Ireland: Parliament passes Finance Bill 2024
Ireland’s Senate passed the Finance Bill 2024 on 6 November 2024. Earlier, on 5 November 2024, the lower house of parliament approved the Finance Bill 2024, which outlines various tax measures as part of the Budget 2025. The Finance Bill
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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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South Africa seeks tax proposals for 2025 budget
South Africa's National Treasury extended an invitation until 25 November 2024 to submit technical tax proposals, which may be considered for inclusion in Annexure C of the 2025 Budget Review. The Minister of Finance announces new tax proposals
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Israel announces 2025 state budget, increases VAT rate
Israel’s government passed the budget for 2025 on 1 November 2024. The 2025 budget includes various tax hikes, such as an increase in the standard VAT rate from 17% to 18% and spending cuts on most ministries. The Israeli Cabinet cited that tax
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South Africa unveils 2024 medium term budget policy, introducing global minimum tax measures
The South African National Treasury published its 2024 Medium Term Budget Policy Statement (MTBPS) On 30 October 2024, which includes key legislative proposals such as the Global Minimum Tax Bill and the Global Minimum Tax Administration Bill. These
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Netherlands: Government presents second amendment to 2025 Tax Plan to the parliament
The Netherlands government presented the second amendment bill to the 2025 Tax Plan to parliament. Travel expenses deduction for illness Taxpayers can deduct EUR 0.23/km for medical travel and pharmaceutical aids. Taxpayers are also allowed to
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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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Malta announces new tax measures for 2025 budget
Malta’s finance minister, Clyde Caruana, presented the 2025 budget in the parliament on Monday, 28 October 2024. The 2025 budget includes the following proposed tax measures: Global minimum tax rate Malta has decided to delay the adoption
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UK: 2024-25 budget anticipation results in GBP 300 billion in bond issuance amid tax hikes and borrowing, stocks fall as energy shares slide
UK finance minister Rachel Reeves is expected to announce the highly anticipated 2024-25 budget plan to the parliament today, 30 October 2024. The budget includes the first significant tax hikes in three decades and billions of pounds in
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Portugal proposes several VAT measures in draft state budget law 2025
Portugal released the state budget law for 2025 (Law No. 26/XVI/1) on 10 October 2024, proposing various VAT measures. The draft Budget Law for 2025 proposes reduced corporate tax rates for companies and SMEs and revised personal income tax rates,
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France: Finance Committee approves amendment on tax residency for citizens residing abroad
The Finance Committee of the French National Assembly has approved an amendment to the 2025 Finance Bill that changes tax residency rules for individuals. This amendment introduces a "targeted universal tax" mechanism for French citizens who move
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Dominican Republic withdraws fiscal reform plan
Dominican President Luis Abinader announced the withdrawal of the draft Law on Fiscal Modernization from the legislative agenda of the National Congress because of insufficient consensus among various social groups and the government on Monday, 21
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Lithuania proposes higher tax-exempt income for PIT in 2025 budget
Lithuania’s Ministry of Finance submitted the draft Budget for 2025 to the parliament on 16 October 2024 which includes proposed amendments to the Law on Personal Income Tax, among other tax provisions. The proposal outlines an increase in the
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UK enacts Budget Responsibility Act 2024
The UK Treasury implemented the Budget Responsibility Act 2024 on 15 October 2024, ensuring that when they announce “fiscally significant” measures, they are subject to an independent assessment by the Office for Budget Responsibility
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Italy: 2025 budget draft expands DST for all providers, introduces solidarity contribution for banks and insurance companies
Italy’s 2025 budget draft will be introducing several tax measures to reduce the tax burden for employees and pensioners. The Council of Ministers approved the draft Budget Law for 2025 during its meeting on Tuesday, 15 October 2024. These
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Portugal proposed reduced corporate tax rates in draft 2025 budget law
Portugal’s Finance Minister submitted the draft Budget Law for 2025 (Draft Law No. 26/XVI/1) to parliament on 10 October 2024, proposing reduced corporate tax rates for companies and SMEs and revised personal income tax rates and other tax
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Latvia approves 2025 Budget draft law: Increase of EUR 583.2 billion projected revenue
Latvia’s Cabinet of Ministers approved the draft law on the 2025 State Budget and the budgetary framework for 2025, 2026 and 2027 with various tax amendments on 15 October 2024. The consolidated national budget revenue for 2025 is planned at
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