UAE publishes new corporate tax law
On 9 December 2022, the UAE Ministry of Finance (MoF) released the Federal Decree-Law No. 47 of 2022 on business taxation to enact a new Corporate Tax Law in the UAE. The new law has been supplemented with Frequently Asked Questions (FAQs). The
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OECD: Tax certainty for Pillar Two rules
On 20 December 2022 the OECD issued a consultation document on providing tax certainty under the Pillar Two GloBE rules. Comments are invited from interested parties by 3 February 2023. The GloBE rules are to be enacted by each jurisdiction into
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Finland: Tax agency explains the tax changes for 2023
On 13 December 2022, the Finnish tax administration has released an explanation of tax changes for 2023. Some of them are legislative changes proposed by the Government but not yet debated in the parliament. The proposals related to corporate
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Armenia extends tax privilege for start-up IT companies
On 16 December 2022, the Armenian parliament adopted the relevant laws "On amendments and additions to the Law on State Support of the IT sphere" and "On Amendments to the Tax Code of the Republic of Armenia" for the extension of tax incentives for
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Italy declares statutory interest rate for 2023
Italy has published the Decree of 13 December 2022 in the Official Gazette, which sets 5%  statutory interest rate (previously 1.25%) with effect from 1 January 2023. The statutory interest rate will be used for interest payment in case of
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World Tax Brief: December 2022
Albania Treatment of losses-Carry forward: On 27 October 2022, the Albanian parliament is taking into account a draft bill, which proposed an amendment to the income tax law. The new bill extends the time period for loss carryover from 3
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Belgium introduces new tax rules
On 30 November 2022, new rules on various fiscal and financial provisions were published in the Belgian official Gazette. Starting from 1 January 2023, new rules will enter into force for Belgian companies or Belgian branches. The key tax measures
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Bulgaria approves law on temporary solidarity contribution to the fossil sector
On 6 December 2022, the National Assembly of Bulgaria approved a law regarding a temporary solidarity contribution of 33% on oil, gas and coal companies in line with the Council Regulation (EU) 2022/1854 on an emergency intervention to address high
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Ukraine clarifies about industrial parks tax incentives
On 9 December 2022, the State Tax Service (STS) of Ukraine issues a press release providing details about industrial parks tax incentives. Industrial Park tax incentives is regulated by the Law of Ukraine â„– 5018-VI as of 21 June 2012. Law
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Slovakia approves windfall tax on electricity sector
On 6 December 2022, the Slovak parliament approved a law for the introduction of a windfall tax on electricity companies. The windfall tax applies the period from 1 December 2022 to 31 December 2024 with an installed capacity exceeding 0.9
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Russia updates non cooperative Jurisdictions list for CFC purpose
On 5 December 2022, the Federal Tax Service of Russia published Order No. ED-7-17/987 in the Official Gazette which provides an update list of jurisdictions that do not have acceptable tax information exchange with Russia. The list applies in
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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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