Italy: Council of Ministers approves decree to implement DAC7
On 23 February 2023, Italian Council of Ministers approved the legislative decree to implement new rules on the exchange of information on income generated through digital platforms (DAC7). DAC7 rules requires digital platform operators to
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Turkey extends tax compliance deadline for additional areas due to earthquakes
On 16 February 2023, the Turkish Revenue Administration further announced emergency tax measures for the taxpayers located in Elazig due to earthquakes. Moreover, the Revenue Administration announced the emergency tax measures on 21 Feb 2023 for the
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Singapore intends to implement BEPS GloBE rules from 2025
On 14 February 2023, Singapore announced in its Budget 2023 intending to implement Global Anti-Base Erosion (GloBE) rules under BEPS Pillar 2 and Domestic Top-up Tax (DTT) for large Multinational Enterprise (MNE) groups from businesses' financial
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Netherlands: Late payment interest rates for CIT and WHT remain unchanged
On 23 February 2023, the State Secretary for Finance issued a letter announcing that the interest rates for late payment of corporate income tax (CIT) and withholding tax (WHT) will remain unchanged at 8% after March 1, 2023. Additionally, the
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Italy: Tax authority clarify windfall tax for energy sector
On 23 February 2023, the Italian tax authorities have published Circular No. 4/E with clarifications on the temporary solidarity (windfall tax) contribution for the energy sector. The clarifications regarding the solidarity contribution includes
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US: IRS and Treasury issue final regulations on e-file for businesses
On 21 February 2023, the Department of the Treasury and the Internal Revenue Service issued final regulations T.D. 9972 amending the rules for filing returns and other documents electronically (e-file). These regulations will require certain filers
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Czech Republic revises Non-Cooperative jurisdictions list for CFC Rules
On 24 February 2023, the Czech Republic released Financial Bulletin No. 3/2023, that announced the non-cooperative jurisdictions list for the Czech Republic's controlled foreign company (CFC) regulations. The list has been updated in accordance with
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South Africa: Finance Minister delivers Budget 2023-2024 in parliament
On 22 February 2023, the South African Finance Minister presented the Budget 2023 in the parliament providing following tax proposals related to corporate taxation: Expansion of the renewable energy tax incentive: Under the expanded incentive,
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Cyprus: Tax department issues FAQs on new transfer pricing legislation
On 10 February 2023, the Cyprus Tax Department published a set of Frequently Asked Questions (FAQs) aiming to clarify certain provisions of the new transfer pricing rules approved in June 2022 with effect from 1 January 2022, including Local File
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Hong Kong: Tax measures proposed in 2023-24 Budget
On 22 February 2023, the Financial Secretary delivered the budget speech for 2023-24 proposing the following tax measures. The Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of
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Sweden sign MCAA to exchange information with respect to income earned on digital platforms
On 2 February 2023, Sweden signed the multilateral competent authority agreement on the automatic exchange of information on income derived through digital platforms, according to an update published by OECD on 15 February 2023. The DPI-MCAA has
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Malta: CFR extends DAC6 annual notification deadline for non-disclosing intermediaries
On 17 February 2023, the Maltese Commissioner for Revenue (CFR) notified that the deadline for annual notification of cross-border arrangements (DAC6) by non-disclosing intermediaries is being extended. Accordingly, non-disclosing intermediaries
See MoreUS: IRS publishes interest rates on overpaid and underpaid tax for Q2 of 2023
On 13 February 2023, the Internal Revenue Service announced the interest rates for the calendar quarter beginning April 1, 2023. The rate will remain same as first quarter. Here is a complete list of the new rates: 7% for overpayments (payments
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Turkey sets 0% withholding tax on share buyback
On 14 February 2023, Turkey published Decision No. 6791 in the Official Gazette, which sets 0% (reduced from 15%) withholding tax rate for fully liable capital companies acquiring their own shares or partnership shares (buyback shares). The Decision
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Finland: Tax agency issues guidance on application of OECD guidelines for domestic TP rules
On 8 February 2023, the Finnish tax administration issued guidance No.VH/5942/00.01.00/2022 on the application of OECD transfer pricing guidelines to domestic transfer pricing rules. The purpose of the guidance is also to summarize the effects of
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Poland: MoF extends the filing deadline for CIT to 30 June 2023
The Polish Ministry of Finance has announced a proposal to extend the filing and payment deadline for corporate income tax returns by three months, until 30 June 2023. Last year, due to the COVID-19 pandemic, the deadline for filing forms CIT-8,
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North Macedonia: Government proposes windfall profits tax on fossil fuel sector
The government has presented a new proposal to the parliament for a temporary solidarity tax (windfall tax) on the fossil fuel industry. Under this proposal, the following key elements have been outlined: Taxable Entities: Companies with
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World Tax Brief: February 2023
Albania Rates-Special tax rate: On 18 January 2023, Albania gazettes Law 98/2022 regarding introduction of a temporary windfall tax on energy producers. This windfall tax is imposed at a rate 50% on excess income on the sale of electricity at
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