Two weeks to 5 August 2022
Welcome to our latest update on recent developments in international and treasury tax of interest to multinationals operating in the UK.
UK
UK publishes draft Pillar Two legislation
As reported previously, draft UK legislation was released on L-Day to introduce the OECD’s Pillar 2 model rules into UK law as part of Finance Bill 2022/23. This PwC Tax Insights expands upon the webpage article shared in our last edition.
Upcoming UK research & development tax credits changes
As reported previously, on 20 July 2022 the UK government released draft legislation on the proposed changes to the UK R&D regimes. This follows the UK Spring Statement announcements and last year's consultation on improving the R&D regimes with the aim of ensuring the incentives are appropriately targeted and globally competitive. Read more.
Case law update
- Euromoney - Upper Tribunal decision on main purpose
This case considers whether the main purpose (or one of the main purposes) of an arrangement was obtaining a tax advantage, such that the targeted anti-avoidance rule in s137(1) TGCA 1992 would deny relief. In addition to considering how ‘main’ is determined in this context, the Upper Tribunal (UT) also considered how the perimeters of an arrangement should be determined. The First Tier Tribunal (FTT) found that obtaining a tax advantage was one of Euromoney’s purposes for entering into the arrangement in question, but was not a main purpose. The UT, though disagreeing with the FTT on some points of detail, upheld the FTT's decision. See the full decision here. - BCM Cayman/Bluecrest - UT considers tax treatment of transactions involving a limited partnership and its partners
This case concerns a limited partnership (operating as an investment manager), which had one general partner and 51 limited partners, and the issues arising when three limited partners sought to sell a portion of their interest in the partnership. The taxpayers had appealed two aspects of the initial FTT decision, relating to the taxation of profit allocations and the deductibility of interest payments on funds borrowed to finance the purchase of partnership interests. Despite finding that the FTT made certain errors in law in drawing their conclusions, the UT nevertheless dismissed the taxpayers’ appeal on both points. See the decision here
GAAR Advisory Panel decides that recycling loans to participators through group companies is not abusive
The GAAR Advisory Panel published an opinion notice on 21 July 2022, regarding a transaction that involved the repayment of loans to a participator in one group company, using funds advanced to that participator by another group company, the purpose of which would appear to have been the avoidance of a liability to s455 tax for the first group company. In summary, the Panel decided that the arrangements were not abusive. However, it is important to note that the decision is very fact specific and the Panel stated that if the fact pattern had been subtly different, then they could have reached a different conclusion.
Treaty updates
- New UK-Luxembourg treaty - key impact on investment funds
As previously reported, the UK and Luxembourg signed a new double tax treaty and protocol on 7 June 2022, which is yet to be ratified and come into force. Our specialists set out the key impact of the changes for investment funds here.
Public Country by Country Reporting: What should businesses be doing to prepare?
The Organisation for Economic Co-operation and Development (OECD) adopted a form of CbCR as a high level risk assessment tool for tax administrations, as part of its project to strengthen international standards on Base Erosion and Profit Shifting (BEPS). It is applied in the UK to accounting periods commencing on or after 1 January 2016. Read more.
Talking Tax - July 2022 edition
Welcome to this month's Talking Tax, bringing you a range of views and insights from specialists across our business. Topics covered include: 1) Recent updates on Pillar 2 and Research and Development following the 20 July Legislation Day announcements; 2) Insights on managing the increasing skills and resourcing gaps resulting from the new ways of working; and 3) An update on HMRC's latest ‘Nudge’ campaign.
Consultation on restricting sovereign immunity from direct taxation
Sovereign Wealth Funds and foreign public pension funds are significant global institutional investors. Historically, exemptions from direct tax have been provided to them by many countries, including the UK, and continue to be so to varying degrees. The government is consulting on a proposal for how sovereign persons will be treated for direct tax purposes going forward, see here. The proposal is more restrictive than current practice, but the government sees it as a fair and proportionate restriction which will bring the UK more in line with the exemptions that other equivalent countries provide. The consultation closes on 12 September 2022.
Approved offshore reporting funds
HMRC has updated the list of approved offshore reporting funds to include the latest funds that have entered the Reporting Fund Regime. The list has been updated to include the funds that have entered as at 4 August 2022. View the updated list.
