December 2022

  • Bulgaria
    • Bulgaria Introduces Windfall Tax for Fossil Fuel Sector

      On 13 December 2022, the legislation with regard to windfall tax for the fossil fuel sector was gazetted. The new tax applies to companies engaged in the crude petroleum, natural gas, coal and refinery sectors. The windfall tax takes the form of a temporary solidarity contribution of 33% and applies to excess profits generated by EU companies and permanent establishments with activities falling within the scope of the tax.

      The contribution will be calculated on the basis of taxable profits, for 2022 and 2023, above a 20% increase in the average taxable profits for the tax periods 2018, 2019, 2020 and 2021, as determined under the Corporate Income Tax Act. The deadline for payment of the temporary solidarity contribution will be the same as the deadline for payment of the annual corporate income tax, i.e. not later than 30 June of the year following the tax year.

      The new legislation is in line with Council Regulation (EU) 2022/1854 of 6 October 2022 on an emergency intervention to address high energy prices.

      The full text of the new legislation on the windfall tax was included in the additional provisions to the amendments to the Corporate Income Tax Act and is available here (in Bulgarian only), effective from 8 October 2022.

    • Bulgaria Extends 2022 Budget Acts to 2023

      On 23 December 2022, the parliament approved at its second final reading the Bill on the continuation of the provisions of the State Budget Act for 2022, the Act on the Budget of the State Social Security for 2022 and the Act on the Budget of the National Health Insurance Fund for 2022.

      This means, for example, that the social security and health insurance rates, as well as the related thresholds in 2023, will remain the same as those applicable in 2022.

      The text of the approved proposal is available here (in Bulgarian only).

    • Bulgaria Increases Excise Duty Rates for Tobacco Products

      The excise duty rates of tobacco and tobacco products have been increased for the period between 2023 and 2026 under recently gazetted legislation. The amendments to the Excise Duties and Tax Warehouses Act (EDTWA) are the following.

      Tobacco used for smoking:

      • BGN 167 per kilogram from 1 March 2023;
      • BGN 184 per kilogram from 1 January 2024;
      • BGN 202 per kilogram from 1 January 2025; and
      • BGN 222 per kilogram from 1 January 2026.

      Specific excise duty rate:

      • BGN 117.5 per 1,000 cigarettes as of 1 March 2023;
      • BGN 126 per 1,000 cigarettes as of 1 January 2024;
      • BGN 134.5 per 1,000 cigarettes as of 1 January 2025; and
      • BGN 143 per 1,000 cigarettes as of 1 January 2026.

      Ad valorem excise duty rate:

      • 23.5% of the selling price as of 1 March 2023;
      • 22% of the selling price as of 1 January 2024;
      • 20.5% of the selling price as of 1 January 2025; and
      • 19% of the selling price as of 1 January 2026.

      Cigarettes (minimum excise duty rate):

      • BGN 185.50 per 1000 pieces from 1 March 2023;
      • BGN 194 per 1000 pieces from 1 January 2024;
      • BGN 202.50 per 1000 pieces from 1 January 2025; and
      • BGN 211 per 1000 pieces from 1 January 2026.

      Additionally, the amendment also provides an explicit clarification that e-cigarette liquid containing nicotine is considered a tobacco product.

      The full text of the Official Gazette No. 100, issued on 16 December 2022, is available here (in Bulgarian only).

    • Government Gazettes DAC7 Implementation

      Bulgaria has gazetted the provisions implementing the Amending Directive to the 2011 Directive on Administrative Cooperation (2021/514) (DAC7) into the Bulgarian Tax and Social Security Procedure Code.

      An obligation is introduced for digital platform operators to report information on sellers using the platforms to sell goods and provide certain services. Also, joint audits are introduced to be carried out by the competent authorities of one or more EU Member States.

      The full text of Official Gazette No. 100, issued on 16 December 2022, is available here (in Bulgarian only).

  • China
    • China to manage COVID-19 with measures against Class B infectious diseases

      China will manage COVID-19 with measures against Class B infectious diseases, instead of Class A infectious diseases, in a major shift of its epidemic response policies.

      China has renamed the Chinese term for COVID-19 from "novel coronavirus pneumonia" to "novel coronavirus infection," said a statement released by the National Health Commission on Monday.

      Starting from Jan. 8, China will downgrade management of the disease from Class A to Class B in accordance with the country's law on prevention and treatment of infectious disease, and remove it from quarantinable infectious disease management carried out in accordance with the Frontier Health and Quarantine Law of the People's Republic of China, added the statement.

      Currently, COVID-19 is classified as a Class B infectious disease but subject to the preventive and control measures for a Class A infectious disease in China.

      Basic conditions have been in place to support such an adjustment. Authorities will drop quarantine measures against people infected with novel coronavirus and stop identifying close contacts or designating high-risk and low-risk areas, said the document.

      COVID-19 cases will receive classified treatment and a timely adjustment will be made to medical care policies. The country will also adjust its testing policies as well as the frequency and content of epidemic information release.

      In addition, disease control measures targeting inbound travelers and imported cargo will be lifted, said the document.

      Following the adjustment, China's COVID-19 prevention and control efforts will focus on protecting health and preventing severe cases. Measures will be rolled out to protect people's lives and health to the utmost and minimize the impact of the epidemic on economic and social development.

    • Quarantine to end for inbound overseas travelers

      International travelers will no longer need to quarantine upon arrival in China starting Jan 8, according to the country's latest policy on epidemic control.

      Inbound passengers will only be required to present a negative nucleic acid test result for COVID-19 obtained within 48 hours of boarding, according to the policy change, which was announced by the State Council's Joint Prevention and Control Mechanism on Tuesday.

      COVID-19 testing upon arrival will be scrapped, and as long as passengers' health declarations are normal and they show no signs of illness in a routine checkup while clearing customs, they will not be subject to any special restrictions while in the country.

      It added that visa arrangements for foreigners to enter the country for work, business, study, family reunions or other social events will be improved, while restrictions on outbound travel will also be eased.

      "In light of the international epidemic situation and service capacity, the outbound travel of Chinese citizens will be resumed in an orderly manner," it said.

    • China’s industrial firms see revenue growth in Jan-Nov, profits down

      China's major industrial firms reported stable revenue growth in the first 11 months of the year, but their profit decline continued due to the resurging epidemic, official data showed Tuesday.

