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
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Malaysia considering increasing service taxes
The Royal Malaysian Customs Department (RMCD) announced that it is considering a proposal to increase the service tax rate to 8% from the current 6% and expand the service tax scope—effective 1 March 2024. The service taxes increase a part of the
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Spain approves extension of windfall taxes on banks and reduced VAT rates
On 11 January 2024, the Spanish Government issued a press release announcing the approval of the Royal Decree-Law. The Royal Decree-Law was approved by the Spanish Council of Ministers on 27 December 2023. This Decree extends specific measures to
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Malaysia imposes sales tax on import of low value goods
On 1 January 2024, Malaysia imposed a 10% sales tax on imported low-value goods (LVG) sold in the country. The LVG rules came into effect on 1 January 2023 and were initially intended to be effective from 1 April 2023. However, it was postponed
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Algeria publishes finance law for 2024 introducing new local solidarity tax
On 31 December 2023, Algeria's Ministry of Finance published the Finance Law for 2024 in the Official Gazette. The Finance Law for 2024 eliminates the 1.5% tax on professional activity (TAP) and introduces the new local solidarity tax
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Ukraine provides clarification on windfall tax for banks
On 23 December 2023, the State Tax Service of Ukraine released Newsletter No. 6/2023, which provides clarification on the implementation of the windfall tax on banks per Law 3474-IX. This legislation introduced a tax rate of 50% on bank profits for
See MoreWorld Health Organisation: 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,
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OECD: Housing Equity across Levels of Government
On 26 October 2023 the OECD published a study with the title Bricks, Taxes and Spending: Solutions for Housing Equity across Levels of Government. The study forms part of the OECD’s Fiscal Federalism Studies and sets out an analysis of ways in
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IMF and World Bank annual meetings 2023
The IMF/World Bank annual meetings were held from 9 to 15 October 2023. Improving Tax Capacity in Developing Countries On 15 October 2023, a fiscal forum was held on improving tax capacity in developing countries. The address by Katherine Baer
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UN 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 MorePlatform for Collaboration on Tax: Study of Carbon Pricing Metrics
On 8 September 2023 the Platform for Collaboration on Tax (PCT) issued a report on carbon pricing metrics. The PCT was set up for collaboration between the IMF, OECD, UN and the World Bank and supports countries in strengthening their tax systems by
See MoreIMF Urges Lebanon to Improve Revenue Mobilisation
On 15 September 2023 the IMF issued a report following consultations with Lebanon under Article IV of the IMF’s articles of agreement. The IMF considers that the lack of action on reforms has caused problems for Lebanon’s economy. The country
See MoreOECD: Inclusive Forum on Carbon Mitigation Approaches
The Secretary General of the OECD prepared a report for the meeting of G20 leaders on 9 and 10 September 2023 updating them on the work of the Inclusive Forum on Carbon Mitigation Approaches (IFCMA). The IFCMA which was launched in February 2023
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Ireland: Revenue increases mineral oil tax rates
On 24 August 2023, the Irish Revenue issued eBrief No. 187/23 on Mineral Oil Tax (MOT) rate changes. Accordingly, the Tax and Duty Manual (TDM) on Excise Duty Rates on Energy Products and Electricity has been updated to reflect increases in MOT
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UK: Capital Gains Tax Statistics for 2022
The update on statistics for capital gains tax (CGT) released on 3 August 2023 notes that record amounts of capital gains were reported in 2021/22 and record amounts of CGT were collected. The statistics are based on the self-assessment tax returns
See MoreOECD: Enhancing International Tax Transparency on Real Estate
On 17 July 2023 the OECD published a report with the title Enhancing International Tax Transparency on Real Estate for the meeting of G20 finance ministers and central bank governors. Tax authorities do not possess sufficient information on
See MoreOECD: Revenue Statistics in Asia and the Pacific 2023
On 25 July 2023 the OECD issued Revenue Statistics in Asia and the Pacific 2023, setting out revenue data for the region from 2021. The latest edition of the annual publication includes data on tax revenues for 30 jurisdictions in the region and
See MoreOECD: Roadmap on Developing Countries and International Taxation
On 17 July 2023 the OECD produced a report on tax and development issues for the meeting of G20 finance ministers and central bank governors. The report looks at the participation of developing countries in the ongoing work of the Inclusive
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