North Macedonia: Government proposes windfall profits tax on fossil fuel sector
The government has presented a new proposal to the parliament for a temporary solidarity tax (windfall tax) on the fossil fuel industry. Under this proposal, the following key elements have been outlined: Taxable Entities: Companies with
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World Tax Brief: February 2023
Albania Rates-Special tax rate: On 18 January 2023, Albania gazettes Law 98/2022 regarding introduction of a temporary windfall tax on energy producers. This windfall tax is imposed at a rate 50% on excess income on the sale of electricity at
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Spain releases forms for windfall tax on energy and banking sectors
On 2 February 2023, Spain published an Order HFP/94/2023 of 2 February 2023 approving four new forms for the windfall profits taxes on the energy and banking sectors. The tax was introduced by the “Law 38/2022” on 27 December 2022. According to
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Puerto Rico: Governor proposes tax relief for individuals and corporations
On 6 February 2023, Mr. Pedro Pierluisi, Governor of Puerto Rico unveiled a set of proposals aimed at enhancing and streamlining Puerto Rico's tax system. The proposals include reducing the tax burden for individuals and corporations by over $500
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Turkey extends tax compliance deadline for certain areas due to earthquakes
On 8 February 2023, the Turkish Revenue Administration announced an emergency tax measures for certain areas due to earthquakes. Accordingly, taxpayers located in Adana, Adiyaman, Diyarbakir, Gaziantep, Hatay, Kahramanmaras, Kilis, Malatya,
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Qatar amends income tax law
On 2 February 2023, Qatar published Law No.11 of 2022 amending several provisions of the Income Tax Law No. 24 of 2018 in the official Gazette. The effective date of the amendments is also 2 February 2023. The amendments are generally effective from
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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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UK: Research on Taxpayer Experience of the Profit Diversion Compliance Facility
On 7 February 2023 HMRC published the results of research commissioned in order to understand taxpayers’ experience of the Profit Diversion Compliance Facility (PDCF) and Diverted Profits enquiry process. The research was conducted through
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Russia: MoF Clarifies Late Payment Interest in 2023
On 27 January 2023, the Ministry of Finance (MoF) of Russia published a Guidance Letter 03-02-07/126954 clarifying the late payment interest applicable in 2023 regarding unpaid taxes. Late payment interest will be applied based on the negative
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El Salvador: Ministry of Finance announces interest rate for late tax payments
On 1 February 2023, the El Salvador Ministry of Finance has released a notice on the applicable interest rates for late tax payments for the period from 1 February 2023 to 31 July 2023. This includes an annual interest rate of 6.35%, 60 days after
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UK: Transfer Pricing and Diverted Profits Tax Statistics
On 7 February 2022 HMRC published the latest set of statistics relating to transfer pricing and the diverted profits tax. The latest release contains data up to end of the 2022/22 tax year. The transfer pricing work is an important part of
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Vietnam: MoF launches a public consultation regarding extension of tax payment deadlines
The Ministry of Finance (MoF) launches a public consultation on the proposed extension of tax payment time limit for corporate income tax, personal income tax and value added tax (VAT). The proposed extensions will apply as follows: The
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Jamaica: TAJ reminds tax filing deadline for the tax year 2022
On 2 February 2023, Tax Administration Jamaica (TAJ) reminded the taxpayers that the income tax filing deadline is 15 March 2023. The taxpayers are being reminded that filing their annual income tax return for the year 2022 and declaring their
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Turkey returns to general corporate income tax rate of 20% from 2023
In Turkey, the general corporate income tax rate of 20% is applicable from 1 January 2023. The rate was temporarily increased to 25% for 2021 and 23% for 2022. However, the tax rate is 25% for banks and financial sectors, 19% for companies doing
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Ireland: Revenue updates guidance for charges on income for corporation tax purposes
On 1 February 2023, the Irish Revenue issued eBrief No. 025/23 regarding charges on income for corporation tax purposes. Accordingly, Tax and Duty Manual Part 08-02-01 has been updated. The updates include the following sections: In section
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South Africa: SARS updates interest rate tables
On 27 January 2023, the South African Revenue Service (SARS) has published updated interest rate tables . the interest rates tables are given below in three separate documents, numbered according to the following three categories: Table
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Mozambique: Government approves proposal for corporate income tax cut
On 30 December 2022, the Law No. 20/2022 amending the corporate income tax code was published in the official gazette. Under the law, the Corporate Income Tax (IRPC) rate for agricultural, livestock, aquaculture and transport activities has been
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Italy publishes latest withholding tax return form
The Italian tax authorities have recently released the latest withholding tax return form for the fiscal year 2022. The withholding tax return form (Modello 770/2023) and instructions was approved by Protocol No. 25954/2023 on 27th January 2023.
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