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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South Africa introduces reduced income tax rates
On 16 January 2023, the National Treasury of South Africa published a media statement regarding the publication of the country's 2022 tax acts in the Official Gazette. Personal Income Tax Personal income tax rebate has been amended, i.e., a
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Sweden: MoF proposes temporary tax on electricity producers
The Swedish Ministry of Finance (Mof) has issued a proposal to impose a temporary tax (windfall tax) on the excessive earnings of electricity producers in accordance with EU Regulation 2022/1854. It would be levied at a rate of 90 % on incomes above
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Albania introduces windfall tax on electricity producers
On 18 January 2023, Albania gazettes Law 98/2022 regarding introduction of a temporary windfall tax on excess income of energy producers. This windfall tax is imposed at a rate 50% on excess income on the sale of electricity at a price above
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Lithuania introduces windfall tax on electricity companies
On 23 December 2022, Lithuania published Law XIV-1680 in the Official Gazette for implementing a windfall tax and solidarity contribution in accordance with EU Regulation 2022/1854. The law includes following measures: applying a 90% windfall
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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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Finland: Government proposes to impose windfall tax on electricity companies
On 29 December 2022, the Finnish government has published its law proposal (HE 320/2022 vp) for the introduction of windfall taxes on the profits of electricity and fossil fuel companies. Under the proposal, the tax would be 30 percent of the net
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Romania introduces windfall profit tax on fossil fuel industry
On 29 December 2022, Romania published Ordinance No. 186/2022 in the Official Gazette. The ordinance enforces a windfall tax on surplus profits in the fossil fuel industry. This tax is based on the EU Council Regulation 2022/1854 and applies to
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Spain publishes a law containing tax measures for 2023
On 24 December 2022, Spain released “Law31/2022” in the official gazette, including some tax measures for the 2023 national budget. The tax rate for micro-enterprises whose net turnover in the immediately preceding tax period is less than EUR
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Hungary: Government raises windfall tax on petroleum product producers
On 7 December 2022, Hungary published Decree 496/2022 increasing the tax rate for temporary windfall taxes. Accordingly, from 8 December 2022, oil companies will have to pay a special monthly tax rate of 95% (previously 40%) on the price difference
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India increases windfall tax on crude oil
On 2 January 2023, the Central Board of Indirect Tax and Customs (CBITC) of India has issued a Notification No. 01/2023 regarding the imposition of a Special Additional Excise Duty, known as the windfall tax, on domestic production of crude oil.
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Bulgaria introduces windfall profit tax on electricity industry
On 30 December 2022, Bulgaria introduced a law regarding windfall tax on electricity companies. The windfall tax applies the period from 1 December 2022 to 30 June 2024 with an installed capacity of more than 1 MWh in accordance with Council
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Uzbekistan: Tax Changes for 2023
It was reported on 5 January 2023 that the 2023 budget allocations have kept the basic tax rate of profit tax at 15%. The personal income tax rate remains 12%, and the property tax rate continues at 1.5%. The levels of tax collection and government
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Italy enacts budget law for 2023
On 29 December 2022, Italy has published Budget Law No. 197 in official Gazette No.303 related to the State Budget for 2023 and the multi-year budget for 2023-2025. The provisions of the law generally entered into force on 1 January 2023. The
See MoreSpain adopts windfall taxes on banks and energy companies
On 27 December 2022, the Spanish government has issued the “Law 38/2022” which introduces the windfall profit taxes on the energy and banking sectors. Under this, large energy companies will be charged at the rate of 1.2% of net turnover derived
See MoreFinland publishes withholding tax rate for 2023
On 20 December 2022, the Finnish Tax Administration published the withholding tax rates table on dividends, investment fund profit shares and royalties from Finland to non-residents. The tax to be withheld at source, by countries of residence (of
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