Chile signs EU Trade Agreement & approves DTA protocol with Brazil

December 14, 2023

On 13 December 2023, Chile became the first country in the Latin American region to conclude with the European Union EU an Advanced Framework Agreement and an Interim Trade Agreement to strengthen political cooperation and foster trade and

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ASEAN Requests a Review of the Global Minimum Tax

August 27, 2023

On 19 August 2023, at the ASEAN Economic Ministers' meeting, the Chair of the ASEAN Investment Area (AIA) Council called for a review of the global minimum tax that is being implemented under Pillar Two of the OECD two-pillar international tax

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WTO Trade Policy Review of EU

June 07, 2023

The WTO is reviewing the trade policies and practices of the EU on 5 and 7 June 2023. The WTO Secretariat has produced a report as a basis for the review. During the period under review the EU made progress on major policy initiatives including

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EU: European Commission Announces Proposals for Customs Reform

May 24, 2023

On 17 May 2023 the European Commission set out proposals for a reform of the EU Customs Union. The proposals are a response to the large increase in the volume of trade in recent years, the growth in e-commerce and the need to enforce EU trading

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UK: Talks on Free Trade Agreement with the Gulf Cooperation Council

August 24, 2022

On 22 August 2022, UK and Gulf Cooperation Council (GCC) negotiating teams met for the first round of negotiations on a free trade agreement. The talks are expected to continue for around two weeks and cover all areas of the FTA focusing on the main

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EU: European Commission Proposes Tax Allowance for Equity

May 15, 2022

On 11 May 2022 the European Commission put forward proposals for a tax allowance that would reduce the current tax advantage for debt over equity. This allowance would be designed to encourage businesses to access more equity financing and reduce

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EU: Public Consultation on Minimum Rates of Alcohol Excise Duty

April 20, 2022

On 11 April 2022 the European Commission began a consultation on the minimum rates of alcohol excise duty in the EU. The consultation will continue until 4 July 2022. The consultation aims to gather the views of the relevant stakeholders on

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EU: Pressure on member states to revise CBI/RBI schemes

April 06, 2022

Recently there has been increased pressure on European Union (EU) member states to scale back their schemes offering citizenship or residence in return for financial contributions. This reflects heightened security concerns in view of the current

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EU: Joint European Action for Affordable and Sustainable Energy

March 09, 2022

On 8 March 2022 the European Commission issued a communication entitled REPowerEU: Joint European Action for more affordable, secure and sustainable energy. This document notes that the current geopolitical situation requires independence from

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EU: European Parliament Adopts Resolution on Impact of National Tax Schemes

February 17, 2022

On 15 February 2022 the European Parliament adopted a resolution relating to the impact of national reforms on the economy of the European Union. Resolutions of the European Parliament are not binding on other EU institutions, but they call for

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EU: Role of Environmental Taxation in Supporting the Transition to Sustainability

February 09, 2022

On 7 February 2022 the European Environment Agency (EEA) issued a briefing entitled The role of environmental taxation in supporting sustainability transitions. This examines trends in taxes on pollution, greenhouse gases and resource use and

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Vietnam: National Assembly ratifies the Trans-Pacific Partnership

November 18, 2018

On 12 November 2018 the National Assembly of Vietnam formally ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The CPTPP is an open agreement that allows other countries to join after the deal takes effect

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UAE: Excise tax to be implemented by the end of 2017

June 14, 2017

The Finance Ministry of the United Arab Emirates (UAE) on 10th of May 2017 arranged a briefing session in respect of the new Excise Tax Law. Implementation of the UAE Excise Tax Law follows the Gulf Cooperation Council (GCC) Ministers of Finance

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UAE: Information regarding proposed VAT regime reveals

March 23, 2017

The Finance Ministry (MoF) presented a value added tax (VAT) briefing session for advisors on 21st March 2017. The session expected to send a message to the market that VAT is approaching and businesses must start to prepare immediately. The

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Qatar: Draft law on selective tax on goods approved

February 20, 2017

The Finance Ministry has prepared the draft law in accordance with the GCC unified agreement for selective tax, and the GCC Supreme Council decision recently issued in the 37th session held in the Kingdom of Bahrain. The decision specifies the

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UAE: Planning to introduce VAT by 2018

February 20, 2017

During the World Government Summit Ministry of Finance officials from the United Arab Emirates (UAE) announced they are to implement VAT by 1st January 2018. Also, the Finance Undersecretary has reiterated the Gulf Cooperation Council (GCC) Member

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Bahrain-GCC: VAT Framework Agreement signed by Bahraini Finance Minister

February 05, 2017

The Gulf Cooperation Council (GCC) VAT Framework Agreement has been signed by the Bahraini Finance Minister on 1st February 2017. This agreement imposes 5% VAT on the supply of in the GCC region. But this rate will be not applicable on particular

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Bahrain-GCC: Excise Taxes Framework Agreement signed by Bahraini Finance Minister

February 05, 2017

The Gulf Cooperation Council (GCC) Excise Taxes Framework Agreement has been signed by the Bahraini Finance Minister on 1st February 2017. Bahrain is planning to introduce Excise Tax by mid-2017. The excise levies will be 50% on soft drinks and a

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