Peru shifts from LIBOR to SOFR for lower withholding tax on nonresident interest
On 29 June 2023, Peru published Supreme Decree 137-2023 in the Official Gazette for the adoption of the Secured Overnight Financing Rate (SOFR) to replace the London Interbank Offered Rate (LIBOR). The Decree came into force on 30 June 2023. This
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Lithuania: Seimas moves one step closer to tax reform
On 27 June 2023, the Lithuanian parliament (Seimas) gave its preliminary confirmation, to a tax reform package proposed by the finance minister. The reform measures include: Proposed changes to the tax framework encompass various aspects of
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France issues decree on temporary solidarity contribution for electricity producers
France has issued a decree outlining the guidelines for declaring and remitting the temporary solidarity contribution within the electricity production sector. The contribution is levied on electricity producers in France, with certain exceptions,
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US: IRS issues practice unit on categorization of income and taxes into proper basket for FTC
On 15 May 2023, the U.S. IRS published a practice unit regarding Foreign Tax Credit - Categorization of Income and Taxes Into Proper Basket. This Practice Unit is revised to address changes from the implementation of the Tax Cuts and Jobs Act (TCJA)
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US: IRS publishes practice units on interest expense limitations
On 16 May 2023, the IRS Large Business and International (LB&I) division issued two practice units in relation to interest expense limitations for related party loans. Interest Expense Limitation on Related Foreign Party Loans Under IRC
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Hong Kong: IRD issues circular letter extending due date for D code returns
On 29 June 2023, the Inland Revenue Department (IRD) published a Circular Letter announcing an extension of the deadline for “D” code profit tax returns. In the letter, IRD explains that given the real difficulties faced by businesses and
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Lithuania: Tax Authority clarifies calculations of temporary solidarity contribution to credit Institutions
On 30 June 2023, the tax Authority of Lithuania issued a supplementary clarification “on the calculation of the temporary solidarity contribution" and additionally provides an explanation regarding the law on the temporary solidarity
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OECD: Tax Transparency In Latin America 2023
On 27 June 2023 the OECD published Tax Transparency in Latin America 2023, during the latest meeting of the Punta del Este initiative. The Punta del Este Declaration aimed to tackle tax evasion and avoidance and other financial crimes by promoting
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Denmark initiates public consultation process for draft bill on implementing pillar two global minimum tax
On 23 June 2023, the Danish Ministry of Taxation introduced a draft bill for public review, with the objective of incorporating the EU minimum tax directive. The implementation process of the directive adheres to the guidelines set forth by the
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Kenya: President signs the finance bill 2023
On 26 June 2023, the Kenyan president signed the finance bill 2023. The bill was published on 28th April 2023 and tabled in Parliament for the first reading on 4 th May 2023. The Parliament passed the bill on 14 June 2023. Tax proposals under the
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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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Denmark: DTA extends filing deadlines for corporate tax returns and transfer pricing documentation
On 21 June 2023, the Danish Tax Agency (DTA) declared an extension of the deadline for submitting annual corporate income tax returns. The original deadline of 30 June 2023, has been postponed by eight weeks to 25 August 2023. The extension is a
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UK: Tax Gap for 2021/22
On 22 June 2023 HMRC published details of the UK’s tax gap for 2021/22. The tax gap is a measure of the difference between the amount of tax that should have been collected by HMRC, and the amount that was actually paid. The tax that should be
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Ireland: Government to introduce temporary solidarity contribution to fossil fuel sector
On 23 June 2023, the Minister for the Environment, Climate and Communications, Mr. Eamon Ryan, announced the publication of the Energy (Windfall Gains in the Energy Sector) (Temporary Solidarity Contribution) Bill 2023. This Bill provides for a
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Uganda: Minister of Finance presents Budget for 2023/2024 to the Parliament
On June 15, 2023, the Ugandan Minister of Finance, Planning, and Economic Development, Mr. Matia Kasaija, presented the budget for financial year 2023/2024 to the Parliament. On that day, Income Tax (Amendment) Bill 2023 was also passed which was
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Russia: parliament approves draft law for excess profits tax
On 13 June 2023, a draft law has been introduced by Russia's State Duma to implement an excess profits tax on companies that earned an average revenue of over RUB 1 billion in the years 2021 and 2022. This tax will apply a 10% rate to the variance
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US: IRS issues guidance for the advanced manufacturing investment credit
On 14 June 2023, the Internal Revenue Service issued proposed regulations that provide guidance regarding the implementation of the elective payment provisions of the Advanced Manufacturing Investment Credit, established by the Creating Helpful
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Argentina: AFIP introduces new payment facility for outstanding tax on SMEs
On 17 May 2023, Argentine tax authority (AFIP) has published General Resolution No. 5361/2023 which introduce a new payment facility for outstanding tax, social security, and customs obligations due until 30 April 2023, containing related interest
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