OECD: 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
See More
Slovak Republic enacts sugar tax, targets sweetened nonalcoholic beverages
The Slovakian Parliament enacted the Act on Tax (sugar tax) targeting sweetened nonalcoholic beverages on 11 September 2024. This follows after the Slovak Republic’s Ministry of Finance initiated a public consultation on draft legislation in
See More
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 More
Australia publishes guidance on GST for food, drinks, health products
The Australian Taxation Office (ATO) has provided guidance to help taxpayers navigate the goods and services tax (GST) classification of food, beverages, and health products, clarifying whether these items are subject to tax or GST-free. ATO has
See MoreATAF: Project to support improved tobacco tax strategies
A communication of 9 July 2024 from the African Tax Administration Forum (ATAF) announced that the organisation aims to support member countries in implementing robust tobacco tax strategies by means of workshops, seminars and technical
See More
US: Washington finalises capital gains excise tax rules
Washington state’s Department of Revenue has issued clarification regarding the state's capital gains tax under WAC 458-20-301. The finalised regulations define and illustrate the capital gains tax, and provides explanation about the treatment of
See More
Lithuania: Parliament adopts state defence fund, increases corporate income tax and excise duties
Lithuania's parliament has approved a resolution to establish the State Defense Fund, but to achieve this goal, the parliament has raised the corporate tax rate and excise duties on alcohol, cigarettes and fuel, and enacted the Defence Fund
See More
Turkey hikes petroleum consumption tax by 19.49%
Turkey’s Revenue Administration (GIB) announced, on 3 July 2024, that it raised the fixed special consumption tax (SCT) on petroleum products by 19.49%. The petroleum products, listed in Schedule I of the SCT Law that are subject to increased
See More
US: IRS and Treasury issue final guidance on 1% excise tax rules on stock buybacks
The US Department of the Treasury and the Internal Revenue Service (IRS) issued a release—IR-2024-179, on 28 June 2024, announcing final guidance regarding regulations on how to report and pay the 1% excise tax owed on corporate stock
See More
Italy extends plastic and sugar tax suspension
Italy has enacted Law No. 67 of 23 May 2024, now published in the Official Gazette, which converts Decree-Law No. 39 of 29 March 2024 into law with specific amendments. The key measure in this legislation is the continued suspension of the
See More
Bangladesh reportedly plans 67% hike in bank excise duty
The Bangladesh government reportedly plans to increase excise duty on high-value bank deposits in the fiscal year 2024-25. Low- and middle-income depositors will maintain current rates, but higher-income individuals will see increased
See More
Slovak Republic consults public regarding draft bill to tax sugary beverages
The Slovak Republic’s Ministry of Finance has proposed a draft bill for public consultation on taxing sugary beverages and drinks with sweeteners. The tax on sweetened soft drinks (TSSD) is classified as an indirect tax on consumption. This
See More
US: IRS proposes regulations for excise tax for stock repurchases
On 9 April 2024, the US Internal Revenue Service (IRS) released the proposed regulations offering guidance on the new excise tax on corporate stock repurchases made after 31 December 2022. The Inflation Reduction Act imposed a new excise tax on
See More
UN Tax Committee Discusses Health Tax Guidance
On 22 March 2024 the UN Tax Committee discussed the latest output from the work program of the health subcommittee which is producing a handbook on health taxes for developing countries. Health taxes can apply to tobacco, alcohol, sugar-sweetened
See More
IMF Report Comments on Greece’s Economy
On 23 January 2024 the IMF issued a report following discussions with Greece under Article IV of the IMF’s articles of agreement. Greece’s economic outlook has improved with real GDP growth projected at 2.3% in 2023 and 2.1% in 2024. Positive
See MoreIMF Report Comments on Finland’s Economic Position
On 23 January 2024 the IMF issued a report following discussions with Finland under Article IV of the IMF’s articles of agreement. The report notes that although Finland’s economy recovered quickly from the pandemic, the war in Ukraine has
See More
WHO: Launch of Technical Manual on Alcohol Tax Policy and Administration
On 5 December 2023 a webinar was held to launch the WHO technical manual on alcohol tax policy and administration. See: WHO technical manual on alcohol tax policy and administration . Rudiger Krech, the director of health promotion at the WHO,
See MoreUN Tax Committee considers transfer pricing and treaty issues
The 27th session of the UN Committee of Experts on International Cooperation in Tax Matters took place from 17 to 20 October 2023. Subcommittees dealing with various areas of taxation presented updates to the Tax Committee on their
See More