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In Tax

Indonesia: Tax reform seeks alignment with international standards

by , and 1 Min Read

Indonesia has been in the headlines with its 2022 G-20 presidency from December 2021 through November 2022. During its presidency, Indonesia was supportive of international community tax initiatives such as carbon tax policies and the global minimum tax. Domestically, the Indonesian government introduced tax reforms to update its tax systems and align its tax policies with international standards. In an article published in Tax Notes International, Baker McKenzie’s Ria Muhariastuti and Harizka Rizal discuss the Indonesian government’s efforts to reform its tax policies to meet international standards.

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In Tax

Singapore Budget 2023: key tax updates

by , , and 3 Mins Read

Budget 2023 focuses on building a more resilient and innovative Singapore. As the country emerges from the Covid-19 pandemic, the nation now contends with inflationary pressures in the midst of global uncertainty. Budget 2023 seeks to provide support to businesses and households to weather the challenges ahead while ensuring that Singapore continues to uphold fiscal prudence.

In ESG

South Africa: ESG windfall with the expanded renewable energy tax incentive

by and 8 Mins Read

The introduction of an augmented and accelerated capital expenditure deduction for the cost of constructing renewable energy infrastructure in South Africa is a boon for companies that have not yet reached their Environmental, Social and Governance goals. It provides the opportunity to undertake reportable ESG initiatives and simultaneously enjoy a reduction in tax costs. Fully leveraging this opportunity will require a comprehensive understanding of the mechanics of amended incentives and the dynamics of ESG reporting.

In Tax

Malaysia: Budget 2023 – Updated Tax Highlights

by , and 2 Mins Read

On 24 February 2023, Malaysia’s Prime Minister and Minister of Finance, Dato’ Seri Anwar Ibrahim unveiled the Malaysian Budget 2023, themed “Building Malaysia Madani.” This is the first budget introduced by the new Unity Government, and at RM388.1 billion, it is the largest expansionary budget in the country’s history. The MADANI budget is a testament to the Government’s commitment to a reform agenda that aims to drive economic recovery, boost tax revenue, promote good governance, and provide care for the people.

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In Tax

Belgium: Beneficial ownership — impact on Belgian audit practices and litigation [Webinar]

by , and 2 Mins Read

Since the decisions of the European Court of Justice in the so-called “Danish cases”, passive income streams are being scrutinized more than ever across Europe. This is not different in Belgium, where we have seen a substantial increase in tax audits focusing on passive income streams where withholding tax is being claimed also in the framework of business-driven structures.

In Trade and Foreign Investment

European Union: all excise duty transactions in EU moved to fully electronic system

by and 2 Mins Read

A series of new rules were rolled out on 13 February 2023 which will make the taxation of alcohol, tobacco and energy products fully paperless across the EU. They are part of a wider expansion of the common excise duty provisions in the EU. The aim of this new standardized electronic system is to alleviate some of the rigorous procedures faced by energy suppliers and small producers of alcohol.

In Tax

International: The British Virgin Islands, Russia, Costa Rica and Marshall Islands added to EU blacklist

by , , and 5 Mins Read

In its efforts to continue to promote fair tax competition and address harmful tax practices, the European Council decided on 14 February 2023 to add the British Virgin Islands, Russia, Costa Rica and the Marshall Islands to the EU list of non-cooperative jurisdictions for tax purposes or “blacklist”. Now is the time for multinational enterprises and investment funds with subsidiaries or investors in these jurisdictions to consider the potential tax implications of this development on their structures.

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In Environment

Mexico: Ecological taxes in the State of Guanajuato effective fiscal year 2023

by , and 3 Mins Read

On 30 November 2022, Legislative Decree Number 111 was published in the Official Gazette of the Government of the State of Guanajuato.
The Decree, which came into effect 1 January 2023, added “Ecological Taxes for Environmental Remediation,” to the Finance Law for the State of Guanajuato under Chapter Eight, Title Two and established three ecological taxes

In Tax

International: Pillar Two – OECD Inclusive Framework releases Administrative Guidance on the GloBE Rules

by , , and 1 Min Read

On 2 February 2023, the OECD/G20 Inclusive Framework on BEPS released technical guidance to assist governments in the local implementation of the Global Anti-Base Erosion Model Rules (“GloBE Rules”). This should help governments to correctly apply the GloBE Rules to large Multinational Enterprises from the start of 2024. Moreover, it aims to ensure a coordinated and harmonized implementation of the GloBE Rules. The Administrative Guidance takes the form of a modification to the original version of the Commentary that was issued in March 2022.

In Environment

European Union: Green deal industrial plan for the net-zero age

by , and 6 Mins Read

On 1 February 2023, the European Commission released its communication on a “Green Deal Industrial Plan for the Net-Zero Age”. This Communication outlines the actions that the Commission intends to take to stimulate investment in the “net-zero industry” within the EU. The Communication is a response to recent increases in state support outside the EU, most notably the United States Inflation Reduction Act.

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