      The combined revenues of industrial firms with annual main business revenue of at least 20 million yuan (about 2.88 million U.S. dollars) rose 6.7 percent year on year in the January-November period to 123.96 trillion yuan, the National Bureau of Statistics (NBS) said.

      Their profits in total stood at 7.72 trillion yuan in the period, down 3.6 percent from a year earlier.

      "In November, industrial production slowed down, and the pressure on business operations increased due to factors such as the resurgence of the epidemic and the weak demand, but the profit structure continued to improve," said senior NBS statistician Zhu Hong.

      If excluding sharp declines in a few enterprises, such as steel and oil processing enterprises, the overall profit growth rate will be 6.6 percent in the January-November period this year, Zhu said.

      A total of 20 out of 41 major industries saw growth in profits in the period, up from 19 in the first 10 months.

      The oil and gas exploitation sector saw profits jump 1.13 times from the same period last year, while the electric and heat power production and supply and the coal mining and washing sectors reported profit increases of 47.2 percent and 47 percent, respectively.

      Equipment manufacturing and basic consumer goods also came as bright spots for the industrial sector.

      With a sustained recovery, the combined profits of equipment manufacturers climbed 3.3 percent in the first 11 months, 0.1 percentage points higher than the January-October period. In particular, the electric machinery sector saw its profit surge 29.7 percent thanks to booming new energy development.

      The equipment manufacturing sector contributed about a third of the country's total industrial profits in the first 11 months.

      Meanwhile, the profits of basic consumer goods companies also logged steady expansion. Producers of alcoholic drinks, tea, and other beverages posted a 21.5-percent profit increase.

      In general, the resurging epidemic hampered the recovery of industrial profits in the short term, and the "triple pressure," namely shrinking demand, supply shock, and weakening expectation, still has a great impact on the industrial sector, Zhu said.

      Zhu urged efforts to better coordinate the epidemic response and economic and social development, guarantee smooth industrial and supply chains, expand domestic demand, and stimulate the vitality of market entities so as to create more favorable conditions for the stabilization and recovery of the industrial economy.

    • Shanghai two authorities implement joint management on IIT of individual equity transfer

      The Shanghai Municipal Administration of Taxation and the Shanghai Municipal Administration of Market Regulation jointly issued the Notice on Further Improving the Service of Inspection of Individual Income Tax Payment Certificates for the Registration of Equity Change. The Notice will come into force on December 20, 2022.

      Where an individual transfers the equity to go through the registration of the change of shareholders, the withholding agent or taxpayer shall, before going through the registration of the change with the market supervision and administration department, go through the tax declaration with the competent tax authorities of the place where the invested enterprise is located in accordance with the law.

      The two departments in Shanghai implement the automatic interaction mechanism of individual equity transfer information. The market entity registration authority shall handle the registration of the change of equity according to the Form of Tax Payment for the Change of Equity of Natural Person Shareholders provided by the tax authority.

    • GAC Exempts Tariffs on Imports of Self-use Equipment within the Scope of the 2022 Catalogue of Encouraged Industries for Foreign Investment

      The General Administration of Customs ("GAC") released on December 6, 2022 the Announcement of Matters concerning the Implementation of the Catalogue of Encouraged Industries for Foreign Investment (2022 Version), to be effective on January 1, 2023.

      Imports of qualified self-use equipment and related technologies, accessories and spare parts within the total investment amount of foreign-invested projects included the Catalogue will be exempted from the tariffs from January 1, 2023, while the import value-added tax ("VAT") will be levied on the imports according to applicable rules, according to the Announcement, which also clarified that for those foreign-invested projects that are approved, verified or filed prior to January 1, 2023 and fall within the scope of the Catalogue, the project units may apply for tax reduction and exemption as long as they have obtained the relevant documents issued by the competent departments before 2024.

    • China to Tighten Tax Regulation and Supervision over High-income Earners

      The Chinese government released on December 14, 2022 the Guidelines on Expanding Domestic Demand (2022-2035). The Guidelines rolled out 27 measures in eight aspects for the key tasks of fostering a holistic domestic demand system, forming a strong domestic market, and smoothing domestic economic circulation.

      The Guidelines called for expanding the roles of financial and tax systems in regulating income distribution, urging to improve the system of levying tax directly and the individual income tax system, and strengthen the tax regulation and supervision over high-income earners. It also stressed the need to improve the transfer payment system to increase transfer payments to the regions that lag behind in development, increase allocation of funds to the areas that concern people's livelihoods in an orderly manner, optimize the structure of education expenditure, elevate traditional consumption, promote healthy development of the catering industry, and take measures to eliminate food wastes.

  • Focus Africa
    • Africa in Review by the Numbers (December 2022)

      $2 billion  Revenue expected to be raised by horticulture sector in Tanzania by 2023 as the East African country plans to make the industry the largest source of foreign exchange. This will be an increase from the current $750 million annual revenue. (The Citizen)

      200,000  Improved cookstoves to be delivered across households in Rwanda for free in an initiative aiming to cut harmful household emissions and reduce deforestation. BB Energy will supply the energy efficient cooking stoves sponsored by local subsidiary Société Pétrolière (SP) and local manufacturer Quality Engineering Company. (Africa Business Communities)

      8 million kg Handling capacity of Kenyan food distribution platform Twiga Food's new distribution centre in Tatu City. The new facility will be the backbone of Twiga's supply chain, enabling partners to access 140,000 customers across Kenya and Uganda. (Food Business Africa)

      $6 billion Investment in green ammonia by the UK's Hive Energy in South Africa. The project includes a 900,00-tonne-per-year ammonia facility and renewable plants producing 5,000 MW of power annually. (Afrik21)

      1.6 million Barrels of oil per day produced in Nigeria, more than a four-fold increase, achieved after the implementation of a monitoring system to deter pipeline theft. (Premium Times)

      72%  Increase on net income interest earned by investors in Kenya who opted to roll over their securities into a new infrastructure bond, benefitting from rising rates on government debt. The investors were given an alternative to take up a six-year infrastructure bond instead of cash on maturing Treasury bills. (Business Daily Africa)

      $1 billion Investment plan pledged by Visa to drive digital transformation in Africa, scale operations, deploy new technologies and deepen collaborations with partners by 2027 to further scale Visa's operations in Africa. (Techbuild.Africa)

      85% Share of DRC's Trust Merchant Bank acquired by Kenya's KCB. The deal, first announced in August, adds a sixth East African market to KCB's holdings through the 109-branch lender. (Business Daily)

      22,000 megawatts Electricity generation capacity in Nigeria after the government added additional 4000 megawatts to boost power generation in the West African country. Additionally, 6000 megawatts of capacity was added to the transmission network to support electricity supplies. (Vanguard)

    • African Continental Free Trade Area and United States Sign MoU on Cooperation for Trade and Investment

      On 14 December 2022, the African Continental Free Trade Area (AfCFTA) Secretariat and the United States signed a memorandum of understanding (MoU) on cooperation for trade and investment between them, during the US-Africa Business Forum held on the same day, in the context of the US-Africa Leaders Summit, held from 13 to 15 December 2022 in Washington, DC. The MoU was signed to promote effective cooperation and collaboration in the areas of trade and investment by exchanging information on best practices and boosting open dialogue to address matters of mutual interest regarding the implementation of the AfCFTA.

