US: Wyoming offers 25% property tax cut for homeowners
Wyoming Governor Mark Gordon signed a legislation on 3 March 2025 that offers a property tax exemption of up to 25% for single-family homes. A single-family home is a structure intended for human habitation, including a house, modular home,
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Costa Rica announces moveable property tax brackets for 2026
Costa Rica’s government has released the updated tax brackets for motor vehicles, aircraft, recreational vessels, and motorcycles, adjusted annually for inflation, along with fixed taxes for taxis, buses, and heavy cargo vehicles on 28 January
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Netherlands expands property transfer tax exemption to real estate firm acquisitions
The Netherlands Finance Secretary announced a new property transfer tax decree, effective 24 January 2025. This Decree extends tax exemptions for business succession, including acquiring 100% of shares in real estate companies, indirect
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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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US: Wyoming raises exemption for business personal property tax
Wyoming’s Governor Mark Gordon has signed the bill (S.F. 48) on 24 February 2025, which increased the property tax exemption for personal business property from USD 2,400 to USD 75,000 in fair market value per county. The new threshold takes
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IMF 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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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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Portugal updates property transfer tax rates for 2025
Portugal's tax authority has introduced new tables for the calculation of progressive property transfer tax (IMT) on 10 January 2025.This new tax rate is effective from 1 January 2025. These updated tables apply to property acquisitions
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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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US: Washington updates estate tax filing rules for spousal residence exclusion
The US state of Washington on its webpage on Estate Tax on 9 November 2024 announced the state will allow married couples and registered domestic partners to exclude the value of their personal residence when determining if their estate meets estate
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Greece unveils tax reform plans for 2025
Greece's Ministry of National Economy and Finance has announced new legislation for tax reform measures for 2025 on 5 November 2024. The bill, entitled "Measures to enhance income, tax incentives for innovation and business transformations and
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Ireland: Lower House of Parliament passes Finance Bill 2024
The Irish lower house of parliament approved the Finance Bill 2024, which outlines major tax measures from Budget 2025 on Wednesday, 5 November 2024. Finance Bill 2024, which runs to 118 sections and over 200 pages, implements the taxation as
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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
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IMF Annual Meetings: Regional Economic Outlook – Sub-Saharan Africa
On 25 October 2024 the IMF presented the latest regional outlook for Sub-Saharan Africa. The report notes that the region is making economic progress, but macroeconomic vulnerabilities are persistent. Countries in the region are trying to implement
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Australia: New South Wales introduces duty, land tax rules for corporate collective investment vehicles
The New South Wales government presented the Revenue Legislation Further Amendment Bill 2024 in the NSW Parliament on 16 October 2024. The Revenue Legislation Further Amendment Bill 2024 will amend various Acts to enhance the integrity of the
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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
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Canada consults taxation of vacant lands
Canada’s government has initiated public consultations concerning the potential taxation of vacant residentially zoned land. Announced in the Budget 2024, this initiative aims to motivate private landowners to develop unused properties. The
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US: IRS finalises rules for repatriating intangible property under Section 367(d)
The US Internal Revenue Service (IRS) and Treasury published the final regulations - Section 367(d) Rules for Certain Repatriations of Intangible Property in the Federal Register on 10 October 2024, which contains final additions and amendments to
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