US: IRS updates tax rules for partial building dispositions
The US Internal Revenue Service (IRS) has updated its practice units on 16 January 2025 to better identify and examine taxpayers who elect partial dispositions of buildings. Identifying a Taxpayer Electing a Partial Disposition of a
See More
UN Tax Committee: Wealth and Solidarity Taxes
On 16 October 2024 the UN Tax Committee discussed progress in the work on wealth and solidarity taxes. The work of the relevant subcommittee aims to present practical options to assist countries in domestic resource mobilization and in addressing
See More
IMF Report Looks at Ukraine’s Economy
On 10 September 2024 the IMF and the Ukrainian authorities reached agreement on the Fifth Review of the four-year Extended Fund Facility (EFF) Arrangement, subject to approval by the IMF Executive Board. The statement issued by the IMF noted that
See More
UN: Tax Committee Discusses Tax Issues in the Digitalised Economy
The 28th session of the UN Committee of Experts on International Cooperation in Tax Matters is being held from 19 to 22 March 2024. On 19 and 20 March 2024 the discussions included tax issues in the digital economy. Fast Track Instrument The
See More
OECD: Unleashing the Power of Automatic Exchange of Information
A report on developments by developing countries with the automatic exchange of information (AEOI) was prepared by the OECD’s Global Forum for the meeting of G20 finance ministers and central bank governors on 17 and 18 July 2023. The report with
See More
OECD: Revenue Statistics in Africa
On 14 November 2022 the OECD published Revenue Statistics in Africa 2022. The annual publication is produced by the OECD jointly with the African Tax Administration Forum (ATAF) and the African Union Commission (AUC). Technical assistance is given
See MoreIMF: Untapped Revenue Potential of Personal Income Tax
An IMF blog post of 24 March 2022 considers the potential for developing countries to raise more revenue from the personal income tax. This issue has gained importance as low-income countries look for a sustainable recovery after the pandemic and
See MoreOECD: Supporting the Digitalisation of Developing Country Tax Administrations
On 16 December 2021 the OECD’s Forum on Tax Administration (FTA) published a report entitled: Supporting the Digitalisation of Developing Country Tax Administrations. Digital technology is creating opportunities for more efficient ways for tax
See MoreUN: Tax Committee Discusses Digital Tax Administration
The UN Tax Committee has to make a decision on moving forward with work on digitalizing tax authorities and on whether to form a subcommittee to provide guidance to developing countries in digitalisation and improvements to tax
See MoreOECD: Enhancing International Tax Debt Management
On 8 December 2020 the OECD’s Forum on Tax Administration (FTA) issued a report entitled Enhancing International Tax Debt Management, looking at challenges around international tax debt collection. Problems faced in international tax debt
See MoreUK: Winter Economy Plan Released
On 24 September 2020 the Chancellor announced measures contained in the UK government’s Winter Economy Plan. The measures include a new Job Support Scheme, extensions to the Self-Employment Income Support Scheme and the loan schemes, deferrals of
See MoreOECD: Revenue Statistics in Africa 2017
According to new data from Revenue Statistics in Africa 2017 released on 12 October 2017 the mobilisation of domestic resources is improving steadily in African countries. This annual report is produced jointly by the African Tax Administration
See MoreUK: Tax gap estimates published
On 20 October 2016 HMRC announced that the tax gap in the UK has fallen to GBP 36 billion or 6.5%, its lowest ever level. The latest figures released relate to the year 2014/15. The tax gap represents the difference between the amount of tax that
See MoreUK: Consultation on changes to double tax treaty passport scheme
The UK imposes withholding tax of 20% on interest paid to overseas lenders. This rate is reduced under some double tax treaties and in this case HMRC can issue a notice directing the UK borrower to apply the reduced rate of withholding tax to
See MoreIMF report comments on the economic situation in Bosnia
The IMF has reached a staff agreement with Bosnia and Herzegovina on an arrangement under the Extended Fund Facility and on 24 May 2016 published a press release including the statements of IMF staff teams. The economy of Bosnia is recovering and
See MoreSpain Adopts Stability Program Confirming Future Tax Reform
Spain is to publish its plans for reform of the individual income tax system in June 2014. The reform would aim to simplify the tax system to reduce the amount of compliance costs currently incurred by Spanish companies. The reforms are likely to
See MoreAustria’s financial police enforce tax compliance
Austria’s Finance Minister Maria Fekter has recently underlined the key role of the country’s financial police in enforcing payment of due taxes and thereby ensuring tax justice in Austria. Alluding to the fact that the financial police now play
See More