Qatar: GTA extends tax return filing deadline for the FY 2022
On 22 March 2023, the General Tax Authority (GTA) of Qatar published Circular No. 2 of 2023, extending the deadline of income tax return filing and payment for entities with financial years ending on 31 December 2022. The new deadline is 31 May
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Bulgaria proposes windfall tax for all sectors
On 17 march 2023, the Ministry of Finance has released a proposal to impose a temporary solidarity contribution across all industries, which is now open for public discussion. Bulgaria has already implemented a solidarity contribution on the fossil
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Luxembourg proposes windfall tax on surplus revenue from electricity production
On 15 March 2023, the government of Luxembourg presented Bill 8175 to the Parliament to introduce a temporary windfall tax on surplus revenue from electricity production in accordance with EU Regulation 2022/1854. Electricity providers will be
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Australia releases exposure draft bill on new thin cap rules
On 16 March 2023, the Australian Treasury issued the Exposure Draft on the earnings before interest, taxes, depreciation, and amortization interest limitation rules (EBITDA). Consultation closes on 13 April 2023. The proposal to change the
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Turkey issues law on restructuring public receivables and amendment to certain laws
On 12 March 2023, Turkey issued Law No. 7440 on restructuring public receivables and amendment to certain laws. The Law has brought about an important change by introducing a one-time additional tax for specific corporate taxpayers who have utilized
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Italy introduces tax reform plans to reduce tax rates
On 16 March 2023, the Italian Council of Ministers declared tax reform plans, which involves a number of notable changes. The tax reform plans include the implementation of a lower corporate tax (IRES) rate of 15% for businesses that pledge to make
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Belarus updates guidance on the taxation of foreign organizations operating through a PE
On 10 March 2023, the Ministry of Taxes and Duties of Belarus issued Guidance Letter No. No.4-2-21/00759 to clarify the taxation of foreign organizations operating in the territory of the Republic of Belarus through permanent establishments (PEs).
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Spain: MoF releases public consultation implementing global minimum tax
On 6 March 2023, the Spanish Ministry of Finance published a public consultation document on the transposition of the EU Directive implementing Pillar Two global minimum tax rules (Council Directive 2022/2523 of 14 December 2022, “Minimum Tax
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South Africa announces ten-year extension of R&D tax incentive
On 22 February 2023, the Minister of Finance has announced the extension of the section 11D tax incentive for research and development (R&D) in South Africa for another 10 years, until 31 December 2033. This incentive allows companies to claim a
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Australia: ATO releases Reportable Tax Position Schedule 2023
On 10 Mar 2023, the Australian Taxation Office (ATO) has released the Reportable Tax Position (RTP) schedule for 2023. To determine whether a company needs to file an RTP schedule, they must conduct a self-assessment. Entities need to complete
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US: Tax proposals under the budget for fiscal year 2024
On 9 March 2023, U.S. President Joe Biden released the Fiscal Year 2024 Budget introducing following tax proposal. Ensures Corporations Pay Their Fair Share: The Budget includes an increase to the rate that corporations pay in taxes on their
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France issues ruling on withholding tax applicable to dividend equivalent payments
On 24 February 2023, the French tax authority released two rulings related to the levy of dividend withholding tax on payments to non-residents for financial transactions that are deemed to be equivalent to dividends. In the first ruling, it is
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World Tax Brief: March 2023
El Salvador Sanctions for non-compliance-Late payments of tax due: The Ministry of Finance of El Salvador has announced annual interest rate of 6.35% for late tax payments from 1 February 2023 to 31 July 2023. The interest rate will be
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Malta: CFR extends electronic filing deadline of CIT returns for 2023
On 8 March 2023, the Maltese Commissioner for Revenue (CFR) notified that the deadlines for the electronic filing of corporate income tax (CIT) have been extended as follows: Financial Year Ending Manual Return Deadline Electronic
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Cyprus: Cabinet approves financial incentives for energy saving investments
The Cypriot Ministry of Finance announced that the Cabinet has passed a bill amending the Income Tax Act, providing for an additional tax exemption in the form of a capital deduction for certain investments for Cypriot companies wishing to implement
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Finland plans to introduce mining tax from 2024
On March 3, 2023, the Finnish President signed the Mining Minerals Tax Act (HE 281/2022) introducing a new mining tax on minerals mined in Finland with effect from 1 January 2024. The procedural rules that will be applied to the taxation of mined
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Belgium: Finance Minister proposes first phase of tax reform
On 2 March 2023, Mr. Vincent Van Peteghem, the Belgian Deputy Prime Minister and Minister of Finance has declared the government's proposal for the first phase of major tax reforms. If adopted, the proposed measures will generally apply as from 1
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Thailand approves to incorporate global minimum tax rule
On 7 March 2023, the Thai Cabinet approved measures to incorporate global minimum tax regulations as part of the base erosion and profit shifting (BEPS) 2.0 Pillar Two rules issued by the OECD. The Investment Board of Thailand has recommended these
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