Pakistan: FBR further extends the date of filing income tax returns
On 30 November 2022, the Federal Board of Revenue (FBR) issued Circular No. 18 of 2022 extending the date of filing income tax returns again for the tax year 2022. Accordingly, the FBR is pleased to communicate that the date of filing of Income Tax
See More
Greece: Parliament adopts a draft bill to update code of tax procedure
On 27 October 2022, the parliament of Greece adopted a tax law ratification bill for consideration. The bill includes the following measures: Includes definitions; Establishment of regulatory procedures for tax declaration and payment;
See More
Portugal: Budget proposal for 2023
On 10 October 2022, the government of Portugal proposed a draft budget bill for 2023 to the assembly. This budget includes the following corporate tax measures: Introduce a new crypto-asset tax system for the taxation of transactions associated
See More
Turkey exempts CIT from income on certain TRY deposit accounts
On 27 October 2022, Turkey published Presidential Decision No. 6297 in Official Gazette. Accordingly, Turkey provides an exemption from corporate income tax (CIT) for income derived from Turkish lira (TRY) deposit and participation accounts
See More
Hong Kong: IRD gazettes taxation on specified foreign-sourced Income bill 2022
The Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022 (the Amendment Bill) was gazetted on 28 October 2022 and was introduced into the Legislative Council on 2 November 2022 to provide a new framework for Hong
See More
Greece: AADE extends annual certificate of the tax compliance deadline
On 21 October 2022, the Greek Public Revenue Authority (AADE) published Decision A. 1141 on the official website regarding the filing deadline for the annual certificate of tax compliance issued by certified accountants and auditing companies. AADE
See More
Ireland: Government publishes Finance Bill 2022
On 20 Oct 2022, Ireland’s Minister for Finance Paschal Donohoe published the Finance Bill 2022 as part of the Irish budget. The Finance Bill contains new tax measures that were not included in the budget presented in September 2022. The main tax
See More
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
See More
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
See More
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
See More
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
See More
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
See More
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
See More
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
See More
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
See More
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
See More
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
See More
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
See More