Companies House London office and counter services will not be re-opening
The Companies House London office and counter services in Belfast, Edinburgh and Cardiff, originally closed in response to the COVID pandemic, will not be re-opening (see here). Instead, service will continue to be available online. For guidance on how to use the online service, see these YouTube videos.
EU
European Commission proposal would address distortions caused by foreign subsidies
After a period of negotiations, the Council of the European Union and the European Parliament have reached political agreement on the text of a draft regulation on foreign subsidies. This draft regulation effectively seeks to extend the concept of state aid beyond the EU to any ‘subsidies’ granted by non-EU governments. Read more in our Tax Policy alert.
DEBRA - consultation responses
The European Commission’s consultation on its proposed EU Directive regarding a debt-equity bias reduction allowance (DEBRA) and a limitation of the tax deductibility of exceeding borrowing costs closed on 8 July.
- PwC responds to DEBRA request for feedback - you can read our response here.
- CFE tax advisors respond to DEBRA - read their response here.
Update on ESAP and a new ESG regulatory wave on the horizon
The EU is set to establish the European Single Access Point (ESAP) ESG database, as its flagship action plan. ESAP will contribute to the achievement of the objectives by providing EU-wide access to information activities and products of the various categories of entities that are required to disclose such information, which is relevant to capital markets, financial services and sustainable finance. Read more.
CFE Tax Advisers Europe
- Opinion Statement FC 6/2022 on the European Commission Proposal for a Council Directive on debt-equity bias reduction allowance (‘DEBRA Proposal’)
As reported above, CFE Tax Advisers Europe has issued an Opinion Statement on the European Commission Proposal for a Council Directive on debt-equity bias reduction allowance and on limiting the deductibility of interest for corporate income tax purposes (“DEBRA”). Read it here. - EU Tax Policy News Top 5
The latest round-up of EU Tax Policy news from the Confédération Fiscale Européenne (CFE). The latest edition from 25 July includes: 1) EU Commission Launches Public Consultation on Revision of the EU Customs Code; 2) UK Publishes Draft Legislation on Multinational Top Up Tax; 3) EU Commission July EU Law Infringement Package; 4) EESC Calls for Simplified Tax Rules on Cross-Border Teleworking; and 5) EU Tax Policy Report: Semester I – January to June 2022. - Global Tax Top Ten - July 2022
This edition includes: 1) EU Commission Launches Consultation on Improving Tax Intermediaries Regulatory Framework; 2) Czech EU Presidency Aims for October Adoption of Pillar 2 Directive; 3) OECD Releases Progress Report on Pillar 1; 4) EU Tax Policy Report: Semester I – January to June 2022; 5) EESC Calls for Simplified Tax Rules on Cross-Border Teleworking; 6) UK Publishes Draft Legislation on Multinational Top Up Tax; 7) EU Commission Launches Public Consultation on Revision of the EU Customs Code; 8) Global Forum Holds 9th Competent Authorities Meeting; 9) EU Commission Publishes Annual Report on Taxation 2022; and 10) Living CFE’: CFE’s Publishes & Forthcoming Publications, Events & Statements.
Visit their latest news page here.
OECD
Pillar Two Model Rules - further insights
- The middlegame – Pillar Two strategy for transfer pricing evolves
In this TP Talks episode, David Ernick (Transfer Pricing Principal in PwC’s US National Tax Services practice), Kartikeya Singh (Transfer Pricing Principal in PwC’s US National Tax Services practice), and Giorgia Maffini (Transfer Pricing and Tax Policy Director with PwC UK) continue the Pillar Two discussion, focusing on the commentary published in March and how it has slightly reinterpreted the role of transfer pricing in Pillar Two; developments in Europe, including the UK stakeholder consultation and the ECOFIN progress regarding implementation of Pillar Two within the European Union; US developments; and the transfer pricing implications in instances of double taxation in the Pillar Two system.
New results show progress continues in combating harmful tax practices
Further progress has been made on the implementation of the international standard on harmful tax practices as the OECD/G20 Inclusive Framework on BEPS agrees new conclusions on preferential tax regimes and substance in no or only nominal tax jurisdictions. Read more.
MLI
- Lesotho deposits an instrument for the ratification of the Multilateral BEPS Convention
Lesotho has deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI), which now covers over 1820 bilateral tax treaties. The BEPS Convention will enter into force on 1 November 2022 for Lesotho. See https://oe.cd/mli.
