Turkey further extends CIT exemption from income on certain TRY deposit accounts
On 26 January 2023, Turkey published Presidential Decision No. 6728 in the Official Gazette extending the exemption from corporate income tax (CIT) for income derived from Turkish lira (TRY) deposit and participation accounts converted from foreign
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Peru extends tax incentives for R&D investments until 2025
On 30 December 2022, Peru published Law No. 31659 in the Official Gazette modifying Law No. 30309. The Law promotes scientific research, technological development and technological innovation (R&D investments). The tax benefits are extended for
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OECD: Comments received on Draft MLC under Amount A of Pillar One
On 24 January 2023 the OECD published the responses received to the public consultation on the Draft Multilateral Convention (MLC) Provisions on Digital Services Taxes (DSTs) and other Relevant Similar Measures under Amount A of Pillar One. The
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IMF report on Japan’s economy
On 25 January 2023 the IMF issued a report following discussions with Japan under Article IV of the IMF's Articles of Agreement. Japan is recovering from the pandemic and the economic recovery is projected to continue in the near term supported
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UK: Experience with HMRC’s Digital Services
On 26 January 2023 HMRC published the results of research with tax agents to explore their experiences of HMRC's digital services HMRC commissioned research to give them more insight into different business models used by agents, the nature of
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Uruguay declares minimum monthly advance tax for FY 2023
On 16 January 2023, the government of Uruguay has released Decree No. 419/022, which outlines the minimum amounts of monthly advance payment for corporate income tax (IRAE) for the financial year (FY) 2023. The minimum payments are determined in the
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Kazakhstan provides exemptions on income from IP and IT
On 23 December 2022, the State Revenue Committee of Kazakhstan issued a press release clarifying the corporate income tax exemption for intellectual property (IP) and information technology (IT) income. The release was issued in accordance with the
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Denmark publishes updated tax rate tables
The Danish Ministry of Taxation has released a revised tax rate schedule for 2018-2023 which shows that the lowest and highest personal income tax rates for 2023 will maintain at 12.09% and 15.0% respectively, and the maximum tax rate, including
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OECD: Revised Methodology for the BEPS Action 14 Peer Reviews
On 24 January 2023 the OECD’s Inclusive Framework on base erosion and profit shifting (BEPS) agreed a new assessment methodology for continuing the peer review process under BEPS action 14 to improve tax dispute resolution mechanisms. The
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Peru extends tax incentives for real estate investment funds until 2026
On 29 December 2022, Peru published Law No. 31650 in the Official Gazette modifying Legislative Decree 1811. The Law approves the extension of the validity of tax incentives to promote real estate investment funds until 31 December 2026. The Law is
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OECD: Revenue Impact of International Tax Reform
During a live webinar on 18 January 2023 the OECD presented the findings of a new analysis of the estimated impact on tax revenue of the implementation of the two-pillar international tax reform. The new analysis carried out by the OECD indicates
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South Africa introduces reduced income tax rates
On 16 January 2023, the National Treasury of South Africa published a media statement regarding the publication of the country's 2022 tax acts in the Official Gazette. Personal Income Tax Personal income tax rebate has been amended, i.e., a
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Sweden: MoF proposes temporary tax on electricity producers
The Swedish Ministry of Finance (Mof) has issued a proposal to impose a temporary tax (windfall tax) on the excessive earnings of electricity producers in accordance with EU Regulation 2022/1854. It would be levied at a rate of 90 % on incomes above
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Sri Lanka: IRD clarifies amendment to dividend taxation
20 January 2023, the Sri Lankan Inland Revenue Department (IRD) published a notice regarding changes in the taxation of dividends. As the National Budget of 2023 presented and passed in Parliament, following proposals specified under item No.1.3 of
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Albania introduces windfall tax on electricity producers
On 18 January 2023, Albania gazettes Law 98/2022 regarding introduction of a temporary windfall tax on excess income of energy producers. This windfall tax is imposed at a rate 50% on excess income on the sale of electricity at a price above
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Lithuania introduces windfall tax on electricity companies
On 23 December 2022, Lithuania published Law XIV-1680 in the Official Gazette for implementing a windfall tax and solidarity contribution in accordance with EU Regulation 2022/1854. The law includes following measures: applying a 90% windfall
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Morocco enacts Finance Law 2023 for corporate tax reform
Morocco enacted Finance Law No. 50-22 for the Fiscal Year 2023 and it was published in the official Bulletin No. 7154 bis of 23 December 2022. The key tax measures are summarized as follows: Corporate tax rates The Finance Law 2023 has
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El Salvador: MoF announces deadline to file withholding tax form
On 12 January 2023, the Ministry of Finance has published a press release informing to the withholding tax agents that annual income tax withholding form (F910) is available on its website from 17 January 2023 to 31 January 2023 for the tax year
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