Taiwan to raise AMT to 15% for large MNEs 2025
The Ministry of Finance in Taiwan has announced draft changes to the alternative minimum tax (AMT) rate as part of its alignment with the Pillar Two global minimum tax framework on 28 August 2024. Under the proposed revisions, set to take effect
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Brazil to increase income tax on banks
Brazil's government introduced a bill to Congress to raise revenue through increased income taxes, mainly targeting banks with a significant tax rate hike, on Friday, 30 August 2024. The proposed legislation seeks to adjust the social
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Israel: Central Bank won’t cut interest rates again in 2024
Andrew Abir, Deputy Governor of the Bank of Israel, said that the central bank will not reduce short-term interest rates in its final two policy meetings in 2024 on Wednesday, 28 August. The Governor said that this decision was taken due to
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Czech Republic: Finance Ministry proposes 9% deficit cut in 2025 budget
The Czech Republic’s Ministry of Finance has presented the government the draft 2025 budget that reduces the deficit by 9% on 1 September 2024. The proposal promises significant investments while reducing the fiscal gap to 2% of the gross
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Canada: CAD 2.88 billion deficit in April-June 2024
Canada's finance ministry reported that its budgetary balance shifted to a CAD 2.88 billion (USD 2.14 billion) deficit in the first quarter of the fiscal year 2024 yesterday, 30 August 2024. This change was mainly driven by an increase in programme
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US: Washington exempts child care businesses from business and occupation tax
The Washington State Department of Revenue published a special notice introducing a new business and occupation (B&O) tax exemption for child care businesses on 26 August 2024. This new exemption goes into effect on 1 October 2024, and aims
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Luxembourg details certificate requirements for investment tax credit
Luxembourg’s Minister of Finance has introduced a new decree specifying the data required on certificates for claiming the investment tax credit under Article 152bis of the Income Tax Act. The decree was published in Official Gazette No. A380
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Iceland consults Pillar Two global minimum tax
Iceland’s Ministry of Finance and Economic Affairs has announced plans to introduce an amendment during the autumn parliamentary session on 28 August 2024 proposing a minimum tax rate of 15% for multinational enterprises (MNEs) with annual
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Germany unveils Future Financing Act II to boost capital market
Germany's Ministry of Finance unveiled a second draft bill, the Zukunftsfinanzierungsgesetz II (Future Financing Act II), aimed at further enhancing the German capital market on 27 August 2024. Building on the previous Future Financing Act, this new
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Bosnia and Herzegovina implements advance tax ruling regulations
The Federal Ministry of Finance has implemented changes to the regulations governing advance tax rulings within the Federation of Bosnia and Herzegovina. Under the revised regulations, a standard template has been introduced for taxpayers seeking
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EU launches anti-dumping probe on Chinese bicycle imports
The European Commission is set to launch an anti-dumping investigation into bicycle imports from China. This inquiry stems from a complaint filed by the European Bicycle Manufacturers Association (EBMA) on 24 May 2024. The complaint alleges that
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Taiwan: Legislative Yuan approve amendments to VAT Act
Taiwan’s Legislative Yuan passed the amendments to the Value-added and Non-value-added Business Tax Act (VAT Act) on 15 July 2024. The Act was promulgated by the president on 7 August 2024. The Executive Yuan will announce the date when the law
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Australia: Tax cuts fail to boost spending in July 2024
Australian retail sales remained unchanged in July, following two months of growth, indicating that recent tax cuts have yet to spur important consumer spending. The Australian Bureau of Statistics (ABS) reported no month-on-month change in July,
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US seeks USMCA dispute settlement talks over Canada’s digital services tax
The US Trade Representative Katherine Tai announced that the US has requested dispute settlement consultations with Canada under the United States-Mexico-Canada Agreement (USMCA) regarding Canada’s recently enacted digital service tax (DST) on 30
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India: GST collections rise 10% in August 2024
India's Goods and Services Tax (GST) collections for August 2024 totalled to INR 1.75 trillion (USD 20.87 billion), marking a 10% increase from the same month last year; according to a government statement released on Saturday, 2 September
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UK plans higher windfall tax on North Sea oil, gas producers
The British government's plan to raise the windfall tax on North Sea oil and gas producers. In late July, the Labour government announced changes to the Energy Profits Levy (EPL), including increasing the tax rate from 35% to 38% starting 1
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UK: Statistics on Creative Industries Tax Relief
On 29 August 2024 HMRC published updated statistics for creative industries tax relief for 2022/23. The statistics relate to the period before the introduction of the new Audio-Visual Expenditure Credit (AVEC) which replaced the current Film,
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Australia publishes guidance on GST for food, drinks, health products
The Australian Taxation Office (ATO) has provided guidance to help taxpayers navigate the goods and services tax (GST) classification of food, beverages, and health products, clarifying whether these items are subject to tax or GST-free. ATO has
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