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
See MoreBulgaria 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
See MoreColombia: 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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Belarus reduces tax rates for the High-Tech Park
Recently, Belarus reduced the tax rates on gross income for the companies’ residents of the High-Tech Park. The rate is reduced to 1% from 2%. On 7 April 2022, by the Resolution of the Council of Ministers No. 178, the rate was increased to 2%
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Belgium plans for tax cut
On 18 July 2022, Mr. Vincent Van Peteghem, the Finance Minister of Belgium declared plans for broad tax reforms. Some of the key reform measures include: Increasing the tax-exempt amount for individual income tax from EUR 9,270 to EUR 13,390,
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Pakistan presents the Budget for 2022/23
On 10 June 2022, the Finance Minister presented the Budget for 2022/23 to the National Parliament. The budget includes the following proposals: The corporate tax rate for banks will be increased from 35% to 45% for tax year 2023 onwards; the
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Bangladesh: Budget proposal for FY 2022-23
On 9 June 2022, Mr. AHM Mustafa Kamal, the Finance Minister of Bangladesh presented the national budget for fiscal year (FY) 2022-2023 in the parliament. The budget set the target for total revenue earnings for the fiscal year 2022-2023 has
See MoreTurkey enacts various amendments to the tax measures
On 15 April 2022, Turkey published Law No. 7394 in the Official Gazette containing various tax related measures including corporate tax rates, tax exemptions, and incentives. The main measure of the amendments are as follows: 25% corporate tax
See MoreIndia publishes Finance Act 2022
On 30 March 2022, the government published the Finance Act 2022 in the Official Gazette. The law implements the measures of the Union budget 2022-2023 presented in February 2022. The law includes the following corporate tax measures: A new
See MoreRussia extends the 0% CIT rate for cultural institutions
On 26 March 2022, Russia published Federal Law No. 68-FZ on Amendments to Articles 284 and 284-8 of Part Two of the Russian Tax Code. Under the amendments, the corporation tax rate of 0% applies retrospectively to 1 January 2022 for cultural and
See MoreTurkey: Government submits a draft bill to the Parliament
On 25 March 2022, the Turkish Government submitted a draft bill to the Parliament. The bill contains various tax related measures including corporate tax rates, tax exemptions, and incentives. The main measure of the bill are as
See MoreCanada: Public comments of draft tax Proposals for Certain Budget 2021
On 7 February 2022, the Department of Finance released for public comment a set of draft legislative proposals to implement previously announced and other tax measures. Specifically, the proposals would implement Budget 2021 measures to: Allow
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