Brazil to tax overseas corporate profits
Brazil's government has proposed imposing a 10% tax on corporate profits and dividends sent abroad on 17 March 2025 to offset the revenue loss from expanding the tax exemption brackets for low-income individuals. According to the country's
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South Africa unveils 2025 budget: Raises VAT and corporate income tax
South Africa's Finance Minister, Enoch Godongwana, presented the 2025 Budget Speech on 12 March 2025. The minister has proposed raising the VAT rate and corporate and personal income taxes. However, no changes to personal income tax rebates or
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Jamaica outlines new tax measures in 2025-26 budget
Jamaica’s Finance Minister Fayval Williams announced a JMD 1.26 trillion budget for 2025-26 on Tuesday, 11 March 2025. The Minister explained that the 2025/26 budget will be funded by JMD 949.5 billion in tax revenues, JMD 139.8 billion in
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US: Idaho lowers corporate, individual tax rates
Idaho Governor Brad Little has signed House Bill 40 into law on 6 March 2025, lowering corporate and individual income tax rates from 5.695% to 5.3%. The legislation also allows veterans to keep more of their military pensions. “Idaho
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France gazettes Finance Law 2025
France’s Finance Law 2025 has been published in the Official Gazette, introducing key measures, such as temporary taxes on high-income individuals and large corporations, revisions to the Pillar Two global minimum tax rules, and a new tax on share
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Angola approves 2025 state budget
Angola’s parliament has approved the General State Budget for 2025 on 30 December 2024, introducing amendments to corporate income tax, VAT and personal income tax. The key tax measures are as follows: Corporate income tax Corporate
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Japan: MOF presents tax reform bill to parliament
Japan's Ministry of Finance has released the legislative proposals submitted during the 217th session of the National Diet (parliament) – which includes the draft tax reform bill for 2025 and related materials – on 4 February 2025. The key
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Costa Rica announced 2025 corporate tax brackets, rates
Costa Rica's Ministry of Finance has published Executive Decree No. 44772-H in the Official Gazette on 3 December 2024, establishing the corporate and individual income tax brackets and rates for the 2025 fiscal year. Executive Decree No. 44772-H
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Canada announces personal income tax rates for 2025
The Canada Revenue Agency (CRA) released the Indexation Adjustment For Personal Income Tax And Benefit Amounts from 2022 to 2025 on 15 November 2024. Indexed amounts are provided for tax credits, medical expense supplements, old age security
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Brazil proposes income tax reform, plans spending cuts
Brazil’s Finance Minister Fernando Haddad has proposed expanding income tax exemptions for lower-income citizens while increasing taxes on higher earners on 27 November 2024. Alongside these measures, the Finance Minister also outlined plans to
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Malaysia updates global minimum tax, Labuan self-assessment rules in Finance Bill 2024
Malaysia’s Deputy Minister of Finance has presented the Finance Bill 2024 and the Labuan Business Activity Tax (Amendment)(No. 2) Bill 2024 to the Parliament, on 19 November 2024, proposing amendments to the Income Tax Act 1967 (ITA), Real
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US issues new rule for income tax withholding on foreign payees
The IRS and Treasury have published (RIN 1545-BN52, TD 10008) on 18 October 2024 outlining final regulations regarding income tax withholding on certain periodic payments and nonperiodic distributions from employer deferred compensation plans,
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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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Mongolia: Parliament approves changes to corporate and personal income tax laws
Mongolia’s parliament has approved new changes to corporate income tax laws and personal income tax laws. It also introduced a capital gains tax on stock and securities transactions. The laws will go into effect starting 1 July
See MoreBrazil enacts monthly revisions to individual tax brackets into law
The Brazilian government issued a release on 1 May 2024 declaring that the President Luiz Inácio Lula da Silva had signed Law 14,848/2024; converting Provisional Measure No. 1.206 of 6 February 2024 into law. This provides for the amendments to the
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OECD: Taxing Wages 2024
On 25 April 2024 the OECD released Taxing Wages 2024. The publication gives cross-country comparisons of labour costs and the overall tax and benefit position in the OECD countries. The study analyses the income tax paid by employees, the cash
See MoreUS: Georgia enacts tax cuts for individuals and corporations
On 18 April 2024, the Governor of Georgia announced the enactment of a tax reduction package. The package features House Bill (HB) 1015, which amends the individual income tax rate adjustment plan initially set forth by HB 1437 in 2022. Under HB
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Finland announces public finance plan for 2025 – 2028
On 16 April 2024, the Finnish government declared its public finance plan for 2025 to 2028. The finance plan includes specific tax reforms focused on enhancing the sustainability of public finances. These measures include: Raising the VAT
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