Israel: Finance committee approves additional tax on financial institutions
On 4 March 2024, the Finance Committee of Israel’s parliament (Knesset) passed a measure to impose a 6% tax on financial institutions holding assets equivalent to at least 5% of the total assets held by Israeli banks. This additional tax will be
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Israel to raise bank taxes to 26% in 2024 and 2025
On 15 January 2024, Israel's Ministry of Finance proposed to increase the tax rate on bank profits from 17% to 26% in both 2024 and 2025. At present, banks and other financial institutions pay a 17% VAT-equivalent tax on their total payroll and
See MoreWorld Bank: Taxation of the Digital Sector
On 1 October 2021 the Third World Bank Tax Conference discussed the taxation of the digital sector. Value added tax collection The growth of the digital economy has changed business models and has presented new problems for tax assessment and
See MoreG20 leader reserved on financial transaction tax prospects
In a statement made at the G20 summit in Baden-Baden on March 18, 2107, OECD Secretary-General Angel Gurria stated that the proposal would only succeed if “adopted by a large number of countries, including those that house the major financial
See MoreArgentina: DJAS and DAPE systems eliminated
The General Resolution No. 4008-E was published on 6th March 2017 in the Argentine Official Gazette. According to that resolution, Argentina has abolished the Early Declaration System for Services (DJAS) and the Early Declaration for Payments Abroad
See MoreItaly-published FTT return model
The Tax Authority of Italy, as the approval to the new financial transaction tax (FTT) return model published Protocol No.2169 on 4th of January 2017. The FTT return will be applicable from 1st February 2017 and will have to be filed electronically
See MoreEU Council issues state of play note on financial transaction tax proposal
The general secretariat to the Council of the EU issued a note on October 28, 2016, setting out the state of play with regard to the proposal to introduce a financial transaction tax by 10 EU Member States. The note indicates broad lines of
See MoreEuropean Commission will begin drafting new EU financial transaction tax text
An Austrian proposal for a compromise text for the proposal to introduce a financial transaction tax by 10 EU Member States has been agreed in principle according to a Reuters report, at a meeting of the Finance Ministers in question on October 11,
See MoreDecision on EU financial transaction tax must come in June 2016
Austrian finance minister Schelling is reported by Reuters as having set a deadline of June 2016 for agreement on the proposal to introduce a financial transaction tax by 10 EU Member States. Other states are reported to have indicated reservations
See MoreEU Council issues state of play note on financial transaction tax proposal
The general secretariat to the Council of the EU issued a note on June 3, 2016 setting out the state of play with regard to the proposal to introduce a financial transaction tax by 10 EU Member States. The note discusses possible outcomes of ongoing
See MorePartial agreement reached on EU financial transaction tax
On December 8, 2015, 10 EU Member States have issued a joint statement on the proposal to introduce a financial transaction tax (FTT) setting out areas on which agreement has been reached and areas which are not yet agreed. Estonia, which was
See MoreEuropean Parliament pushing for financial transaction tax as own (EU) resource
In its Annual Tax Report, approved on March 25, 2015, the European Parliament emphasised the urgency of acting on the commitment of eleven Member States to introduce a financial transaction tax (FTT) and called for the FTT revenues to be part of an
See MoreFrance and Austria Seek To Launch FTT In 2016
France and Austria sought to break deadlocked talks with nine other European countries for a financial transaction tax, by proposing a broader financial transaction tax with a lower rate, in an attempt to push forward delayed plans for a European
See MoreEuropean Union: Report on Progress towards Financial Transactions Tax
The European Union’s Italian Presidency which draws to a close at the end of 2014 has issued a report on the progress made towards the introduction of a Financial Transactions Tax (FTT) by some EU countries under the EU’s enhanced cooperation
See MoreBrazil: The financial transactions tax on cross-border loans
The governments released a Decree no. 8,26314 on June 2014, for the purpose to assigns new maturity term for cross-border transaction. Financial transactions tax on cross-border loans to be allocated at 0% rate which was previously 6% IOF rate.
See MoreAustria’s Finance Minister clarifies FTT Start in 2016
Austria’s Finance Minister has clarified that a European Union (EU) financial transactions tax (FTT) will not come into effect until at least 2016. Austria’s State Budgets for 2014 and 2015 will reflect the delays and will not make provision for
See MoreFrance Pushes Ahead On FTT
Embarking on a lonely and uncertain course, France’s long-awaited, much debated tax on financial transactions (FTT) finally entered into force on 1 August 2012. Supposedly prefiguring the introduction of a mechanism at European level, a 0.2% tax
See MoreItaly: Decree on Financial Transaction Tax has been issued with Amendment
A Decree has been approved by The Italian Ministry of Economy and Finance on 16 September 2013 which makes the amendment of Decree on the Italian Financial Transaction Tax (IFTT) issued in order to implement the IFTT Law adopted last year on 24
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