UK: Autumn Budget postponed
The UK budget that would normally be announced in the autumn will not take place this year. A government spending review will be carried out to establish the level of spending by government departments, but no long-term tax plans will be
See MoreWTO: Enhancement of Special and Differential Measures for Developing Countries
On 23 September 2020 the WTO’s Committee on Trade and Development is holding a special meeting to discuss the possible enhancement of the measures for special and differential (S&D) treatment for developing countries contained in the various
See MoreIMF staff report on Angola
On 21 September 2020 the IMF published a staff report on Angola in connection with the third review under an extended arrangement under the IMF’s extended fund facility. Angola’s economy has been hit in 2020 by the economic and health crisis
See MoreEU: Sectoral Policies for Climate Change Mitigation
On 16 September 2016 the EU published a departmental paper entitled Sectoral Policies for Climate Change Mitigation in the EU. The paper examines climate mitigation policy in five sectors that in aggregate account for 95% of greenhouse gas
See MoreEU: Climate Mitigation Policy
On 16 September 2020 the European Union (EU) published on its website a departmental paper on EU Climate Mitigation Policy. The EU’s Emission Trading System (ETS) limits the total amount of emissions and allows participants to trade emission
See MoreIMF: Government Support for Migrant Workers and Remittances
An IMF blog post publicised on 11 September 2020 notes that the COVID-19 crisis has had a disproportionate impact on migrant workers. Although the flow of remittances by migrant workers back to their home countries has been resilient through the
See MoreEU: Report on the VAT Gap in the EU Member States
In a press release of 10 September 2020, the European Commission presented the 2020 Study and Reports on the VAT Gap in the 28 EU Member States. The report presents figures on the VAT Gap in the 28 EU member states (including the UK) for
See MoreUK: VAT on Early Termination Fees and Compensation Payments
On 2 September 2020 the UK issued Revenue and Customs Brief 12 (2020) in relation to VAT on early termination fees and compensation payments. The previous guidance was that payments charged to withdraw from agreements to receive goods or
See MoreOECD: Tax Policy for Economic Recovery
An OECD blog post on 3 September 2020 noted that countries have generally acted quickly to limit the economic consequences of the COVID-19 crisis, introducing fiscal packages of various sizes focusing on income support for households and
See MoreWTO issues update on accessions
On 1 September 2020 the World Trade Organisation (WTO) published an update on accession negotiations for countries aiming for membership of the organisation. The WTO currently has 164 member countries and covers 98% of world trade. The WTO
See MoreOECD: Tax Policy Reforms 2020
On 3 September 2020 the OECD issued Tax Policy Reforms 2020 setting out the reforms introduced by OECD countries and by Argentina, Indonesia and South Africa in the past year. This issue also includes China for the first time. The publication
See MoreOECD: Global Forum issues peer review reports on transparency and exchange of information
On 1 September 2020 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes issued nine new second-round peer review reports containing details of their review and assessment of the compliance by nine jurisdictions
See MoreUN: Subcommittee considers article on taxation of automated digital services
The subcommittee on tax challenges of the digital economy of the UN Committee of Experts on International Cooperation in Tax Matters held a meeting from 25 to 27 August 2020. The subcommittee considered the proposed new Article 12B to the UN
See MoreWorld Bank: Vietnam must boost new drivers of growth
On 30 July 2020 the World Bank issued an economic update entitled What will be the new normal for Vietnam: the economic impact of COVID-19?. Vietnam has been successfully fighting the COVID-19 crisis but GDP growth has suffered a fall of almost
See MoreIMF: Effect of the COVID-19 Crisis on Lower Income Developed Countries
An IMF blog post, dated 27 August 2020, notes that the low income developing countries (LIDCs) are in a difficult position to combat the COVID-19 crisis. They have already been hard hit by external shocks and the lockdown measures are causing their
See MoreIMF: Aging Economies May Benefit Less from Fiscal Stimulus
An IMF blog posted to its website on 7 August 2020 suggests that economies with a higher proportion of older people may gain less momentum from a fiscal stimulus compared to countries with a younger demographic. The blog is based on research from
See MoreIMF: Global Imbalances and the COVID-19 Crisis
On 4 August 2020 the IMF released the 2020 External Sector Report on global imbalances and the COVID-19 crisis. Trade Forecasts The COVID-19 crisis has led to a decline in global trade, a decrease in commodity prices and more challenging
See MoreWTO: Effect of COVID-19 Crisis on Trade Costs
On 12 August 2020 the WTO issued an information note on Trade Costs in the Time of Global Pandemic. The note uses information from the WTO’s forthcoming Global Trade Costs Index and other available indicators to look at the effect on trade costs
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