Russia plans to implement windfall tax in 2024
On 7 August 2023, the President of the Russian Federation signed a law No. 414-FZ establishing a new federal tax of a one-time nature the excess profit tax. Taxation will apply to the surplus earnings of Russian companies, foreign entities
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Russia: CBR announce decision to increase the key interest rate
On 15 August 2023, the Central Bank of Russia (CBR) declared a significant increase in the key interest rate, raising it by 350 basis points from 8.5% to 12.00% annually. This decision was made to address the growing concerns related to price
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World Tax Brief: August 2023
Albania Liability to Tax: Albania's Parliament approved Law no. 36/2023, to foster tech and innovation start-ups. The law supports "digital nomads" foreign professionals using technology provide their professional services on behalf of
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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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South Korea: MOEF announce tax reform proposal for 2023
On 27 July 2023, South Korea’s Ministry of Economy and Finance (MOEF) announced the tax reform proposal for 2023. The tax reform proposal includes changes in the Korean Pillar two global minimum tax rules and transfer pricing compliance
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Albania: Council of Minister accepts draft bill on tax measures in science-technology parks
The Albanian Council of Ministers approved a set of Decisions, including DCM no. 337 from 31 May 2023, and DCM nos. 416, 417, and 148 from July 7, 2023. These decisions, which have immediate effect upon publication in the official gazette, are aimed
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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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Bulgaria officially approves budget Act 2023
Bulgaria has passed the amendments to the draft Budget Act 2023, which aim to protect wages and social security benefits. The government plans to reduce spending to combat inflation and strengthen the economy, but will not raise taxes. The key tax
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Malaysia gazettes rules on deductions for tec-based companies listing on stock market
On 7 August 2023, the Malaysian official gazette published “Income tax (deduction for expenses in relation to listing on main market, access, certainty, efficiency (ace) market or leading entrepreneur accelerator platform (leap) market of Bursa
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Germany: BMF publishes draft guidance on CFC legislation
On 20 July 2023, the Federal Ministry of Finance (BMF) issued draft guidance concerning the implementation of the Foreign Transactions Tax Act (FTTA), specifically addressing the taxation aspects related to controlled foreign corporations (CFCs).
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Luxembourg: Government submits draft bill on global minimum tax to the Parliament
On 4 August 2023, the Luxembourg government submitted draft bill no 8292 to the Parliament. The bill aims to incorporate the OECD Pillar Two global minimum tax rules in line with EU Council Directive 2022/2523 of 14 December 2022. These rules
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Egypt releases amendment to some provisions of the investment law
On 25 July 2023, Egypt published Law No 160 of 2023 in the official gazette amending the Investment Law No. 72 of 2017. These amendments primarily focused on enhancing incentives for foreign investors, encouraging investment distribution across the
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Ireland implements temporary solidarity contribution for fossil fuel sector
On 2 August 2023, the Minister for the Environment, Climate and Communications, Mr. Eamon Ryan, signed an order to commence the Energy (Windfall Gains in the Energy Sector) (Temporary Solidarity Contribution) Act 2023. The order is effective from 2
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South Africa invites public comments on draft tax bills and regulations
On 31 July 2023, the National Treasury and the South African Revenue Service (SARS) released the 2023 Draft Tax Bills and Draft Regulations. The purpose of the 2023 Draft Tax Bills and Draft Regulations is to implement the tax recommendations that
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Sri Lanka extends deadline for submitting quarterly AIT statements
On 26 July 2023, the Inland Revenue Department of Sri Lanka issued Circular No. SEC/2023/E/05, which extended the deadline for submitting quarterly advance income tax (AIT) statements. This extension applies to the reporting for the quarter ending
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UAE: MoF announces penalties for corporate tax violations
On 29 July 2023, the UAE Ministry of Finance (MoF) announced the issuance of Cabinet Decision No. (75) of 2023 regarding administrative penalties for violations related to the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and
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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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