Japan enacts tax reform bill to align with OECD BEPS 2.0 Pillar Two
On 28 March 2023, Japan enacted its tax reform bill 2023 shortly after it passed in the Japanese Diet. The bill incorporated laws to implement the international tax reform in alignment with the OECD BEPS 2.0 Pillar Two initiative, based on the model
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India: CBDT extends time of Compulsory e-Filing of WHT Form 10F
On 28 March 2023, the Directorate of Income Tax declared that the relaxation granted for the e-filing of Form 10F for withholding tax by non-resident taxpayers who do not possess an Indian PAN number has been extended until September 30, 2023. In
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India: Finance bill 2023 passed in the lower house of Parliament
On 24 March 2023, the lower house of Parliament (Lok Sabha) passed the Finance Bill 2023 which implements tax proposals for the next fiscal year. The Bill received 64 official amendment proposals, among which one intends to remove extended tax
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Finland: President signs the law on windfall taxes in electricity and fossil fuel companies
On 23 March 2023, Finnish President signed a law introducing temporary excess profit taxes on electricity and fossil fuel companies. The temporary taxes generally apply for the tax year 2023. Under the law, an additional 30 % profit tax will be
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Vietnam sign MAAC for implement Pillar Two global minimum tax
On 22 March 2023, Vietnam signed the Convention on Multilateral Administrative Assistance in Tax Matters (MAAC) to apply international cooperation for tax administration, prevent tax evasion and avoidance. With the inclusion of Vietnam, MAAC now
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Poland releases decree extending CIT return deadline
On 21 March 2023, the Polish Ministry of Finance published a decree extending the deadline for filing corporate income tax returns (CIT) and the related payment. According to the decree, the obligation to pay corporate income tax and to file the
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Indonesia announces tax incentives to encourage investment in Nusantara
Indonesia issued Government Regulation No. 12 of 2023 (GR 12/2023) to facilitate the process of doing business in the new capital and to encourage companies to invest in Nusantara. The regulation aims to provide more security, opportunity and
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Sweden proposes implementation of global minimum tax law
The Ministry of Finance has issued a memorandum containing suggestions and explanations to supplement the preliminary report on the implementation of the EU global minimum tax directive. On 7th February 2023, preliminary report was presented to the
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Lithuania proposes a temporary solidarity contribution on the banking sector
On 9 March 2023, the Finance Ministry of Lithonia declared a proposal for the introduction of a temporary solidarity contribution on the banking sector. According to the proposal the key features of the proposal include: The temporary
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Turkey creates disaster reconstruction fund for natural disasters affected areas
On 21 March 2023, Turkey published Law No. 7441 in Official Gazette to create a disaster reconstruction fund for natural disasters affected areas. The fund is exempt from corporate income tax on all income received and its activities related to
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Russia: Government decide to impose windfall tax on large companies
According to announcement from the Minister of Finance of Russia, an agreement has been reached by the Russian government to impose a windfall tax on big companies operating in Russia. A proposed tax on large company’s excess profits is set to be
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Qatar: GTA extends tax return filing deadline for the FY 2022
On 22 March 2023, the General Tax Authority (GTA) of Qatar published Circular No. 2 of 2023, extending the deadline of income tax return filing and payment for entities with financial years ending on 31 December 2022. The new deadline is 31 May
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Bulgaria proposes windfall tax for all sectors
On 17 march 2023, the Ministry of Finance has released a proposal to impose a temporary solidarity contribution across all industries, which is now open for public discussion. Bulgaria has already implemented a solidarity contribution on the fossil
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Luxembourg proposes windfall tax on surplus revenue from electricity production
On 15 March 2023, the government of Luxembourg presented Bill 8175 to the Parliament to introduce a temporary windfall tax on surplus revenue from electricity production in accordance with EU Regulation 2022/1854. Electricity providers will be
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Australia releases exposure draft bill on new thin cap rules
On 16 March 2023, the Australian Treasury issued the Exposure Draft on the earnings before interest, taxes, depreciation, and amortization interest limitation rules (EBITDA). Consultation closes on 13 April 2023. The proposal to change the
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Turkey issues law on restructuring public receivables and amendment to certain laws
On 12 March 2023, Turkey issued Law No. 7440 on restructuring public receivables and amendment to certain laws. The Law has brought about an important change by introducing a one-time additional tax for specific corporate taxpayers who have utilized
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Italy introduces tax reform plans to reduce tax rates
On 16 March 2023, the Italian Council of Ministers declared tax reform plans, which involves a number of notable changes. The tax reform plans include the implementation of a lower corporate tax (IRES) rate of 15% for businesses that pledge to make
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Belarus updates guidance on the taxation of foreign organizations operating through a PE
On 10 March 2023, the Ministry of Taxes and Duties of Belarus issued Guidance Letter No. No.4-2-21/00759 to clarify the taxation of foreign organizations operating in the territory of the Republic of Belarus through permanent establishments (PEs).
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