Uganda: Minister of Finance presents Budget for 2023/2024 to the Parliament
On June 15, 2023, the Ugandan Minister of Finance, Planning, and Economic Development, Mr. Â Matia Kasaija, presented the budget for financial year 2023/2024 to the Parliament. On that day, Income Tax (Amendment) Bill 2023 was also passed which was
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Russia: parliament approves draft law for excess profits tax
On 13 June 2023, a draft law has been introduced by Russia's State Duma to implement an excess profits tax on companies that earned an average revenue of over RUB 1 billion in the years 2021 and 2022. This tax will apply a 10% rate to the variance
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US: IRS issues guidance for the advanced manufacturing investment credit
On 14 June 2023, the Internal Revenue Service issued proposed regulations that provide guidance regarding the implementation of the elective payment provisions of the Advanced Manufacturing Investment Credit, established by the Creating Helpful
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Argentina: AFIP introduces new payment facility for outstanding tax on SMEs
On 17 May 2023, Argentine tax authority (AFIP) has published General Resolution No. 5361/2023 which introduce a new payment facility for outstanding tax, social security, and customs obligations due until 30 April 2023, containing related interest
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Brazil: President signs OECD-aligned transfer pricing rules
On 14 June 2023, the president Luiz Inácio Lula da Silva signed the Law No. 14,596 adopting Provisional Measure No. 1,152, which enacts significant changes to the Brazilian transfer pricing system that is aligned with the guidelines provided by the
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Chile extends deadline for transfer pricing returns
On 20 June 2023, the Chilean tax authority (SII) issued Resolution No. 70 that provides an extension of three months to taxpayers who were required to submit their transfer pricing returns between 1 July 2023 and 30 September 2023. The extension
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Tanzania: Finance Minister presents Budget for 2023/24 to the Parliament
On 15 June 2023, the Finance Minister presents the Budget for 2023/24 to the Parliament providing a comprehensive overview of the tax and associated measures, as well as the suggested priorities and changes for various sectors. The main tax
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Estonia: Parliament approves law to increase income tax rates
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
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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Luxembourg clarifies registration and declaration requirements for platform operators under DAC7
On 12 June 2023, the Luxembourg Tax Authority clarified registration and declaration requirements for platform operators for the exchange of information on income generated through digital platforms (DAC7). Platform operators must register with
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UK: Consultation on Changes to Transfer Pricing Rules
On 19 June 2023 the UK government launched a consultation on potential reforms to the UK legislation on transfer pricing, permanent establishments, and diverted profits tax. Transfer Pricing - provision Currently section 147 TIOPA refers to a
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Bahrain plans to introduce corporate income tax
On 24 May 2023, the Bahraini Minister of Finance and National Economy, Mr. Shaikh Salman bin Khalifa Al-Khalifa announced in the parliament that Bahrain is planning to introduce corporate income tax in line with OECD's Pillar Two global minimum tax
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US: Connecticut extends corporate surcharge under the budget bill 2024
On 12 June 2023, Connecticut Governor Ned Lamont of USA signed the budget bill (H.B. 6941) which includes an extension of the corporation business tax (CBT) surcharge for three years. The surcharge, set at a rate of 10%, applies to companies with
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Slovenia adapts tax procedures Act to implement DAC7 regulations
Slovenia has recently introduced amendments to its tax procedures Act in order to implement the provisions of DAC7 (Council Directive EU/2021/514). This directive, adopted on 22 March 2021, seeks to enhance the exchange of information regarding
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Switzerland approves global minimum tax rules
Switzerland has achieved a major milestone in the adoption of the global minimum tax and the Base Erosion and Profit Shifting (BEPS) 2.0 Project. This important development occurred when a constitutional amendment was successfully passed through a
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Luxembourg: Tax Authority publishes guidance on reverse hybrid rules
On 9 June 2023, the Luxembourg Tax Authority published Circular L.I.R. n° 168quater providing guidance on reverse hybrid mismatch regulations. The Circular aims to provide further clarity on various aspects, including the tax classification of
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UK: HMRC publishes draft guidance on global minimum tax rules
On 15 June 2023, the HMRC has published partial draft guidance on multinational top-up tax and domestic top-up tax, following their introduction in the Spring 2023 Finance Bill. Multinational top-up tax is a new tax on multinational enterprise
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Czech Republic proposes to introduce global minimum tax rule
The Ministry of Finance of the Czech Republic has released a proposed bill in accordance with EU directive on global minimum tax that outlines the implementation of the top-up tax for tax periods beginning on or after 31 December 2023. According to
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