Russia suspends DTAs with 38 unfriendly countries
The Russian Ministry of Foreign Affairs has declared to suspend application of double tax agreements (DTAs) with unfriendly 38 countries that have introduced unilateral economic restrictions against Russia. The potential repercussions entail
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Denmark implements temporary solidarity contribution on fossil fuel sector
Denmark has released Law No. 502 dated 16 May 2023 in the Official Gazette, which establishes the implementation of a temporary solidarity contribution targeting the fossil fuel sector, aligning with Council Regulation (EU) 2022/1854. The measure
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Bangladesh: Budget for FY 2023-24
On 1 June 2023, the Finance Minister, Mr. AHM Mustafa Kamal presented the budget in parliament for the fiscal year 2023-24, aiming to accelerate economic growth, promote social development, and address key challenges faced by the nation. The budget
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Nigeria: Tax measures in Finance Act 2023
On 28 May 2023, the immediate past President, Muhammadu Buhari signed the Finance Bill-2023 into law as Finance Act, 2023("the Act"). The act includes the following tax measures related to corporate taxation: "Digital assets" have been
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Netherlands introduces draft legislation to implement BEPS Pillar Two rule
On 31 May 2023, the Dutch Government submitted a draft legislation to the Parliament in order to incorporate the BEPS 2.0 – Pillar Two requirements into its domestic laws. This draft legislation follows the previously released draft proposal of 24
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France announces green industry bill with 15 key measures to secure European leadership
On 16 May 2023, as part of France's ambitions to become a leading green industry force in Europe, Finance Minister Bruno Le Maire unveiled the "Green Industry Bill." This comprehensive legislation includes a range of measures designed to propel
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Spain approves corporate income tax return form for tax year 2022
On 22 May 2023, Spain published an “Order HFP/523/2023 of 22 May 2023” in the Official Gazette, approving the forms and instructions for the corporate tax and Non-Resident Income Tax returns for periods starting between 1 January and 31 December
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Greece introduces new process for fossil fuel companies on temporary solidarity contribution return
On 8 June 2023, the Greek Public Revenue Authority (AADE) has recently issued Decision A. 1069, outlined the necessary procedures and return form for the temporary solidarity contribution imposed on fossil fuel companies. This move aligns with
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Saudi Arabia: ZATC issues a Circular on the taxation of PE in the context of DTA
On 17 May 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued Circular No. 2303001 regarding the taxation of Permanent Establishments (PEs) in the context of Double Taxation Agreements (DTA). The Circular serves to provide
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UAE clarifies interest deduction rules
On 23 May 2023, the United Arab Emirates (UAE) Ministry of Finance (MoF) published Decision No. 126 of 2023 on the general rules for limiting the deduction of interest for corporate tax purposes. To determine the deductible interest from taxable
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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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