Austria: Government plans to increase windfall tax on oil and gas companies
On 30 August 2023, the Austrian government announced a plan to tighten the windfall tax on oil and gas companies, in an effort to reduce their profits at a time of rising energy prices. The new tax will apply to profits that exceed a pre-crisis
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Saudi Arabia: GAZT extends tax penalty relief measures up to December 2023
On 25 July 2023, 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 for
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Ireland: Government releases second feedback statement implementing global minimum tax
On 27 July 2023, the Irish Government released second feedback statement on the transposition of the OECD Pillar Two global minimum tax rules in line with EU Council Directive 2022/2523 of 14 December 2022. The consultation period will run to close
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Vietnam plans to implement OECD Global Minimum Tax Rules from 2024
On 26 July 2023, the government of Vietnam has declared that it will implement the global minimum tax rules under Pillar Two in Vietnam in 2024. The rules will include the introduction of a qualified domestic minimum top-up tax and the income
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Argentina: AFIP establishes exceptional corporate income tax advance payment
On 21 July 2023, the Argentine Tax Authority (AFIP) issued General Resolution No. 5391/2023 which outlines the implementation of an exceptional advance income tax payment requirement for specific companies in the year 2023. Companies meeting the
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Egypt publishes income tax amendment law
On 15 June 2023, the Egyptian Tax Authority published Law No. 30 of 2023 in the Official Gazette amending some provisions of the Income Tax Law No. 91 of 2005. The Law entered into force on 16 June 2023. The key amendments to the Income Tax Law are
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North Macedonia: Government proposes amendments to the tax law
The government of North Macedonia has re-submitted the draft amendments to the parliament related to the corporate income tax law, value-added tax (VAT) law, and draft law windfall profits tax. The drafts were initially submitted last year. The key
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OECD: Revenue Statistics in Asia and the Pacific 2023
On 25 July 2023 the OECD issued Revenue Statistics in Asia and the Pacific 2023, setting out revenue data for the region from 2021. The latest edition of the annual publication includes data on tax revenues for 30 jurisdictions in the region and
See MoreOECD: Unleashing the Power of Automatic Exchange of Information
A report on developments by developing countries with the automatic exchange of information (AEOI) was prepared by the OECD’s Global Forum for the meeting of G20 finance ministers and central bank governors on 17 and 18 July 2023. The report with
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Hungary publishes decree amending extra-profit tax provisions for several industries
On 17 July 2023, Hungary published Government Decree 317/2023 in the Official Gazette amending Government Decree 197/2022 on temporary windfall taxes on additional profits. One of the most important changes is the extension of the windfall tax to
See MoreOECD: Facilitating the Use of Treaty Exchanged Information for Non-Tax Purposes
Sharing of treaty-exchanged information with relevant law enforcement agencies for non-tax purposes helps to combat illicit financial flows (IFFs), money laundering and corruption. Institutions often face operational challenges in implementing this
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Ireland: Revenue updates guidance on R&D tax credit
On 17 July 2023, the Irish Revenue issued eBrief No. 166/23 on research and development (R&D) corporation tax credit. Accordingly, Tax and Duty Manual Part 29-02-03 - Research and Development (R&D) Corporation Tax Credit - has
See MoreOECD: Subject to Tax Rule
On 17 July 2023 the OECD published details of the subject to tax rule (STTR) developed by the Inclusive Framework on BEPS as part of Pillar Two of the two-pillar proposals on international tax. The STTR gives jurisdictions the right to “tax
See MoreOECD: Template for GloBE Information Return
On 17 July 2023 the OECD published details of the contents of the GloBE information return (GIR) under Pillar Two. The GIR is designed to collect the information needed by the tax administration to arrive at an appropriate risk assessment and to
See MoreOECD: Outcome Statement on the Two Pillar Solution
On 11 July 2023 an Outcome Statement on the two-pillar international tax solution was approved by 138 member jurisdictions of the Inclusive Framework on base erosion and profit shifting. The Outcome Statement summarises the package of deliverables
See MoreOECD Report to the G20 Financial Ministers and Central Bank Governors
On 17 July 2023 the OECD published the report prepared for the meeting of G20 finance ministers and central bank governors held in India on 17 and 18 July 2023. Update on the Two-Pillar International Tax Solution The report noted that on 11
See MoreOECD: Consultation on Amount B of Pillar One
On 17 July 2023 the Inclusive Framework issued a consultation document asking for stakeholder input on Amount B under Pillar One. Comments are invited by 1 September 2023. Amount B applies to baseline marketing and distribution activities, which
See MoreOECD Tax Talk Outlines Progress on Two Pillar Proposals
An OECD Tax Talk held on 19 July 2023 summarised recent developments on the two-pillar international tax proposals. Pillar One – MLC The implementation of Pillar One will require a multilateral convention (MLC) to ensure that the
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