Malaysian Prime Minister and Minister of Finance Anwar Ibrahim re-presented Budget 2023 on 24 February 2023, with the three main focus areas being to drive an inclusive and sustainable economy, inspiring confidence with institutional and governance reforms, and facilitating social justice by reducing inequality. At MYR 388.1 billion (USD 87 billion), it is the largest expansionary budget in the country’s history.
On 10 May 2023 the Council of the European Union and European Parliament signed the regulation implementing the EU Carbon Border Adjustment Mechanism (CBAM). CBAM will enter into force twenty days after it is published in the Official Journal of the European Union.
On 31 March 2023, the Australian government released draft legislation and an explanatory memorandum regarding a new anti-avoidance measure, which prevents large multinational enterprises from claiming tax deductions for payments relating to intangibles “connected with low corporate tax jurisdictions.”
On 28 April 2023, the Dutch state secretary of finance published an updated version of the Dutch guidance on the mandatory disclosure regime on cross-border transactions, generally known as DAC 6. The slight amendments to the previous guidance are due to signals from the public and are intended to help tax practitioners and other intermediaries determine what transactions must be reported. In our view, the changes also intend to reduce the number of reported transactions that are clearly outside the scope of DAC 6. Furthermore, the updated version clarifies the Dutch government’s position on legal privilege in light of the 8 December 2022 judgment from the Court of the Justice of the EU.
As a general rule on customs valuation, there are certain types of costs that should be added to the customs value. But sometimes the costs cannot be determined at the time of import (or at the time of import declaration). Thus, in 2016 the Indonesian Minister of Finance (MOF) issued MOF Regulation No. 67/PMK.04/2016 on Voluntary Declaration of Customs Value for Import Duty Calculation (“MOF Regulation 67”), which introduced ways to declare and pay those costs in the form of a voluntary declaration and voluntary payment mechanism. To provide legal certainty and improve compliance in relation to the mechanism of voluntary declaration and voluntary payment of customs value, the MOF issued a new regulation on voluntary declaration and voluntary payment, i.e., MOF Regulation No. 201/PMK.04/2020 (“MOF Regulation 201”), which came into force on 16 February 2021, and revoked MOF Regulation 67.
Following the passing of a suite of legislations, sales tax at the rate of 10% will be imposed…
In April 2023, the IRS issued its Inflation Reduction Act Strategic Operating Plan, which describes how the IRS intends to use the additional USD 80 billion in funding for fiscal years 2023 through 2031 provided by the Inflation Reduction Act.
The Superintendent of the Venezuelan Tax Authority issued Administrative Ruling No. SNAT/2023/00005, which designates who may be designated as a special taxpayer, their obligations and other relevant aspects. The Ruling repealed Administrative Ruling No. SNAT/2007/06852 and entered in force on 15 March 2023.
A decree dated 3 February 2023 updated the French list of Non-Cooperative States and Territories within the meaning of article 238-0 A of the FTC: the Bahamas and the Turks and Caicos Islands have been added to the previous list (issued by the decree dated 2 March 2022).
The Tax Court of Appeal of Paris judges, in a dispute concerning the statute of limitations for tax collection, that the United States does not have a legal instrument on mutual assistance for tax collection that is “equivalent” to the one provided for by Council Directive 2010/24/EU of 16 March 2010. Such an interpretation of the tax treaty concluded between France and the US could have consequences on other tax regimes, and in particular on French exit tax.