UAE: FTA publishes guidance on taxation of extractive business and non-extractive natural resource business
On 12 December 2023, the UAE Federal Tax Authority (FTA) provided the Corporate Tax Guide on Taxation of Extractive Business and Non-Extractive Natural Resource Business - CTGEPX1. This guide is designed to provide general guidance on Extractive
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Australia: ATO wins case on diverted profits tax
The Australian Taxation Office (ATO) declared that a court has ruled in its favor for its decision about enforcing the diverted profits tax (DPT). The DPT applies to multinationals or significant global entities (SGEs) with an annual global income
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Singapore: IRAS releases updated guidance on tax residency and certificates of residence
On 29 November 2023, the Inland Revenue Authority of Singapore (IRAS) released updated guidance on the tax residency of a company/ certificate of residence and applying for a certificate of residence/ tax reclaim form for companies. The most
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Uruguay enacts accountability bill 2022
On 8 November 2023, the Parliament in Uruguay passed Accountability Bill Law 20,212, which includes amendments to the tax regulations. On June 30, 2023, the Executive Power presented the accountability bill to the Parliament for deliberation. The
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UAE: FTA publishes corporate tax guide on foreign source of income
On 6 November 2023, the Federal Tax Authority (FTA) of the United Arab Emirates (UAE) released the Corporate Tax Guide on Taxation of Foreign Source Income - CTGFSI1. The guide includes: Definition and examples of foreign source income
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Saudi Arabia: ZATCA releases drafts of new income tax and tax procedural laws for public consultation
On 25 October 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued drafts of a new Income Tax Law and Zakat and Tax Procedures Law for public consultation. The public consultation period for comments on the drafts is open until 25
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Slovenia: MoF issues a draft bill to amend the corporate income tax law
On 17 October 2023, the Slovenian Ministry of Finance (MoF) issued a draft bill to amend the corporate income tax law. Once adopted by the Slovenian parliament the amendments will apply from 1 January 2024. The following amendments are
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Czech Republic releases draft Global Minimum Tax Act
On 30 August 2023, the Czech Ministry of Finance has released a statement regarding the introduction of a draft law to implement the Pillar 2 global minimum tax rule, in accordance with Council Directive (EU) 2022/2523 of 14 December 2022. Key
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Australia: ATO consults on implementation of Global Minimum Tax rules
On 11 August 2023, the Australian Taxation Office (ATO) officially initiated targeted public consultation regarding the adoption of Pillar 2 global minimum tax rules. Consultation is being undertaken in a phased approach: Phase 1 with industry
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Canada releases draft Global Minimum Tax Act for public comments
On 4 August 2023, Canada issued draft legislation aimed at implementing the "Pillar Two" global minimum tax framework established by the Organisation for Economic Co-operation and Development (OECD) and the G-20 Inclusive Framework on Base Erosion
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Slovak Republic introduces draft law on OECD Pillar 2 global minimum tax
The Slovak Republic Ministry of Finance has initiated a public consultation process to get feedback on a draft law aimed at implementing a 15 percent global minimum corporate tax rate. The objective of this legislative proposal is to align
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UAE: MoF announces additional conditions for exemption of investment funds from tax
On 29 July 2023, the United Arab Emirates (UAE) Ministry of Finance (MoF) announced Cabinet Decision No. (81) of 2023, outlining additional conditions for Qualifying Investment Funds under the Federal Decree-Law No. (47) of 2022 on the Taxation of
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Egypt publishes income tax amendment law
On 15 June 2023, the Egyptian Tax Authority published Law No. 30 of 2023 in the Official Gazette amending some provisions of the Income Tax Law No. 91 of 2005. The Law entered into force on 16 June 2023. The key amendments to the Income Tax Law are
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Pakistan: Government passes Finance Act 2023
On 26 June 2023, the government of Pakistan published the Finance Act 2023, which included changes to some of the measures that were proposed in the Budget announcement on 9 June 2023. Some notable changes, in addition to those outlined in the
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Hong Kong: IRD revises application forms for certificate of resident status
On 8 June 2023, the Inland Revenue Department (IRD) issued an announcement, stating that it has revisited its approach to issuing the Hong Kong certificate of resident status. The Department has revisited its approach to the issuance of
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Saudi Arabia: ZATC issues a Circular on the taxation of PE in the context of DTA
On 17 May 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued Circular No. 2303001 regarding the taxation of Permanent Establishments (PEs) in the context of Double Taxation Agreements (DTA). The Circular serves to provide
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Albania implements comprehensive income tax reform: major changes to corporate, individual, and withholding tax laws
On 2 May 2023, Law No. 29/2023 "On income tax" was published in Albania's official gazette, introducing significant changes to corporate income tax, individual income tax, and withholding tax. The new law will come into effect on 1 January 2024,
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OECD: Progress Report to G7 Finance Ministers on Tax Cooperation
On 11 May 2023 the OECD published a progress report on tax cooperation for the G7 Finance Ministers and central bank governors. A report on these issues had been produced in 2022 and the G7 Finance Ministers asked the OECD to continue its work on
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