    • Egyptian Tax Authority to Require Operators to Issue Electronic Invoices

      The Egyptian Tax Authority (ETA) has issued a resolution requiring traders to issue electronic invoices. This resolution is the third step in the implementation of an electronic system. This obligation concerns services provided or goods sold to the final consumer, as of 15 January 2023.

      Decision No. (588) of 2022 was published on 20 October 2022.

  • Hong Kong
    • Government welcomes passage of bill on foreign-sourced income exemption regime

      The Government welcomes the passage of the Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022 by the Legislative Council today (December 14). The bill introduces a new foreign-sourced income exemption (FSIE) regime for passive income in Hong Kong, which will take effect on January 1, 2023.

      The bill strengthens Hong Kong's tax regime for better combatting cross-border tax avoidance arising from double non-taxation and fulfils the commitment made by Hong Kong to the European Union in 2021 to amending its tax law.

      The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The new FSIE regime not only upholds the territorial source principle of taxation, but also maintains the tax competitiveness of Hong Kong. Under the regime, multinational enterprise entities which have a substantial economic presence in Hong Kong will continue to be able to claim tax exemption for specified foreign-sourced passive income, namely interest, dividends and disposal gains in relation to shares or equity interests, received in Hong Kong. Foreign-sourced intellectual property income from qualifying intellectual property received in Hong Kong will also be exempt to the extent that the nexus requirement is complied with. Individuals and local companies will not be affected."

      The FSIE regime will put in place an economic substance requirement and nexus requirement to safeguard against possible exploitation of Hong Kong's tax arrangement by shell companies to achieve double non-taxation in respect of foreign-sourced passive income.

      To assist taxpayers concerned in complying with the new regime, the Inland Revenue Department (IRD) will implement a package of tax compliance facilitating measures, which seeks to minimise compliance burden on affected taxpayers, enhance tax certainty and ensure tax transparency. These include simplified reporting procedures and the publishing of administrative guidance with illustrative examples on its website. A dedicated team has also been set up by the IRD to provide technical support. Taxpayers may also apply from the IRD for advance rulings on whether the economic substance requirement is met under the FSIE regime.

      Source: Inland Revenue Department 

    • Interest on Tax Reserve Certificates

      As reported on the Government Gazette, the Secretary for Financial Services and the Treasury has authorised a change in the rate of interest payable on Tax Reserve Certificates. From January 3, 2023, the new annual rate of interest will be 0.5833 per cent against the current rate of 0.4000 per cent, i.e. the new rate will be $0.0486 per month per $100.

      Tax Reserve Certificates bear simple interest, and interest is calculated monthly (including part of a month) from the date of purchase to the date of payment of tax.

      Interest is only credited when certificates are used to pay tax and no interest is due where the principal value of a certificate is repaid to its holder. The rate of interest payable on Tax Reserve Certificates is periodically revised in line with the market trend. Currently, it is reviewed every month based on the average prevailing interest rate for the 12-month time deposit for $100,000 to $499,999 offered by the three note-issuing banks. The new rate will apply to all certificates purchased on or after January 3, 2023. Certificates purchased before January 3, 2023, will continue to earn interest at the rates prevailing on their respective purchase dates. Below is a summary of the interest rates for the past periods:
      For certificates purchased on or after May 3, 2021, and before June 7, 2021: 0.0833 per cent per annum
      For certificates purchased on or after June 7, 2021, and before June 6, 2022: 0.0500 per cent per annum
      For certificates purchased on or after June 6, 2022, and before October 3, 2022: 0.1333 per cent per annum
      For certificates purchased on or after October 3, 2022 and before November 7, 2022: 0.1750 per cent per annum
      For certificates purchased on or after November 7, 2022, and before December 5, 2022: 0.3167 per cent per annum
      For certificates purchased on or after December 5, 2022, and before Janaury 3, 2023: 0.4000 per cent per annum
      For certificates purchased on or after Janaury 3, 2023, until further    notice: 0.5833 per cent per annum
      This is always subject to the general rule that interest ceases to accrue after 36 complete months.   Source: Inland Revenue Department 
  • India
  • Singapore
    • Overview of GST Rate Change

      In Budget 2022, the Minister for Finance announced that the GST rate will be increased from:

      • 7% to 8% with effect from 1 Jan 2023; and
      • 8% to 9% with effect from 1 Jan 2024.

      The factors determining which GST rate is to be applied in your invoicing are:

      • when payment is received from your customer
      • when goods are delivered/ services are performed for your customer.
      For any standard-rated supplies of goods or services that you make on or after 1 Jan 2024, you must charge GST at 9%. For instance, if you issue an invoice and receive payments for your supply on or after 1 Jan 2024, you must account for GST at 9%.
      If you are a GST-registered business that is subject to reverse charge (“RC business”), you must account for GST at 9% on the services you procure from overseas suppliers (“imported services”) on or after 1 Jan 2024.
      However, the special transitional rules for supplies that spanned the first change of rate from 7% to 8% will similarly apply to supplies that span the second change of rate from 8% to 9%.
      Failure to account for GST on your supplies at the correct rate may attract penalties. Being prepared for GST rate change will help you avoid such increases to your business and compliance costs.
      Diacron expertise can help you understand the implications and guide you through an efficient and effortless update to the new GST requirements, ensuring compliance.

      Contact us at



    • Launch of the Manpower for Strategic Economic Priorities (M-SEP) scheme to support firms’ expansion plans

      The Ministry of Trade and Industry (MTI), together with the Ministry of Manpower (MOM) and participating economic agencies, has launched the Manpower for Strategic Economic Priorities (M-SEP) scheme.

