US, El Salvador sign customs cooperation agreement
The US signed a Customs Mutual Assistance Agreement (CMAA) with El Salvador on 8 October 2024. The CMAA aims to strengthen border security and trade facilitation between the two countries. CMAAs are bilateral agreements between the United
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Serbia proposes changes to corporate tax law for liquidation, bankruptcy
Serbia’s Ministry of Finance has released draft amendments to the Corporate Income Tax Law, clarifying the procedures for submitting tax returns during liquidation, bankruptcy, and status changes. The draft is yet to be presented to the
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IMF: Opening speech at the IMF and World Bank Annual Meetings
On 21 October 2024 the IMF Managing Director Kristalina Georgieva delivered the opening speech at the IMF and World Bank Group Annual Meetings. The global wave of inflation is currently decreasing owing to a combination of resolute monetary
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Slovak Republic to amend anti-money laundering law
The Slovak Republic Parliament agreed to review the government's proposed draft bill, which seeks to amend the Anti-Money Laundering (AML) Law, on 4 October 2024. These amendments aim to address the European Commission's concerns regarding the
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Australia updates foreign exchange rate guidelines for 2024-25 income year
The Australian Taxation Office (ATO) updated its guidance on foreign exchange rates, including the monthly foreign exchange rates for the 2024-2025 income year, which starts from 1 July 2024 to 30 June 2025. All foreign income, deductions, and
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Australia: ATO updates foreign exchange rate guidelines
The Australian Taxation Office (ATO) updated its guidance on foreign exchange rates, which includes the monthly foreign exchange rates for the 2023-2024 income year (1 July, 2023, to 30 June, 2024) and the annual foreign exchange rates for the
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Czech Republic: Senate passes investment companies and funds law amendment
The Czech Senate passed an amendment to the Act on Investment Companies and Investment Funds (ICIF) on 29 May, 2024. This legislation incorporates changes to parts of the consolidation package, as passed by the Chamber of Deputies. The
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Switzerland proposes law to strengthen anti-money laundering, includes beneficial owners register
The Swiss Federal Council, in a release, announced the adoption of a new legislation to bolster the anti-money laundering framework on Wednesday, 22 May, 2024. This includes the establishment of a federal register of beneficial owners. The aim of
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Australia consults regulation of accounting, auditing, and consulting firms following PwC tax leaks scandal
On Friday, 3 May, 2024, the Australian Treasury introduced two public consultations following the PwC tax leaks scandal. This includes a consultation on the regulation of accounting, auditing and consulting firms in Australia and a consultation
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UAE announces public consultation on R&D tax incentives
The UAE Ministry of Finance has opened a public consultation on the proposed introduction of tax incentives for research and development. The deadline for submitting comments is 14 May 2024. Objective of the consultation The UAE Government
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India: CBDT issues notification for non-resident investors in financial products by IFSC capital market intermediaries
On 4 January 2024, India's Central Board of Direct Taxes (CBDT) issued Notification No. 4/2024 as per the provisions of Section 10, Clause 4G, of the Income Tax Act, 1961. This notification specifically addresses entities who are not residents and
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Peru announces tax incentives for agro and textile sectors for 2024
On 30 December 2023, Peru published Law No. 31969 in the Official Gazette. The law introduces new incentives to enhance competitiveness and stimulate job creation in various sectors, including agriculture and textile industry. One key incentive
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Malta grants full deduction for IP expenditure from 2024
On 28 December 2023, Malta's Commissioner for Revenue declared that starting in 2024, taxpayers can fully deduct any expenditure of a capital nature related to intellectual property or intellectual property rights. The Commissioner for Tax and
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OECD: Decarbonisation and Intergovernmental Fiscal Relations
On 6 June 2023 the OECD published a working paper with the title Decarbonisation and intergovernmental fiscal relations: Policy challenges and reform options by Luiz de Mello and Teresa Ter-Minassian. The study represents the latest in a series of
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WTO: Strengthening LDC economies
On 31 May 2023 the WTO member states discussed a number of initiatives that aim to strengthening the economic output of less developed countries. The meeting of the Sub-Committee on Least-Developed Countries (LDCs) heard from Angola, Rwanda and
See MoreWTO: International Trade Cooperation to Strengthen Preparation for Future Pandemics
On 3 June 2022 the World Bank and the WTO launched a document entitled: Trade Therapy: Deepening Cooperation to Strengthen Pandemic Defenses. The publication notes that trade has an important role to play in the response to health crises such as
See MoreWTO: Trade Policy Review of New Zealand
On 1 and 3 June 2022 the WTO is carrying out a trade policy review of New Zealand. A report has been issued by the WTO Secretariat as a basis for the review. The report notes that New Zealand considers trade as very important for its prosperity.
See MoreEU: European Commission Proposes Tax Allowance for Equity
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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