WTO Working Paper: Continuing Significance of MFN Trading Terms
A WTO working paper of 15 January 2025, written by Tomasz Gonciarz and Thomas Verbeet, has the title Significance of most-favoured-nation terms in global trade: A comprehensive analysis. Under the WTO's MFN trading principle, member countries of
See MoreIMF Working Paper: Is Tax Policy Supporting a Costly Industrial Policy in Mozambique
An IMF working paper written by Santos Bila, Utkarsh Kumar and Alexis Meyer-Cirkel with the title Is Tax Policy Costly Industrial Policy in Mozambique? Finds that tax advantages do not compensate for shortcomings in economic conditions. The
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Kuwait extends statute of limitations for tax claims
Kuwait's Official Gazette published a Decree Law on 19 January 2025 amending Article 441 of Civil Law No. 67/1980 which extends the statute of limitations for tax claims and obligations from five to 10 years. This change impacts legal frameworks
See MoreIMF Working Paper: Strengthening Tax Governance Through Legal Design
An IMF working paper of 17 January 2025 written by L. Sofrona, C. Waerzeggers and B. Crowley with the title Strengthening Tax Governance Through Legal Design looks at tax governance in tax administration and how this can be strengthened. The
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ATAF revises guidance on drafting transfer pricing legislation
The African Tax Administration Forum (ATAF) published an updated version of its Suggested Approach to Drafting Transfer Pricing Legislation on 11 January 2025. This publication, which has been prepared by the ATAF Cross Border Taxation Technical
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Netherlands gazettes decree on Minimum Tax Act 2024 rules
The Netherlands has published the Minimum Tax Implementation Decree 2024 in the Official Gazette No. 2024/442, on 23 December 2024, which contains rules for implementing the Minimum Tax Act 2024. The Decree also outlines guidelines for
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US releases expiring federal tax provisions list 2024-2034
The US Joint Committee on Taxation has published the List of Expiring Federal Tax Provisions for 2024-2034 on 9 January 2025. This document lists Federal tax provisions that expired in 2024 or are scheduled to expire in the future. Years in which
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France to introduce temporary surtax for large companies for one year in revised 2025 Finance Bill
It is rumoured that France’s government will keep several measures from the original 2025 Finance Bill with some amendments. Earlier, the French Parliament adopted the Special Finance Bill for 2025 (the Special Bill) on 18 December 2024, after the
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Turkey updates valuable housing tax brackets for 2025
Turkey released the Real Estate Tax Law General Communiqué No. 86 on 30 December 2024 in the Official Gazette, which updates the Valuable Housing Tax Brackets for the year 2025. The purpose of this Communiqué is to provide explanations
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Ireland: Revenue updates guidance on R&D corporation tax credit
The Irish Revenue has published eBrief No. 009/25 on 10 January 2025, providing updated guidance on the Research and Development (R&D) Corporation Tax Credit. Tax and Duty Manual Part 29-02-03 has been updated to reflect the Finance Act 2024
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US: Treasury, IRS finalise rules on micro-captive transactions
The US Department of the Treasury and the Internal Revenue Service (IRS) released the final regulations (TD 10029) identifying transactions that are the same as, or substantially similar to, certain micro-captive transactions as listed transactions,
See MoreWorld Bank: Global Economic Prospects
The World Bank report Global Economic Prospects was issued in January 2025. The report notes that global growth is projected to remain steady at 2.7% in 2025/26, but this relatively low growth rate will not be sufficient to promote sustained
See MoreIMF: Briefing on the World Economic Outlook
In the briefing on the latest World Economic Outlook on 17 January 2024, the Director of the IMF’s Research Department confirmed that global growth is projected to remain steady at 3.3% in 2025 and 2026. Globally, inflation is expected to decline
See MoreIMF Updates World Economic Outlook
On 17 January 2025 the IMF published the update to the World Economic Outlook, with the subtitle Global Growth: Divergent and Uncertain. The update notes that global growth is expected to remain stable at 3.3% in both 2025 and 2026, below the
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OECD updates GloBE return, guidance, Q&A
On 15 January 2025, A key part of the OECD/G20 BEPS Project addressed the tax challenges arising from the digitalisation of the economy. In October 2021, over 135 jurisdictions joined a ground breaking plan to update key elements of the
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EU Tax Observatory issues publishes paper on global minimum tax, profit shifting
The EU Tax Observatory has released a working paper titled Global Minimum Tax and Profit Shifting in October 2024 offering an in-depth analysis of tax data from the Slovak Republic. The findings suggest that the Pillar Two global minimum tax could
See MoreIMF Report looks at Australia’s Economic Position
On 23 December 2024 the IMF staff issued a report following consultations with Australia under Article IV of the IMF’s articles of agreement. Economic growth is projected increase gradually, from 1.2% in 2024 to 2.1% in 2025. Real income growth
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Italy outlines state budget for 2025, lowers corporate tax for reinvestment
Italy has enacted Law No. 207 of 30 December 2024, outlining the 2025 State Budget along with the multi-year financial plan for 2025-2027. The law was published in the Official Gazette on 31 December 2024 and took effect on 1 January 2025. The
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