Austria: Government plans to increase windfall tax on oil and gas companies
On 30 August 2023, the Austrian government announced a plan to tighten the windfall tax on oil and gas companies, in an effort to reduce their profits at a time of rising energy prices. The new tax will apply to profits that exceed a pre-crisis
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Ireland: Government releases second feedback statement implementing global minimum tax
On 27 July 2023, the Irish Government released second feedback statement 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 will run to close
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Vietnam plans to implement OECD Global Minimum Tax Rules from 2024
On 26 July 2023, the government of Vietnam has declared that it will implement the global minimum tax rules under Pillar Two in Vietnam in 2024. The rules will include the introduction of a qualified domestic minimum top-up tax and the income
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North Macedonia: Government proposes amendments to the tax law
The government of North Macedonia has re-submitted the draft amendments to the parliament related to the corporate income tax law, value-added tax (VAT) law, and draft law windfall profits tax. The drafts were initially submitted last year. The key
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Hungary publishes decree amending extra-profit tax provisions for several industries
On 17 July 2023, Hungary published Government Decree 317/2023 in the Official Gazette amending Government Decree 197/2022 on temporary windfall taxes on additional profits. One of the most important changes is the extension of the windfall tax to
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Germany: MoF releases a revised draft bill on global minimum tax
On 10 July 2023, the German Ministry of Finance (MoF) released a revised draft bill, building on the initial discussion draft from 20 March 2023. significant changes include the introduction of a top-up tax compensation system within the minimum tax
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United Kingdom Enacts Finance Bill 2023
On 11 July 2023, the United Kingdom (UK) Finance (No.2) Act 2023 was enacted, that incorporates provisions to adopt the Organization for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) Pillar Two income inclusion
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France issues decree on temporary solidarity contribution for electricity producers
France has issued a decree outlining the guidelines for declaring and remitting the temporary solidarity contribution within the electricity production sector. The contribution is levied on electricity producers in France, with certain exceptions,
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Lithuania: Tax Authority clarifies calculations of temporary solidarity contribution to credit Institutions
On 30 June 2023, the tax Authority of Lithuania issued a supplementary clarification “on the calculation of the temporary solidarity contribution" and additionally provides an explanation regarding the law on the temporary solidarity
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Denmark initiates public consultation process for draft bill on implementing pillar two global minimum tax
On 23 June 2023, the Danish Ministry of Taxation introduced a draft bill for public review, with the objective of incorporating the EU minimum tax directive. The implementation process of the directive adheres to the guidelines set forth by the
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Pakistan: Government passes Finance Act 2023
On 26 June 2023, the government of Pakistan published the Finance Act 2023, which included changes to some of the measures that were proposed in the Budget announcement on 9 June 2023. Some notable changes, in addition to those outlined in the
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Ireland: Government to introduce temporary solidarity contribution to fossil fuel sector
On 23 June 2023, the Minister for the Environment, Climate and Communications, Mr. Eamon Ryan, announced the publication of the Energy (Windfall Gains in the Energy Sector) (Temporary Solidarity Contribution) Bill 2023. This Bill provides for a
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Russia: parliament approves draft law for excess profits tax
On 13 June 2023, a draft law has been introduced by Russia's State Duma to implement an excess profits tax on companies that earned an average revenue of over RUB 1 billion in the years 2021 and 2022. This tax will apply a 10% rate to the variance
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Switzerland approves global minimum tax rules
Switzerland has achieved a major milestone in the adoption of the global minimum tax and the Base Erosion and Profit Shifting (BEPS) 2.0 Project. This important development occurred when a constitutional amendment was successfully passed through a
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UK: HMRC publishes draft guidance on global minimum tax rules
On 15 June 2023, the HMRC has published partial draft guidance on multinational top-up tax and domestic top-up tax, following their introduction in the Spring 2023 Finance Bill. Multinational top-up tax is a new tax on multinational enterprise
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Czech Republic proposes to introduce global minimum tax rule
The Ministry of Finance of the Czech Republic has released a proposed bill in accordance with EU directive on global minimum tax that outlines the implementation of the top-up tax for tax periods beginning on or after 31 December 2023. According to
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Norway: MoF issues public consultation paper implementing pillar two minimum tax
On 6 June 2023, the Norwegian Ministry of Finance published a consultation paper on the implementation of the minimum tax (Pillar Two GloBE Rules) in Norway. The draft legislation follows closely the OECD Model Rules and reflects the latest
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Thailand approves reduced tax rate regime to counter global minimum tax rule effects
On 7 June 2023, the Board of Investment (BOI) of Thailand approved rules that introduces a reduced tax rate. The objective behind this regime is to address the repercussions of the implementation of the global minimum tax rule. Under this scheme,
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