IMF Report Suggests Tax Reforms for Kuwait
On 23 August 2023 the IMF issued a report following discussions with Kuwait under Article IV of the IMF’s articles of agreement. Kuwait’s economy has continued to recover with non-oil GDP growth estimated to be 3.4% in 2021, buoyed by a
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IMF: International Tax Spillovers and Tangible Investments
On 4 August 2023 an IMF working paper was published with the title International Tax Spillovers and Tangible Investments, with Implications for the Global Minimum Tax, authored by Michael Keen, Li Liu and Hayley Pallan. The paper assembles new data
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UN: Report of the Secretary General on Promoting Inclusive Tax Cooperation
An advance unedited report released by the UN Secretary General on 8 August 2023 considered the Promotion of inclusive and effective international tax cooperation at the United Nations. A final version of the report is to be released in time for the
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UK: HMRC announces new reporting regulations for digital platform operators (DAC7)
On 20 July 2023, the United Kingdom’s HMRC issued a policy paper outlining a comprehensive plan to establish reporting regulations for digital platform operators operating in the United Kingdom (UK). This initiative, which aligns with the OECD
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Ukraine ensures technical capacity for information exchange on CRS and CbCR
On 17 August 2023, Ukraine announced that the development of software for the State Tax Service of Ukraine has been completed, which will ensure the international automatic exchange of information under the Common Reporting Standard (CRS) and the
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Taiwan reminds profit-seeking enterprises to file annual income tax returns on time
On 15 August 2023, Taiwan’s National Taxation Bureau of the Central Area (The Taichung Branch), Ministry of Finance indicated that according to the Income Tax Act, where a profit-seeking enterprise fails to file an annual income tax return within
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Israel releases Guidance on MAP and APA procedures
On 17 August 2023, the Israel Tax Authority (ITA) released Tax Circular No. 1/2023, which provides guidance for mutual agreement procedure (MAP), and bilateral advance pricing agreement (APA) requests. The new circular replaces the guidance of
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Finland: MoF launches public consultation on draft bill to implement GloBe rules
On 15 August 2023, the Finnish Ministry of Finance initiated a consultation regarding Draft Bill No. VM036:00/2023, which aims to implement the Pillar 2 global minimum tax in alignment with Council Directive (EU) 2022/2523. This bill includes the
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Canada updates electronic filing requirements for business entities
On 16 August 2023, the Canada Revenue Agency (CRA) announced that businesses filing six or more information returns must file them electronically to avoid penalties. Recent legislation has amended mandatory electronic filing thresholds.
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Russia plans to implement windfall tax in 2024
On 7 August 2023, the President of the Russian Federation signed a law No. 414-FZ establishing a new federal tax of a one-time nature the excess profit tax. Taxation will apply to the surplus earnings of Russian companies, foreign entities
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Russia: CBR announce decision to increase the key interest rate
On 15 August 2023, the Central Bank of Russia (CBR) declared a significant increase in the key interest rate, raising it by 350 basis points from 8.5% to 12.00% annually. This decision was made to address the growing concerns related to price
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Canada releases revised draft DST Act for public comments
On 4 August 2023, the Department of Finance Canada published a revised draft of the Digital Services Tax (DST) Act for public consultation. These legislative proposals would implement the Digital Services Tax Act. The Act would impose a tax
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France updates list of exempted countries for CbC report local filing requirements
On 13 August 2023, Government published the Decree which amends the Order 6 July 2017 pursuant to II of Article 223 quinquies C of the General Tax Code. The new Decree updates the the list of country exemption from local filing Country-by-Country
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Indonesia: Income Tax of Benefits and In-kind
The new era of income tax treatment of benefits and in-kind in Indonesia is marked by the issuance Law of The Republic of Indonesia Number 7/2021 concerning Harmonization of Tax Regulations (HPP Law). Amendments to the Income Tax Law contained in
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World Tax Brief: August 2023
Albania Liability to Tax: Albania's Parliament approved Law no. 36/2023, to foster tech and innovation start-ups. The law supports "digital nomads" foreign professionals using technology provide their professional services on behalf of
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Australia: ATO consults on implementation of Global Minimum Tax rules
On 11 August 2023, the Australian Taxation Office (ATO) officially initiated targeted public consultation regarding the adoption of Pillar 2 global minimum tax rules. Consultation is being undertaken in a phased approach: Phase 1 with industry
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Paraguay upgrades transfer pricing documentation process
On 20 July 2023, the tax authority of Paraguay (SET) issued General Resolution No. 134 of 18 July 2023, that introduces an exceptional mechanism for the submission of the technical transfer pricing study (Estudio Técnico de Precios de Transferencia
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South Korea: MOEF announce tax reform proposal for 2023
On 27 July 2023, South Korea’s Ministry of Economy and Finance (MOEF) announced the tax reform proposal for 2023. The tax reform proposal includes changes in the Korean Pillar two global minimum tax rules and transfer pricing compliance
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