The Ministry of Finance has published a proposal to amend the Corporate Income Tax Act (CIT Act) for public consultation. The main changes suggested are the following:
- implementing the provisions of the Minimum Taxation Directive (2022/2523) ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups within the Union. In addition, a domestic top-up tax is introduced;
- introducing a new scheme for State aid to farmers in the form of deferred corporate income tax; and
- aligning the tax regime applicable to financial institutions with that for non-financial enterprises. This alignment ensures that income and expenses from subsequent valuations, including revaluations and impairments, of financial assets and liabilities will be treated consistently for tax purposes.
The public consultation, issued on 26 September 2023, runs until 26 October 2023.