Saudi Arabia: ZATCA urges taxpayers to benefit from the exemption of fines initiative before May 31
On 2 May 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued a statement urging all taxpayers subject to tax laws to take advantage of the Cancellation of Fines and Exemption of Financial Penalties Initiative that is ending on 31
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Turkey issues law on restructuring public receivables and amendment to certain laws
On 12 March 2023, Turkey issued Law No. 7440 on restructuring public receivables and amendment to certain laws. The Law has brought about an important change by introducing a one-time additional tax for specific corporate taxpayers who have utilized
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Malaysia: PM presents the revised budget for 2023
On 24 February 2023, Anwar Ibrahim, the Prime Minister and Minister of Finance, presented the revised budget for 2023. The budget was first introduced on 7 October 2022, but Parliament dissolved shortly after that ahead of the November 2022
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Netherlands: Late payment interest rates for CIT and WHT remain unchanged
On 23 February 2023, the State Secretary for Finance issued a letter announcing that the interest rates for late payment of corporate income tax (CIT) and withholding tax (WHT) will remain unchanged at 8% after March 1, 2023. Additionally, the
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US: IRS publishes interest rates on overpaid and underpaid tax for Q2 of 2023
On 13 February 2023, the Internal Revenue Service announced the interest rates for the calendar quarter beginning April 1, 2023. The rate will remain same as first quarter. Here is a complete list of the new rates: 7% for overpayments (payments
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El Salvador: Ministry of Finance announces interest rate for late tax payments
On 1 February 2023, the El Salvador Ministry of Finance has released a notice on the applicable interest rates for late tax payments for the period from 1 February 2023 to 31 July 2023. This includes an annual interest rate of 6.35%, 60 days after
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South Africa: SARS updates interest rate tables
On 27 January 2023, the South African Revenue Service (SARS) has published updated interest rate tables . the interest rates tables are given below in three separate documents, numbered according to the following three categories: Table
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Kazakhstan: National Bank sets its base rate from January 2023
On 13 January 2023, the Monetary Policy Committee of the National Bank of the Republic of Kazakhstan made a decision to set the base rate 16.75% annually with the interest rate corridor of +/- 1.0 percentage points. The rate is used for computing
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Australia: ATO announces latest GIC and SIC rates
The Australian Taxation Office (ATO) has announced the latest general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the third quarter of the 2022-23 income year. The General Interest Charge (GIC) annual rate is 10.06%
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Italy declares statutory interest rate for 2023
Italy has published the Decree of 13 December 2022 in the Official Gazette, which sets 5% statutory interest rate (previously 1.25%) with effect from 1 January 2023. The statutory interest rate will be used for interest payment in case of
See MoreSaudi Arabia: GAZT extends tax penalty relief measures up to 31 May 2023
On 30 November 2022, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced the extension of tax penalty relief measures in response to the COVID-19 pandemic. Accordingly, the taxpayers can be exempted from fines and financial penalties
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US: IRS publishes interest rates on overpaid and underpaid tax for Q1 of 2023
On 29 November, the Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning January 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up
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Greece introduces simplifies tax refund procedure for legal entities
On 14 November 2022, the Greek Public Revenue Authority (AADE) published Decision A. 1160 in the Official Gazette regarding the simplified income tax refund procedures for legal entities. Accordingly, if entities file their corporate income tax
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Belgium: Parliament approves amendments on statute of limitations
On 10 November 2022, the Belgian parliament approved the law amending the statutes of limitations periods. The statute of limitations periods is set as follows: A standard 3-year statute of limitations where a return has been timely filed.
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UK: HMRC increases late payment interest rates
The UK HMRC has declared that, the Bank of England Monetary Policy Committee voted on 3 November 2022 to increase the Bank of England base rate to 3% from 2.25%. HMRC interest rates are linked to the Bank of England base rate. As a consequence
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France: Court decides the statute of limitations for recovery of taxes
Recently, the Administrative Court of Montreuil issued a decision regarding the statute of limitations for the recovery of tax claims following a collection notice. The statute of limitations for recovery is 4 years, although this may be extended by
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South Africa: SARS publishes updated interest rate tables
On 13 September 2022, the South African Revenue Service (SARS) issued updated interest rate tables. The South African Reserve Bank changed the “repo rate” on 22 September 2022, effective on 1 October 2022. The tables of interest rates are
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Lithuania: MoF announces reduced interest rate on deferred tax payment
On 27 September 2022, the Lithuanian Ministry of Finance (MoF) published the Order No.1K-325 providing a reduced interest rate on deferred payment (tax loan agreements) of taxes and fines for administrative offenses. Usually, it is equal to 0.01%
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