Slovak Republic increases solidarity contribution rate on energy sector
On 22 March 2022, the Slovak Republic has published Law No. 124/2023, which brought about an amendment to the existing Law no. 519/2022 of 22 December 2022. This amendment pertains to the solidarity contribution imposed on oil companies and is based
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IMF: Cooperative Use of Green Subsidies
An IMF blog published on 11 May 2023 noted that a coordinated approach should be applied to subsidies, if climate change is to be managed successfully. Subsidies are being used worldwide to support the green transition and they can be helpful
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Hungary releases decree amending provisions on windfall taxes on petroleum products
On 29 March 2023, the Hungarian Official Gazette published Government Decree No. 100/2023 amending the provisions on windfall taxes on petroleum products imports from Russia. Under the decree, a windfall tax has been introduced on the profits of
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Lithuania considers draft order for public CbC Reporting
The Lithuanian parliament (Seimas) is currently considering draft Order 23-4588, which aims to introduce public Country-by-Country (CbC) reporting obligations in line with Directive (EU) 2021/2101. The draft Order specifies the required content of
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Luxembourg: Parliament approves law to implement DAC7
On 3 May 2023, the Luxembourg Parliament approved law no. 8029 to implement new rules on the exchange of information on income generated through digital platforms (DAC7) in accordance with the Council Directive (EU) 2021/514 of 22 March 2021. The
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Belgium declares e-Filing services for CIT returns
On 28 April 2023, the Belgian Federal Public Service Finance made an official announcement regarding the launch of the Biztax e-service. This digital platform is aimed at facilitating the submission of corporate income tax (CIT) returns for the
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Luxembourg: Government submits draft bill on transfer pricing and general tax procedures
On 28 March 2023, the Luxembourg government submitted Bill No. 8186 to the Parliament. The bill includes changes in advance pricing arrangement (APA), mutual agreement procedure (MAP), compliance with transfer pricing documentation requirements, and
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Norway: MoF launches public consultation proposing to change interest limitation rules
On 12 April 2023, the Norwegian Ministry of Finance launched a public consultation providing a proposal to change the interest limitation rules, which generally limit the deduction of interest expenses for related parties that exceed 25% of EBITDA
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Denmark proposes a temporary solidarity contribution to the fossil sector
On 22 March 2023, the government of Denmark has published a proposed bill introducing a solidarity contribution that purposes to tax on excess profits of companies in the crude oil, natural gas, coal and refinery sectors in line with the Council
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Malta: CFR updates FAQs on DAC6
On 13 April 2023, the Maltese Commissioner for Revenue (CFR) updated “frequently asked questions” (FAQs) on the Mandatory Automatic Exchange of Information in relation to Cross-Border Arrangements (DAC6). Accordingly, the following questions
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Belgium enacts windfall profits tax on electricity producers
Belgium has implemented a temporary windfall tax on the excess income of electricity producers, aligning with Regulation (EU) 2022/1854 of 6 October 2022. The windfall tax applies to income exceeding EUR 130 per MWh at the rate of 100%, and for
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Ireland: Government releases public consultation implementing global minimum tax
On 31 March 2023, the Irish Department of Finance published a public consultation document on the transposition of the OECD Pillar Two global minimum tax rules in line with EU Council Directive 2022/2523 of 14 December 2022. The consultation period
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Italy enacts DAC7
On 25 March 2023, Italy published Legislative Decree No. 32/2023 in the Official Gazette for the implementation of EU Council Directive 2021/514 into domestic law on the mandatory automatic exchange of financial account information for digital
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Poland: MoF publishes guideline on transfer pricing method
On 24 March 2023, the Polish Ministry of Finance published guidance clarifying the application of the resale price method to determine the arm's length value of transactions between related parties. The guidance focuses on practical aspects of using
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US and Germany sign CAA regarding CbC exchange arrangement
On 24 March 2023, US and Germany signed a Competent Authority Agreement (CAA) to exchange country-by-country (CbC) reports. The Competent Authorities desire to conclude this Arrangement on the exchange of CbC Reports based on domestic reporting and
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Finland: President signs the law on windfall taxes in electricity and fossil fuel companies
On 23 March 2023, Finnish President signed a law introducing temporary excess profit taxes on electricity and fossil fuel companies. The temporary taxes generally apply for the tax year 2023. Under the law, an additional 30 % profit tax will be
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Poland releases decree extending CIT return deadline
On 21 March 2023, the Polish Ministry of Finance published a decree extending the deadline for filing corporate income tax returns (CIT) and the related payment. According to the decree, the obligation to pay corporate income tax and to file the
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Lithuania proposes a temporary solidarity contribution on the banking sector
On 9 March 2023, the Finance Ministry of Lithonia declared a proposal for the introduction of a temporary solidarity contribution on the banking sector. According to the proposal the key features of the proposal include: The temporary
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