US: California Governor suspends property tax for a year due to wildfires
California’s Governor Gavin Newsom has issued an executive order on 16 January 2025 to suspend penalties, costs, and any interest accrued on late property tax payments until 10 April 2026 for properties in areas affected by the firestorm. This
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Argentina to cut auto and motorcycle excise tax
Argentina’s economy minister Luis Caputo announced on an X post a major tax reduction on luxury cars and motorcycles in Argentina on 28 January 2025. This initiative is designed to make high-end vehicles more affordable while boosting demand in
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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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Slovak Republic: Parliament approves bill revising motor vehicle taxes
The Slovak Republic’s Parliament has passed a legislation amending the motor vehicle tax law on 27 November 2024. The changes include reduced annual tax rates for vehicles exceeding 3.5 tons and a unified approach to adjusting tax rates based
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Australia consults GST, excise tax law amendments
The government has launched a consultation on a draft bill, regulations, and an instrument proposing amendments to various tax laws, including the Inspector-General of Taxation Act 2003, the GST Act 1999, and the Excise Act 1901. The proposed
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Italy: European Commission approves extension of tonnage tax regime
The European Commission published a decision on 21 January 2025, approving the extension of Italy's tonnage tax regime for maritime transport activities. Initially introduced in December 2004, it has been extended several times since. The regime
See MoreWTO Working Paper: Continuing Significance of MFN Trading Terms
A WTO working paper of 15 January 2025, written by Tomasz Gonciarz and Thomas Verbeet, has the title Significance of most-favoured-nation terms in global trade: A comprehensive analysis. Under the WTO's MFN trading principle, member countries of
See MoreIMF Working Paper: Is Tax Policy Supporting a Costly Industrial Policy in Mozambique
An IMF working paper written by Santos Bila, Utkarsh Kumar and Alexis Meyer-Cirkel with the title Is Tax Policy Costly Industrial Policy in Mozambique? Finds that tax advantages do not compensate for shortcomings in economic conditions. The
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IMF Working Paper: Strengthening Tax Governance Through Legal Design
An IMF working paper of 17 January 2025 written by L. Sofrona, C. Waerzeggers and B. Crowley with the title Strengthening Tax Governance Through Legal Design looks at tax governance in tax administration and how this can be strengthened. The
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Slovak Republic issues guidance on financial transaction tax
The Slovak Republic’s tax authority has released a guide on the new Financial Transaction Tax (FTT) on 27 December 2024. It provides clarification concerning the "taxpayer" definition, exempt transactions, tax calculation, and reporting
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Chile outlines assets and market prices eligible for 2% luxury tax
Chile's Internal Revenue Service (SII) has published Resolution No. 127 of 23 December 2024, listing assets and their market prices eligible for the 2% luxury tax on 23 December 2024. The 2% annual tax applies to luxury goods in Chile owned by
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France to introduce temporary surtax for large companies for one year in revised 2025 Finance Bill
It is rumoured that France’s government will keep several measures from the original 2025 Finance Bill with some amendments. Earlier, the French Parliament adopted the Special Finance Bill for 2025 (the Special Bill) on 18 December 2024, after the
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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.
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Portugal updates property transfer tax rates for 2025
Portugal's tax authority has introduced new tables for the calculation of progressive property transfer tax (IMT) on 10Â January 2025.This new tax rate is effective from 1 January 2025. These updated tables apply to property acquisitions
See MoreWorld Bank: Global Economic Prospects
The World Bank report Global Economic Prospects was issued in January 2025. The report notes that global growth is projected to remain steady at 2.7% in 2025/26, but this relatively low growth rate will not be sufficient to promote sustained
See MoreIMF: Briefing on the World Economic Outlook
In the briefing on the latest World Economic Outlook on 17 January 2024, the Director of the IMF’s Research Department confirmed that global growth is projected to remain steady at 3.3% in 2025 and 2026. Globally, inflation is expected to decline
See MoreIMF Updates World Economic Outlook
On 17 January 2025 the IMF published the update to the World Economic Outlook, with the subtitle Global Growth: Divergent and Uncertain. The update notes that global growth is expected to remain stable at 3.3% in both 2025 and 2026, below the
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Kenya consults implementation of new sugar development levy
The Kenya Sugar Board has released a draft legal notice inviting public feedback on the proposed sugar development levy as outlined in the Sugar Act (Act No. 11 of 2024), which was published in November 2024. The levy, introduced under Section 40
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