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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Bulgaria approves law on temporary solidarity contribution to the fossil sector
On 6 December 2022, the National Assembly of Bulgaria approved a law regarding a temporary solidarity contribution of 33% on oil, gas and coal companies in line with the Council Regulation (EU) 2022/1854 on an emergency intervention to address high
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Slovakia approves windfall tax on electricity sector
On 6 December 2022, the Slovak parliament approved a law for the introduction of a windfall tax on electricity companies. The windfall tax applies the period from 1 December 2022 to 31 December 2024 with an installed capacity exceeding 0.9
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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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Portugal: Parliament approves budget for 2023
On 25 November 2022, the Portuguese parliament approved the Budget for 2023. This budget includes the following corporate tax measures: Changes in current tax loss carry forward rules for corporate income tax (CIT). Along with other things, tax
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Ireland proposes windfall profit tax in the energy sector
On 22 November, the Irish Minister for the Environment, Climate and Communications, Eamon Ryan announced measures to address windfall gains in the energy sector through the implementation of Council Regulation (EU) 2022/1854. Elevated wholesale
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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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Bulgaria proposes a temporary solidarity contribution to the fossil sector
On 1 November 2022, the Government of Bulgaria submitted a draft bill to the Parliament regarding a temporary solidarity contribution of 33% on oil, gas and coal companies in line with the Council Regulation (EU) 2022/1854 of 6 October 2022 on an
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Zambia: MoF presents 2023 Budget
On 30 September 2022, the Minister of Finance (MoF) proposed the 2023 Budget to the National Assembly. The important tax measures of the budget include: Reduce the corporate income tax rate from 30% to 25% on income earned from value addition
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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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Colombia: Congress approved Tax Reform Bill in the first debate
On 6 October 2022, the Colombian Congress approved Tax Reform Bill in the first debate. The Bill was presented to Congress on 8 August 2022. After the final approval of the Bill, the changes will become effective as of 1 January 2023. The main tax
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Malaysia: Corporate tax proposals in budget 2023
On 7 October 2022, the Finance Minister, YB Senator Tengku Dato’ Sri Zafrul Tengku Abdul Aziz has announced the nation’s 2023 Budget. The budget includes the following tax proposals related to corporate taxation. Reduced the income tax rate
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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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Australia updates requirements for payments to foreign residents
On 8 September 2022, the Australian Taxation Office (ATO) published a notice in respect of obligations when making interest, dividend, or royalty payments to foreign residents. Taxpayers who have paid interest, dividends or royalties to a foreign
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Angola reduces WHT rate on services for nonresident legal entities
On 22 August 2022, Angola published Law no. 27/22 in the Official Gazette amending the Corporate Income Tax Code. Accordingly, the withholding tax (WHT) rate on services paid to non-residents has been reduced to 6.5% from 15%. The rate is effective
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US Inflation Reduction Act includes 15% corporate minimum tax on book income
On 16 August 2022, the President of the United States (US), Joe Biden, signed the Inflation Reduction Act (the Act) into law providing a 15% corporate alternative minimum tax (CAMT) based on book income. The Corporate Alternative Minimum Tax (CAMT)
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Colombia: New Government presents Tax Reform Bill to Congress
On 8 August 2022, the new Government of Colombia presented a Tax Reform Bill to Congress. Although the general income tax rate (35%) is not modified, the Bill includes changes in corporate income tax (CIT), and personal income tax. The main tax
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