US: IRS grants penalty relief for corporate alternative minimum tax
On 7 June 2023, the Department of Treasury and the Internal Revenue Service issued Notice 2023-42, which will grant penalty relief for corporations that did not pay estimated tax in connection with the new corporate alternative minimum tax
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UK: Second Reading of Spring Finance Bill 2023
On 13 June 2023 the UK government published the Tax Information and Impact Notes for government amendments at the report stage of the Spring Finance Bill 2023. The Bill includes the following measures: Multinational Top-up tax: UK adoption of
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Canada releases consultation paper on reforming transfer pricing rules
On 6 June 2023, the Canadian Department of Finance issued a consultation paper on reforming and enhancing Transfer Pricing Rules. Budget 2021 announced the government’s intention to consult on Canada’s transfer pricing rules with a view of
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World Tax Brief: June 2023
Albania Liability to Tax: On 2 May 2023, the Law No. 29/2023 of 30 March 2023 (the new law) was published in the official gazette, effective on 1 January 2024. The new law will replace Law No. 8438 of 28 December 1998. The new law introduces
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France introduces strict measures to combat international tax fraud
On 5 May 2023, French Minister for public accounts unveils anti-fraud measures targeting international tax and customs activities. Key elements of these measures include lowering the annual turnover threshold that triggers the requirement for
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Kenya: KRA issues notice regarding the declaration of related party transactions
On 5 June 2023, the Kenya Revenue Authority (KRA) has issued a public notice regarding the declaration of related party transactions. Accordingly, taxpayers that the Income Tax - Company Return on the i-tax system has been enhanced to provide
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Malta: CFR notifies electronic corporate tax return for year of assessment 2023
On 8 June 2023, the Maltese Commissioner for Revenue (CFR) notified that the year of assessment 2023 electronic corporate income tax return is now available on online services. The supplemental document in case of a Fiscal Unit will be available for
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Norway: MoF issues public consultation paper implementing pillar two minimum tax
On 6 June 2023, the Norwegian Ministry of Finance published a consultation paper on the implementation of the minimum tax (Pillar Two GloBE Rules) in Norway. The draft legislation follows closely the OECD Model Rules and reflects the latest
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Ireland incorporates close company surcharge into corporation tax for preliminary tax calculation
On 7 June 2023, the Irish Revenue issued eBrief No. 139/23, which provides guidance regarding the incorporation of close company surcharges into the computation of corporation tax. Accordingly, Tax and Duty Manual Part 41A-07-02 - Payment of
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Mexico announces tax incentives for investment in Interoceanic Corridor’s development hubs
On 5 June 2023, the Government of Mexico announced a decree introducing tax incentives for companies that decide to invest in Interoceanic Corridor’s development hubs. The decree aims to promote economic development in the disadvantaged southeast
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OECD: Decarbonisation and Intergovernmental Fiscal Relations
On 6 June 2023 the OECD published a working paper with the title Decarbonisation and intergovernmental fiscal relations: Policy challenges and reform options by Luiz de Mello and Teresa Ter-Minassian. The study represents the latest in a series of
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Thailand approves reduced tax rate regime to counter global minimum tax rule effects
On 7 June 2023, the Board of Investment (BOI) of Thailand approved rules that introduces a reduced tax rate. The objective behind this regime is to address the repercussions of the implementation of the global minimum tax rule. Under this scheme,
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Hungary extends windfall taxes until the end of 2024
On 31 May 2023, Hungary released Government Decree 206/2023 in the Official Gazette amending Government Decree 197/2022 regarding temporary windfall taxes on additional profits. The decree includes extension of certain taxes until 2024 and making
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Spain transposes a bill into domestic law implementing DAC7
On 25 May 2023, an announcement was published in the Spanish Official State Gazette noting that a bill related to implement the EU directive on DAC7 has been enacted to transpose into domestic law. The bill aims to improve the existing tax
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Mongolia proposes to tax credit for electric power production
On 1 June 2023, the Mongolian government submitted a proposal to Parliament to amend the CIT law, providing a tax credit for thermal and electric power production sector. According to the proposal, companies engaged in manufacturing primary and
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Hong Kong: IRD revises application forms for certificate of resident status
On 8 June 2023, the Inland Revenue Department (IRD) issued an announcement, stating that it has revisited its approach to issuing the Hong Kong certificate of resident status. The Department has revisited its approach to the issuance of
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Netherlands presents global minimum tax bill to parliament
On 31 May 2023, the bill on the Minimum Profit Tax Act 2024 was presented to the Lower House of Parliament. The proposal ensures that multinational groups and domestic groups with an annual revenue of €750 million or more pay tax on their
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Russia suspends DTAs with 38 unfriendly countries
The Russian Ministry of Foreign Affairs has declared to suspend application of double tax agreements (DTAs) with unfriendly 38 countries that have introduced unilateral economic restrictions against Russia. The potential repercussions entail
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