US: Montana cuts PIT rate and expands EITC in major tax overhaul
Montana Governor Greg Gianforte has signed a bill (HB 337) on 28 April 2025 that cuts the top income tax rate and expands relief for working families. Personal income tax (PIT) Starting in 2026, Montana's top income tax rate will drop from
See More
South Africa: SARS updates guidance on capital gains
The South African Revenue Service (SARS) has released updated guidance on capital gains tax (CGT) for individuals and businesses on 18 March 2025. This guide provides a basic introduction to capital gains tax (CGT) for companies as defined in
See More
Canada: Manitoba announces 2025 budget, features contingency plan to address potential impact of US tariffs
Canada’s provincial state of Manitoba’s Minister of Finance, Adrien Sala, announced the 2025 provincial budget for Manitoba on 20 March 2025, features a contingency fiscal plan to address the potential impact of widespread US tariffs on Canadian
See More
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
See More
UK announces 2024 autumn budget
The UK autumn budget announcements were delivered today, 30 October 2024. Corporation tax The main rate of corporation tax will stay at 25% until the next election. National insurance National Insurance contributions for employers is to
See More
OECD: Tax Arbitrage Through Closely Held Businesses
On 7 October 2024 the OECD published a taxation working paper with the title Tax arbitrage through closely held businesses: Implications for OECD tax systems, written by Tom Zawisza, Sarah Perret, Pierce O’Reilly and Antonia Ramm. The working
See More
Slovak Republic: Parliament rejects plan to shorten property capital gains tax exemption to three years
The Slovak Republic parliament rejected a draft bill that proposed income tax exemptions on capital gains from the sale of immovable property for individuals and a suggestion to reduce the minimum holding period to three years. Earlier, on 16
See More
Canada: CFIB opposes capital gains changes
The Canadian Federation of Independent Business (CFIB) published a release, on Thursday, 9 May, 2024, regarding its opposition to the proposed capital gains tax changes in the 2024 federal budget. The proposal aims to increase the capital gains
See More
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 More
New Zealand announces 5% annual tax on interests in FIFs
New Zealand’s Inland Revenue announced that New Zealand taxpayers with interests in foreign investment funds (FIFs) or foreign stocks, with a total portfolio value (excluding select Australian stocks) over NZ$50,000, will be imposed an annual tax
See More
Ireland: Finance Minister presents 2024 Budget to the Parliament
On 10 October 2023, Mr. Michael McGrath, the Minister for Finance of Ireland presented the 2024 Budget to the Parliament. The main tax measures proposed in the 2024 Budget include: OECD Pillar Two The Minister announced that the upcoming
See More
OECD: Taxation of Labour vs Capital Income – Focus on Higher Earners
An OECD Tax Working Paper published on 28 August 2023 looked at the different tax treatment of labour and capital income, examining especially the position of higher earners. A number of governments tax labour and capital income in different
See More
UK: Capital Gains Tax Statistics for 2022
The update on statistics for capital gains tax (CGT) released on 3 August 2023 notes that record amounts of capital gains were reported in 2021/22 and record amounts of CGT were collected. The statistics are based on the self-assessment tax returns
See More
OECD: Enhancing International Tax Transparency on Real Estate
On 17 July 2023 the OECD published a report with the title Enhancing International Tax Transparency on Real Estate for the meeting of G20 finance ministers and central bank governors. Tax authorities do not possess sufficient information on
See More
UK: Capital gains tax statistics
On 5 August 2021 the UK released the latest annual statistics for capital gains tax (CGT) collections. The statistics are based on self-assessment tax returns that report a CGT liability. Record amounts of capital gains were reported in 2020/21
See MoreOECD: Measuring the Effective Taxation of Housing
An OECD Working Paper published on 14 January 2022 is entitled Measuring Effective Taxation of Housing: Building the Foundations for Policy Reform. The working paper looks at 40 countries in the OECD and its partner economies and considers the
See MoreUK: Annual capital gains tax statistics
On 5 August 2021 the UK released the latest annual statistics for capital gains tax (CGT). The statistics are based on self-assessment tax returns that report a CGT liability. In the 2019/20 tax year, the total UK CGT liability was GBP 9.9
See MoreSouth Africa: SARS updates guidance on capital gains tax for individual and legal entities
On 1 July 2021, the South African Revenue Service (SARS) published latest ABC of Capital Gains Tax for Individuals (Issue 12) and ABC of Capital Gains Tax for Companies (Issue 10). Guide of capital gains tax for individuals This guide
See More