Finland approves new tax support for R&D activities
On 29 December 2022, the Finnish Ministry of Finance has announced the approval of legislation regarding new tax support for research and development activities (R&D). The new incentive is combined deduction of a general additional deduction
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IMF Report Looks at the Economy of Kazakhstan
On 14 December 2022 the IMF issued a report following the conclusion of discussions with Kazakhstan under Article IV of the IMF’s articles of agreement. Kazakhstan’s real GDP growth is expected to decrease to 2.7% in 2022, down from 4.3% in
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Germany passed law for implementation of DAC7
On 16 December 2022, Germany passed the DAC7 to modernize tax procedural law. The new law amended Section 90 of the General Tax Code (GTC) and tightened the rules on transfer pricing documentation by allowing tax authorities to request transfer
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IMF Report Looks at the Economy of Tajikistan
On 23 December 2022 the IMF issued a report following the conclusion of discussions with Tajikistan under Article IV of the IMF’s articles of agreement. Tajikistan’s economy has continued to grow strongly in 2022, as a result of the broad
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Panama declares CbC Reporting deadline
On 30 December 2022, the Resolution 201-9507 was published in Official Gazette No. 29692-A, that extended the deadline for submitting the country-by-country (CbC) report for fiscal year 2021 to 15 January 2023. The CbC report must be submitted
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Italy enacts budget law for 2023
On 29 December 2022, Italy has published Budget Law No. 197 in official Gazette No.303 related to the State Budget for 2023 and the multi-year budget for 2023-2025. The provisions of the law generally entered into force on 1 January 2023. The
See MoreIMF Report Looks at Tax Reforms in Belgium
On 21 December 2022 the IMF issued a report following the conclusion of discussions with Belgium under Article IV of the IMF’s articles of agreement. Owing to the energy price increases, the federal and regional authorities are supporting to
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Spain adopts windfall taxes on banks and energy companies
On 27 December 2022, the Spanish government has issued the “Law 38/2022” which introduces the windfall profit taxes on the energy and banking sectors. Under this, large energy companies will be charged at the rate of 1.2% of net turnover derived
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Brazil issues new transfer pricing legislation to align with OECD transfer pricing guidelines
On 29 December 2022, the outgoing Brazilian President issued draft legislation MP 1.152 to align Brazil’s unique transfer pricing system with the OECD Transfer Pricing Guidelines. The news rule will be compulsory for 2024, for fiscal year 2023,
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Belgium enacts DAC7
On 30 December 2022, Belgium enacted a law for implementing into domestic legislation, the EU Directive imposing reporting and exchange of information requirements concerning the activities of certain digital platform operators situated both inside
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Finland publishes withholding tax rate for 2023
On 20 December 2022, the Finnish Tax Administration published the withholding tax rates table on dividends, investment fund profit shares and royalties from Finland to non-residents. The tax to be withheld at source, by countries of residence (of
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Costa Rica: Ministry of Finance issues decree setting the corporate tax brackets for 2023
On 23 December 2022, the Costa Rican Ministry of Finance published Executive Decree No.43852-H updating the individual and corporate income tax thresholds for 2023. Accordingly, companies whose gross income does not exceed the amount of
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Ireland: President signs the Finance Bill 2022 into Law
On 15 December 2022, Michael D. Higgins, the President of Ireland signed the Finance Bill 2022 into Law. The Finance Act contains new tax measures including changes in corporate income tax and transfer pricing related measures. The main tax measures
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Spain releases legislation to implement EU public CbC reporting directive
On 22 December 2022, the Spanish government published the legislation implementing the European Union (EU) Directive (2021/2201) on Public Country-by-Country (CbC) Reporting (CbCR). According to the EU Public CbCR Directive, both EU-based
See MoreIreland updates guidance on payment and receipt of interest and royalties without deduction of income tax
On 22 December 2022, the Irish Revenue published eBrief No. 221/22 on payment and receipt of interest and royalties without deduction of income tax. Accordingly, Tax and Duty Manual Part 08-03-06 - Payment and Receipt of Interest and Royalties
See MoreGermany introduces windfall profits tax for power sector
On 23 December 2022, Germany published the Law in the official gazette to introduce an electricity price break for purpose of change other energy law provisions. It provides for several electricity-related relief measures and the introduction of a
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Bulgaria gazettes text of MCAA for digital platforms income
On 16 December 2022, the Bulgarian official gazette published the text of the multilateral competent authority agreement on automatic exchange of information on income derived through digital platforms (DPI-MCAA). It was signed on 9 November
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Azerbaijan joins the inclusive framework on BEPS
On 16 December 2022, the Organization for Economic Cooperation and Development (OECD) announced that Azerbaijan joined the inclusive framework on Base Erosion and Profit Shifting (BEPS). Collaborating on an equal footing with all other members of
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