UK: Tax Gap for 2021/22

27 June, 2023

On 22 June 2023 HMRC published details of the UK’s tax gap for 2021/22. The tax gap is a measure of the difference between the amount of tax that should have been collected by HMRC, and the amount that was actually paid. The tax that should be

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Estonia: Parliament approves law to increase income tax rates

22 June, 2023

On 19 June 2023, the Estonian Parliament approved Income Tax Act and Defense Service Act Amendment Act 148 SE which increases both the personal income tax and corporate income tax rates by 2 percentage points to reach 22% from 20%. Also, the income

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UK: HMRC Explains Delays on MTD for Income Tax

22 June, 2023

On 20 June 2023 the head of HMRC noted in a hearing before the Public Accounts Committee (PAC) in parliament that the complexity of Making Tax Digital (MTD) had been underestimated. As a result, there had been continual delays to MTD for income

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Bangladesh: Budget for FY 2023-24

02 June, 2023

On 1 June 2023, the Finance Minister, Mr. AHM Mustafa Kamal presented the budget in parliament for the fiscal year 2023-24, aiming to accelerate economic growth, promote social development, and address key challenges faced by the nation. The budget

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IMF Report Comments on Denmark’s Economy

14 May, 2023

On 12 May 2023 the IMF issued a report following consultations with Denmark under Article IV of the IMF’s articles of agreement. Denmark has made a strong recovery from the crisis caused by the pandemic, but growth is now more moderate due to

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UK: Consultation on HMRC’s Information and Data Gathering Powers

11 May, 2023

On 27 April 2023 the UK government published a consultation document with the title The Tax Administration Framework Review – Information and Data.  The government requested input on HMRC’s information and data-gathering powers, and how they

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Singapore publishes guidance on corporate income tax filing for 2023

10 May, 2023

The Inland Revenue Authority of Singapore (IRAS) has released comprehensive guidance for the corporate income tax filing season 2023. The guidance provides detailed instructions on various aspects of tax filing, ensuring taxpayers understand the

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UK: More Severe Penalties for Promoters of Tax Avoidance

07 May, 2023

On 27 April 2023 the UK issued a consultation document on more severe penalties for promoters of tax avoidance, inviting comments from interest parties by 22 June 2023. Criminal offence for failure to comply with a Stop Notice The document

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OECD: Taxing Wages 2023

01 May, 2023

On 25 April 2023 the OECD published Taxing Wages 2023, containing the latest annual analysis of tax rates on income from labour in the OECD. The analysis shows that the effective tax rates on labour income rose on average in the countries of the

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IMF: Working Paper on Tax Buoyancy

25 March, 2023

On 17 March 2023 the IMF published a working paper with the title: A Deep Dive into Tax Buoyancy: Comparing Estimation Techniques in a Large Heterogeneous Panel, by A. Cornevin, J. S. Corrales and J.P. Angel. The paper looks at new evidence relating

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IMF Report looks at Luxembourg’s Economy

12 March, 2023

On 10 March 2023 the IMF issued a report following consultations with Luxembourg under Article IV of the IMF’s articles of agreement. Luxembourg’s economy has recovered well from the pandemic despite the external challenges in 2022, although

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Colombia amends the tax return and payment deadline in 2023

01 March, 2023

On 15 February 2023, the Colombian Ministry of Finance published Decree 0219 amending the deadlines for filing and payment of the tax return (declaration) in 2023 for specific taxpayers. Some of the key deadlines for companies depend on the last

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Puerto Rico: Governor proposes tax relief for individuals and corporations

13 February, 2023

On 6 February 2023, Mr. Pedro Pierluisi, Governor of Puerto Rico unveiled a set of proposals aimed at enhancing and streamlining Puerto Rico's tax system. The proposals include reducing the tax burden for individuals and corporations by over $500

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UK: Statistics on Venture Capital Trusts

27 January, 2023

On 26 January 2023 the UK released statistics on Venture Capital Trust (VCT) tax relief for the year 2021/2022. By monitoring investments through the collection of relevant statistics the UK government can better assess the effectiveness of the

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Denmark publishes updated tax rate tables

27 January, 2023

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

24 January, 2023

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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UK Government Delays Introduction of Making Tax Digital for ITSA

09 January, 2023

On 19 December 2022 HMRC announced that the introduction of Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) is being delayed. The mandatory use of software for taxpayers on income tax self-assessment (self-employed individuals and

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UK: Policy Paper on Tax Implications of Hybrid and Distance Working

08 January, 2023

On 20 December 2022 the UK’s Office of Tax Simplification (OTS) issued a policy paper on the tax implications of hybrid and distance working. This follows a call for evidence earlier in 2022 and consideration of the comments received from

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