Albania implements comprehensive income tax reform: major changes to corporate, individual, and withholding tax laws
On 2 May 2023, Law No. 29/2023 "On income tax" was published in Albania's official gazette, introducing significant changes to corporate income tax, individual income tax, and withholding tax. The new law will come into effect on 1 January 2024,
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Switzerland plans to introduce OECD BEPS Pillar Two minimum taxation rule
On 24 May 2023, the Swiss Federal Council made an announcement outlining the introduction of the OECD Pillar 2 global minimum tax. This implementation is now awaiting a referendum vote scheduled for 18 June 2023. If this is accepted, the Federal
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New Zealand introduces OECD pillar two GLoBE rules in Taxation Bill
On 18 May 2023, the Minister of Revenue, Mr. Hon David Parker introduced the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill into the parliament. The Bill contains the following key measures: OECD pillar two
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US: IRS publishes interest rates remain the same for the third quarter of 2023
On 22 May 2023, the U.S Internal Revenue Service announced that interest rates for overpaid and underpaid tax for the calendar quarter beginning 1 July 2023, which will remain unchanged from the second quarter. For individuals, the rate for
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France: Tax authorities issue guidelines on temporary solidarity contribution for energy sector
On 15 May 2023, the French tax authority issued comprehensive guidelines outlining the implementation of a temporary solidarity contribution aimed at certain companies operating in the fossil fuel sector. This contribution was introduced as part of
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Costa Rica: Legislative Assembly adopts a bill to introduce income tax law
On 18 May 2023, the Costa Rican National Legislative Assembly approved Bill No. 23760, which aims to introduce a new Income Tax Law. The bill proposes to repeal the existing corporate income tax law, Law No. 7092 of 1988. Instead, it suggests
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Venezuela increases tax unit value for 2023
On 8 May 2023, the National Integrated Service of Customs and Tax Administration (SENIAT) of Venezuela published Administrative Ruling SNAT/2023/000031 in the Official Gazette, which increases the value of tax units from VES 0.40 to VES 9.00 for the
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Ireland: Revenue provides guidance on foreign entity classification for Irish tax purposes
On 18 May 2023, the Irish Revenue issued eBrief No. 117/23 to provide guidance on classifying foreign entities for Irish tax purposes. Accordingly, Revenue provides Tax and Duty Manual (TDM) Part 35C-00-02 - Foreign Entity Classification For Irish
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UK: Statistics for Investments under the Enterprise Investment Scheme
On 17 May 2023 the UK government published statistics for the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR). These latest statistics show the amount of funds raised by
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Czech Republic launches public consultation to implement global minimum tax rules
On 15 May 2023, the Czech Ministry of Finance initiated a public consultation on a draft bill aimed at implementing the OECD's Pillar Two global minimum tax rules. This implementation is in accordance with the EU Minimum Tax Directive 2022/2523.
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Lithuania: Seimas Gazettes law on temporary solidarity contribution for banks
On 9 May 2023, Lithuania has enacted Law No. XIV-1936, published in the Official Gazette, introducing a temporary solidarity contribution on banks operating within the country. The law, which came into effect on 16 May 2023, aims to address the
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World Tax Brief: May 2023
Algeria Tax Compliance-Submission of returns: The Algerian Directorate General of Taxes (DGI) has declared the deadline for filing tax returns for 2022. Accordingly, the deadline for the 2022 tax return is extended to 31 May 2023. See the
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Sri Lanka: IRD releases guidelines for calculating income tax
On 9 May 2023, the Sri Lankan Inland Revenue Department (IRD) released Circular No: SEC/2023/E/03. This circular provides detailed guidelines for calculating income tax for the assessment year beginning on 1 April 2022. The circular takes into
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Russia enhances criteria for regional tax reduction on IP licensing income
Russia has recently enacted Federal Law No. 166-FZ on 28th April 2023, which brings changes to the provisions introduced in August 2021 regarding regional corporate tax rates for income derived from the licensing of intellectual property (IP) in
See MoreLithuania implements temporary windfall tax targeting credit institutions
The Lithuanian Parliament has introduced a legislation known as the "solidarity contribution" or windfall tax, which targets credit institutions in Lithuania that are part of the European Union (EU). This tax would be applicable to the excess
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IMF Report Makes Policy Recommendations for Germany
On 16 May 2023 the IMF published a report following discussions with Germany under Article IV of the IMF’s articles of agreement. German’s economy has been resilient despite the problems resulting from the Ukraine war and the reduction in
See MoreSri Lanka restricts deductions by cash payments
The Sri Lankan Inland Revenue Department (IRD) has recently released the Inland Revenue (Amendment) Act, No. 04 of 2023. This act was certified on 8 May 2023, has now been officially published in the Official Gazette on 12 May 2023. The IRD also
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Slovak Republic increases solidarity contribution rate on energy sector
On 22 March 2022, the Slovak Republic has published Law No. 124/2023, which brought about an amendment to the existing Law no. 519/2022 of 22 December 2022. This amendment pertains to the solidarity contribution imposed on oil companies and is based
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