2022 HMRC published updated statistics for creative industries tax relief for 2021/22, showing that GBP 1.05 billion was paid out in tax relief for creative industries in 2021/22. This represented a sharp decrease in the amount of tax
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Cyprus increases the deduction for research and development related cost
On 20 July 2022, the Cypriot Official Gazette published the amended income tax law increasing the deduction for research and development (R&D) expenses for the years 2022, 2023 and 2024. The changes are provided under the amendment of Article 9
See MoreHong Kong: IRD publishes gazette on tax concessions for certain shipping-related activities
On 22 July 2022, the Inland Revenue Department of Hong Kong published in the Gazette “Inland Revenue (Amendment) (Tax Concessions for Certain Shipping-related Activities) Ordinance 2022” to provide half-rate profits tax concessions (i.e. at a
See MoreSouth Africa: Finance Minister delivers Budget 2022-2023 in National Assembly
On 23 February 2022, the Finance Minister, Mr Enoch Godongwana, delivered the 2022-2023 Budget Speech to the National Assembly at the Good Hope Chamber. Some of the main tax measures are given below: The corporate income tax rate was proposed to
See MoreMalaysia: MOF releases rules on incentive for manufacturers of pharmaceutical sectors
On 17 February 2022, the Finance Ministry of Malaysia has published the Income Tax (The Incentive for Manufacturers of Pharmaceutical Products Scheme) Rules 2022 effective from the year of assessment 2021. The Rules apply to a pharmaceutical
See MorePeru issues Legislative Decrees on tax incentives for various sectors
On 30 December 2021, Peru’s President Pedro Castillo has enacted Legislative Decrees modifying new regime and tax incentives for agribusiness and other sectors. The Legislative Decrees are effective from 1 January 2021. Tax incentives provided by
See MoreUkraine: President signs law on tax incentives for the IT industry
On 20 December 2021, the President of Ukraine has signed Law No. 1946-IX providing ‘Diia City’ resident IT companies special tax and legal regime from 2022. This will come into force at the end of January 2022. The Law provides for a number
See MoreThailand extends certain tax incentives
The government of Thailand has declared that it will extend the period of certain tax incentives for business located in the special economic development zones (SEZs) in Narathiwat province, Pattani province, Yala province, Songkhla province (only
See MoreCyprus: MoF announces strategy for attracting companies providing tax incentives
On 15 October 2021, the Cyprus Ministry of Finance has presented the strategy for attracting companies for activating and expanding their activities in Cyprus. The strategy includes following tax incentives: Extension of tax exemption for
See MoreNorway: Government presents the National Budget for 2022
On 12 October 2021, the Government of Norway has presented the National Budget for 2022 in the Parliament includes the following tax proposals. Introduction of tax incentives for investments in small start-up companies.Reduced Bracket Tax and a
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