IMF Report looks at the Economy of Brazil
On 31 July 2023 the IMF issued a report following talks with Brazil under Article IV of the IMF’s articles of agreement. Although economic growth in the first part of 2023 has been buoyed by strong agricultural output, manufacturing and
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Sri Lanka extends deadline for submitting quarterly AIT statements
On 26 July 2023, the Inland Revenue Department of Sri Lanka issued Circular No. SEC/2023/E/05, which extended the deadline for submitting quarterly advance income tax (AIT) statements. This extension applies to the reporting for the quarter ending
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UAE: MoF announces penalties for corporate tax violations
On 29 July 2023, the UAE Ministry of Finance (MoF) announced the issuance of Cabinet Decision No. (75) of 2023 regarding administrative penalties for violations related to the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and
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Slovak Republic introduces draft law on OECD Pillar 2 global minimum tax
The Slovak Republic Ministry of Finance has initiated a public consultation process to get feedback on a draft law aimed at implementing a 15 percent global minimum corporate tax rate. The objective of this legislative proposal is to align
See MoreUAE: MoF announces additional conditions for exemption of investment funds from tax
On 29 July 2023, the United Arab Emirates (UAE) Ministry of Finance (MoF) announced Cabinet Decision No. (81) of 2023, outlining additional conditions for Qualifying Investment Funds under the Federal Decree-Law No. (47) of 2022 on the Taxation of
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Ukraine: National Bank reduces interest rate from July 2023
On 27 July 2023, the National Bank of Ukraine decided to reduce its key policy rate from 25% to 22% per annum with effect from 28 July 2023. The interest rate has a tax effect on the late tax payment interest and penalties which is equal to 120% of
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UK: Capital Gains Tax Statistics for 2022
The update on statistics for capital gains tax (CGT) released on 3 August 2023 notes that record amounts of capital gains were reported in 2021/22 and record amounts of CGT were collected. The statistics are based on the self-assessment tax returns
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UAE: Ministry of Finance announces cabinet decision on new tax procedures law
On 29 July 2023, the United Arab Emirates (UAE) Ministry of Finance announced the issuance of Cabinet Decision No. (74) of 2023 on the Executive Regulation of Federal Decree-Law No. (28) of 2022 on Tax Procedures (New Tax Procedures Law). The
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OECD: Responses to Consultation on Toolkits for Transfer Pricing of Minerals
On 26 July 2023 the OECD published comments received in response to the consultation on two toolkits relating to transfer pricing for minerals. The first toolkit was designed to support developing countries in managing the transfer pricing
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Austria: Government plans to increase windfall tax on oil and gas companies
On 30 August 2023, the Austrian government announced a plan to tighten the windfall tax on oil and gas companies, in an effort to reduce their profits at a time of rising energy prices. The new tax will apply to profits that exceed a pre-crisis
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Pakistan: FBR issues circular on finance Act changes
On 26 July 2023, the Federal Board of Revenue in Pakistan (FBR) issued Circular No. 2 of 2023, providing an explanation of the income tax amendments introduced through the Finance Act of 2023. The circular elaborates on the following
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Saudi Arabia: GAZT extends tax penalty relief measures up to December 2023
On 25 July 2023, 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 for
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Ireland: Government releases second feedback statement implementing global minimum tax
On 27 July 2023, the Irish Government released second feedback statement on the transposition of the OECD Pillar Two global minimum tax rules in line with EU Council Directive 2022/2523 of 14 December 2022. The consultation period will run to close
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Vietnam publishes notice regarding entry into force for BEPS MLI
On 28 July 2023, Vietnam gazetted the “Notice No. 12/2023/TB-LPQT of 21 June 2023” regarding entry into force for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). The MLI will be entered into force on 1
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Papua New Guinea signs multilateral competent authority agreement on exchange of CbC reports
On 26 July 2023, the OECD published their updated list of signatories for the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbCR), showing that Papua New Guinea joined the agreement on 14 March
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Vietnam plans to implement OECD Global Minimum Tax Rules from 2024
On 26 July 2023, the government of Vietnam has declared that it will implement the global minimum tax rules under Pillar Two in Vietnam in 2024. The rules will include the introduction of a qualified domestic minimum top-up tax and the income
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Argentina: AFIP establishes exceptional corporate income tax advance payment
On 21 July 2023, the Argentine Tax Authority (AFIP) issued General Resolution No. 5391/2023 which outlines the implementation of an exceptional advance income tax payment requirement for specific companies in the year 2023. Companies meeting the
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Singapore updates list of jurisdictions under MCAA-CbC
On 20 July 2023, the Inland Revenue Authority of Singapore (IRAS) updated the list of jurisdictions participating under the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports. Aruba has been
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