BDO Corporate Tax News May 2022

BDO Corporate Tax News summarises recent tax developments of international interest across the world. 

In this issue:

• Australia: Budget 2022-23 measures affecting businesses
• Canada:
  • CRA position on income tax implications of cryptocurrency transactions
  • Highlights of 2022 budget measures affecting businesses
  • Details and impact of proposed interest deductibility rules
• Combodia: New law aims to attract investors
• Estonia: Agreement reached to postpone Estonia’s implementation of the global minimum tax
• European Union:
  • Draft directive aims to reduce bias that favours debt financing
  • EU Finance Ministers consider amended directive for implementation of Pillar Two, but no unanimous agreement
• Germany: Expanded reporting obligations for German entities affect ultimate beneficial owners
• Hong Kong: 2022/23 Budget includes measures to implement BEPS 2.0
• International: Corporate - tax bytes
• Italy: Implementing rules for the new super deduction released
• Kuwait: Income tax on Kuwait-registered branches of GCC banks proposed
• Luxembourg: Capital contribution without share issuance does not increase acquisition price for purposes of participation exemption
• OECD:
  • Pillar Two rules could have lasting impact on MNE groups
  • Impact of the OECD Pillar Two model rules on natural resource companies
• Singapore: 2022 Budget includes announcement on Pillar Two minimum effective tax rate
• Spain: Interaction of new minimum tax with Pillar Two and summary of White Paper on international tax
• Uganda: Definition of beneficial ownership may be expanded
• United Arab Emirates: Ministry of Finance launches public consultation on proposed corporate tax regime
• United States:
  • FY 2023 budget plan proposals affecting corporate businesses
  • Important cryptocurrency related proposals included in 2023 budget proposal
  • Tax treaty ratification moves forward

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