Spain: Congress of Deputies adopts law to support innovative startups
On 1 December 2022, the Spanish Congress of Deputies has approved the Law for the Promotion of the Emerging Companies Ecosystem, better known as the Startups Law. The law facilitates some tax measures for the startups business. Under this, the
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Papua New Guinea: National treasury presents budget 2023 raising the CIT rate for banks
On 29 November 2022, the Papua New Guinean Department of Treasury has announced the 2023 National Budget to Parliament, containing increased tax rate for banks. Accordingly, the corporate tax rate on banking institutions will rise to 45 percent from
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Kazakhstan clarifies tax exemption criteria for dividends from listed securities
Kazakhstan clarifies tax exemption criteria for dividends from listed securities 7 Dec 2022 On 17 November 2022, the Government of Kazakhstan issued Resolution No. 911 clarifying tax exemption criteria for dividends from listed securities. The
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Singapore: IRAS publishes updated e-tax guide on tax exemption
On 1 December 2022, the Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide on tax exemption for Real estate investment trusts and qualifying offshore infrastructure project or asset. The e-Tax Guide describes the scenarios
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Saudi Arabia: GAZT extends tax penalty relief measures up to 31 May 2023
On 30 November 2022, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced the extension of tax penalty relief measures in response to the COVID-19 pandemic. Accordingly, the taxpayers can be exempted from fines and financial penalties
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US: IRS publishes interest rates on overpaid and underpaid tax for Q1 of 2023
On 29 November, the Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning January 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up
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Portugal: Parliament approves budget for 2023
On 25 November 2022, the Portuguese parliament approved the Budget for 2023. This budget includes the following corporate tax measures: Changes in current tax loss carry forward rules for corporate income tax (CIT). Along with other things, tax
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Ireland proposes windfall profit tax in the energy sector
On 22 November, the Irish Minister for the Environment, Climate and Communications, Eamon Ryan announced measures to address windfall gains in the energy sector through the implementation of Council Regulation (EU) 2022/1854. Elevated wholesale
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Vietnam: MoF publishes guideline for STD fund
On 7 November 2022, the Ministry of Finance (MoF) of Vietnam published a Circular No. 67/2022/TT-BTC which provides a detailed tax obligations guideline for the companies that create and use a science and technology development (STD) fund. As per
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Ecuador submits a draft bill in the parliament on tax incentives for audiovisual and energy sectors
On 24 November 2022, the government of Ecuador submitted a draft bill in the National Assembly that provides incentives for audiovisual and energy sectors. The incentives include: A remittance tax exemption on expenditures occurs for carrying
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Ireland explains non-resident corporate landlords within the charge to corporation tax
On 21 November 2022, the Irish Revenue published eBrief No. 199/22 clarifying that corporate landlords are subject to corporation tax rather than income tax on Irish rental income from 1 January 2022. Accordingly, the following Tax and Duty Manuals
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Ghana: Tax measures of 2023 Budget
On 24 November 2022, Ghana’s Finance Minister read the 2023 Budget Statement and Economic Policy in Parliament. The 2023 Budget is focused on resetting economy and restoring macroeconomic stability. Accordingly, the Minister outlined the following
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US: IRS issues guidance related foreign tax credit
On 22 November 2022, the U.S. Internal Revenue Service issued a guidance relating to the foreign tax credit, including guidance with respect to the reattribution asset rule for purposes of allocating and apportioning foreign taxes, the cost recovery
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Italy approves draft Budget for 2023
On 21 November 2022, Italian Council of Ministers approved the State Budget for 2023 along with the multi-year budget for 2023 to 2025. The budget increasing the tax credits for the purchase of natural gas and electricity through March 2023 and
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Finnish: Parliament adopts a draft bill of new mining tax
On 18 November 2022, the Finnish Parliament has approved a draft bill which proposes the implementation of royalty-type taxes on minerals extracted in Finland. The draft bill proposed a royalty of 0.6% to be imposed on the taxable value of a
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Taiwan: Executive Yuan approves draft amendments on R&D and equipment investment credits
On 17 November 2022, the Executive Yuan approved a draft amendment providing tax credit on R&D and equipment investment. The proposed amendments will now be submitted to the Legislative Yuan for deliberation and are hoped to be implemented at
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Greece introduces simplifies tax refund procedure for legal entities
On 14 November 2022, the Greek Public Revenue Authority (AADE) published Decision A. 1160 in the Official Gazette regarding the simplified income tax refund procedures for legal entities. Accordingly, if entities file their corporate income tax
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UK: Evaluation of Creative Industries Tax Relief
On 17 November 2022 HMRC published a research report on four creative industries tax reliefs. The report which was prepared by Ipsos in partnership with Olsberg SPI and London Economics presents the results of research into the Film Tax Relief
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