IMF 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: 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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US: Maine consults proposals to amend non-resident income tax rules
The Maine Revenue Services (MRS) has presented proposals for amending the state's non-resident income tax rules. MRS suggests amending Rule 806 (Nonresident Individual Income Tax) to repeal the provision relating to income from an entity with a
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Thailand to boost stock market with tax breaks and reduced lock-ups
Thailand is planning to increase the tax allowance and reduce lock-up periods for environmental, social, and governance (ESG)--focused fund holders in an effort to strengthen the local equity market. Individual investments up to THB 300,000 (USD
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US: Bernie Sanders urges Biden administration to back G20 initiative for a global minimum tax on the ultrawealthy
US Senator Bernie Sanders, along with his colleagues from both the Senate and the House, issued a statement urging President Biden and Treasury Secretary Janet Yellen, on 11 June, 2024, to back Brazil's G20 initiative for a global minimum tax on the
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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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New Zealand announces 2024 budget, major adjustments made to individual tax brackets
New Zealand’s 2024 budget was made public on Sunday, 30 May, 2024. It does not contain any major tax measures but proposes adjustments to the individual income tax brackets. The start date has been pushed from July to August. Delivered by
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New Zealand implements tax relief for individuals with lower and middle incomes
The New Zealand government presented its budget today, 30 May, 2024, which outlined economic assistance for the middle-income citizens who are grappling with the challenges of escalating living expenses, soaring mortgage rates, and unprecedented
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