El Salvador Sanctions for non-compliance-Late payments of tax due: The Ministry of Finance of El Salvador has announced annual interest rate of 6.35% for late tax payments from 1 February 2023 to 31 July 2023. The interest rate will be increased to 10.35% after 60 days following the expiration of the due date for the tax obligation.
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Italy Tax Compliance-Submission of returns: The Italian tax authorities have released the latest withholding tax return form (Modello 770/2023) and instructions for the fiscal year 2022. Qualified withholding agents and intermediaries must submit the form electronically by 31st October 2023.
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Rates-Special tax rate: The Italian tax authorities have published Circular No. 4/E with clarifications on the temporary solidarity (windfall tax) contribution for the energy sector. It is calculated based on the proportion of excess profits compared to previous fiscal years.
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Jamaica Tax Compliance-Submission of returns: Jamaican tax authority reminded the taxpayers that the annual income tax filing deadline is 15 March 2023. The annual income tax return must be submitted electronically.
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Malta Business income taxation-Computation of taxable income: On 21 February 2023, Malta published Legal Notice 40 of 2023 in the Official Gazette amending the income tax group deduction rules. According to the amendments, the total allowable deductions that may be claimed shall not exceed EUR 1 million per group of companies.
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Mozambique Rates-Reduced rates: Mozambique has amended the Corporate Income Tax Code through Law 20/2022, which entered into force on 1 January 2023. The amendment introduces a reduction of the corporate tax rate from 32% to 10% for the agriculture, aquaculture and urban transportation sectors until 2025.
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Netherlands Sanctions for non-compliance-Late payments of tax due: The State Secretary for Finance has 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.
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North Macedonia Rates-Special tax rate: The government has presented a new proposal to the parliament for a temporary solidarity tax (windfall tax) on the fossil fuel industry. Companies with revenues of more than MKD 615 million in 2022 will be subject to such tax.
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Poland Tax Compliance-Submission of returns: The Polish Ministry of Finance has announced a proposal to extend the filing and payment deadline for corporate income tax returns by 3 months, until 30 June 2023. The government has said it is also considering extending CIT-8 forms this year to 30 June 2023 for both returns and payments.
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Puerto Rico Rates-National/Federal: On 6 February 2023, the Governor of Puerto Rico proposes progressive tax rates for corporate income tax. The proposal introduces corporate tax rates ranges from 17% to 33%.
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Qatar Rates-National/Federal: Qatar published Law No.11 of 2022 amending several provisions of the Income Tax Law No. 24 of 2018 in the official Gazette. The amendments bring Qatar’s corporate income tax regime in line with the recent international tax reforms, particularly the OECD’s BEPS Pillar 2 proposals.
Liability to Tax: The amendments outlined various types of income generated outside Qatar that will now be subject to income tax in Qatar. Additionally, Qatari projects that provide a range of services outside of Qatar will also be subject to income tax in Qatar.
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Singapore Rates-National/Federal: Singapore has announced its plans to implement Global Anti-Base Erosion (GloBE) rules under BEPS Pillar 2 and Domestic Top-up Tax (DTT) for large Multinational Enterprise (MNE) groups, effective from Fiscal years starting on or after 1 January 2025.
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Spain Rates-Special tax rate: Spain has published Order No. HFP/94/2023 of 2 February 2023 approving 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 law, large energy companies will be charged at the rate of 1.2% of net turnover derived from activity in Spain and Banks companies will be levied at the rate of 4.8% of net interest and commission fee income.
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Turkey Tax Compliance-Submission of returns: 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 taxpayers in the Sivas province of Gürün district. The Revenue Administration extends the tax returns and notification periods, and payment periods of taxes accrued on these returns and notifications.
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Rates-National/Federal: In Turkey, the general corporate income tax rate of 20% is applicable from 1 January 2023. The rate was temporarily increased to 25% for 2021 and 23% for 2022.
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US Tax Compliance-Mode for Filing: 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 to e-file beginning in 2024.
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Incentives: On 24 February 2023, the Internal Revenue Service announced that tax relief measures for disaster area taxpayers in California, Alabama and Georgia has been further extended to 16 October 2023. Previously, the deadline had been postponed to May 15 for these areas.
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