Hong Kong: Block Extension Scheme for Lodgement of 2021/22 Tax Returns
On 19 October 2022, the Hong Kong Inland Revenue Department (IRD) issued a Circular Letter extending the lodgement of 2021/22 tax returns to 30 November 2022. Recognising the genuine difficulties being experienced by businesses and practitioners
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Nigeria: President signs the startup act 2022 into law
On 19 October 2022, the Nigerian president signed the startup act 2022 which provides several measures to promote and support startups containing following tax incentives. In accordance with the provisions of the Industrial Development (Income
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South Korea exempts taxes on government bonds for non-residents
On 17 October 2022, South Korea’s Ministry of Economy and Finance (MOEF) announced an exemption from tax on interest income derived from government bonds and monetary stabilization bonds. This exemption is temporary and will be applicable from 17
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Zambia: MoF presents 2023 Budget
On 30 September 2022, the Minister of Finance (MoF) proposed the 2023 Budget to the National Assembly. The important tax measures of the budget include: Reduce the corporate income tax rate from 30% to 25% on income earned from value addition
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Luxembourg: Finance Minister presents draft budget law 2023 to the Parliament
On 12 October 2020, Luxembourg’s Finance Minister presented the draft budget law 2023 to the Parliament. There are no measures regarding major tax reform or an increase in the tax rate in the draft budget law. The draft budget law sets out the
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France: Court decides the statute of limitations for recovery of taxes
Recently, the Administrative Court of Montreuil issued a decision regarding the statute of limitations for the recovery of tax claims following a collection notice. The statute of limitations for recovery is 4 years, although this may be extended by
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UK will increase corporation tax rate as planned
On 14 October 2022, the UK government announced that Corporation Tax will increase to 25% (currently 19%) from April 2023 as already legislated for, raising around £18 billion a year and acting as a down payment on its full Medium-Term Fiscal
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Norway: Corporate tax proposals for budget 2023
On 6 October 2022, the National budget for 2023 was delivered including following tax proposals related to corporate taxation. Increasing the tax rate from 35.2% to 37.84% on dividends and capital gains effective from 6 October 2022. It is
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Colombia: Congress approved Tax Reform Bill in the first debate
On 6 October 2022, the Colombian Congress approved Tax Reform Bill in the first debate. The Bill was presented to Congress on 8 August 2022. After the final approval of the Bill, the changes will become effective as of 1 January 2023. The main tax
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Peru: SUNAT updates the list of high-risk tax planning schemes regarding GAAR
On 11 October 2022, the Peruvian Tax Administration (SUNAT) published second version of the list of high-risk tax planning schemes regarding the General Anti-Avoidance Rule (GAAR). The updated list contains the following thirteen tax planning
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Netherlands: Tax authority extends one-off payment break for tax debts to 6 months
The Netherlands has extended the provision for a one-off payment break for the repayment of deferred tax debts of Covid-19 pandemic period from up to 3 months to 6 months. The State Secretary for Finance, Taxation and Tax Administration has
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Malaysia: Corporate tax proposals in budget 2023
On 7 October 2022, the Finance Minister, YB Senator Tengku Dato’ Sri Zafrul Tengku Abdul Aziz has announced the nation’s 2023 Budget. The budget includes the following tax proposals related to corporate taxation. Reduced the income tax rate
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World Tax Brief: October 2022
Angola Withholding tax rate-Others: On 22 August 2022, Angola published Law no. 27/22 in the Official Gazette amending the Corporate Income Tax Code. Accordingly, the withholding tax (WHT) rate on services paid to non-residents has been
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South Africa: SARS publishes updated interest rate tables
On 13 September 2022, the South African Revenue Service (SARS) issued updated interest rate tables. The South African Reserve Bank changed the “repo rate” on 22 September 2022, effective on 1 October 2022. The tables of interest rates are
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Malaysia publishes guidelines on tax treatment of income received from abroad
On 29 September 2022, the Malaysian Inland Revenue Board published its guidelines on tax treatment in relation to income which is received from abroad. The objective of the guideline is to explain the tax treatment of foreign income received in
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Belgium declares filing and prefiling requests for FY 2023
On 30 September 2022, the Belgian Ruling Commission announced filing and prefiling requests related to the innovation income deduction and transfer pricing. According to the announcement, all prefiling requests related to corporate income tax
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Lithuania: MoF announces reduced interest rate on deferred tax payment
On 27 September 2022, the Lithuanian Ministry of Finance (MoF) published the Order No.1K-325 providing a reduced interest rate on deferred payment (tax loan agreements) of taxes and fines for administrative offenses. Usually, it is equal to 0.01%
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Puerto Rico extends tax returns and payment deadline due to Hurricane Fiona
On 27 September 2022, the Puerto Rico Treasury Department (PRTD) issued Administrative Determination No. 22-08 extending the due date for income tax returns and tax payments due to Hurricane Fiona. The PRTD extends the tax returns deadline until
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