Spain: Catalonia announces changes to property transfer tax and stamp duty
Spain’s Catalan government passed Decree-Law 5/2025 on 25 March 2025. The Decree was later published in the Official Gazette on 26 March 2025. This Decree-Law adopted various measures regarding taxes, personnel expenses, and other
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Canada: Manitoba announces 2025 budget, features contingency plan to address potential impact of US tariffs
Canada’s provincial state of Manitoba’s Minister of Finance, Adrien Sala, announced the 2025 provincial budget for Manitoba on 20 March 2025, features a contingency fiscal plan to address the potential impact of widespread US tariffs on Canadian
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Philippines issues guidance on excise tax exemption for EVs, securitisation tax rules
The Philippines Department of Finance (DoF) has released Revenue Regulations (RR) No. 1-2025, which amends section 9 (E) of RR No. 25-2003, has went into effect on 6 January 2025. The amendment updates the documentary requirements motor vehicle
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Philippines: Congress passes Capital Markets Efficiency Act (CMEPA)
The Congress of the Philippines has approved the Capital Markets Efficiency Promotion Act (CMEPA) on 5 February 2025. These tax measures include reducing the stock transaction tax rate from 0.6% to 0.1% and cutting the documentary stamp tax on
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Australia: Queensland proposes full transfer duty relief for first-home buyers
Australia’s Queensland government has proposed the Revenue Legislation Amendment Bill 2024 to Parliament, which proposes full transfer duty relief for first-home buyers. The bill amends the Duties Act 2001 to offer full duty relief for
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Costa Rica announces stamp tax reforms
Costa Rica has published Law 10586 - Tax Simplification to Increase Efficiency and Competitiveness (Phase 1), in the official gazette no. 195 on 3 December 2024, eliminating various taxes, including those on cattle cutting and importation, as well
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UK: House of Commons debates Finance Bill 2024-25
UK’s Finance Bill 2024-25, which is based on the Autumn Budget 2024, underwent its second reading debate in the House of Commons on 27 November 2024. This followed its initial introduction and first reading on 6 November 2024. The bill passed
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Malaysia updates global minimum tax, Labuan self-assessment rules in Finance Bill 2024
Malaysia’s Deputy Minister of Finance has presented the Finance Bill 2024 and the Labuan Business Activity Tax (Amendment)(No. 2) Bill 2024 to the Parliament, on 19 November 2024, proposing amendments to the Income Tax Act 1967 (ITA), Real
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Ireland: Lower House of Parliament passes Finance Bill 2024
The Irish lower house of parliament approved the Finance Bill 2024, which outlines major tax measures from Budget 2025 on Wednesday, 5 November 2024. Finance Bill 2024, which runs to 118 sections and over 200 pages, implements the taxation as
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Hong Kong gazettes stamp duty waiver legislation introduced in 2024-25 budget
Hong Kong has gazetted the Stamp Duty Legislation (Miscellaneous Amendments) Bill 2024 on 8 November 2024, which eliminates stamp duties payable on the transfer of real estate investment trust (REIT) units and the jobbing business of option
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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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Western Australia increases first homeowner duty concessions
The Western Australian Parliament has approved a bill to increase duty concessions for first-time homeowners. The Duties Amendment (First Home Owner Concessions) Bill 2024 amends the state's Duties Act 2008 so that: Properties valued up to
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Australia: NSW imposes higher surcharges, land tax limits for foreign property investors
Australia’s New South Wales (NSW) government announced an increase in the foreign purchaser duty surcharge and foreign owner land tax surcharge for 2025. From 1 January, 2025, the foreign purchaser duty surcharge will increase from 8% to 9%.
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Australia: Queensland government to increase in stamp duty exemptions for home buyers
The Queensland government announced the 2024-25 state budget on 9 June, 2024. It primarily aims to increase duty and land tax rates for foreign individuals and offer first-time home buyers increased stamp duty exemptions. As per the policy,
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Australia: Victoria parliament approves 2024 commercial and industrial property tax reform bill
Australia’s parliament of Victoria has passed the Commercial and Industrial Property Tax Reform Bill 2024, new provisions will come into effect starting 1 July, 2024. Under the reform, stamp duty will be payable one last time on commercial and
See MoreIMF Report Looks at the Economy of Hong Kong SAR
On 8 March 2022, the IMF published a report following discussions with the Hong Kong Special Administrative Region (SAR) of China, under Article IV of the IMF’s articles of agreement. The economy of Hong Kong SAR has undergone a strong
See MoreUK: Summary of responses to consultation on VAT exemption for land
On 30 November 2021 the UK government published a summary of responses to the consultation on aspects of the VAT exemption for land and the option to tax. A consultation paper in May 2021, asked for evidence to assess potential options for
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