Other territories
International
Public Country by Country Reporting: What should businesses be doing to prepare?
The Organisation for Economic Co-operation and Development (OECD) adopted a form of CbCR as a high level risk assessment tool for tax administrations, as part of its project to strengthen international standards on Base Erosion and Profit Shifting (BEPS). It is applied in the UK to accounting periods commencing on or after 1 January 2016. Read more.
Digital tax byte
The latest addition to our series of brief insights into the workings of the UK and supranational bodies reviewing the taxation of digitalisation of business.
- The latest edition from 4 August includes comments on Korean draft legislation and a Malaysian consultation document for implementing Pillar 2.
- The Digital tax megabyte for July 2022 - Topics include: 1) an OECD consultation on consolidated Pillar 1 Amount A materials, 2) UK draft legislation for implementing Pillar 2; 3) an update on Maryland's US Sales Tax rules; 4) Indian guidelines on crypto assets and an insight into the global indirect treatment of non-fungible tokens (NFTs); 5) updates on Kenyan amended VAT treatment of various digital services, but its failure to sanction a rise the in DST rate; 6) draft legislation on transposing the EU's DAC 7 on platform reporting for Italy, Poland and Germany with an update on the UK's plans following consultation on implementing the OECD Model Rules in this area.
Environmental, Social and Governance (ESG)
- Why is Tax an important element of TCFD?
The Task Force on Climate Related Financial Disclosures (TCFD) is applicable to premium listed companies from 1 January 2021 and certain private companies with accounting periods beginning on or after 6 April 2022 – but what relevance does TCFD have in relation to Tax? Read more. - GRI 207: Tax A Global Standard for Sustainability Reporting
The GRI 207 Tax standard, released in December 2019, was introduced to meet stakeholder demands for greater transparency around tax. It represents an example of the wider integration of tax with broader ESG topics. A key area of focus within the standard is the public country-by-country reporting requirement which has similar data points to the OECD BEPS template. Read more. - Update on ESAP and a new ESG regulatory wave on the horizon
As reported above, the EU is set to establish the European Single Access Point (ESAP) ESG database, as its flagship action plan. ESAP will contribute to the achievement of the objectives by providing EU-wide access to information activities and products of the various categories of entities that are required to disclose such information, which is relevant to capital markets, financial services and sustainable finance. Read more. - US Senate passes Joe Biden’s flagship economic package
The climate, tax and healthcare bill, known as the Inflation Reduction Act, passed in the Senate by a margin of 51 to 50, but still needs to pass the House of Representatives and be signed by the President before it becomes law. It includes some of the most significant climate change legislation enacted in the US, with £469bn dedicated to climate and clean energy programmes. Read more here.
Australia
Australian Monthly Tax Update - August 2022
Welcome to the August 2022 edition of Australia's Monthly Tax Update, keeping you up to date on the latest Australian and international tax developments.
Multinational Tax Integrity and Tax Transparency
The Australian government has announced a multinational tax integrity package to address the tax avoidance practices of multinational enterprises (MNEs) and improve transparency through better public reporting of MNEs’ tax information. The consultation closes on 2 September. The discussion paper includes: 1) a change in the thin cap safe harbour from a balance sheet based test to an earnings test (in line with OECD 30% EBITDA); 2) introduction of an integrity rule for royalty payments (including 'embedded royalties'); and 3) tax transparency measures.
Belgium
See here for latest updates.
Cyprus
Cyprus introduces TP documentation, reduces tax on some ‘passive’ interest income, considers NID grandfathering
The Cyprus Parliament recently approved the long-awaited amendments to the Cyprus Income Tax Law and new Regulations to introduce Transfer Pricing documentation compliance obligations for Cyprus tax resident persons, and permanent establishments of non-Cyprus tax resident persons situated in Cyprus, that engage in transactions with related parties. A formal Advance Pricing Agreement procedure has also been introduced. In addition, the Cyprus Parliament has voted to amend the law governing the taxation of corporate and government bonds, reducing the rate to 3% (previously 30%), effective on 8 June 2022. Finally, Cyprus is considering grandfathering the Cyprus Notional Interest Deduction (NID) regime for taxpayers already benefiting from it as of the cut-off date of 1 January 2024, and delaying implementation of the European Commission’s EU Debt-Equity Bias Reduction (DEBRA) proposal. Read more in this PwC Tax Insights.
