Sri Lanka: MoF unveils 2026 budget, proposes lower VAT and capital allowance thresholds
Sri Lanka’s Minister of Finance, Planning, and Economic Development presented the Budget Speech for 2026 on 7 November 2025, outlining significant tax policy changes—including the alignment of VAT and social security contribution levies across
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Brazil: National Congress nullifies provisional measures on equity interest, financial entities taxes
Proposed tax changes under PM No. 1.303 will not take effect after the required approval is not secured by the deadline. Brazil's National Congress issued Declaratory Act No. 67 on 15 October 2025, which officially confirmed that Provisional
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Russia: MoF presents various tax reforms, includes VAT increases as part of 2026 budget package
The budget proposals include a standard VAT rate hike from 20% to 22%, and the simplified VAT threshold will drop from RUB 60 million to RUB 10 million, amongst others. Russia’s Ministry of Finance has submitted a series of draft laws to the
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Brazil updates rules on social contribution top-up tax for Pillar 2
Brazil has issued Normative Instruction RFB No. 2.259 of 24 March 2025, which amends the regulations for the Additional Social Contribution on Net Profit (CSLL) contained in Normative Instruction RFB No. 2,228 of 3 October 2024. The Additional
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Brazil ends COVID-19 era support for events sector
Brazil has announced the conclusion of the Emergency Program for the Resumption of the Events Sector (PERSE) through RFB Executive Declaratory Act No. 2 of 21 March 2025, which was published in the Official Gazette. The PERSE program, established
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UK announces 2024 autumn budget
The UK autumn budget announcements were delivered today, 30 October 2024. Corporation tax The main rate of corporation tax will stay at 25% until the next election. National insurance National Insurance contributions for employers is to
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Brazil consults Qualified Domestic Minimum Top-Up Tax
Brazil’s Federal Revenue Service has initiated a public consultation regarding the additional social contribution to net profits (Contribuição Social Para o Lucro Líquido, CSLL). The consultation will be open from 4 October to 10 November,
See MoreOECD: Latest Edition of Tax Policy Reforms
On 30 September 2024 the OECD published the latest edition of Tax Policy Reforms: OECD and Selected Partner Economies. This annual publication provides comparative information on tax reforms in a number of countries. The latest report looks at the
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Brazil plans to increase taxes to fund extended social contribution regime
Brazil’s Finance Minister Fernando Haddad has reportedly unveiled plans to raise levies on interest on equity and the social contribution on profits (CSLL). The tax hike is aimed to offset the costs associated with the partial extension of the
See MoreIMF Report Looks at China’s Economy
On 2 August 2024 the IMF released a report following consultations with China under Article IV of the IMF’s articles of agreement. The report notes that China’s economy has remained resilient even though there is continuing weakness in the
See MoreIMF Looks at the Contribution of China’s Service Sector to Economic Growth
An IMF country focus published on 2 August 2024 noted that reforms to further open China’s service sector can promote sustainable growth and help create jobs. The report notes that China’s growth has been rapid in recent decades and will remain
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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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OECD: Revenue Statistics in Asia and the Pacific 2023
On 25 July 2023 the OECD issued Revenue Statistics in Asia and the Pacific 2023, setting out revenue data for the region from 2021. The latest edition of the annual publication includes data on tax revenues for 30 jurisdictions in the region and
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OECD: Revenue Statistics 2022
On 30 November 2022 the OECD published Revenue Statistics 2022. The publication sets out the statistics of tax revenue for 2021 which indicate that tax revenues were recovering after the crisis caused by the pandemic. The publication classifies
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OECD: Latest Edition of Tax Policy Reforms
On 21 September 2022 the OECD published the latest edition of Tax Policy Reforms: OECD and Selected Partner Economies. This is an annual publication providing comparative information on tax reforms in a number of countries. The latest report looks
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IMF Report Considers Austria’s Fiscal Position
On 2 September 2022 the IMF published a report following the conclusion of discussions with Austria under Article IV of the IMF’s articles of agreement. The IMF report notes that Austria’s economy has recovered strongly from the problems
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OECD: Impact of Population Ageing on Government Revenue
On 30 August 2022 the OECD published a Fiscal Federalism paper dealing with the effect of population ageing on tax revenue across all levels of government. The study is part of a larger project examining the fiscal challenges of population ageing.
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OECD: Population Ageing and the Fiscal Sustainability of Health Care
On 30 June 2022, as part of the series of Fiscal Federalism Working Papers, the OECD published a paper entitled Ageing and the long-run fiscal sustainability of health care across levels of government. In the next 20 years government tax revenue
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