South Korea approves budget for 2023
On 23 December 2022, South Korea’s National Assembly approved the budget for 2023 including the tax reform proposal for 2023. Accordingly, South Korea changes the existing tax-related measures including transfer pricing measures. The key tax
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Belarus issues law on various tax amendment
On 4 January 2023, Belarus published Law No. 230-Z in the Official Gazette amending various tax measures. The following are the key amendments to the tax code: From 1 January 2023, the deadline for submitting transfer pricing documentation to
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Costa Rica: Ministry of Finance issues decree setting the corporate tax brackets for 2023
On 23 December 2022, the Costa Rican Ministry of Finance published Executive Decree No.43852-H updating the individual and corporate income tax thresholds for 2023. Accordingly, companies whose gross income does not exceed the amount of
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Sri Lanka removes concessionary tax rates and several exemptions
On 19 December 2022, the Inland Revenue Department (IRD) has published the Inland Revenue (Amendment) Act No. 45 of 2022. The IRD has also issued notices to taxpayers regarding significant tax changes. The changes are effective from 1 January
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UAE publishes new corporate tax law
On 9 December 2022, the UAE Ministry of Finance (MoF) released the Federal Decree-Law No. 47 of 2022 on business taxation to enact a new Corporate Tax Law in the UAE. The new law has been supplemented with Frequently Asked Questions (FAQs). The
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Papua New Guinea: National treasury presents budget 2023 raising the CIT rate for banks
On 29 November 2022, the Papua New Guinean Department of Treasury has announced the 2023 National Budget to Parliament, containing increased tax rate for banks. Accordingly, the corporate tax rate on banking institutions will rise to 45 percent from
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Ghana: Tax measures of 2023 Budget
On 24 November 2022, Ghana’s Finance Minister read the 2023 Budget Statement and Economic Policy in Parliament. The 2023 Budget is focused on resetting economy and restoring macroeconomic stability. Accordingly, the Minister outlined the following
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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
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UK: Growth Plan to address high energy costs and inflation
On 23 September 2022 the UK government announced a series of measures aiming to boost economic growth. Corporation tax The planned rise in corporation tax is cancelled, so the rate of corporation tax will remain at 19%. The Annual
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Netherlands presents tax plan for 2023
On 20 September 2022, the Dutch Budget for 2023 was presented with the tax plan for 2023. The key tax measures of the tax plan for 2023 are following: Increasing in the lower corporate income tax rate from 15% to 19% and the 25.8% headline CIT
See MoreSouth Korea: MOEF announce tax reform plan for 2022
On 21 July 2022, South Korea’s Ministry of Economy and Finance (MOEF) announced the tax reform plans for 2022. The aim of this plan is to enhance corporate competitiveness, reinforcement of tax support for jobs and investment, support smooth
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Pakistan presents the Budget for 2022/23
On 10 June 2022, the Finance Minister presented the Budget for 2022/23 to the National Parliament. The budget includes the following proposals: The corporate tax rate for banks will be increased from 35% to 45% for tax year 2023 onwards; the
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South Korea: Government proposes to lower CIT rate to 22%
On 16 June 2022, South Korea's Government proposed to lower the corporate income tax (CIT) rate from 25% to 22% to stimulate corporate investment through the new economic policy direction. The carry forward loss system is also revised. In order to
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Bangladesh: Budget proposal for FY 2022-23
On 9 June 2022, Mr. AHM Mustafa Kamal, the Finance Minister of Bangladesh presented the national budget for fiscal year (FY) 2022-2023 in the parliament. The budget set the target for total revenue earnings for the fiscal year 2022-2023 has
See MoreCanada: Bill-19 receives its first reading to implement some measures of Budget 2022
On 28 April 2022, Bill C-19, introduced by the Deputy Prime Minister and Minister of Finance, was received its first reading for implementing some measures of Budget 2022. Some highlighting points are given below: Government banned foreign
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UAE: Consultation on introduction of new corporate income tax regime
On 28 April 2022, the UAE Ministry of Finance has released a consultation paper providing details of, and seeking input, on the new federal corporate income tax (CIT) system to be implemented in the UAE, effective for financial years commencing on
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Venezuela: Tax Administration increases the tax unit value
On 20 April 2022, the National Integrated Service of Customs and Tax Administration (SENIAT) of Venezuela published Administrative Ruling SNAT/2022/000023 in the Official Gazette, which increases the value of tax units from VES 0.02 to VES 0.40.
See MoreUS: Treasury Department releases tax proposals from Budget 2023
On 28 March 2022, the Treasury Department of United States published details of tax proposals in the administration’s budget recommendations for FY 2023 in the “GreenBook.” The Greenbook describes following tax measures related to corporate
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