United Kingdom: NAO Report on Tax Evasion in the Retail Sector
On 9 September 2024 the National Audit Office (NAO) issued a report on tackling tax evasion in high street and online retail. The report examines how well HMRC understands and assesses the risk of tax evasion in retail; and looks at its strategy
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IMF Report Looks at Ukraine’s Economy
On 10 September 2024 the IMF and the Ukrainian authorities reached agreement on the Fifth Review of the four-year Extended Fund Facility (EFF) Arrangement, subject to approval by the IMF Executive Board. The statement issued by the IMF noted that
See MoreIMF Working Paper: Advancing Labour Market Reforms in Korea
An IMF Working Paper of 23 August 2024 written by Stella Tam and Xin Cindy Xu looks at ways of advancing labour market reforms in Korea. The study looks at the structural challenges for the labour market in Korea and assesses the macroeconomic
See MoreIMF Report on Latvia Makes Tax Recommendations
On 5 September 2024 the IMF issued a report following discussions with Latvia under Article IV of the IMF’s articles of agreement. Following recovery from the pandemic, Latvia’s economic growth contracted by 0.3% in 2023, with tighter
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OECD: Economic Survey of Malaysia
On 27 August 2024 the OECD published its latest Economic Survey of Malaysia. The survey notes that Malaysia’s economy has grown significantly since the 1960s, with a higher per capita income than other countries in the region. Malaysia is
See MoreIMF Report on Turkey Recommends Tax Changes
On 28 August 2024 the IMF issued a report following discussions with Turkey under Article IV of the IMF’s articles of agreement. The economic policies followed by Turkey since mid-2023 have reduced crisis risks and raised confidence. There was
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India clarifies requirement to obtain ITCC before travelling
Indian citizens are not required to obtain an income-tax clearance certificate (ITCC) before travelling to other countries due to the recent amendment to Section 230(1A) of the Income Tax Act. The clarification was issued by the Central Board of
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Colombia offers interest, penalty relief for delayed returns and payments
The Colombian tax authority (DIAN) announced on 8 August 2024, that it is extending the deadline for submitting income tax returns of natural or similar persons, assets abroad, gasoline and diesel fuel, and withholding tax without interest and
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US: California to rejoin IRS direct file programme
RegFollower Desk The Franchise Tax Board (FTB) of California announced that it will continue to work with the IRS to offer many California taxpayers the option of a simple way to file both their federal and state tax returns using the IRS Direct
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Estonia announces security tax, delays tax-free income increase
Estonia's new coalition government, formed by Prime Minister Kristen Michal, has published details of the Coalition Agreement 2024-2027, which was approved on 22 July 2024. One of the key tax measures proposed in the agreement is the introduction of
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Greece: MoF extends tax return deadlines
Greece’s Ministry of Finance has announced an extension for filing personal and corporate income tax returns, moving the deadline to 2 August 2024 for individuals and 9 August 2024 for legal entities. This decision was made due to technical
See MoreG20: Ministerial Declaration on International Tax Cooperation
At the close of the meeting of G20 Finance Ministers and Central Bank Governors held from 25 to 26 July 2024 a Ministerial declaration was issued on international tax cooperation. The declaration noted that the OECD/G20 Inclusive Framework on
See MoreIMF Issues Report Following Consultations with Italy
On 23 July 2024 the IMF issued a report following the consultation with Italy under Article IV of the IMF’s articles of agreement. The report noted that Italy’s economy has recovered from the pandemic and energy price shocks, with economic
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Oman introduces draft personal income tax law, proposes taxing high-income earners
The Shura Council of Oman presented a draft income tax law to the State Council on 27 June, 2024. The initial draft of the income tax law, introduced in 2022, proposes a tax on high-income earners in the Sultanate. The government has been
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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: IRS extends tax relief for individuals and businesses impacted by severe weather in Mississippi
The US Internal Revenue Service (IRS), in a release—IR-2024-176 on 27 June 2024, announced tax relief for individuals and businesses in Mississippi that were affected by severe storms, straight-line winds, tornadoes, and flooding that began on 8
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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
See MoreUK: Tax Gap for 2022/23
On 20 June 2024 HMRC published details of the UK’s tax gap for 2022/23. The tax gap is a measure of the difference between the amount of tax that should have been collected by HMRC, and the amount that was actually paid. The tax that should be
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