Estonia: Parliament approves law to increase income tax rates
On 19 June 2023, the Estonian Parliament approved Income Tax Act and Defense Service Act Amendment Act 148 SE which increases both the personal income tax and corporate income tax rates by 2 percentage points to reach 22% from 20%. Also, the income
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Bahrain plans to introduce corporate income tax
On 24 May 2023, the Bahraini Minister of Finance and National Economy, Mr. Shaikh Salman bin Khalifa Al-Khalifa announced in the parliament that Bahrain is planning to introduce corporate income tax in line with OECD's Pillar Two global minimum tax
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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: FIRS issues an outcome statement on implementing pillar-2 global minimum tax
On 13 April 2023, the Nigerian Federal Inland Revenue Service (FIRS) has issued an outcome statement regarding a two-day workshop held (4th and 5th April) with the OECD to sensitize stakeholders on the Two-pillar Solution and how to maximize its
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Puerto Rico: Governor proposes tax relief for individuals and corporations
On 6 February 2023, Mr. Pedro Pierluisi, Governor of Puerto Rico unveiled a set of proposals aimed at enhancing and streamlining Puerto Rico's tax system. The proposals include reducing the tax burden for individuals and corporations by over $500
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Turkey returns to general corporate income tax rate of 20% from 2023
In Turkey, the general corporate income tax rate of 20% is applicable from 1 January 2023. The rate was temporarily increased to 25% for 2021 and 23% for 2022. However, the tax rate is 25% for banks and financial sectors, 19% for companies doing
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Denmark publishes updated tax rate tables
The Danish Ministry of Taxation has released a revised tax rate schedule for 2018-2023 which shows that the lowest and highest personal income tax rates for 2023 will maintain at 12.09% and 15.0% respectively, and the maximum tax rate, including
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Morocco enacts Finance Law 2023 for corporate tax reform
Morocco enacted Finance Law No. 50-22 for the Fiscal Year 2023 and it was published in the official Bulletin No. 7154 bis of 23 December 2022. The key tax measures are summarized as follows: Corporate tax rates The Finance Law 2023 has
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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
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