UK: Taxpayer Perceptions of Third Party Educational Messaging
On 25 January 2024 HMRC published the results of research that was commissioned by them in relation to customer perceptions of third party educational messaging. HMRC is considering the value of educational messaging via third party intermediary
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UK: Research on Taxpayer Perceptions of Personalised Digital Prompts
On 25 January 2024 HMRC published research they commissioned into taxpayer perceptions of personalised digital prompts. HMRC is introducing new technology to increase the efficiency of the tax system. This includes a digital prompts programme to
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Australia announces amendments to personal income tax rates and thresholds from July 2024
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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UK: Statistics on Venture Capital Trusts
On 24 January 2024 the UK released statistics on Venture Capital Trust (VCT) tax relief for the year 2021/2022. The VCT scheme is one of three tax-based venture capital schemes available to investors in the UK, together with the Enterprise
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OECD: Comments Received on Changes to the Commentary to Article 5
On 22 January 2024, the OECD published comments on proposed amendments to the commentary to Article 5 in relation to an alternative provision on activities in connection with the exploration and exploitation of natural resources. The additional
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IMF Report Comments on Greece’s Economy
On 23 January 2024 the IMF issued a report following discussions with Greece under Article IV of the IMF’s articles of agreement. Greece’s economic outlook has improved with real GDP growth projected at 2.3% in 2023 and 2.1% in 2024. Positive
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IMF Report Comments on Kenya’s Economy
On 17 January 2024 the IMF issued a report following consultations with Kenya under Article IV of the IMF’s articles of agreement, the Sixth Reviews of the extended arrangements under the EFF and ECF Arrangements, and First Review Under the
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Malta issues news guidelines on tax incentives for investment services and insurance expats
On 22 January 2024, Malta’s Commissioner for Revenue released the updated guideline regarding the tax benefits available to investment services and insurance expatriates under Article 6 of the Income Tax Act. The objective of the tax benefits of
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IMF Report Comments on the Sri Lankan Economy
On 19 January 2024 the IMF issued a report following discussions with Sri Lanka. The report notes that the economic reform program implemented by Sri Lanka is helping economic recovery with positive real GDP growth in the third quarter of 2023,
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Ecuador: SRI announce updated personal income tax brackets and rates for 2024
On 26 December 2023, Ecuador’s Internal Revenue Service (SRI) announced updated personal income tax brackets and rates for 2024, with minor adjustments for most earners and a slight increase for the highest income bracket. The changes, outlined in
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Taiwan grants basic income tax exemptions and deductions for 2024
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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Turkey amends valuable housing tax brackets for 2024
On 30 December 2023, Turkey announced the publication of the Real Estate Tax Law General Communiqué No. 82 in the Official Gazette. The General Communiqué outlines the amendments to the Valuable Housing Tax Brackets for 2024. This includes the
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Turkey revises individual income tax rates for 2024
On 30 December 2023, Turkey released the Income Tax General Communiqué No. 324 in the Official Gazette, which outlines the new individual income tax rates for 2024. The following tax brackets and rates apply to employment income: Up to TRY
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Kazakhstan announces amendments to its tax laws
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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Kazakhstan: Draft amendments in the Tax Code
The website of the Senate of the Republic of Kazakhstan posted a draft of amendments to the Tax Code of the Republic of Kazakhstan for 2024. Some of the amendments are traditionally retrospective and enacted from past periods. Here are some of the
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Peru extends deadline for individual and micro and small enterprises tax return
On 22 November 2023, Peru published Law No. 31940 in the Official Gazette extending the deadlines for annual income tax returns and payments for individuals and small enterprises until June of the following tax year. The standard deadlines,
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UK Autumn statement details
The UK’s autumn statement was delivered on 22 November 2023. The significant tax changes are summarised below. National insurance contributions The main rate of Class 1 employee national insurance contributions (NICs) is to be reduced from
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