China introduces water resource tax
China's Ministry of Finance, Ministry of Water Resources, and State Taxation Administration jointly issued Notice No. 28 of 2024 outlining the implementation of the water resource tax on 11 October 2024. Starting 1 December 2024, a pilot water
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Hungary to amend local and EU tax laws, achieve social and policy objectives
Hungary’s government concluded a public consultation on a draft bill proposing changes to various tax laws on 24 October 2024. The proposal seeks to amend tax laws in response to EU and Hungarian legislation changes, targeting global minimum tax,
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Iceland proposes mileage tax on fossil fuel cars, doubles carbon tax
Iceland’s Ministry of Finance and Economic Affairs submitted a bill to parliament on 22 October 2024 proposing introducing a mileage tax on fossil fuel-powered vehicles. The bill aims to eliminate excise duties on fuels and vehicles while
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European Commission approves Danish State Aid for greenhouse gas tax cuts
The European Commission announced it approved, under EU State aid rules, a EUR 724 million (DKK 5.4 billion) Danish scheme to lower the rate of new greenhouse gas (GHG) emissions tax for certain companies. The scheme offers a reduced tax rate for
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IMF Annual Meetings: Regional Economic Outlook – Sub-Saharan Africa
On 25 October 2024 the IMF presented the latest regional outlook for Sub-Saharan Africa. The report notes that the region is making economic progress, but macroeconomic vulnerabilities are persistent. Countries in the region are trying to implement
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Singapore publishes guidance on New Alternative Net Tonnage Basis of Taxation for Shipping Income
The Inland Revenue Authority of Singapore has updated its guidelines regarding the Tax Treatment for Shipping Income which now includes new provisions related to the alternative net tonnage basis of taxation, which will take effect from the year of
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Australia: Victoria government announces off-the-plan stamp duty discount
Victoria’s government introduced a temporary off-the-plan land transfer stamp duty concession starting 21 October 2024. This duty concession will be valid for 12 months and will allow a 100% deduction of outstanding construction and
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Australia: New South Wales introduces duty, land tax rules for corporate collective investment vehicles
The New South Wales government presented the Revenue Legislation Further Amendment Bill 2024 in the NSW Parliament on 16 October 2024. The Revenue Legislation Further Amendment Bill 2024 will amend various Acts to enhance the integrity of the
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IMF/World Bank Annual Meetings: World Economic Outlook
The October 2024 update of the World Economic Outlook was launched during the IMF/World Bank annual meetings. The report notes that global growth is expected to remain stable but at relatively low levels. The growth projection of 3.2% in 2024 and
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UN Tax Committee: Indirect Tax Issues
On 18 October 2024 the subcommittee on indirect tax issues presented a series of papers on VAT guidance for developing countries. The papers had been presented to the Tax Committee for comment at the previous session and were now submitted in their
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Iceland consults tax law and excise duty changes
Iceland’s Finance and Economic Affairs Minister has proposed a draft bill for public consultation on 15 October 2024, putting forward various taxes and duties on lodging, VAT, income, state treasury income, public tax collection, alcohol, tobacco,
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Slovak Republic approves corporate tax and VAT rate changes, introduces financial transaction tax
The Slovak Republic government enacted a bill on 18 October 2024 to improve the state’s public finances by amending several tax measures and introducing a new financial transaction tax. Corporate tax rates The corporate tax rate has been
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Italy to treat import VAT as customs duty
Italy’s Customs Agency published Legislative Decree No. 141/2024 in the Official Gazette, which went into force on 4 October 2024, introducing various amendments to VAT on imports. The Decree classifies import VAT as a border duty, similar to
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UN Tax Committee: Environmental Taxation
On 16 October 2024 the UN Tax Committee discussed environmental tax issues. The environmental taxation subcommittee presented some papers to the committee for discussion or approval. Phasing out fossil fuel subsidies A paper on phasing out
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UN Tax Committee: Issues in Extractive Industries Taxation
On 15 October 2024 the UN Tax Committee discussed developments in their work on extractive industries taxation. The work of the relevant subcommittee has focused on the energy transition; the valuation of mining products for tax purposes; and tax
See MoreUN Tax Committee: Wealth and Solidarity Taxes
On 16 October 2024 the UN Tax Committee discussed progress in the work on wealth and solidarity taxes. The work of the relevant subcommittee aims to present practical options to assist countries in domestic resource mobilization and in addressing
See MoreUN Tax Committee: Progress on Handbook on Health Taxes
On 18 October 2024 the UN Tax Committee held a first discussion on some new chapters of the Handbook on Health Taxes for Developing Countries. The subcommittee also presented revised versions of some chapters that had already been presented at an
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Costa Rica lowers alcoholic beverages tax rates
Costa Rica’s Ministry of Finance has reduced tax on alcoholic beverages by 0.34% under Article 1 of Law 7972. The revised tax rates are mentioned in MH-DGH-RES-0049-2024, which was published in the Official Gazette on 11 October 2024 and will
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