Russia keeps key interest rate at 21%
The Central Bank of Russia (CBR) announced its decision to keep the key rate at 21% on 14 February 2025. Earlier, CBR increased the key interest rate from 19% to 21%, on 25 October 2024. This is the highest key interest rate in Russia since
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Poland: Parliament passes tax law amendments
Poland’s lower house of Parliament (Sejm) has approved two legislative measures to amend the nation's tax laws during its 20-21 February 2025 session. The tax measures are as follows: Tax Code updates: Easier submissions and interest on
See MoreWTO Working Paper: Evolution of Preferential Trade Under Regional Trade Agreements
A WTO working paper of 7 February 2025, written by Rohini Acharya and Thakur Parajuli has the title The Evolution of Preferential Trade Under Regional Trade Agreements: Has Anything Changed? The paper looks at the question of whether the share of
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EU: Commission announces Samancta website relocation
The European Commission has released an update regarding the Sampling Manual for Customs and Tax Authorities (Samancta). The manual has been relocated to a new website, preserving its content and structure for a seamless user experience. While
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EU: Commission imposes definitive anti-dumping duty on China biodiesel imports
The European Commission (EC) has announced Commission Implementing Regulation 2025/261 in the Official Journal of the European Union (OJEU). This regulation imposes a definitive anti-dumping duty on biodiesel imports from China into the European
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Nigeria suspends 4% Free On-Board value charge on imports
Nigeria's Federal Ministry of Information and National Orientation, in a release, from the Nigeria Customs Service on 11 February 2025, announced the suspension of the 4% charge on the Free On-Board (FOB) value of imported goods. The charge had
See MoreWorld Bank: Survey of Corporate Tax Incentives for Green Growth
A World Bank blog published on 13 February 2025, written by Hania Kronfol, Eduardo Antonio and Jimenez Sandoval, assesses the use of corporate tax incentives to encourage environmentally friendly investment. The blog refers to a World Bank
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Nigeria approves 15% tariff hike for Nigerian ports services
Nigeria’s Federal Government in a press release on X has approved a 15% tariff increase on Nigerian Ports Authority (NPA) services. This tariff increase applies to all rates and dues. The NPA explained the 15% upward increase is aimed at the
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Philippines issues guidance on excise tax exemption for EVs, securitisation tax rules
The Philippines Department of Finance (DoF) has released Revenue Regulations (RR) No. 1-2025, which amends section 9 (E) of RR No. 25-2003, has went into effect on 6 January 2025. The amendment updates the documentary requirements motor vehicle
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France raises financial transactions tax
France has raised the financial transactions tax rate from 0.3% to 0.4%, introduced in the French Finance Law for 2025 which was passed by parliament on 6 February 2025. The higher rate will apply to acquisitions made from the first day of the
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Slovak Republic passes second amendment to financial transaction tax act
The Slovak Republic’s parliament has passed a second amendment to the Financial Transaction Tax Act, set to take effect on 1 April 2025. The amendment expands taxpayer exemptions to include schools, extends exemptions for attorneys and public
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Philippines: Congress passes Capital Markets Efficiency Act (CMEPA)
The Congress of the Philippines has approved the Capital Markets Efficiency Promotion Act (CMEPA) on 5 February 2025. These tax measures include reducing the stock transaction tax rate from 0.6% to 0.1% and cutting the documentary stamp tax on
See MoreIMF: Revenue and Spending Measures for Developing Countries to Reduce Debt Levels
An IMF Public Finance Management (PFM) Blog, written by Talal Rafi (a Director at EY Sri Lanka) and published on 27 January 2025, looked at the measures developing countries can take to reduce public debt levels. The author notes that more than 3
See MoreIMF Report Makes Tax Policy Recommendations for Japan
On 7 February 2025 the IMF published a report following discussions with Japan under Article IV of the IMF’s articles of agreement. The report notes that Japan’s economy contracted in the first half of 2024 as a result of temporary supply
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China imposes retaliatory tariffs on select US imports
China’s Tariff Commission of the State Council has released the Announcement of CTC No.1 on 4 February 2025, announcing additional tariffs on certain US imports effective from 10 February 2025. China’s new tariffs on US imports include a 15%
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Slovak Republic: Parliament weighs cutting fuel and gas oil excise tax
The Slovak Republic’s Parliament has accepted a proposal to consider the draft bill amending the Excise Duty Law on Mineral Oil on 17 January 2025. The bill proposed lowering the excise duty on unleaded motor fuels (CN codes 2710 12 41, 2710 12
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EU Commission proposes changes to regulations on US import tariffs
The European Commission on 3 January 2025 has published a proposal for a Regulation Of The European Parliament And Of The Council amending Regulation (EU) 2018/196 of the European Parliament and of the Council of 7 February 2018 on additional
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US: California Governor suspends property tax for a year due to wildfires
California’s Governor Gavin Newsom has issued an executive order on 16 January 2025 to suspend penalties, costs, and any interest accrued on late property tax payments until 10 April 2026 for properties in areas affected by the firestorm. This
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