      The M-SEP scheme was first announced by Minister for Manpower and Second Minister for Trade and Industry Dr Tan See Leng, in his MOM Committee of Supply 2022 speech on 4 March 2022. The scheme complements the changes that MOM is making to Singapore’s work pass framework, by supporting the growth of businesses that contribute to Singapore’s strategic economic priorities through ambitious investment, innovation, or internationalisation activities.

      Designed to support firms that are needle-movers for Singapore's economic priorities and competitiveness, M-SEP will help these firms seize opportunities to grow in Singapore successfully, while securing jobs and training opportunities for Singaporeans in the process.

      The scheme gives qualifying firms the flexibility to temporarily hire S Pass and Work Permit holders above the prevailing Dependency Ratio Ceiling (DRC) and S Pass sub-DRC. To qualify, firms must also commit to employ and/or train locals. Eligible firms can obtain additional S Pass and Work Permit quotas of up to 5% above their base workforce headcount, subject to a cap of 50 workers per firm. Such additional flexibilities accorded under the M-SEP scheme will last for 2 years upon enrolment, and may be renewed thereafter, subject to meeting renewal conditions.

      To qualify for the scheme, firms must satisfy both of the following conditions:
      1. Condition 1 - Participate in programmes or activities in line with one of the following key economic priorities:
        • Investments which support Singapore’s hub strategy
        • Innovation or Research & Development (R&D)
        • Internationalisation
      2. Condition 2 - Commit to hiring and/or training locals.

      To be eligible for M-SEP renewal, firms will also have to show that they have met both commitments by the end of the M-SEP support period. Firms will also have to maintain their local workforce share during this period. Those that fail to do so will be suspended from M-SEP for 2 years.

      The M-SEP scheme signals Singapore’s commitment to remain open and connected, and the Government’s continued support for our businesses to amplify economic growth and the creation of more good jobs for Singaporeans. Applications are now open.

      Source: Government of Singapore - Ministry of Manpower

  • Switzerland
    • Federal Council wants to prevent greenwashing in financial market

      During its meeting on 16 December 2022, the Federal Council decided on the next steps to prevent greenwashing in the financial sector. In the financial sector, greenwashing refers to the practice of misleading clients about the sustainable characteristics of financial products and services. To ensure the smooth functioning of markets the Federal Council considers that there is a need for a clear and common understanding about the circumstances under which a financial product or service can be labelled as sustainable. A working group has been set up to examine how this position can be implemented efficiently.

      The Federal Council specified its position on greenwashing in the financial market in a position paper. Financial products or services should only be advertised as being sustainable if they are compatible with at least one specific sustainability goal or contribute to achieving a sustainability goal. This should ensure that financial products and services that are aimed at reducing ESG risks are labelled as sustainable only if they pursue a sustainable investment goal in addition to a purely financial one. Providers of sustainable products or services should be able to disclose how they intend to achieve the sustainable investment goal they pursue. Moreover, providers should report regularly on the selected sustainable investment goals, and compliance with the transparency requirements should be verifiable by an independent third party. Finally, clients should have recourse to legal remedies.

      The Federal Council has instructed a working group, led by the Federal Department of Finance (FDF), to examine the best way to implement the Federal Council's position on the prevention of greenwashing. In addition to the FDF, the working group will contain representatives from the Federal Department of the Environment, Transport, Energy and Communications (DETEC), the Federal Department of Economic Affairs, Education and Research (EAER), the Swiss Financial Market Supervisory Authority (FINMA), industry and non-governmental organisations. Based on these activities, the FDF will present the Federal Council with proposals on the next steps by the end of September 2023.


    • Automatic exchange of information on financial accounts

      With the help of the global standard for the automatic exchange of information on financial accounts (AEOI) tax transparency should be increased and cross-border tax evasion and should be prevented. The global standard makes provision for the mutual exchange of information on financial accounts between states and territories that have agreed among themselves to the AEOI. Aside from Switzerland, over 100 states and territories, including all major financial centres, have adopted the standard.

      Switzerland usually implements the AEOI according to the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). Bilateral treaties on the AEOI have been concluded with the EU, Hong Kong and Singapore.

      The legal basis for the AEOI entered into force on 1 January 2017. The Federal Tax Administration (FTA) is responsible for the implementation of the AEOI.

      The full list of the AEOI partner states of Switzerland can be found here.

    • Federal Tax Administration Announces Increased VAT Rates Applicable From 2024

      On 12 December 2022, the Swiss Federal Tax Administration published on its website the new VAT rates applicable from 1 January 2024.

      From that date, the general VAT rate is increased to 8.1% (currently 7.7%), the reduced VAT rate is increased to 2.6% (currently 2.5%) and the special VAT rate for lodging services is increased to 3.8% (currently 3.7%).

      On 25 September 2022, the Swiss voters approved in a public referendum the revision of the state pension which included the increase of the VAT rates in order to finance the reform.

  • United Arab Emirates
    • UAE an exception in global trade, economy

      The UAE’s foreign non-oil trade created another record in the first nine months of 2022, totalling over AED1.6 trillion, a rise of 19 percent compared to the same period in 2021.

      His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said that despite the predictions of the World Trade Organisation (WTO) of a 3.5 percent decline in international trade this year, the UAE achieved a growth of 19 percent in the first nine months of the year.

      “The UAE is an exception in global trade and economy, as well as in services, infrastructure and international relations,” he said, expressing optimism for a strong new year.

      A report by the Ministry of Economy on the country’s non-oil foreign trade for the first nine months of this year showed that non-oil exports maintained their strong performance during this period, amounting to AED275 billion, an increase of nine percent compared to the same period in 2021, and an increase of 43 percent, 53 percent, 73 percent and 99 percent compared to the same period in 2020, 2019, 2018, and 2017, respectively.

      Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the outcomes achieved by the country’s non-oil foreign trade confirm the success of the commercial and economic policies adopted by the UAE, guided by the forward-looking vision of its leadership.

      He also noted that the economic developments that took place under the framework of the Projects of the 50 have strengthened the country’s foreign trade performance, due to accelerating the pace of signings of trade agreements and growing partnerships with global markets, adding that the strategic location of the UAE as a logistics gateway allows access to the region’s markets, which have also supported this process.

      “Today, we are seeing a new achievement to be added to the country’s foreign trade sector, boosting its prominent stature on the world trade map,” Al Zeyoudi further added.

