Mozambique: Government approves proposal for corporate income tax cut
On 30 December 2022, the Law No. 20/2022 amending the corporate income tax code was published in the official gazette. Under the law, the Corporate Income Tax (IRPC) rate for agricultural, livestock, aquaculture and transport activities has been
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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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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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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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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
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Spain 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
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Germany introduces windfall profits tax for power sector
On 23 December 2022, Germany published the Law in the official gazette to introduce an electricity price break for purpose of change other energy law provisions. It provides for several electricity-related relief measures and the introduction of a
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Colombia: Congress enacts tax reform law
On 13 December 2022, the Colombian Congress approved Law 2277 of 2022 (tax reform law) which contains changes in the current tax regime. The main tax measures of the Tax Reform Bill are as follows: Corporate Income Tax (CIT) Although 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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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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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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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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