Romania introduces windfall profit tax on fossil fuel industry
On 29 December 2022, Romania published Ordinance No. 186/2022 in the Official Gazette. The ordinance enforces a windfall tax on surplus profits in the fossil fuel industry. This tax is based on the EU Council Regulation 2022/1854 and applies to
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Malaysia: IRBM issues public ruling on tax incentives for investments in R&D companies
On 29 December 2022, the Inland Revenue Board of Malaysia (IRBM) issued Public Ruling No. 12/2022 and Public Ruling No. 13/2022, on tax incentives for investments in R&D companies. The objective of this Public Ruling (PR) is to provide an
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Spain publishes a law containing tax measures for 2023
On 24 December 2022, Spain released “Law31/2022” in the official gazette, including some tax measures for the 2023 national budget. The tax rate for micro-enterprises whose net turnover in the immediately preceding tax period is less than EUR
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Colombia issues decree on the tax return and TP documentation deadline in 2023
On 16 December 2022, the Colombian Ministry of Finance Published Decree 2487 specifying the deadlines for filing and payment of the tax return (declaration) in 2023 and the deadline for transfer pricing (TP) documentation. Some of the key deadlines
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The Philippines publishes ease of paying taxes act in the official gazette
On 7 January 2024, the Philippines government published the Ease of Paying Taxes Act (Republic Act No. 11976) in the Official Gazette. The Act goes into effect on 22 January 2024. Earlier, Finance Secretary Benjamin E. Diokno welcomed the
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France publishes interest rate limits for shareholder loan
France has published interest rates for entities whose financial year (FY) ended between 31 December 2022 and 30 March 2023, which are used to determine the deductibility of interest payments to shareholders. If the interest payments exceed the
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Peru extends the due date for monthly tax obligations of December 2022
On 3 January 2023, the Peruvian tax authorities (SUNAT) issued Resolution No. 000001-2023/SUNAT in the Official Gazette extending the due date for monthly tax obligations of December 2022. Accordingly, SUNAT has extended the deadline to the
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Hungary: Government raises windfall tax on petroleum product producers
On 7 December 2022, Hungary published Decree 496/2022 increasing the tax rate for temporary windfall taxes. Accordingly, from 8 December 2022, oil companies will have to pay a special monthly tax rate of 95% (previously 40%) on the price difference
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India increases windfall tax on crude oil
On 2 January 2023, the Central Board of Indirect Tax and Customs (CBITC) of India has issued a Notification No. 01/2023 regarding the imposition of a Special Additional Excise Duty, known as the windfall tax, on domestic production of crude oil.
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Uruguay revises list of low tax countries
On 28 December 2022, the Uruguayan Tax Administration released Resolution No. 2470/022, which updated the list of low or no taxation countries or jurisdictions. On 29 December 2022, the Resolution was published in the Official Gazette and entered
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Algeria releases finance law 2023
On 29 December 2022, Algeria published the Law No. 24-22 in the official gazette implementing the 2023 finance law. The law includes the following tax measures. Increase in cash expense deductible thresholds for corporate income tax (BIS) and
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Bulgaria introduces windfall profit tax on electricity industry
On 30 December 2022, Bulgaria introduced a law regarding windfall tax on electricity companies. The windfall tax applies the period from 1 December 2022 to 30 June 2024 with an installed capacity of more than 1 MWh in accordance with Council
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Uzbekistan: Tax Changes for 2023
It was reported on 5 January 2023 that the 2023 budget allocations have kept the basic tax rate of profit tax at 15%. The personal income tax rate remains 12%, and the property tax rate continues at 1.5%. The levels of tax collection and government
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Finland approves new tax support for R&D activities
On 29 December 2022, the Finnish Ministry of Finance has announced the approval of legislation regarding new tax support for research and development activities (R&D). The new incentive is combined deduction of a general additional deduction
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Italy enacts budget law for 2023
On 29 December 2022, Italy has published Budget Law No. 197 in official Gazette No.303 related to the State Budget for 2023 and the multi-year budget for 2023-2025. The provisions of the law generally entered into force on 1 January 2023. The
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Spain adopts windfall taxes on banks and energy companies
On 27 December 2022, the Spanish government has issued the “Law 38/2022” which introduces the windfall profit taxes on the energy and banking sectors. Under this, large energy companies will be charged at the rate of 1.2% of net turnover derived
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Finland publishes withholding tax rate for 2023
On 20 December 2022, the Finnish Tax Administration published the withholding tax rates table on dividends, investment fund profit shares and royalties from Finland to non-residents. The tax to be withheld at source, by countries of residence (of
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Costa Rica: Ministry of Finance issues decree setting the corporate tax brackets for 2023
On 23 December 2022, the Costa Rican Ministry of Finance published Executive Decree No.43852-H updating the individual and corporate income tax thresholds for 2023. Accordingly, companies whose gross income does not exceed the amount of
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