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
See MoreFinland plans to introduce mining tax from 2024
On March 3, 2023, the Finnish President signed the Mining Minerals Tax Act (HE 281/2022) introducing a new mining tax on minerals mined in Finland with effect from 1 January 2024. The procedural rules that will be applied to the taxation of mined
See MoreBelgium: Finance Minister proposes first phase of tax reform
On 2 March 2023, Mr. Vincent Van Peteghem, the Belgian Deputy Prime Minister and Minister of Finance has declared the government's proposal for the first phase of major tax reforms. If adopted, the proposed measures will generally apply as from 1
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Thailand approves to incorporate global minimum tax rule
On 7 March 2023, the Thai Cabinet approved measures to incorporate global minimum tax regulations as part of the base erosion and profit shifting (BEPS) 2.0 Pillar Two rules issued by the OECD. The Investment Board of Thailand has recommended these
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Brazil publishes law reducing WHT rate on cross-border payments
On 28 February 2023, the government of Brazil has published Law no. 14,537, which reduces the withholding tax rates for cross-border payments related to travel to foreign individuals or entities residing or having their registered offices
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Sweden: Tax Agency Introduces temporary tax on extraordinary profits of electricity producers
The Swedish Tax Agency has declared an announcement that tax will be imposed on excessive profits of electricity producers from 1st March 2023 to 1st June 2023 for a limited time period. The recently implemented measure aligns with the
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