      Emirati re-export, import indexes Trade data for the first nine months of 2022 showed that the total value of re-exports was AED456 billion, an increase of 19 percent compared to the same period in 2021, and 54 percent compared to the same period in 2020 while imports exceeded AED906 billion, an increase of 22.2 percent compared to the same period in 2021.

      The report also noted that the re-exportation of goods helped achieve positive results that strengthened the UAE's stature on the world trade map, as it is one of the most important commercial centres that support the flow of goods to and from international markets.

      Monthly performance of Emirati non-oil trade The monthly performance of the UAE’s non-oil foreign trade sector is witnessing strong growth this year, and the country recorded a value of AED202.9 billion in March, and AED204.2 billion in September. The UAE's non-oil trade could reach a value of AED2.2 trillion in 2022 and 2023.

      Quarterly performance of Emirati non-oil trade Non-oil foreign trade achieved over AED583 billion during the third quarter of 2022, an increase of 11 percent compared to the second quarter of this year, and an increase of 23 percent compared to the third quarter of 2021.

      In the third quarter of 2022, Emirati exports continued their positive performance to achieve nearly AED100 billion, an increase of 11 percent compared to the second quarter of this year, and a rise of 12 percent compared to the third quarter of 2021.

      Re-exports in the UAE amounted to AED160 billion, an increase of six percent compared to the second quarter of 2022, and an increase of 17 percent compared to the third quarter of 2021.

      The UAE’s imports amounted to AED326 billion, an increase of 13 percent compared to the second quarter of 2022, and an increase of 29 percent compared to the third quarter of 2021.

      Trade partners The report highlighted the fact that China is on top of the list of the UAE's trading partners, followed by India, Saudi Arabia, the United States (US), Iraq, and Türkiye.

      They were followed by India, Saudi Arabia, Switzerland, Turkey, Hong Kong – China, and Oman as the top recipients of the UAE's non-oil exports during the first nine months of 2022.

      As for the UAE's imports, China, India, the US, Japan, Türkiye, and the Kingdom of Saudi Arabia come at the top of this list.

      The report pointed out that non-Arab Asian countries are the main and first partners in the non-oil trade of the UAE during the first nine months of 2022, which account for 39 percent of the country's non-oil trade, 38 percent of its exports, 29 percent of re-exports, and 44.4 percent of the UAE non-oil imports.

      While the European countries came in second place, they were followed by the Gulf Cooperation Council (GCC) countries, the non-Arab African countries, the other Arab countries, and the group of American countries.

      UAE-India trade exchange under CEPA As the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India came into force from May to September 2022, mutual trade exchange reached AED79 billion, an increase of 23 percent compared to the same period in 2021, an increase of 133 percent compared to 2020.

      Non-oil exports to India amounted to about AED20 billion, an increase of 12 percent compared to the same period in 2021, and over 154 percent and 112 percent compared to the same period in 2020 and 2019, respectively.

      Source: Government of Dubai - Media Office 

    • Federal Tax Authority Publishes Federal Decree on Business Income Tax

      The Federal Tax Authority (FTA) has issued Federal Decree Law No. 47 of 2022 on Corporate and Business Tax.

      The new Federal Decree on Corporate Tax provides for the following:

      • scope of business income tax;
      • exclusions from scope of business income tax;
      • exemptions;
      • tax rates;
      • withholding taxes and double taxation relief;
      • taxable person and corporate tax base;
      • free zone person;
      • calculating taxable income;
      • transactions with related parties and connected persons;
      • tax loss provisions;
      • tax group provisions;
      • calculation of corporate tax payable;
      • anti-abuse rules;
      • tax registration and deregistration;
      • tax returns and clarifications;
      • violations and penalties; and
      • transitional rules.

      The Decree-Law shall apply to tax periods commencing on or after 1 June 2023.

  • United Kingdom
    • Customs Declaration Service exporter deadline extended

      Following consultation with the border industry, exporters will now have until 30 November 2023 to move across to the Customs Declaration Service (CDS), 8 months later than previously announced.

      After 30 November 2023, businesses will need to use CDS to make export declarations for goods they send out of the UK, as they already do for import declarations.

      Sarah Hartley, Director of Border Change Delivery at HMRC said:

      We have moved the deadline to enable us to spend more time working with industry in delivering and testing critical functionality as well as the support needed to help declarants move across to the new system. The extra time also allows businesses and stakeholders more time to prepare their customers and software products for the November deadline.

      Mark Phippen from Descartes Pentant Community System Provider, a HMRC delivery partner for CDS, said:

      We believe the new timeline for CDS exports is a sensible and pragmatic decision, allowing HMRC and, in turn, service providers, traders and agents, to develop systems and procedures that work for all from day one.

      Amanda Francis, CEO, Association of International Courier and Express Services said:

      AICES fully supports the Government’s extension of the migration timetable for exports on CDS. It is a pragmatic decision which reflects the need to ensure the new system is properly tested and stable. We particularly welcome the decision to allow operational flexibility with the phased migration of exports from CHIEF to CDS.

      Steve Bartlett, Chairman of Association of Freight Software Suppliers (AFSS) said:

      AFSS and its members welcome the announcement to move the Exports deadline for CDS, and the revised plan has our full support. Indeed, we are particularly grateful for the huge effort made by HMRC to consult and work with AFSS in the programme. Jointly, we have sound controls and checkpoints in place to ensure that as we progress into 2023, we successfully achieve the Trader migration to the new platform.

      CDS has been running since 2018 and is already being used for making import declarations when moving goods into the UK. The service will replace the Customs Handling of Import and Export Freight (CHIEF) service, representing a significant upgrade by providing businesses with a more user-friendly, streamlined system that offers greater functionality.

      Source: UK Government

  • United States
    • Year in Review: Treasury’s Top Accomplishments During Year Two of the Biden-Harris Administration

      In the second year of the Biden-Harris Administration, the U.S. Department of the Treasury has made significant strides in implementing President Biden’s economic agenda. This included efforts to lower costs for American families and bolster our nation’s economic resilience by addressing lingering challenges resulting from the pandemic and unanticipated global threats including Russia’s war in Ukraine. As a result of the actions taken by the Biden-Harris Administration, we enter 2023 with an economy that is on track for stable and sustainable growth while maintaining a healthy and strong labor market.

      Throughout 2022, Treasury supported the passage of the Inflation Reduction Act, the Bipartisan Infrastructure Law, and the CHIPS and Science Act, including through numerous engagements with Members of Congress, ongoing technical assistance, and a wide-ranging effort to build support across the country and communicate the importance of this trifecta of legislation that is strengthening the foundations of our economy. In September, Secretary Janet L. Yellen delivered a speech in Detroit laying out how these key legislative accomplishments taken together authorize some of the most significant investments America has ever made.

