US: IRS proposes regulations for excise tax for stock repurchases
On 9 April 2024, the US Internal Revenue Service (IRS) released the proposed regulations offering guidance on the new excise tax on corporate stock repurchases made after 31 December 2022. The Inflation Reduction Act imposed a new excise tax on
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New Zealand enacts tax bill with pillar 2 global minimum tax for 2023–24
On 28 March 2024, the government of New Zealand government announced that it passed the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill after receiving royal assent on 28 March 2024. The Bill provides key
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UN Tax Committee Discusses Health Tax Guidance
On 22 March 2024 the UN Tax Committee discussed the latest output from the work program of the health subcommittee which is producing a handbook on health taxes for developing countries. Health taxes can apply to tobacco, alcohol, sugar-sweetened
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UN: ECOSOC Special Meeting on International Cooperation in Tax Matters
On 18 March 2024 the ECOSOC Special Meeting on International Cooperation in Tax Matters took place against the urgent background of the collective action required to put the Sustainable Development Goals (SDGs) back on track, strengthen institutions
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Israel: Finance committee approves additional tax on financial institutions
On 4 March 2024, the Finance Committee of Israel’s parliament (Knesset) passed a measure to impose a 6% tax on financial institutions holding assets equivalent to at least 5% of the total assets held by Israeli banks. This additional tax will be
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Malaysia publishes service tax policies and FAQs
On 28 February 2024, the Royal Malaysian Customs Department published the service tax policies (STPs) and frequently asked questions (FAQs) about service taxes. The Service Tax Policy 1/2024 (STP 1/2024) establishes the commencement date for
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Malaysia issues guidelines for service tax changes for 2024
On 26 February 2024, the Royal Malaysian Customs Department released the Service Tax (Rate of Tax) (Amendment) Order 2024, which was first published in the Official Gazette. This order implements the changes to the service tax, which goes into force
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Ireland releases feedback of public consultation on bank levy
On 15 February 2024, Ireland's Department of Finance released the responses to its public consultation on the future of the bank levy. The "Further levy on certain financial institutions," more commonly known as the "Bank Levy" (the Levy), was
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UK: Spring Budget Date Announced
The UK’s spring budget announcements will be delivered on 6 March 2024. There has been speculation that tax cuts will be a priority in the budget, as the tax burden in the UK is at a high point and a general election is due within a year.
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Malaysia clarifies service tax rate increases on digital service providers
On 14 February 2024, the Royal Malaysian Customs Department released guidelines concerning transitional rules about adjusting the service tax rate from 6% to 8% on digital services provided by foreign registered persons (RFPs). Regarding digital
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Malaysia publishes draft guide on service tax rate increase and scope expansion
On 7 February 2024, the Royal Malaysian Customs Department issued a draft guide regarding the upcoming increase in the service tax rate and its expanded scope. The proposals are set to take effect on 1 March 2024. The Ministry of Finance is
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IMF Report Comments on Greece’s Economy
On 23 January 2024 the IMF issued a report following discussions with Greece under Article IV of the IMF’s articles of agreement. Greece’s economic outlook has improved with real GDP growth projected at 2.3% in 2023 and 2.1% in 2024. Positive
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IMF Report Comments on Finland’s Economic Position
On 23 January 2024 the IMF issued a report following discussions with Finland under Article IV of the IMF’s articles of agreement. The report notes that although Finland’s economy recovered quickly from the pandemic, the war in Ukraine has
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IMF Report Comments on the Sri Lankan Economy
On 19 January 2024 the IMF issued a report following discussions with Sri Lanka. The report notes that the economic reform program implemented by Sri Lanka is helping economic recovery with positive real GDP growth in the third quarter of 2023,
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IMF Issues Report under Extended Credit Facility Arrangement for Mozambique
On 8 January 2024 the IMF issued a report after completing the Third Review under the Extended Credit Facility (ECF) Arrangement with Mozambique. The ECF arrangement aims to support structural reforms to promote Mozambique’s economic recovery and
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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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