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
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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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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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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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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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Bangladesh rumoured to reintroduce black money amnesty with 15% tax in FY25
A special opportunity to legalise undisclosed money is expected to return in FY25 in Bangladesh after a four-year hiatus. The local media in the country reported that the government is planning to offer amnesty at a flat 15% tax rate. This
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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
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UN: Ad Hoc Committee on Framework Convention Discusses Substantive Elements
UN Resolution 78/230 of 22 December 2023 established an ad hoc intergovernmental committee to draft terms of reference for a UN framework convention on international tax cooperation. The first session of the ad hoc committee is being held between 26
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Brazil 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
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US: 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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Portugal: Government approves comprehensive tax reform program
On 10 April 2024, the Portuguese Government approved a government program incorporating several measures related to corporate and individual income taxes. The program covers the following topics: Corporate Tax Rate Reduction: A planned
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US: Idaho reduces tax rates for companies and individual taxpayers
On 29 March 2024, the governor of Idaho, the 43rd state of the US, approved House Bill 521. This law includes reducing the corporate and individual income tax rates from 5.8% to 5.695%. This tax rate reduction goes into effect retroactively from 1
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UK: Scotland introduces new income tax structure with updated bands and rates
On April 5, 2024, the Scottish government announced reforms to the income tax system, which went into force on 6 April 2024. These reforms include establishing a new "Advanced Rate" tax band, which imposes a 45% tax on incomes exceeding GBP 75,000.
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Russia proposes progressive individual income tax system
Russia's parliament is considering a major change to its income tax system, proposing a progressive structure with higher rates for the wealthiest individuals. Under the proposed plan, earners making up to 5 million rubles (approximately $68,000
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US: Utah reduces individual and corporate franchise tax rates
On 14 March 2024, the Governor of Utah, the 45th state of the US, approved the Senate Bill (SB) 69. This Bill reduces the individual (personal) income tax and corporate franchise tax rates, effective retroactively from 1 January 2024. The individual
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UK: Spring Budget Date Announced
The UK’s spring budget announcements will be delivered on 6 March 2024. There has been speculation that tax cuts will be a priority in the budget, as the tax burden in the UK is at a high point and a general election is due within a year.
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