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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Denmark proposes a temporary solidarity contribution to the fossil sector
On 22 March 2023, the government of Denmark has published a proposed bill introducing a solidarity contribution that purposes to tax on excess profits of companies in the crude oil, natural gas, coal and refinery sectors in line with the Council
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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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Canada: Tax measures in federal budget 2023
On 28 March 2023, Ms. Chrystia Freeland, the Deputy Prime Minister and Minister of Finance released Budget 2023. Canada’s economic growth was the strongest in the G7 over the last year, and today, 830,000 more Canadians are employed than before
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Malaysia: Parliament adopts finance bill 2023
On 3 April 2023, the Dewan Rakyat passed the Finance Bill 2023 with the following key amendments related to corporate tax measures. Effective from YA 2023, it has been proposed to reduce the preferential tax rate for MSMEs by two percentage
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Belgium enacts windfall profits tax on electricity producers
Belgium has implemented a temporary windfall tax on the excess income of electricity producers, aligning with Regulation (EU) 2022/1854 of 6 October 2022. The windfall tax applies to income exceeding EUR 130 per MWh at the rate of 100%, and for
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Ireland: Government releases public consultation implementing global minimum tax
On 31 March 2023, the Irish Department of Finance published a public consultation document 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
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China declares tax incentives for small businesses
On 24 March 2023, during an executive State Council meeting led by Premier Li Qiang, the State Council of China made an important announcement regarding the extension of supportive tax and fee policies. This includes the highly anticipated renewal
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Japan enacts tax reform bill to align with OECD BEPS 2.0 Pillar Two
On 28 March 2023, Japan enacted its tax reform bill 2023 shortly after it passed in the Japanese Diet. The bill incorporated laws to implement the international tax reform in alignment with the OECD BEPS 2.0 Pillar Two initiative, based on the model
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Finland: President signs the law on windfall taxes in electricity and fossil fuel companies
On 23 March 2023, Finnish President signed a law introducing temporary excess profit taxes on electricity and fossil fuel companies. The temporary taxes generally apply for the tax year 2023. Under the law, an additional 30 % profit tax will be
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Vietnam sign MAAC for implement Pillar Two global minimum tax
On 22 March 2023, Vietnam signed the Convention on Multilateral Administrative Assistance in Tax Matters (MAAC) to apply international cooperation for tax administration, prevent tax evasion and avoidance. With the inclusion of Vietnam, MAAC now
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Sweden proposes implementation of global minimum tax law
The Ministry of Finance has issued a memorandum containing suggestions and explanations to supplement the preliminary report on the implementation of the EU global minimum tax directive. On 7th February 2023, preliminary report was presented to the
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Lithuania proposes a temporary solidarity contribution on the banking sector
On 9 March 2023, the Finance Ministry of Lithonia declared a proposal for the introduction of a temporary solidarity contribution on the banking sector. According to the proposal the key features of the proposal include: The temporary
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Russia: Government decide to impose windfall tax on large companies
According to announcement from the Minister of Finance of Russia, an agreement has been reached by the Russian government to impose a windfall tax on big companies operating in Russia. A proposed tax on large company’s excess profits is set to be
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Bulgaria proposes windfall tax for all sectors
On 17 march 2023, the Ministry of Finance has released a proposal to impose a temporary solidarity contribution across all industries, which is now open for public discussion. Bulgaria has already implemented a solidarity contribution on the fossil
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Luxembourg proposes windfall tax on surplus revenue from electricity production
On 15 March 2023, the government of Luxembourg presented Bill 8175 to the Parliament to introduce a temporary windfall tax on surplus revenue from electricity production in accordance with EU Regulation 2022/1854. Electricity providers will be
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Italy introduces tax reform plans to reduce tax rates
On 16 March 2023, the Italian Council of Ministers declared tax reform plans, which involves a number of notable changes. The tax reform plans include the implementation of a lower corporate tax (IRES) rate of 15% for businesses that pledge to make
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US: Tax proposals under the budget for fiscal year 2024
On 9 March 2023, U.S. President Joe Biden released the Fiscal Year 2024 Budget introducing following tax proposal. Ensures Corporations Pay Their Fair Share: The Budget includes an increase to the rate that corporations pay in taxes on their
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