South Africa: President promulgates Taxation Laws Amendment Act, introduces changes to environmental tax provisions
The President of South Africa has promulgated the Taxation Laws Amendment Act 42 of 2024 which includes changes to environmental tax provisions. The law was published in the Official Gazette on 24 December 2024. The various amendments
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Netherlands consults airline tax reform
The Netherlands government is seeking public feedback on proposed reforms to the airline tax which aims to adjust rates based on flight distance. The government wants to increase the total revenue from the flight tax by EUR 248 million by 2027.
See MoreSouth Africa releases draft bill with proposed changes to environmental taxes and more
The South African National Treasury has released the draft Taxation Laws Amendment Bill (B16-2024) on 30 October 2024, which includes proposed changes to environmental taxes, among other provisions. The proposed amendments aim to: Modify
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Iceland proposes mileage tax on fossil fuel cars, doubles carbon tax
Iceland’s Ministry of Finance and Economic Affairs submitted a bill to parliament on 22 October 2024 proposing introducing a mileage tax on fossil fuel-powered vehicles. The bill aims to eliminate excise duties on fuels and vehicles while
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European Commission approves Danish State Aid for greenhouse gas tax cuts
The European Commission announced it approved, under EU State aid rules, a EUR 724 million (DKK 5.4 billion) Danish scheme to lower the rate of new greenhouse gas (GHG) emissions tax for certain companies. The scheme offers a reduced tax rate for
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UN Tax Committee: Environmental Taxation
On 16 October 2024 the UN Tax Committee discussed environmental tax issues. The environmental taxation subcommittee presented some papers to the committee for discussion or approval. Phasing out fossil fuel subsidies A paper on phasing out
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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
See MoreNetherlands unveils ESG proposals on 2024 Budget Day
The Netherlands government submitted the 2025 Tax Plan to the lower house of Parliament on 17 September 2024. In addition to various proposals to improve the taxation system, the tax plan includes several proposals related to environmental, social,
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UN publishes draft guidance on carbon offsets, carbon credits in transfer pricing
The UN Subcommittee on Transfer Pricing published an advanced unedited version of the guidance Interstitial Guidance on Transfer Pricing of Carbon Offsets and Carbon Credits on 28 August 2024. The draft is an updated version of a document
See MoreOECD: Latest Edition of Tax Policy Reforms
On 30 September 2024 the OECD published the latest edition of Tax Policy Reforms: OECD and Selected Partner Economies. This annual publication provides comparative information on tax reforms in a number of countries. The latest report looks at the
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Thailand to implement carbon tax by 2025
Thailand’s Deputy Finance Minister Paopoom Rojanasakul announced that the country will implement a carbon tax by 2025, as part of its efforts to address climate change and promote sustainable practices, on 26 September 2024. The carbon tax will
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OECD: Economic Survey of Malaysia
On 27 August 2024 the OECD published its latest Economic Survey of Malaysia. The survey notes that Malaysia’s economy has grown significantly since the 1960s, with a higher per capita income than other countries in the region. Malaysia is
See MoreIMF Report on Turkey Recommends Tax Changes
On 28 August 2024 the IMF issued a report following discussions with Turkey under Article IV of the IMF’s articles of agreement. The economic policies followed by Turkey since mid-2023 have reduced crisis risks and raised confidence. There was
See MoreIMF: Tax Policy Can Limit Carbon Emissions from AI and Crypto
An IMF blog of 15 August 2024, written by Shafik Hebous and Nate Vernon-Lin, indicated that tax policy can be used to restrict the surge in carbon emissions resulting from artificial intelligence (AI) and crypto. Owing to the amount of
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Denmark to introduce agricultural carbon tax
Denmark unveiled a long-term plan, on 24 June 2024, to restructure its agricultural industry and land use. This plan tackles greenhouse gas emissions with a new tax on livestock emissions. “We will be the first country in the world with a
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US: IRS and Treasury announce 2024 solar and wind capacity limitation carryover amounts
The US Department of the Treasury and the Internal Revenue Service (IRS) issued Announcement 2024-25 on Friday, 17 May, 2024, which provides the total amount of unallocated environmental justice solar and wind capacity limitation that has been
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Denmark proposes extensive green tax reforms
The Danish parliament proposed draft bills L 182 and L 183, outlining a comprehensive green tax reform package. Key Provisions Phased CO2 Tax Implementation: A CO2 tax will be phased in starting from 2025 and reaching its final structure by
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Serbia introduces new eco tax decree
Serbia has recently enacted a new decree outlining criteria for assessing the negative environmental impact of business activities and determining the corresponding Environmental Protection Fee, also known as the Eco Tax. The decree categorises
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