Cyprus Parliament votes to enhance the tax deduction for Research & Development costs
The Cyprus Parliament recently voted to amend Article 9(1)(d) of the Cyprus Income Tax Law which grants a tax deduction for expenditure incurred for scientific research and Research and Development. The amendments were gazetted in the official Cyprus Government Gazette on Wednesday 20 July 2022. Read more in this PwC Tax Insights.
Germany
Germany releases draft bill on taxation of payments for German-registered rights
The German Federal Ministry of Finance recently published a proposal that includes far-reaching changes to the taxation of payments for IP rights that are registered in a German register between foreign taxpayers. Read more in this PwC Tax Insights.
Definition of permanent establishment under previous and current travel expense law
The owner of a business has a permanent establishment at the fixed place of business of his client if he continuously works there, even if he has his own permanent establishment at a different place. After the revision of the tax law on travel expenses as of 2014, the first place of work is primarily determined based on the employee's contractual assignment or by internal instructions of the employer. Read more in this PwC blog.
Hong Kong
Court held UK LLP has issued share capital for the purpose of intragroup stamp duty relief
The case concerns whether the appellants (the transferor and transferee) were entitled to stamp duty relief under section 45 of the Stamp Duty Ordinance (SDO) in respect of an intragroup transfer of shares in a Hong Kong company. The only point in dispute was whether the membership interest in a UK limited liability partnership (LLP) is “issued share capital” for the purpose of section 45 of the SDO. The District Court allowed the appellant’s appeal and held that it is. Read more in this PwC news flash.
Hungary
Financial Transaction Tax on cross-border services with Hungary - scope extension
Effective from 1 July 2022, the Hungarian Financial Transaction Tax (FTT) is extended to apply to financial institutions such as investment firms and credit institutions as well as service providers providing payment services, credit and loan granting, currency exchange activity and currency exchange intermediation services in Hungary. See here for further details of the measure.
Changes to Hungarian transfer pricing rules
Act XXIV of 2022 on the grounding of the 2023 central budget of Hungary was promulgated in the Official Gazette of Hungary on 27 July 2022, which affects the applicable transfer pricing rules on several points. The changes, summarised in this newsletter, may have significant implications for the pricing of transactions between affiliated companies, as well as for the organisation of internal corporate governance processes.
India
Tribunal denies set-off of losses because sole purpose of demerger was to obtain tax benefit
The Pune bench of the Income-tax Appellate Tribunal allowed the Revenue’s appeal and denied the set-off of brought forward business losses and unabsorbed depreciation upon finding that the main purpose of the scheme of demerger was to obtain tax benefit.Read more in this PwC Tax Insights.
Ireland
PwC Ireland responds to public consultation on Pillar Two implementation in Ireland
The Department of Finance recently ran a public consultation seeking stakeholder views on the implementation of Pillar Two in Ireland. PwC Ireland has responded, highlighting to the Department of Finance the problems, solutions and other considerations relevant to the implementation of Pillar Two in Ireland. Read more.
Budget 2023
While Budget 2023 is rightly positioned as a 'cost of living' budget, the Government has the unenviable task of tackling short-term inflationary pressures while maintaining focus on long-term issues. What measures should the Minister for Finance introduce in Budget 2023 to balance the short-term inflationary challenges with long-term issues including housing, the scarcity of public health services, our ageing population and the climate crisis. Read more on our Budget 2023 web page.
Jersey
Partnerships update on Jersey income tax and Economic Substance obligations
The Taxation (Partnerships - Economic Substance) (Jersey) Law 2021, as amended, has been effective in Jersey since 1 July 2021 and, with a few important modifications, extends the corporate Economic Substance regime to partnerships. We have previously issued alerts on the law and guidance notes and, with many clients having undertaken substance assessments for the 2022 Year of Assessment and now thinking about compliance requirements, this alert summarises the current understanding of the potential tax filing requirements for partnerships in Jersey.
Korea
Korea releases draft Pillar Two rules
As part of 2022 tax reform, the Korean Ministry of Strategy and Finance (MOSF) recently announced the introduction of draft domestic legislation for a global minimum tax. Korea’s summary draft rules, released in Korean, correspond closely to the OECD’s Pillar Two Model Rules. Detailed legislation is expected in December. Read more in this PwC Tax Insights.
