US: IRS grants penalty relief for corporate alternative minimum tax
On 7 June 2023, the Department of Treasury and the Internal Revenue Service issued Notice 2023-42, which will grant penalty relief for corporations that did not pay estimated tax in connection with the new corporate alternative minimum tax
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UK: Second Reading of Spring Finance Bill 2023
On 13 June 2023 the UK government published the Tax Information and Impact Notes for government amendments at the report stage of the Spring Finance Bill 2023. The Bill includes the following measures: Multinational Top-up tax: UK adoption of
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World Tax Brief: June 2023
Albania Liability to Tax: On 2 May 2023, the Law No. 29/2023 of 30 March 2023 (the new law) was published in the official gazette, effective on 1 January 2024. The new law will replace Law No. 8438 of 28 December 1998. The new law introduces
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Malta: CFR notifies electronic corporate tax return for year of assessment 2023
On 8 June 2023, the Maltese Commissioner for Revenue (CFR) notified that the year of assessment 2023 electronic corporate income tax return is now available on online services. The supplemental document in case of a Fiscal Unit will be available for
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Norway: MoF issues public consultation paper implementing pillar two minimum tax
On 6 June 2023, the Norwegian Ministry of Finance published a consultation paper on the implementation of the minimum tax (Pillar Two GloBE Rules) in Norway. The draft legislation follows closely the OECD Model Rules and reflects the latest
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Ireland incorporates close company surcharge into corporation tax for preliminary tax calculation
On 7 June 2023, the Irish Revenue issued eBrief No. 139/23, which provides guidance regarding the incorporation of close company surcharges into the computation of corporation tax. Accordingly, Tax and Duty Manual Part 41A-07-02 - Payment of
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Mexico announces tax incentives for investment in Interoceanic Corridor’s development hubs
On 5 June 2023, the Government of Mexico announced a decree introducing tax incentives for companies that decide to invest in Interoceanic Corridor’s development hubs. The decree aims to promote economic development in the disadvantaged southeast
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Thailand approves reduced tax rate regime to counter global minimum tax rule effects
On 7 June 2023, the Board of Investment (BOI) of Thailand approved rules that introduces a reduced tax rate. The objective behind this regime is to address the repercussions of the implementation of the global minimum tax rule. Under this scheme,
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Hungary extends windfall taxes until the end of 2024
On 31 May 2023, Hungary released Government Decree 206/2023 in the Official Gazette amending Government Decree 197/2022 regarding temporary windfall taxes on additional profits. The decree includes extension of certain taxes until 2024 and making
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Mongolia proposes to tax credit for electric power production
On 1 June 2023, the Mongolian government submitted a proposal to Parliament to amend the CIT law, providing a tax credit for thermal and electric power production sector. According to the proposal, companies engaged in manufacturing primary and
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Hong Kong: IRD revises application forms for certificate of resident status
On 8 June 2023, the Inland Revenue Department (IRD) issued an announcement, stating that it has revisited its approach to issuing the Hong Kong certificate of resident status. The Department has revisited its approach to the issuance of
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Netherlands presents global minimum tax bill to parliament
On 31 May 2023, the bill on the Minimum Profit Tax Act 2024 was presented to the Lower House of Parliament. The proposal ensures that multinational groups and domestic groups with an annual revenue of €750 million or more pay tax on their
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Russia suspends DTAs with 38 unfriendly countries
The Russian Ministry of Foreign Affairs has declared to suspend application of double tax agreements (DTAs) with unfriendly 38 countries that have introduced unilateral economic restrictions against Russia. The potential repercussions entail
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Denmark implements temporary solidarity contribution on fossil fuel sector
Denmark has released Law No. 502 dated 16 May 2023 in the Official Gazette, which establishes the implementation of a temporary solidarity contribution targeting the fossil fuel sector, aligning with Council Regulation (EU) 2022/1854. The measure
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Bangladesh: Budget for FY 2023-24
On 1 June 2023, the Finance Minister, Mr. AHM Mustafa Kamal presented the budget in parliament for the fiscal year 2023-24, aiming to accelerate economic growth, promote social development, and address key challenges faced by the nation. The budget
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Nigeria: Tax measures in Finance Act 2023
On 28 May 2023, the immediate past President, Muhammadu Buhari signed the Finance Bill-2023 into law as Finance Act, 2023("the Act"). The act includes the following tax measures related to corporate taxation: "Digital assets" have been
See MoreNetherlands introduces draft legislation to implement BEPS Pillar Two rule
On 31 May 2023, the Dutch Government submitted a draft legislation to the Parliament in order to incorporate the BEPS 2.0 – Pillar Two requirements into its domestic laws. This draft legislation follows the previously released draft proposal of 24
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France announces green industry bill with 15 key measures to secure European leadership
On 16 May 2023, as part of France's ambitions to become a leading green industry force in Europe, Finance Minister Bruno Le Maire unveiled the "Green Industry Bill." This comprehensive legislation includes a range of measures designed to propel
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