Sri Lanka: 2025 budget pledges reforms largely aligned with conditions set out in IMF bailout
Anura Kumara Dissanayake, Sri Lankan President and Finance Minister, presented the 2025 budget to the Parliament on 17 February 2025, introducing various tax and legal reforms to advance the new government’s policy agenda. These reforms are key to
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Sri Lanka: 2025 Budget expected to lower income taxes, secure IMF bailout
Sri Lanka's President Anura Kumara Dissanayake, who is also the nation’s finance minister, is expected to present the state budget for 2025 on Monday, 17 February 2025. A key focus of the budget is to ease the vehicle import duties, which is
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Canada: Northwest Territories announce 2025-26 budget, carbon tax increased, income tax unchanged
Finance Minister Caroline Wawzonek has presented the Government of the Northwest Territories (GNWT) 2025-26 budget to the 20th Legislative Assembly on 6 February. Budget 2025‑2026 forecasts revenues of CAD 2.7 billion and allocates CAD 2.5
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Sweden consults tax changes for 2026 Autumn Budget
Sweden’s Ministry of Finance has released several tax proposals for public consultation as part of preparations for the 2026 autumn budget on 10 February 2025. These proposals, which cover key sectors like agriculture, energy, and metallurgy,
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India: Cabinet approves Income Tax Bill for 2025
The Indian Union Cabinet has approved the Income Tax Bill 2025, which will supersede the old Income Tax Act of 1961. The proposed legislation seeks to streamline tax laws, remove outdated provisions, and simplify compliance processes. Union
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Botswana presents 2025-26 FY budget to National Assembly
Botswana’s Ministry of Finance and Economic Development has presented its budget proposals for the 2025-26 fiscal year to the National Assembly on 10 February 2025. Amendments include changes to corporate taxation, VAT and personal
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Angola approves 2025 state budget
Angola’s parliament has approved the General State Budget for 2025 on 30 December 2024, introducing amendments to corporate income tax, VAT and personal income tax. The key tax measures are as follows: Corporate income tax Corporate
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India 2025 Budget: Everything we know so far
India’s Finance Minister Nirmala Sitharaman presented the Union Budget 2025-2026 on 1 February 2025 to the parliament, which included the Finance Bill 2025 (The Bill) outlining amendments to various direct and indirect taxes as well as various
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India: Finance Minister unveils new tax proposals in 2025 budget
India's Union Budget 2025-2026, presented by Finance Minister Nirmala Sitharaman on 1 February 2025, introduced several key tax proposals. Key highlights include: Non-resident taxation A presumptive taxation regime for non-residents
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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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Lithuania gazettes 2025-27 budget, increases tax-exempt income threshold
Lithuania has published its budget plan for the three-year period from 2025 to 2027 in the official gazette on 19 December 2024. Key changes include an increase in the tax-exempt income threshold for 2025. Even though the budget for the next
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Luxembourg enacts Budget Law 2025, introduces changes to CO2 tax credits
Luxembourg has enacted the Budget Law for 2025, which includes modifications to the CO2 tax credits, VAT, and introduction of initiatives to revitalise the housing market; published in Official Gazette No. A 558 of 23 December 2024. The law will
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Nigeria: President presents 2025 budget
The President of Nigeria, Bola Ahmed Tinubu, presented the 2025 Budget titled “The Restoration Budget: Securing peace, Rebuilding prosperity” during a joint session of the 10th National Assembly on 18 December 2024. The budget is a record high
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Finland: Parliament approves 2025 state budget
Finland’s Parliament has approved the 2025 budget on 20 December 2025. The Finance Committee's proposal for the state budget for 2025 is approximately EUR 89.2 billion, which is about EUR 1.3 billion more than the actual budget for 2024. The
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Luxembourg: Parliament approves 2025 budget law
Luxembourg’s Parliament approved the 2025 budget law on 19 December 2024. It introduces a 50% reduction in the taxable base for registration and transcription duties on real estate acquisitions, in addition to the existing EUR 40,000
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Canada: Budget deficit shrinks in first 7 months of 2024/25
Canada’s Ministry of Finance has reported a CAD 14.50 billion (USD 10.09 billion) budget deficit in the first seven months of 2024-25 on 20 December 2024. The Finance Ministry said this deficit is slightly lower than last year due to increasing
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UK: Wales 2025-26 budget extends property tax relief, increases land transaction tax
Wales’ Cabinet Secretary for Finance has presented the draft Scottish Budget 2025-2026 on 10 December 2024. The draft budget introduces proposed changes to the land transaction tax (LTT), including a final one-year extension of the temporary
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UK: Draft Scotland 2025-26 budget increase hospitality tax relief
Scotland’s Cabinet Secretary for Finance and Local Government has presented the draft Scottish Budget 2025-2026 on 4 December 2024. The draft budget proposes various tax measures, including the extension of 100% rate relief for hospitality
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