UK: Draft Legislation on Plastic Packaging Tax
On 12 November 2020 the UK issued for consultation draft legislation to introduce a plastic packaging tax. The legislation when finalised would be included in the Finance Bill 2021 and the tax would be implemented from April 2022. The tax
See MoreOECD: Combining Green Budgeting and Tax Policy Tools
An OECD Environment Focus published on the website on 29 October 2020 looked at the use of a combination of green budgeting and environmental tax policy to bring about an improved economic recovery after the pandemic. The OECD note referred to a
See MoreOECD: Ageing and Fiscal Challenges Across Levels of Government
A paper contributing to OECD Fiscal Federalism Studies published on 27 October 2020 looks at the fiscal challenges across levels of government resulting from an ageing population. Personal Tax Revenue and an Ageing Population Some tax systems
See MoreMalta: Finance Minister presents Budget for 2020
On 19 October 2020, the Minister for Finance, Edward Scicluna presented the Budget for 2021 to the Parliament. The budget has no tax increases. The key measures regarding tax and incentives are as follows: The tax refund check will be
See MoreOECD: Economic Survey of UK
On 14 October 2020 the OECD published on its website its economic survey of the UK. The outlook for the UK is uncertain with the combination of Brexit and the COVID-19 crisis. Since July 2020 the UK has begun a new phase of support for business
See MoreLuxembourg: Finance Minister presents draft budget law for 2021
On 14 October 2020, Luxembourg’s Finance Minister has presented the draft budget law 2020 to the Parliament. There are no measures regarding major tax reform or an increase in the tax rate in the draft budget law. The draft budget laws contain a
See MoreWTO: Trade Issues and the Environment
On 15 October 2020 the WTO issued a publication entitled Short Answers to Big Questions on the WTO and the Environment answering questions on issues relating to trade and the environment. Links Between Trade and the Environment Although trade
See MoreIceland: Parliament approves a bill to implement tax measures under 2021 budget
On 1 October 2020, the Icelandic Parliament approved a Bill No.5 in order to implement tax measures under the 2021 budget. The bill includes the following measures; Taxes on carbon, alcohol and tobacco, oil, and car tax increased by
See MoreUN: Committee of Tax Experts to Hold 21st Meeting
The 21st Session of the United Nations Committee of Experts on International Cooperation on Tax Matters will take place from 20 October 2020 to 6 November 2020. The session will be held in scaled-down format using a virtual platform, with virtual
See MoreIMF: Economic Policy Mix to Combat Climate Change
A blog post published by IMF Staff on 7 October 2020 noted that economic policy tools can facilitate the achievement of net zero carbon emissions by the year 2050 despite the effects of the COVID-19 crisis. The arguments put forward in the blog
See MoreIMF: Securing China’s Post-Pandemic Recovery
On 24 September 2020 a blog post by the IMF’s First Deputy Managing Director Forum on National Affairs looked at reforms needed to ensure China’s recovery from the economic problems caused by the pandemic. Global Economic Outlook The blog
See MoreEU: Climate Mitigation Policy
On 16 September 2020 the European Union (EU) published on its website a departmental paper on EU Climate Mitigation Policy. The EU’s Emission Trading System (ETS) limits the total amount of emissions and allows participants to trade emission
See MoreArgentina: AFIP amends tax regularization scheme to support all taxpayers
On 26 August 2020, the Federal Administration of Public Revenue (AFIP) Officially published Law 27562, which amends the tax regularization scheme and made this available for all taxpayers amid COVID-19 pandemic. The scheme was previously
See MoreOECD: Tax Policy for Economic Recovery
An OECD blog post on 3 September 2020 noted that countries have generally acted quickly to limit the economic consequences of the COVID-19 crisis, introducing fiscal packages of various sizes focusing on income support for households and
See MoreOECD: Revenue Statistics in Asian and Pacific Economies 2020
On 23 July 2020 the OECD published Revenue Statistics in Asian and Pacific Economies 2020. The publication presents important statistics tracking progress on domestic resource mobilisation to support tax policy and reform. This can assist countries
See MoreUK: Call for Evidence on Stamp Duty and SDRT
On 21 July 2020 the UK issued a call for evidence inviting the views of interested parties on the design of a new framework for stamp taxes on shares (STS). Comments are invited by 13 October 2020. The STS framework covers the legislation,
See MoreUK: Responses to Call for Evidence on Insurance Premium Tax
On 21 July 2020 the UK published a summary of responses to the call for evidence on changes to the insurance premium tax (IPT). The consultation asked for evidence and views on changes to the administration and collection of IPT; and on how to
See MoreUK: Consultation on Carbon Emissions Tax
On 21 July 2020 the UK issued a consultation document in relation to the detailed operation of a carbon emissions tax. Comments are invited from interested parties by 29 September 2020. Emissions Trading System Under the withdrawal agreement
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