      As the Department worked to bring down costs for American families in the immediate-term, it also begun enacting a forward-looking economic agenda that makes critical investments in our nation’s future and workforce. By working across the federal government and in partnership with state, local, and Tribal governments to implement President Biden’s economic plan, Treasury has helped expand our economy’s capacity for sustainable, resilient growth going into 2023.

      Below is a look at just some of the ways Treasury delivered for the American people in 2022:


      • Treasury supported the passage of – and is helping implement – the Inflation Reduction Act, which lowers the cost of essentials like prescription drugs, health care premiums, and utilities, while providing families with generous tax incentives for the purchase of clean vehicles and energy saving appliances.
      • Treasury and the White House launched the revamped Child Tax Credit with additional features to help families file tax returns and claim available family credits.
      • To help level the playing field for American workers, Treasury joined the U.S. Department of Justice, the U.S. Department of Labor, and the Federal Trade Commission in issuing a new report on the state of competition in the labor market and U.S. economy, which recommended market reforms.


      • In 2022, Treasury continued to deploy funds from the American Rescue Plan to aid those impacted by the pandemic and to support a strong, equitable recovery. The State and Local Fiscal Recovery Funds (SLFRF) continue to play a crucial role in allowing state, local, Tribal, and territorial governments to invest in their communities, stabilize their budgets, and respond to the pandemic. The program is also supporting and expanding the workforce with more than 3,000 projects covering $10 billion in order to assist workers impacted by the pandemic and prepare more Americans for the critical jobs being created by the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act.
        • Treasury approved 26 state plans to invest over $3.7 billion of broadband funding under ARP’s Capital Projects Fund (CPF). Together, these states have estimated that this funding will connect more than 936,000 homes and businesses to affordable, high-speed internet.
        • Treasury also made significant progress in deploying funds from the American Rescue Plan’s $10 billion State Small Business Credit Initiative (SSBCI), which aims to increase access to capital and promote entrepreneurship, especially in traditionally underserved communities. Treasury has now approved plans for 43 states and obligated over 77% of capital funds.
        • The Emergency Rental Assistance (ERA) program continues to play a key role in preventing mass evictions and keeping families in their homes. Today, ERA has made over 8 million payments to renters and their families at risk of eviction while making landlords whole and meeting equity goals. Over 80 percent of assistance has gone to very low-income renters. Additionally, Treasury has disbursed over $9 billion through the Homeowner Assistance Fund (HAF) to state, territorial, and Tribal governments, providing a lifeline to homeowners at a time when refinancing or other workout options are limited.


      • The Inflation Reduction Act is the single most significant legislation to combat climate change in our nation’s history, and nearly three-quarters of its climate change investment - $270 billion – is delivered through tax incentives, putting Treasury at the forefront of this landmark legislation.
      • Since the Inflation Reduction Act was signed into law in August, Treasury has worked expeditiously to write the rules that will make real the promise of this legislation.
      • Within days of the law’s enactment, Treasury issued guidance on the electric vehicle tax credit and worked closely with DOT and DOE so consumers could easily find a list of eligible vehicles online.
      • In the fall, Treasury held a series of stakeholder discussions with Secretary Yellen and Deputy Secretary Adeyemo to solicit input from key groups representing millions of workers, thousands of companies, and trillions of dollars in investment assets, as well as climate and environmental justice advocates, community-based organizations, and other key actors that are critical to the success of the Inflation Reduction Act.
      • Treasury also hosted three formal consultations with Tribal governments and Alaska Native Corporations to hear firsthand from Tribal leaders about provisions in the law that directly affect Tribal nations.
      • In November, Treasury published initial guidance on the prevailing wage and apprenticeship standards. And in December, Treasury and the IRS issued several pieces of guidance to help taxpayers access tax benefits from the law’s clean vehicles and energy efficient commercial buildings and homes provisions.
      • Treasury, in partnership with the IRS, has also begun work on a strategic operating plan to set out a path for the historic ten-year investment in the IRS to modernize tax administration, improve taxpayer services and make the tax code fairer.


      • Treasury, in coordination with partners and allies around the world, marshaled a historic sanctions coalition of over 30 countries to disrupt Russia’s military supply chains and deny Putin the revenue he needs to wage his war, resulting in major impact to the Russian economy and defense sector.
      • Treasury also coordinated with allies bilaterally and multilaterally at forums like the G20 to condemn Russia’s actions and address the global headwinds they’ve created, including issues like food security, as well as distributing $13 billion in bilateral economic assistance to Ukraine. In addition, Treasury pressed allies and international financial institutions to also step up to support Ukraine’s funding needs and medium- and long-term reconstruction.
      • Treasury, along with the U.S. Department of Justice, led the Russian Elites, Proxies, and Oligarchs (REPO) Task Force to freeze and seize billions of dollars of assets held by sanctioned Russian elites around the world.
      • Treasury worked closely with the G7, European Union, and Australia to jointly set a cap on the price of seaborne Russian oil to restrict Vladimir Putin’s primary source of revenue for his illegal war while simultaneously preserving the stability of global energy supplies.


      • As part of President Biden’s Executive Order, Treasury published multiple reports on digital assets, offering recommendations on topics including implications for the future of money and payments, illicit finance, consumer protection, and financial stability. This work built on the 2021 stablecoin report produced by the President’s Working Group on Financial Markets and was produced in consultation with financial regulatory agencies and other interagency partners.
      • Soon after the failure of FTX, Secretary Yellen noted that, “Some of the risks we identified . . . including comingling of customer assets, lack of transparency, and conflicts of interest, were at the center of the crypto market stresses observed over the past week.” Treasury continues to monitor the rise in usage of digital assets, and implications for consumers, investors and the financial system.
      • Treasury also issued new and innovative sanctions on virtual currency exchanges used for illicit activity, such as laundering proceeds from cyber heists.


      • Treasury continued to make progress on enhancing the resilience of the Treasury Market, working with regulatory partners on steps to improve market intermediation, require more dealers to register, and make transactions more transparent.
      • Treasury released a report on the impact of non-bank fintech firms on competition in consumer finance markets, identifying opportunities and risks and recommending  new protections for consumers, businesses, and the financial system.


