Spain releases forms for windfall tax on energy and banking sectors
On 2 February 2023, Spain published an Order HFP/94/2023 of 2 February 2023 approving four new forms for the windfall profits taxes on the energy and banking sectors. The tax was introduced by the “Law 38/2022” on 27 December 2022. According to
See More
Germany: Lower house of parliament adopts CbC exchange agreement with USA
On 9 February 2023, the German lower house of parliament (Bundestag) has approved a law to ratify the pending agreement with the USA on the exchange of CbC reports. The agreement was signed on 14 August 2020. The agreement will enter into force when
See More
Sweden: Ministry of Justice propose a bill implementing public CbC reporting
On 9 February 2023, the Swedish Ministry of Justice published a press release of proposal implementing the EU directive 2021/221 to disclose publicly certain information on a country-by-country (CbC) regarding multinational companies. According to
See More
Switzerland publishes safe harbor interest rates for 2023
The Swiss Federal Tax Administration (SFTA) recently released Circular Letter No. 203 and Circular Letter No. 204 on 7 and 8 February 2023, respectively. These circulars provide safe harbor interest rates for intercompany loans and advances in Swiss
See More
Puerto Rico: Governor proposes tax relief for individuals and corporations
On 6 February 2023, Mr. Pedro Pierluisi, Governor of Puerto Rico unveiled a set of proposals aimed at enhancing and streamlining Puerto Rico's tax system. The proposals include reducing the tax burden for individuals and corporations by over $500
See More
UK: HMRC publishes guidance on ADR procedure
On 1 February 2023, UK HMRC published Alternative Dispute Resolution (ADR) Guidance with details of an alternative dispute resolution procedure. ADR in HMRC is a flexible process in which an impartial and neutral HMRC mediator actively assists
See More
Turkey extends tax compliance deadline for certain areas due to earthquakes
On 8 February 2023, the Turkish Revenue Administration announced an emergency tax measures for certain areas due to earthquakes. Accordingly, taxpayers located in Adana, Adiyaman, Diyarbakir, Gaziantep, Hatay, Kahramanmaras, Kilis, Malatya,
See More
IMF Report Considers the Economic Outlook for Malta
On 8 February 2023 the IMF issued a report following discussions with Malta under Article IV of the IMF’s articles of agreement. The economy has recovered from the recession caused by the pandemic with output growing by 11.75% in 2021. Further
See More
US: Tax court approves agreement resolving APA cancellation case
On 3 February 2023, the US Tax Court issued a rule approving an agreement between Eaton Corporation and the IRS to adjust Eaton's tax bill for 2005 and 2006 to USD 8.8 million. The proposal stems from lengthy litigation in both the Tax Court and
See More
IMF Report on the Economy of Nigeria
On 6 February 2023 the IMF published a report following consultations with Nigeria under Article IV of the IMF’s articles of agreement. Nigeria’s economy has recovered from the pandemic due to favourable oil prices and increased consumption.
See More
Romania enacts DAC7
On 31 January 2023, Romania published Ordinance No. 16/2023 in the Official Gazette, which transposes EU Council Directive No. 2021/514 (DAC7) into Romanian law to implement new rules on the exchange of information on income generated through
See More
Qatar amends income tax law
On 2 February 2023, Qatar published Law No.11 of 2022 amending several provisions of the Income Tax Law No. 24 of 2018 in the official Gazette. The effective date of the amendments is also 2 February 2023. The amendments are generally effective from
See More
Russia: MoF Clarifies Tax Incentives for IT Sector
On 1 February 2023, the Ministry of Finance (MoF) of Russia published a Guidance Letter 03-03-06/1/5102 clarifying the application of tax incentives in the IT sector, that reducing the corporate income tax rate and social security
See More
Pakistan presents Tax proposal for Budget 2023/24
On 6 February 2023, Pakistan's Federal Board of Revenue has issued a notice on income tax proposals for Budget 2023-24. The notice includes the following tax proposals: Taxation of real Income on progressive basis; Broadening of the tax base
See More
UK: Research on Taxpayer Experience of the Profit Diversion Compliance Facility
On 7 February 2023 HMRC published the results of research commissioned in order to understand taxpayers’ experience of the Profit Diversion Compliance Facility (PDCF) and Diverted Profits enquiry process. The research was conducted through
See More
Israel publishes a new CbC Notification form
The Israeli Tax Authority (ITA) has recently released a new Notification Form 1585 for the disclosure of information related to Country-by-country reporting (CbCR). This includes providing details on group revenues, identifying the Ultimate Parent
See More
Russia: MoF Clarifies Late Payment Interest in 2023
On 27 January 2023, the Ministry of Finance (MoF) of Russia published a Guidance Letter 03-02-07/126954 clarifying the late payment interest applicable in 2023 regarding unpaid taxes. Late payment interest will be applied based on the negative
See More
El Salvador: Ministry of Finance announces interest rate for late tax payments
On 1 February 2023, the El Salvador Ministry of Finance has released a notice on the applicable interest rates for late tax payments for the period from 1 February 2023 to 31 July 2023. This includes an annual interest rate of 6.35%, 60 days after
See More