El Salvador adopts law for the promotion of technological manufacturing and innovation
On 4 May 2023, El Salvador published the Decree No.722 which enacts the law for the promotion of technological manufacturing and innovation. On 19 April 2023, the Legislative Assembly approved this law which grants tax benefits to companies
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IMF Report Comments on Denmark’s Economy
On 12 May 2023 the IMF issued a report following consultations with Denmark under Article IV of the IMF’s articles of agreement. Denmark has made a strong recovery from the crisis caused by the pandemic, but growth is now more moderate due to
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Russia plans windfall tax on large companies to tackle budget deficit
Russia's Ministry of Finance is reportedly finalizing a draft law to impose a windfall tax on large Russian companies, aiming to address the country's budget deficit and narrowing current account surplus. According to Finance Minister Anton
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IMF: Mining Revenues and Inclusive Development in Guinea
An IMF working paper on Mining Revenues and Inclusive Development in Guinea by A. Badel and R.F. Lyngaas was published on 29 April 2023. The working paper looked at the potential benefits from increasing the taxation of the foreign extractive
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Hungary releases decree amending provisions on windfall taxes on petroleum products
On 29 March 2023, the Hungarian Official Gazette published Government Decree No. 100/2023 amending the provisions on windfall taxes on petroleum products imports from Russia. Under the decree, a windfall tax has been introduced on the profits of
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OECD: Consultation Document on Transfer Pricing Issues for Bauxite
On 10 May 2023 the OECD published a consultation document with the title Determining the price of minerals: A Transfer Pricing Framework – Schedule A: Bauxite. This document follows on from the OECD’s toolkit outlining a transfer pricing
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OECD: Progress Report to G7 Finance Ministers on Tax Cooperation
On 11 May 2023 the OECD published a progress report on tax cooperation for the G7 Finance Ministers and central bank governors. A report on these issues had been produced in 2022 and the G7 Finance Ministers asked the OECD to continue its work on
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Australia: Federal Budget for FY 2023-24
On 9 May 2023, Mr. Jim Chalmers, the Australian Treasurer handed down Federal Budget for FY 2023-24, with some proposed changes to tax and superannuation laws. Many of the measures announced are subject to receiving royal assent and therefore not
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Panama: DGI declares penalties for late filing of withholding tax returns
On 17 April 2023, the Panamanian tax authority (DGI) released Resolution No. 201-3486, which introduced penalties for employers who do not submit their monthly withholding tax returns Form 03 for employment income (in Spanish, Planilla 03). The
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Bolivia grants extension for submitting corporate income tax reporting requirements
On 28 April 2022, the Bolivian National Tax Service published a Resolution No. 102300000014 extending the corporate income tax (IUE) reporting deadline for the tax year ending 31 December 2022 to 31 May 2023 for (i) financial statements; (ii) annual
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Peru extends income tax exemption for certain non-profit entities until 31 December 2026
On 22 April 2023, Peru issued Legislative Decree No. 1549 in the Official Gazette, which extends the income tax exemption provided by Article 19 of the Income Tax Act for certain non-profit entities. Accordingly, the income tax exemptions, which
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Saudi Arabia: ZATCA urges taxpayers to benefit from the exemption of fines initiative before May 31
On 2 May 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued a statement urging all taxpayers subject to tax laws to take advantage of the Cancellation of Fines and Exemption of Financial Penalties Initiative that is ending on 31
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UK: More Severe Penalties for Promoters of Tax Avoidance
On 27 April 2023 the UK issued a consultation document on more severe penalties for promoters of tax avoidance, inviting comments from interest parties by 22 June 2023. Criminal offence for failure to comply with a Stop Notice The document
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Australia declares small business energy incentive
The Australian Taxation Office (ATO) has declared small business energy incentive with an additional 20% deduction on eligible expenditures aimed at promoting electrification and enhancing energy efficiency. Eligible assets or upgrades will need
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Belgium declares e-Filing services for CIT returns
On 28 April 2023, the Belgian Federal Public Service Finance made an official announcement regarding the launch of the Biztax e-service. This digital platform is aimed at facilitating the submission of corporate income tax (CIT) returns for the
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Panama extends ‘Large Taxpayer’ definition
The Directorate General of Revenue (DGI) of Panama released Resolution No. 201-3346 on 13 April 2023. On 19 April 2023, this resolution has been published in Official Gazette No. 29764, and effective since that date. The resolution revises the
See MoreRussia: Government proposes to extend limitation for carry-forward of losses
On 24 April 2023, the Russian Government has submitted a draft bill to parliament proposing an extension of the current limit on the offset of carried forward losses. Currently, from 1 January 2017 to 31 December 2024, companies are only allowed to
See MoreEl Salvador: Parliament approves law for the promotion of technological manufacturing and innovation
On 19 April 2023, the Legislative Assembly approved a law for the Promotion of Technological Innovation and Manufacturing with 69 votes in favor. The new legal law offers tax benefits to individuals or organizations, both domestic and foreign,
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