      • As noted above, Treasury is playing a significant role in the implementation of the Inflation Reduction Act’s historic climate change investments.
      • The Financial Stability Oversight Council, chaired by Treasury, has developed and advanced 30+ recommendations to address climate-related financial risk to the U.S. financial system. FSOC also this year created a climate-related advisory committee to receive information and analysis on climate-related financial risks from a broad array of stakeholders.
      • Treasury led the U.S. government’s engagement with donor countries and South Africa to establish a novel and impactful climate partnership model, the Just Energy Transition Partnership (JETP).  Treasury then co-led donor engagement on and development of the $20 billion Indonesia JETP, the largest-ever standalone climate finance deal.
      • Through a nearly $1 billion loan to the Climate Investment Funds’ (CIF) Clean Technology Fund (CTF), Treasury is helping to deliver on President Biden’s pledge to quadruple the United States’ international public climate finance pledge by FY24.


      • In June, Secretary Yellen traveled to the Rosebud Indian Reservation in South Dakota—the first time in history a U.S. Treasury Secretary visited a Tribal nation. During the visit, Secretary Yellen heard first-hand from Tribal citizens about the unique challenges they and Tribal nations around the country face and discuss how Tribal communities and the federal government can partner together to accelerate the economic recovery for all Tribal citizens.
      • During the visit to the Rosebud Indian Reservation, President Biden announced his intent to appoint Lynn Malerba, Lifetime Chief of the Mohegan Indian Tribe, as Treasurer of the United States, the first Native American to hold that position. Chief Malerba was sworn in as Treasurer in September.
      • Treasury has issued a historic level of financial support to provide critical recovery assistance and improve the health and well-being of Tribal citizens. The $20 billion in State and Local Fiscal Recovery Funds allocated to Tribal governments through the American Rescue Plan represents the largest single infusion of federal funding into Indian Country and is already being used to jumpstart their recovery and invest in transformative initiatives for their economies.
      • In June, Treasury established a new Office of Tribal and Native Affairs, which reports to the Treasurer and coordinates Tribal relations throughout the Department.


      • Treasury has made over $8.28 billion of investments in 162 Community Development Financial Institutions and Minority Depository Institutions across the country through the Emergency Capital Investment Program (ECIP). These funds support the efforts of community financial institutions to provide loans, grants, and other assistance to small and minority-owned businesses and consumers, especially in low-income and financially underserved communities. In its implementation of ECIP, Treasury is providing additional incentives to participants for “deep impact lending,” including loans to low-income borrowers and underserved small businesses.
      • In October, the Department formed the Treasury Advisory Committee on Racial Equity. The first-of-its-kind committee will provide advice and recommendations to Treasury on efforts to advance racial equity in the economy and address acute disparities for communities of color.


      • Building on years of bipartisan work by Congress, the Administration, national security and law enforcement agencies, and other stakeholders, Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a new rule on beneficial ownership reporting under the Corporate Transparency Act to crack down on criminals, corrupt individuals, and other bad actors who seek to take advantage of America’s financial system for illicit purposes.
      • This rule will help strengthen U.S. national security by making it more difficult for oligarchs, terrorists, and other global threat actors to use complex legal structures to launder money, traffic humans and drugs, and commit other crimes that threaten harm to the American people.
      • The rule also will help level the playing field for honest businesses that play by the rules but are at a disadvantage when competing against bad actors who use shell companies to evade taxes, hide their illicit wealth, and defraud customers and employees.
      Source: US Department of the Trasury 
    • Biden-⁠Harris Administration Releases Inflation Reduction Act Guidebook for Clean Energy and Climate Programs

      The White House released the first edition of a new resource titled Building a Clean Energy Economy: A Guidebook to the Inflation Reduction Act’s Investments in Clean Energy and Climate Action, which provides clear descriptions of the law’s tax incentives and funding programs to build a clean energy economy, lower energy costs, tackle climate change, and reduce harmful pollution. The Guidebook will help state, local, territorial, and Tribal leaders, the private sector, non-profit organizations, homeowners, and communities better understand how they can benefit from these investments and unlock the full potential of the law. The Guidebook walks through the law program-by-program and provides background on each program’s purpose, eligibility requirements, period of availability, and other key details.

      In a letter at the beginning of the Guidebook, John Podesta, President Biden’s Senior Advisor for Clean Energy Innovation and Implementation, said:

      “When President Biden signed the Inflation Reduction Act into law in August 2022, he said the new law ‘is not just about today, it’s about tomorrow. It’s about delivering progress and prosperity to American families.’ The Inflation Reduction Act makes a historic commitment to build a new clean energy economy, powered by American innovators, American workers, and American manufacturers, that will create good-paying, union jobs and cut the pollution that is fueling the climate crisis and driving environmental injustice.”

      The Inflation Reduction Act Guidebook follows the successful model of the Bipartisan Infrastructure Law Guidebook and creates a roadmap for the clean energy and climate funding available under the law at the program level.

      Since President Biden signed the Inflation Reduction Act four months ago, his administration has been working quickly to design, develop, and implement its programs. This Guidebook provides information on current and prospective clean energy and climate programs.

      The Inflation Reduction Act builds on the foundational climate and clean energy investments in President Biden’s Bipartisan Infrastructure Law. Through his historic legislative accomplishments, along with key executive actions and international leadership, the Administration is delivering on the President’s ambitious climate agenda centered on workers, families, and communities. President Biden has made transparent communication and open engagement top priorities as a means to ensure successful implementation and to fully unlock the unprecedented benefits of the law. This Guidebook is critical step toward delivering on that vision.

      To view the Guidebook in full, click here.

        Source: The White House
    • Acting Director of FinCEN Addresses Further Beneficial Ownership Rulemaking

      The Acting Director of the Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department Himamauli Das delivered remarks to the American Bankers Association (ABA) Financial Crimes Enforcement Conference on 6 December 2022, addressing additional rule making beyond the initial reporting requirement issued by the US Treasury in September.

      Director Das stated that the new rule on beneficial ownership reporting implemented by the US Treasury as part of the Corporate Transparency Act (CTA) was only the first of three rulemakings required by the CTA.

      According to Director Das, the second rulemaking is referred to as the "access rule" and will lay out protocols for access to a beneficial ownership databased by law enforcement at the federal, state, local and tribal levels as well as financial institutions.

      Additionally, Director Das mentioned the third rulemaking in which the CTA requires a revision of the Customer Due Diligence (CDD) rule in order for it to be in conformity with the CTA. Those revisions must be completed no later that one year after the effective date of the reporting rule. The effective date for the reporting rule was 1 January 2024.

