Canada: Alberta presents tax measures for 2025 budget
Alberta’s Finance Minister Nate Horner has presented the province’s budget for 2025 on 27 February 2025. Alberta is facing its first deficit since 2020-21, with no clear plan yet to return to a surplus. The province anticipates a CAD 5.2
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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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Norway publishes overview of tax changes for 2025
Norway’s government has released an overview outlining key tax changes which took effect on 1 January 2025. Some of the main changes include: Natural resource tax for hydropower The natural resource tax for hydropower plants has been
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Turkey extends income tax incentives for tech, R&D employees
Turkey has announced an extension of income tax withholding incentives for employees in technology development zones and R&D or design centers. According to Presidential Decision No. 9368 on 27 December 2024, employees working outside these
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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
See MoreCanada 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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Hong Kong publishes consultation outcome on global minimum tax implementation, minimum top-up tax
Hong Kong SAR government and the Inland Revenue Department (IRD) released the Outcome of the Consultation on the Implementation of Global Minimum Tax and Hong Kong Minimum Top-up Tax on 30 October 2024. The Government launched a consultation
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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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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
See MoreUS: 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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