OECD: Net Zero+: Climate and Resilience in a Changing World
On 16 May 2023 the OECD published Net Zero+: Climate and Economic Resilience in a Changing World, focusing on how to drive climate policy forward in the face of various global challenges. The paper looks at how to achieve net zero in a situation
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Switzerland plans to introduce OECD BEPS Pillar Two minimum taxation rule
On 24 May 2023, the Swiss Federal Council made an announcement outlining the introduction of the OECD Pillar 2 global minimum tax. This implementation is now awaiting a referendum vote scheduled for 18 June 2023. If this is accepted, the Federal
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New Zealand introduces OECD pillar two GLoBE rules in Taxation Bill
On 18 May 2023, the Minister of Revenue, Mr. Hon David Parker introduced the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill into the parliament. The Bill contains the following key measures: OECD pillar two
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Luxembourg gazettes law to implement DAC7
On 19 May 2023, Luxembourg published law no 8029 in the Official Gazette to implement new rules on the exchange of information on income generated through digital platforms (DAC7). The law is in accordance with the Council Directive (EU) 2021/514 of
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US: IRS publishes interest rates remain the same for the third quarter of 2023
On 22 May 2023, the U.S Internal Revenue Service announced that interest rates for overpaid and underpaid tax for the calendar quarter beginning 1 July 2023, which will remain unchanged from the second quarter. For individuals, the rate for
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IMF: International Organizations Launch Joint Subsidy Platform
On 25 May 2023 a new Joint Subsidy Platform was launched by the IMF, OECD, World Bank, and WTO. The platform at www.subsidydata.org aims to facilitate dialogue on subsidies by providing easier access to information on the nature and size of
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France: Tax authorities issue guidelines on temporary solidarity contribution for energy sector
On 15 May 2023, the French tax authority issued comprehensive guidelines outlining the implementation of a temporary solidarity contribution aimed at certain companies operating in the fossil fuel sector. This contribution was introduced as part of
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Costa Rica: Legislative Assembly adopts a bill to introduce income tax law
On 18 May 2023, the Costa Rican National Legislative Assembly approved Bill No. 23760, which aims to introduce a new Income Tax Law. The bill proposes to repeal the existing corporate income tax law, Law No. 7092 of 1988. Instead, it suggests
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Albania releases a law amending transfer pricing provisions
On 23 May 2023, Vietnam has deposited its instrument of approval for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS Convention). This move makes Vietnam the 81st jurisdiction to
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Venezuela increases tax unit value for 2023
On 8 May 2023, the National Integrated Service of Customs and Tax Administration (SENIAT) of Venezuela published Administrative Ruling SNAT/2023/000031 in the Official Gazette, which increases the value of tax units from VES 0.40 to VES 9.00 for the
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EU: European Commission Announces Proposals for Customs Reform
On 17 May 2023 the European Commission set out proposals for a reform of the EU Customs Union. The proposals are a response to the large increase in the volume of trade in recent years, the growth in e-commerce and the need to enforce EU trading
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IMF Report Assesses the UK Economy
On 23 May 2023 the IMF issued a report following consultations with the UK under Article IV of the IMF’s articles of agreement. The report notes that the UK economy is projected to maintain positive growth in 2023, avoiding a recession owing to
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Ireland: Revenue provides guidance on foreign entity classification for Irish tax purposes
On 18 May 2023, the Irish Revenue issued eBrief No. 117/23 to provide guidance on classifying foreign entities for Irish tax purposes. Accordingly, Revenue provides Tax and Duty Manual (TDM) Part 35C-00-02 - Foreign Entity Classification For Irish
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UK: Statistics for Investments under the Enterprise Investment Scheme
On 17 May 2023 the UK government published statistics for the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR). These latest statistics show the amount of funds raised by
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Czech Republic launches public consultation to implement global minimum tax rules
On 15 May 2023, the Czech Ministry of Finance initiated a public consultation on a draft bill aimed at implementing the OECD's Pillar Two global minimum tax rules. This implementation is in accordance with the EU Minimum Tax Directive 2022/2523.
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Lithuania: Seimas Gazettes law on temporary solidarity contribution for banks
On 9 May 2023, Lithuania has enacted Law No. XIV-1936, published in the Official Gazette, introducing a temporary solidarity contribution on banks operating within the country. The law, which came into effect on 16 May 2023, aims to address the
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World Tax Brief: May 2023
Algeria Tax Compliance-Submission of returns: The Algerian Directorate General of Taxes (DGI) has declared the deadline for filing tax returns for 2022. Accordingly, the deadline for the 2022 tax return is extended to 31 May 2023. See the
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IMF: Role of Fiscal Policy in Firm-level Digitalization
On 5 May 2023 the OECD published a working paper by Manabu Nose and Jiro Honda with the title Firm-level Digitalization and Resilience to Shocks: Role of Fiscal Policy. The study looked at the implications of digitalization for the economy,
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