World Bank: Global Economic Prospects
The World Bank report Global Economic Prospects was issued in January 2025. The report notes that global growth is projected to remain steady at 2.7% in 2025/26, but this relatively low growth rate will not be sufficient to promote sustained
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IMF: Briefing on the World Economic Outlook
In the briefing on the latest World Economic Outlook on 17 January 2024, the Director of the IMF’s Research Department confirmed that global growth is projected to remain steady at 3.3% in 2025 and 2026. Globally, inflation is expected to decline
See MoreIMF Updates World Economic Outlook
On 17 January 2025 the IMF published the update to the World Economic Outlook, with the subtitle Global Growth: Divergent and Uncertain. The update notes that global growth is expected to remain stable at 3.3% in both 2025 and 2026, below the
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US: IRS, Treasury finalise rules on dual consolidated losses and disregarded payments
The US Department of Treasury and the Internal Revenue Service (IRS) have released the final Rules on Dual Consolidated Losses and the Treatment of Certain Disregarded Payments, which were officially published in the Federal Register on 14 January
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Azerbaijan amends tax code: Cuts branch profit tax, introduces new corporate tax and VAT exemptions
Azerbaijan has approved several amendments to the Azerbaijan Tax Code on 27 December 2024. Key amendments include a reduction of branch profit tax rate, new corporate income tax exemptions, and revised transfer pricing penalties. Reduction of
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US: Michigan enacts R&D credit law
Michigan’s governor has approved the legislation (2023-HNB-5100) on 13 January 2025, which introduces a research and development (R&D) tax credit in Michigan. This new incentive will take effect for tax years beginning on or after 1 January
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OECD releases compilation of qualified legislation, information filing, exchange tools for Pillar Two global minimum tax
The OECD has published a compilation of qualified domestic rules together with other tools to streamline the co-ordinated administration of the global minimum tax on 15 January 2024. Central record of legislation with transitional qualified
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EU Tax Observatory issues publishes paper on global minimum tax, profit shifting
The EU Tax Observatory has released a working paper titled Global Minimum Tax and Profit Shifting in October 2024 offering an in-depth analysis of tax data from the Slovak Republic. The findings suggest that the Pillar Two global minimum tax could
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IMF Report looks at Australia’s Economic Position
On 23 December 2024 the IMF staff issued a report following consultations with Australia under Article IV of the IMF’s articles of agreement. Economic growth is projected increase gradually, from 1.2% in 2024 to 2.1% in 2025. Real income growth
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Indonesia introduces regulations for Pillar Two global minimum tax
Indonesia's Ministry of Finance has introduced Regulation No. 136 of 2024, implementing Pillar Two global minimum tax rules in the country. The regulations apply to MNE groups with annual consolidated revenue of at least EUR 750 million in two of
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Hong Kong extends filing 2023/24 lodgement tax returns for year-end dates between January and March 2024 accounting year
The Hong Kong Inland Revenue Department (IRD) has released a Circular Letter to Tax Representatives on the Block Extension Scheme for Lodgement of 2023/24 Tax Returns on 15 January 2025. According to the letter, recognising the genuine
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US: California grants tax relief for Los Angeles wildfire victims
California Governor Newsom announced that the California Franchise Tax Board (FTB) will provide state disaster tax relief for taxpayers and businesses affected by the recent wildfires in Los Angeles on 11 January 2025. “California is taking
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Portugal introduces tax incentive for research and innovation
Portugal has published Ordinance No. 352/2024/1 23 December 2024, which regulates the tax incentive for scientific research and innovation (IFICI) included in the 2024 Budget Law. The Ordinance entered into force on 24 December 2024. The
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Italy outlines state budget for 2025, lowers corporate tax for reinvestment
Italy has enacted Law No. 207 of 30 December 2024, outlining the 2025 State Budget along with the multi-year financial plan for 2025-2027. The law was published in the Official Gazette on 31 December 2024 and took effect on 1 January 2025. The
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India grants tax collection at source exemption for IFSC on goods
India's Central Board of Direct Taxes (CBDT) issued Notification No. 6/2025, providing rules for an exemption from tax collection at source (TCS) on goods purchased by units of an International Financial Services Centre (IFSC), effective from 1
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Taiwan: MOF extends business tax payment deadline
Taiwan's Ministry of Finance (MOF) has announced an extension for the business tax payment deadline to 24 February 2025. The extension applies to both the quarterly period ending 31 December 2024 and the monthly period for January 2025. This
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South Africa introduces tax incentive for electric, hydrogen vehicle production
The South African Revenue Service has released the Taxation Laws Amendment Act 2024 which introduces a new investment allowance for automotive companies investing in the production capacity for electric and hydrogen-powered vehicles in the
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US: Treasury publishes guidance on clean fuels
The US Department of the Treasury has released new guidance on the Clean Fuels Production Credit (section 45Z) on 10 January 2025. Section 45Z provides a tax credit for the production of transportation fuels with lifecycle greenhouse gas (GHG)
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