Costa Rica revises 2025 moveable property tax brackets for vehicles, aircraft, vessels
Costa Rica’s Executive Branch has published the Executive Decree No. 44658-H in the Official Gazette on 30 September 2024, outlining the movable property tax brackets for the 2025 tax year. It also includes revised tax brackets for motor
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Croatia launches public consultation on higher short-term rental taxes
Croatia’s government has introduced a higher tax on income generated from short-term rentals as part of a series of amendments to the Individual Income Tax Act. The government has initiated a public consultation about the draft amendments,
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Belgium introduces tax measures for Flemish region
Belgium’s new government agreement for the Flemish region includes various tax measures, which includes amendments to inheritance and property taxes. Under the new tax measures, effective in 2026, inheritance tax rates will decrease for small
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US: Congressional Research Service reviews possible changes to estate tax
The Congressional Research Service (CRS) of the US Library of Congress has explored options for reforming estate taxation as per the R48183 report on 16 September 2024. The estate tax is imposed on bequests at death, whereas the gift tax applies
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Poland: No new property taxes on solar farms and installations
Poland’s Ministry of Finance clarified in a notice on 21 August 2024 that it has no plans to introduce new real estate taxes on photovoltaic farms and installations. The proposed amendments to the Act on Local Taxes and Fees seek to maintain
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Slovak Republic proposes three-year property capital gains tax exemption
Slovak Republic’s parliament is considering a draft bill to amend the Income Tax Act concerning capital gains tax exemptions on the sale of immovable property for individuals. This proposed legislation aims to reduce the minimum holding period for
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US: Nebraska governor to reduce property taxes up to 50%
Nebraska Governor Jim Pillen, in a release, has convened a special legislative session to discuss the possibility of reducing local property taxes by 40-50% on 30 July 2024. This significant property tax reduction plan is part of Pillen’s
See MoreIMF: Policies to Avoid Prolonged Slow Growth and Inequality
In an IMF blog on 23 July 2024 the IMF Director General noted that long periods of slow growth can increase inequality, but this outcome can be avoided if the correct policies are pursued. Referring to the upcoming meeting of the G20 finance
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OECD: Managing Rising Subnational Fiscal Risks
An OECD Working Paper on managing rising subnational fiscal risks was published on 13 June 2024. This paper, written by Luiz de Mello and Teresa Ter-Minassian, forms part of the series of working papers on fiscal federalism. The working paper
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Australia: NSW imposes higher surcharges, land tax limits for foreign property investors
Australia’s New South Wales (NSW) government announced an increase in the foreign purchaser duty surcharge and foreign owner land tax surcharge for 2025. From 1 January, 2025, the foreign purchaser duty surcharge will increase from 8% to 9%.
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Cyprus extends deadline for payment of central body fee for real estate transfers
In an announcement, the Cyprus tax authority, based on a new decision of the Tax Commissioner, the deadline for payment of the Fee of the Central Body of Equitable Burden Distribution without the imposition of monetary charges and interest has been
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Poland announces draft changes to real estate tax laws
On 11 June, 2024, Poland announced a draft legislation to amend the current real estate tax regime. The Ministry of Finance will develop the bill, and the Council of Ministers is expected to adopt it by Q3 2024. The key amendments include:
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Norway proposes new method for calculating ground rent tax
Norway has updated its National Budget for 2024, which proposed that ground rent tax for land-based wind power plants owned by entities with participant determination, such as responsible companies and limited partnerships, be calculated using a
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Western Australia: Parliament passes build-to-rent land tax exemption
The Western Australian Parliament has enacted the Land Tax Assessment Amendment (Build-to-Rent) Bill 2023. This legislation grants a 50% land tax exemption for 20 years to qualifying build-to-rent (BTR) developments, housing projects specifically
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Poland: Railway freight terminals exempt from real estate tax, imposes VAT to renewable energy installations
The Minister of Finance of Poland, Andrzej Domanski, provided clarifications regarding the application of the real estate tax exemption for railway freight terminals on 8 May, 2024. Although the regulations exempting freight terminals from real
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Saudi Arabia: ZATCA introduces changes to real estate transaction tax regulations
The Zakat, Tax, and Customs Authority (ZATCA), on 3 May, 2024, unveiled significant amendments to the real estate transaction tax (RETT) regulations, marking a pivotal shift in property transaction dynamics. The Key changes include: Expanded
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UN: ECOSOC Special Meeting on International Cooperation in Tax Matters
On 18 March 2024 the ECOSOC Special Meeting on International Cooperation in Tax Matters took place against the urgent background of the collective action required to put the Sustainable Development Goals (SDGs) back on track, strengthen institutions
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UK: Spring Budget Date Announced
The UK’s spring budget announcements will be delivered on 6 March 2024. There has been speculation that tax cuts will be a priority in the budget, as the tax burden in the UK is at a high point and a general election is due within a year.
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