      Note: The Treasury established FinCEN in 1990 to provide a government-wide multisource financial intelligence and analysis network. The organization's mission is to enhance US national security, deter and detect criminal activity, and safeguard financial systems from abuse by promoting transparency in the US and international financial systems.

    • 2022 in review

      The past year undoubtedly brought its share of daunting challenges—from Putin’s brutal war in Ukraine, to devastating hurricanes along the Atlantic Coast and fires in the West, to stubbornly high inflation around the globe.

      Yet, 2022 also yielded remarkable progress for the American people. Under President Biden’s leadership, the economy continued its historic run, creating more than 10.5 million jobs since President Biden took office. Inflation has shown signs of moderating. Thanks to the landmark American Rescue Plan, we’ve continued to deploy $122 billion in funding to enable schools to hire teachers, combat pandemic-related learning loss, and support students’ mental health. We expanded and strengthened the Affordable Care Act, making it possible for four out five people who sign up for health insurance through the Affordable Care Act to find health care coverage for $10 a month or less and helping to drive the uninsured rate to 8 percent—the lowest ever.

      It was a year of historic accomplishments. President Biden signed the landmark Inflation Reduction Act, making unprecedented investments in clean energy, finally allowing Medicare to negotiate drug prices, setting a $2,000 cap on out-of-pocket pharmacy costs, capping insulin in Medicare at $35 per prescription per month, and requiring rebates when drug prices increase faster than inflation. The President brought together Democrats and Republicans to pass the most significant gun safety legislation in nearly 30 years, securing hundreds of millions in funding to prevent, interrupt, and reduce gun crime, including unprecedented investments in community-led crime prevention and intervention. President Biden also signed into law the PACT Act, expanding access to health care and benefits related to toxic exposures for veterans and their survivors, as well as the CHIPS and Science Act to boost American manufacturing, strengthen supply chains, and create jobs.

      There was the reauthorization of the Violence Against Women Act. The announcement of up to $20,000 in debt relief for Pell Grant recipients and $10,000 for other borrowers whose incomes were under $125,000, a move that could help more than 40 million borrowers. The Electoral Count Reform and Presidential Transition Improvement Act to better protect our democracy. Capping off the year, thousands of Americans gathered on the White House South Lawn to celebrate as President Biden signed the Respect for Marriage Act into law—a vital step forward for an Administration that has done more to advance LGBTQI+ equality than any before it.

      It’s an impressive list by any measure. But, that’s only the tip of the iceberg. For every high-profile bill signing on the South Lawn, there have been dozens of other highly impactful executive actions, agency regulations, and notable initiatives centered on delivering opportunity for the American people. As we close out a remarkably productive year, here are 12 Biden-Harris Administration achievements you might have missed over the past 12 months:

      1. Continued implementing a historic Day 1 Executive Order advancing equity and racial justice across the entire federal government. This included releasing 90 agency equity action plans, containing over 300 commitments on issues ranging from maternal mortality to language access to environmental justice.
      2. Signed a historic executive order to advance safe, effective, and accountable community policing to build public trust and strengthen public safety by requiring federal law enforcement agencies to ban chokeholds, adopt stricter use-of-force policies, greatly restrict no-knock warrants, implement body-worn cameras, provide de-escalation and anti-racial profiling training, establish a national database of officer misconduct records, restrict military equipment transfers, and more. The order also directed federal agencies to provide training, technical assistance, and funding to support state and local law enforcement agencies in adopting the same measures.
      3. Made progress on the President’s goal of increasing the share of federal contracting dollars awarded to small disadvantaged business (SDBs) by 50 percent by 2025. In 2021, the Administration awarded a record level of contracting dollars to SDBs, with 2022 expected to set a new record.
      4. Hosted the first White House Conference on Hunger, Nutrition, and Health in more than 50 years and released a National Strategy to end hunger and reduce diet-related diseases by 2030. Over $8 billion in new private- and public-sector commitments were announced at the White House Conference.
      5. Launched the Rural Partners Network in 36 communities in 11 states and territories, advancing a whole-of-government initiative—led by the Department of Agriculture and supported by more than 20 federal agencies and regional commissions—that places full-time federal staff on the ground to help local leaders navigate and access federal resources.
      6. Made historic investments in Tribal Nations, including more than $32 billion in the American Rescue Plan, $13 billion in the Bipartisan Infrastructure Law, and over $700 million in the Inflation Reduction Act specifically for Tribal Nations and Native communities. In addition, the Administration secured—for the first time in history— advance appropriations for the Indian Health Service, which will ensure a more predictable funding stream and improve health outcomes across Indian Country.
      7. Hosted a historic United We Stand Summit to combat hate-fueled violence, and announced a host of new federal and nonfederal deliverables, including the launch of the White House Initiative on Hate-Motivated Violence, the creation of an online clearinghouse of prevention resources, and over $1 billion in philanthropic commitments for unity-building activities.
      8. Addressed our failed approach to marijuana by pardoning all federal and D.C. simple marijuana possession offenses, urging governors to pardon state and local offenses, and starting the administrative process of the Departments of Justice and Health and Human Services reviewing how marijuana is scheduled.
      9. Launched a whole-of-government mental health strategy to address our nation’s mental health crisis and transform how we understand, access, and treat mental health in America, including the transition to the nationwide 988 suicide and crisis Lifeline. This includes increasing funding to community mental health organizations, school districts, and institutions of higher education to increase the number of school-based and community mental health professionals.
      10. Strengthened Deferred Action for Childhood Arrivals (DACA) by defending DACA in court against ongoing attacks, issuing a Presidential Memorandum to preserve and fortify DACA, and releasing a final rule codifying the 2012 DACA policy.
      11. Reunified and provided support services to more than 570 families who were separated under the previous administration’s “zero-tolerance” policy. Of the children who remained separated when President Biden took office, more than 70 percent of their families have been contacted and offered the opportunity to reunify.
      12. Proposed rules to ban menthol cigarettes and flavored cigars, which is projected to save as many as 654,000 lives, including up to 238,000 Black Americans.

      Across the board, the Biden-Harris Year Two record is a record of results for the American people. It’s a record of taking on some of our nation’s toughest challenges and delivering. That’s the spirit that drove our Administration to success during 2022, and it’s the spirit we’re carrying with us into 2023. Stay tuned.

      Source: The White House