Malaysia
Pillar 2 implementation - feedback invited on public consultation paper
The Ministry of Finance has published a Budget 2023 Public Consultation Paper (PCP) titled "The Implementation Of Globe Rules In Malaysia", related to Malaysia's involvement in the implementation of the Global Anti-Base Erosion (GloBe) Model Rules (Pillar Two) Initiative. Feedback is invited on the PCP with comments due by 15 August.
Peru
Peru to amend 'harmful' free zone tax regime
The Peruvian Government has committed to tabling legislation to amend the tax rules governing the Tacna Free Zone and Commercial Zone (ZofraTacna).
Poland
Draft law published containing further major corporate income tax changes
A draft law amending the Corporate Income Tax Act and certain other legal acts providing for further tax changes, mostly concerning corporate income tax, was recently published by the Polish government. Read more in this PwC alert.
South Africa
Limitation of set-off of assessed losses for companies
A significant change to the set-off of assessed losses against the taxable income of a company is imminent. Corporate taxpayers who have not yet considered the potential implications of this on upcoming provisional tax payments have less than two months left to do so. Read more in this PwC tax alert.
Carbon Tax Proposed Amendments: The stick before the carrot
On 29 July 2022, National Treasury published the draft 2022 Taxation Laws Amendment Bill (“Draft 2022 TLAB”), alongside various other tax bills which contain tax proposals made in the 2022 National Budget, for public comment. In this Tax Alert, we unpack one of the pertinent proposed carbon tax amendments and provide a summary of other related proposals.
Switzerland
For the latest updates on current topics, see this PwC Switzerland Insights page.
Taiwan
Taiwan Tax Update - July 2022
In this issue: 1) Ministry of Economic Affairs announced draft amendment to Statute for Industrial Innovation by introducing Article 10-2; 2) Ministry of Finance and Ministry of Economic Affairs officially announced amendments to “Regulation Governing Companies or Limited Partnerships Claiming ITC on Expenditure for Smart Machinery, 5G System, and Information Security Products or Services”.
Turkey
Extension of the tax incentive for companies that convert their foreign currencies to Turkish lira
An extension of the tax incentive for companies that convert their foreign currencies to Turkish lira was recently published in the Official Gazette. Incentives apply if companies convert the FX available on the balance sheet of 30 June 2022 to liras by year-end and deposit the liras in banks for at least 3 months. Originally, the tax exemption applied to FX available on the balance sheet of 31 December 2021 only, and it was later extended to FX on the balance sheet of 31 March 2022. Read more.
US
Budget reconciliation bill - Inflation Reduction Act
- US Senate passes Joe Biden’s flagship economic package
The climate, tax and healthcare bill, known as the Inflation Reduction Act, passed by a margin of 51 to 50 on 7 August, but still needs to pass the House of Representatives and be signed by the President before it becomes law. For a discussion of the content, read this PwC Tax Insights.
- Senate begins budget reconciliation action on revised Inflation Reduction Act
On 6 August the Senate voted 51 to 50 to begin floor action on a revised “Inflation Reduction Act'' budget reconciliation bill. Read more in this PwC Tax Insights. - Corporate book minimum tax proposed as part of budget reconciliation bill
A corporate alternative minimum tax (book minimum tax, or BMT) has been proposed for corporations with profits over $1 billion as part of the budget reconciliation bill released on July 27. The provision, proposed to be effective for tax years beginning after 2022, could impose a minimum tax equal to the excess of 15% of an applicable corporation’s adjusted financial statement income over the corporate alternative minimum tax foreign tax credit for the tax year. Read more in this PwC Tax Insights.
Treasury and IRS release corrections to 2021 foreign tax credit regulations
The US Treasury on 26 July 2022, released corrections (2022-15867 and 2022-15868) to the final foreign tax credit (FTC) regulations that were published on 4 January 2022 in the Federal Register. The 2022-15867 corrections address ‘substantive issues’ under Sections 245A, 338, 367, 861, 901, 904, 905, 951A, and 960 including clarifying the cost recovery requirement of the definition of a foreign income tax. The 2022-15868 corrections address ‘drafting issues’ in the preambles addressing regulations under Section 861, 901, and 903. Read more.
