Irish revenue issued new guidance on interest limitation rules and foreign currencies
On 10 January 2024, the Irish Revenue released eBrief No. 014/24, which includes updated guidance (TDM 35D-01-01) related to the interest limitation rule (ILR). In accordance with Article 4 of ATAD, the ILR limits the interest deductibility of
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World Tax Brief: January 2023
Armenia Incentives-Industry/manufacturing: The Armenian parliament has approved a law for the extension of tax incentives for start-ups of information technology (IT) industry. The incentives include a 100% corporate income tax exemption and
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Hong Kong: IRD publishes updated guidance on foreign-sourced income exemption regime
On 23 December 2022, the Inland Revenue Department of Hong Kong has published updated guidance on the new Foreign-Sourced Income Exemption (FSIE) regime in the Official Gazette. The FSIE which is introduced by the Inland Revenue (Amendment)
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Singapore: IRAS releases guidance on tax treatment of gains or losses from the sale of foreign assets
On 8 December 2023, the Inland Revenue Authority of Singapore (IRAS) released an updated e-tax guide on the tax treatment of gains or losses from the sale of foreign assets under the recently introduced Section 10(L) of the Income Tax Act (ITA).
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Australia: ATO announces latest GIC and SIC rates
The Australian Taxation Office (ATO) has announced the latest general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the third quarter of the 2022-23 income year. The General Interest Charge (GIC) annual rate is 10.06%
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Taiwan extends the deadline for business tax payment for Q4 2022 and January 2023
On 4 January 2023, the Ministry of Finance of Taiwan issued a press release regarding the tax payment deadline for Q4 (4th quarter) and January 2023. Accordingly, the deadline has been extended to 22 February 2023. The Ministry of Finance reminds
See MoreIASB: Proposed Amendments to IAS 12 Arising from Pillar Two Rules
In January 2023 the International Accounting Standards Board (IASB) issued an Exposure Draft with proposed amendments to IAS 12 (Income Taxes). The amendments relate to tax and accounting implications of the implementation of the global minimum
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Dominican Republic: DGII extends exemptions for agricultural sector
On 5 January 2023, the Dominican Tax Authorities (DGII) published General Rule No. 01/2023 regarding temporary exemptions for the agriculture sector. The major benefits include following measure: Exemption from the requirement to pay income tax
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Romania introduces windfall profit tax on fossil fuel industry
On 29 December 2022, Romania published Ordinance No. 186/2022 in the Official Gazette. The ordinance enforces a windfall tax on surplus profits in the fossil fuel industry. This tax is based on the EU Council Regulation 2022/1854 and applies to
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Malaysia: IRBM issues public ruling on tax incentives for investments in R&D companies
On 29 December 2022, the Inland Revenue Board of Malaysia (IRBM) issued Public Ruling No. 12/2022 and Public Ruling No. 13/2022, on tax incentives for investments in R&D companies. The objective of this Public Ruling (PR) is to provide an
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Spain publishes a law containing tax measures for 2023
On 24 December 2022, Spain released “Law31/2022” in the official gazette, including some tax measures for the 2023 national budget. The tax rate for micro-enterprises whose net turnover in the immediately preceding tax period is less than EUR
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Colombia issues decree on the tax return and TP documentation deadline in 2023
On 16 December 2022, the Colombian Ministry of Finance Published Decree 2487 specifying the deadlines for filing and payment of the tax return (declaration) in 2023 and the deadline for transfer pricing (TP) documentation. Some of the key deadlines
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The Philippines publishes ease of paying taxes act in the official gazette
On 7 January 2024, the Philippines government published the Ease of Paying Taxes Act (Republic Act No. 11976) in the Official Gazette. The Act goes into effect on 22 January 2024. Earlier, Finance Secretary Benjamin E. Diokno welcomed the
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France publishes interest rate limits for shareholder loan
France has published interest rates for entities whose financial year (FY) ended between 31 December 2022 and 30 March 2023, which are used to determine the deductibility of interest payments to shareholders. If the interest payments exceed the
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Peru extends the due date for monthly tax obligations of December 2022
On 3 January 2023, the Peruvian tax authorities (SUNAT) issued Resolution No. 000001-2023/SUNAT in the Official Gazette extending the due date for monthly tax obligations of December 2022. Accordingly, SUNAT has extended the deadline to the
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Hungary: Government raises windfall tax on petroleum product producers
On 7 December 2022, Hungary published Decree 496/2022 increasing the tax rate for temporary windfall taxes. Accordingly, from 8 December 2022, oil companies will have to pay a special monthly tax rate of 95% (previously 40%) on the price difference
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India increases windfall tax on crude oil
On 2 January 2023, the Central Board of Indirect Tax and Customs (CBITC) of India has issued a Notification No. 01/2023 regarding the imposition of a Special Additional Excise Duty, known as the windfall tax, on domestic production of crude oil.
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Uruguay revises list of low tax countries
On 28 December 2022, the Uruguayan Tax Administration released Resolution No. 2470/022, which updated the list of low or no taxation countries or jurisdictions. On 29 December 2022, the Resolution was published in the Official Gazette and entered
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