Malaysia: Parliament adopts finance bill 2023
On 3 April 2023, the Dewan Rakyat passed the Finance Bill 2023 with the following key amendments related to corporate tax measures. Effective from YA 2023, it has been proposed to reduce the preferential tax rate for MSMEs by two percentage
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Belgium enacts windfall profits tax on electricity producers
Belgium has implemented a temporary windfall tax on the excess income of electricity producers, aligning with Regulation (EU) 2022/1854 of 6 October 2022. The windfall tax applies to income exceeding EUR 130 per MWh at the rate of 100%, and for
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Australia declares R&D tax incentive application deadline
On 4 April 2023, the Australian Taxation Office (ATO) announced the deadline for companies to apply for the R&D Tax Incentive for financial year 2021-22. If a company operates on a standard income year (1 July to 30 June), the statutory
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Ireland: Government releases public consultation implementing global minimum tax
On 31 March 2023, the Irish Department of Finance published a public consultation document on the transposition of the OECD Pillar Two global minimum tax rules in line with EU Council Directive 2022/2523 of 14 December 2022. The consultation period
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Singapore: IRAS updates e-Tax Guide on the general anti-avoidance provision and its application
On 31 Mar 2023, the Inland Revenue Authority of Singapore (IRAS) published the second edition of its e-Tax Guide concerning The General Anti-Avoidance Provision and its Application. The updated guide includes the following main purposes: First,
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China declares tax incentives for small businesses
On 24 March 2023, during an executive State Council meeting led by Premier Li Qiang, the State Council of China made an important announcement regarding the extension of supportive tax and fee policies. This includes the highly anticipated renewal
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Zambia: Ministry of Finance and National Planning extends tax amnesty period on interest and penalties
On 31 March 2023, the Minister of Finance and National Planning, Situmbeko Musotokwane, has declared an extension to the tax amnesty program which will exempt all penalties and interest on past due taxes. This extension will last for a period of 3
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UAE: Ministry of Finance declares small business tax relief measures
On 06 April 2023, the Ministry of Finance has issued Ministerial Decision No. 73 of 2023 on Small Business Relief for the purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax
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Kuwait: Ministry of Finance introduces sampling basis tax inspection process
On 2 April 223, the Kuwait Ministry of Finance published Ministerial Resolution No. 24 of 2023 in the Official Gazette introducing a new tax inspection process. At present, the Ministry of Finance has subjected each tax declaration filed by a
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Hong Kong: IRD issues profits tax, property tax and employer’s returns for 2022-23
On 3 April 2023, the Inland Revenue Department issued about 220 000 profits tax returns, 120 000 property tax returns and 310 000 employer's returns for the year of assessment 2022-23. About 2.4 million of tax returns for individuals will be issued
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Costa Rica extends filing deadline for inactive entities
On 29 March 2023, Costa Rica issued Resolution No. MH-DGT-RES-007-2023 providing an extension of filing annual informative return for inactive entities. Usually, inactive entities are required to file their informative return by 30 April of each
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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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