Senate approves CHIPS funding and tax credit bill to promote US semiconductor manufacturing
The Senate recently voted to approve legislation, the “Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act,” that would provide roughly $55 billion in grants, loan guarantees, and other support to increase US semiconductor production. The bill would create a new temporary 25% “advanced manufacturing investment credit” for investments in semiconductor manufacturing property, estimated to cost $24 billion over 10 years. The legislation also authorises (but does not actually appropriate) more than $200 billion in future federal spending to promote US research programmes. Read more in this PwC Tax Insights.
The middlegame – Pillar Two strategy for transfer pricing evolves
In this TP Talks episode, David Ernick (Transfer Pricing Principal in PwC’s US National Tax Services practice), Kartikeya Singh (Transfer Pricing Principal in PwC’s US National Tax Services practice), and Giorgia Maffini (Transfer Pricing and Tax Policy Director with PwC UK) continue the Pillar Two discussion, focusing on the commentary published in March and how it has slightly reinterpreted the role of transfer pricing in Pillar Two; developments in Europe, including the UK stakeholder consultation and the ECOFIN progress regarding implementation of Pillar Two within the European Union; US developments; and the transfer pricing implications in instances of double taxation in the Pillar Two system.
New York releases final draft regulations on sourcing of receipts from “passive investment customers,” other rules
The New York State Department of Taxation and Finance (Department) on 1 July released amended draft regulations that provide guidance regarding the customer-based sourcing provisions of the state’s corporate franchise tax, effective for tax years beginning on or after 1 January 2015. Read more in this PwC Tax Insights.
Policy on Demand series
- Will Congress stay engaged with FTC rules?
Initially reluctant to issue further changes to the final foreign tax credit regulations, the IRS and Treasury recently issued technical corrections to address taxpayer concerns. However, not all concerns were addressed. In this episode from 29 July, Pat Brown spoke with Chairman Dave Camp about possible additional changes to the guidance and whether Capitol Hill will stay engaged. - Schumer, Manchin reach agreement -- what's next?
In this episode from 28 July, Rohit Kumar discusses the newly released Schumer-Manchin agreement, which includes a book minimum tax, IRS funding, healthcare provisions, and climate & energy provisions. He also explains what’s next for the legislative process and why companies should tune into comments from Senators Sinema and Menendez. - When can taxpayers expect tax changes?
In this episode from 25 July, Rohit Kumar discusses what’s next for budget reconciliation, domestic semiconductor manufacturing legislation, and tax extenders. We also hear from Rohit and Janice Mays on key election data points to focus on at this point in the election cycle. - Week in Review
- In this episode from 5 August, Janice Mays discusses the latest developments as a revised budget reconciliation package moves toward a Senate vote. She shares why companies in all industries will want the details on the provisions included in the final bill. She also shares her thoughts on the question that she received most this week: What changes were needed to secure the required support of Senator Kyrsten Sinema (D-AZ)?
- In this episode from 29 July, Todd Metcalf discusses the newly released reconciliation package, which includes tax provisions, and shares why companies should dive into the details of this larger deal in the coming week. He also shares his thoughts on the question that he received most this week: Will Democrats pass a reconciliation bill?
Tax Readiness: Unlock value through global indirect and US state tax reporting
Join our specialists on Wednesday 27 July at 7pm as they discuss how companies are dealing with more sources of data in real-time at a granular level and the operational and compliance challenges for both direct and indirect tax departments. We will focus on state and local income tax, sales and use tax, and global VAT compliance strategies and benefits. Register here.
Tax Readiness: Emerging trends in the Metaverse
The Metaverse is profoundly changing how businesses and consumers interact with products, services and each other. Watch the replay from Thursday 21 July as we discussed how companies can begin to operate in this new three-dimensional digital world they need to understand and manage the tax consequences.
Second quarter 2022 state and local tax developments
This publication presents a brief summary of significant SALT Insights published this quarter along with links to PwC Insights that provide analysis and observations.
You can sign up for Tax Alerts issued by the US to be emailed to you. Subscribe using the link on this page and a back catalogue of previous webcasts and other resources are available on our US tax reform hub here.
Zimbabwe
2022 Mid-term Budget
The Minister of Finance and Economic Development, Hon. Mthuli. Ncube presented the 2022 Mid-term Budget and Economic Review before the Parliament of Zimbabwe on 28 July 2022. Read the budget speech here.