Canada releases revised consolidated Income Tax Act
Canada’s Minister of Justice Arif Virani, published an updated version of Canada's Income Tax Act. (Revised Canadian Statutes (R.S.C.), 1985, c. 2 (5th Supp.). Under this Act, residents in Canada should pay income tax on the taxable income
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US: Hawaii lowers pass-through entity tax, allows tax credit carry-overs
The governor of the US state of Hawaii, Josh Green, recently signed a bill (S.B. 2725) into law reducing its pass-through entity (PTE) tax rate to 9% on 19 June, 2024. This bill amends the state's PTE taxation law to apply to taxable years
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Slovenia proposes amendments to Income Tax Act
Slovenia's Ministry of Finance announced the Draft Bill on Amendments to the Income Tax Act on 6 June, 2024. The main measures of the bill include a special tax allowance which has been introduced for new resident workers, which offers a
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Hong Kong approves legislation for two-tier tax rates for individuals and 24/25 budget measures
The Hong Kong Inland Revenue Department announced that the Legislative Council has passed legislation to implement specific measures from the 2024-25 Budget on Wednesday, 22 May, 2024. These measures include a two-tiered standard rates regime for
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Malta publishes summary of new income tax legislation for 2024
Malta's Commissioner for Revenue has released a note providing a summary of subsidiary legislation (legal notices) enacted under the Income Tax Acts from January to April, 2024. Overview of newly published legal notices Deduction (Income
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Australia announces amendments to personal income tax rates and thresholds from July 2024Â
On 25 January 2024, the Australian Taxation Office (ATO) declared proposed changes to individual income tax rates and thresholds from 1 July 2024. These changes are yet to become law. The key proposed tax cuts will: reduce the 19 % tax rate
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Taiwan grants basic income tax exemptions and deductions for 2024Â
On 8 January 2024, Taiwan’s Ministry of Finance released a notice regarding the amounts of basic income eligible for an exemption from Income Basic Tax and related deductions for 2024 according to the Income Basic Tax Act on 23 November 2023. The
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Luxembourg: Administration of direct tax updates 2024 PIT brackets
On 5 January 2024, the Luxembourg Administration of Direct Tax released a newsletter in relation to the income tax changes for the 2024 tax year. The newsletter includes the Law of 22 December 2023 on amendments to the Income Tax Law, submitted to
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Kazakhstan announces amendments to its tax lawsÂ
On 12 December 2023, Kazakhstan published Law No. 45-VIII of 12 December 2023 in the Official Gazette, providing various amendments to its tax laws including digital assets. The key amendments are as follows: The amendment of the new limit on
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OECD: Population Ageing and the Fiscal Sustainability of Health Care
On 30 June 2022, as part of the series of Fiscal Federalism Working Papers, the OECD published a paper entitled Ageing and the long-run fiscal sustainability of health care across levels of government. In the next 20 years government tax revenue
See MoreZambia: Government implements budget tax changes for 2022
Recently, the Zambian Government has published Practice Note No. 1/2022 which provides an overview of the various 2022 tax changes implemented through the Budget 2022 Amendment Acts. The most important changes are summarized below: Corporate
See MoreOECD: Fiscal Federalism 2022
On 20 December 2021 the OECD released the publication Fiscal Federalism 2022: Making Decentralisation Work. This looks at trends in relations with subnational governments as the world strives to emerge from the crisis caused by the
See MoreJapan enacts tax reform bill 2021
On 26 March 2021, Japan’s 2021 tax reform bills were passed by the Japanese National Diet. The Bill generally follows the tax reform outline announced by Japan’s coalition leading parties in December 2020. The amendments generally apply to
See MoreOECD: Ageing and Fiscal Challenges Across Levels of Government
A paper contributing to OECD Fiscal Federalism Studies published on 27 October 2020 looks at the fiscal challenges across levels of government resulting from an ageing population. Personal Tax Revenue and an Ageing Population Some tax systems
See MoreCzech Republic: Finance Ministry announces liberation package III due to COVID-19 pandemic
On 9 June 2020, the Ministry of Finance announced on its website that the so-called next liberation package III has been approved to extend and extend certain tax exemptions, tax accessories and administrative fees due to an emergency caused by
See MoreOECD: Overview of tax measures to combat the coronavirus pandemic
On 1 April 2020 the OECD published on its website detailed information on measures taken by countries to help businesses and individuals during the coronavirus crisis. Measures to help business case flow These include tax administration
See MoreFrance: President announces to postpone the deadline for payment of taxes
On 12 March 2020, the President, Emmanuel Macron, announced that the deadline for the payment of taxes and social security contributions will be postponed from during March 2020 for all companies due to coronavirus outbreak. Also, the President
See MoreOECD: Fiscal challenges of ageing populations for central and local government
On 4 December 2019 the OECD released a Working Paper entitled Population ageing and sub-central governments: long-term fiscal challenges and tax policy reform options. This looks at the taxation policy options for central and local governments in
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