US: Washington increases sales tax rates
The Washington District of Columbia has increased the sales tax rate from 6% to 6.5%, effective 1 October 2025. The sales tax rate will be further to 7% on 1 October 2026. The increase follows the district's 2025 budget by the City Council and is
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US: Nebraska governor to reduce property taxes up to 50%
Nebraska Governor Jim Pillen, in a release, has convened a special legislative session to discuss the possibility of reducing local property taxes by 40-50% on 30 July 2024. This significant property tax reduction plan is part of Pillen’s
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UAE: Dubai Customs releases voluntary disclosure policy
Dubai Customs has announced Customs Policy No. (58/2024) regarding the Voluntary Disclosure System (VDS). This initiative is aimed to encourage importers and exporters operating in Dubai to amend past errors in their customs declarations. The
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Venezuela implements 0% tax on select large financial transactions
Venezuela published Decree 4972 in the Official Gazette on 12 July, 2024, which reduces the tax rate to 0% from 2% for large financial transactions. The 0% tax rate applies to specific transactions which are mentioned in paragraphs one to four
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Nigeria proposes windfall tax on banks’ foreign exchange profitsÂ
Nigeria’s National Assembly has raised the windfall tax on banks' foreign exchange (FX) gains to 70%, up from the initially proposed 50%. The increase is part of Nigeria’s revised Finance Act of 2024. Nigerian President Bola Tinubu signed the
See MoreIMF Issues Report on the Economic Situation of Lithuania
On 24 July 2024 the IMF issued a report following discussions with Lithuania under Article IV of the IMF’s articles of agreement. The Lithuanian economy has begun a recovery with lower inflation reflecting lower commodity prices, tighter
See MoreIMF: Policies to Avoid Prolonged Slow Growth and Inequality
In an IMF blog on 23 July 2024 the IMF Director General noted that long periods of slow growth can increase inequality, but this outcome can be avoided if the correct policies are pursued. Referring to the upcoming meeting of the G20 finance
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Canada: Digital platforms to report seller information by January ‘25
Canada enacted the Digital Services Tax Act (DSTA) on 20 June 2024, which came into effect by Order in Council on 28 June 2024. Starting in the 2024 calendar year, new tax reporting requirements mandate digital platforms to collect and verify
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Hungary raises financial transaction tax
Hungary has raised the financial transaction tax (FTT) from 0.3% to 0.45% with the maximum tax per payment transaction increasing from HUF 10,000 to HUF 20,000. The FTT rate on cash withdrawals has increased from 0.6% to 0.9%. The new FTT at a
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 MoreIMF: Bank profits and bank taxes in the EU
An IMF working paper published on 9 July 2024, written by Maneely Morgan and Lev Ratnovski, looks at the various new taxes on banks introduced by EU countries. The paper notes that since 2022 banks in the EU have been making high profits. These
See MoreUS: North Carolina ends sales tax threshold for remote sellers
The US state of North Carolina has phased out the 200-transaction sales tax threshold for retail merchants and marketplace facilitators under Session Law 2024-28, which was recently signed into law by Governor Roy Cooper (D). Effective 1 July
See MoreUS: 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 MoreCanada enacts 3% digital service tax
Canada’s federal government, in a notice on 28 June 2024, announced it authorised the implementation of a digital services tax (DST),which received royal assent on 20 June, 2024. The government states that the implementation of the Digital
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Guatemala extends vehicle circulation tax payment deadline
Guatemala’s Congress published Decree No. 13-2024 in the Official Gazette on 8 July, 2024, announcing the extension of the deadline for payment of the yearly vehicle circulation tax for land vehicles from 31 July to 30 September, 2024. Land
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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
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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 MoreUS: Texas finalises sales tax rules for micro and small businesses
The US state of Texas has finalised the regulations for the categorisation of micro-businesses and small businesses under its remote sales and use tax regulations for marketplace providers and remote sellers in accordance with the state's
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