Netherlands reveals 2025 budget and tax plan
Netherlands’ State Secretary for Tax Affairs and the Tax Administration, Folkert Idsinga, presented the 2025 Budget including the 2025 Tax Plan to the House of Representatives on Tuesday, 17 September 2024. The package contains a range of
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Colombia: Government to stand firm on 2025 budget value
Colombia's Finance Minister Ricardo Bonilla says that the proposed 2025 budget will remain at COP 523 trillion (approximately USD 123.9 billion) in an interview with Reuters on Tuesday, 17 September 2024. Earlier, Congress had refused to approve
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Australia: Tasmania reveals 2024-25 budget
The treasurer of Tasmania, Michael Ferguson, has delivered the 2024-25 budget for Tasmania in the House of Assembly on 12 September 2024. The 2024-25 budget focuses on driving the delivery of the 2030 strong plan for Tasmania’s future. The newly
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Ukraine approves 2025 draft budget: Prioritises defence, security
Ukraine’s government approved the draft budget for 2025, on 13 September 2024, which prioritises defence and security spending, said Ukraine’s Prime Minister Denys Shmyhal on his official Telegram channel. Defence spending will increase to at
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Brazil considering tax hike without legislative approval
Brazil's government is considering tax increases that can be enacted without congressional approval to address this year's budget deficit, according to two reports from the finance ministry received on 6 September 2024. Officials have indicated
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Finland announces budget for FY 2025
The Finnish Government announced the 2025 Budget on 3 September 2024. This release outlines several tax policy decisions that align with the draft budget proposals introduced by the Ministry of Finance in August 2024. The government is moving
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Brazil: Government presents budget for FY 2025
On 30 August 2024, the Federal Government of Brazil submitted its draft budget proposal for the fiscal year (FY) 2025 to the National Congress. The 2025 budget bill offers updated projections for GDP growth, inflation, and other economic
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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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UK: PM warns of ‘painful’ October budget, unveils GBP 22 billion financial gap
UK Prime Minister Keir Starmer announced on Tuesday, 29 August 2024, that the forthcoming October 2024 budget would be "painful." This announcement sets the stage for government spending cuts to address a GBP 22 billion (USD 29 billion) budget
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Philippines: Finance department’s 2025 budget focuses on digital tax administration
The Philippines’ Department of Finance announced plans to present its 2025 budget proposal to the Senate on 27 August 2024. This proposal emphasises digitalization to enhance the efficiency of tax administration. Finance Secretary Ralph G.
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Kenya: SC halts COA ruling, declares Finance Act 2023 unconstitutional
Kenya’s Supreme Court ruled, on 20 August 2024, suspending the Court of Appeal's recent judgment that declared the Finance Act 2023 unconstitutional. The Supreme Court implemented a conservatory order to suspend and stay most of the declarations
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Kenya plans to reintroduce tax proposals from Finance Bill 2024, including amended eco levy
Kenya's new Cabinet Secretary for the National Treasury and Economic Planning, John Mbadi, announced in a post on X that he met the Kenya Revenue Authority (KRA) on 20 August 2024, and reaffirmed the government's commitment to boosting revenue
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Canada: PBO predicts CAD 17.4b revenue boost from capital gains tax hike
Canada’s Parliamentary Budget Officer (PBO) published an estimate that the increased capital gains inclusion rate, implemented in the 2024 Budget, will boost income tax revenues by CAD 17.4 billion from 2024-25 to 2028-29. The PBO issued this
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Canada consults on 2024 budget additions, including Pillar Two UTPR
Canada's Department of Finance, in a release, announced a public consultation on a legislation that includes new measures for Budget 2024 on 12 August, 2024. This follows the enactment of several budget measures in June 2024 under the Fall
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Finland releases 2025 draft budget proposal
Finland’s Ministry of Finance published its draft proposal for Budget 2025 on Friday, 9 August 2024. The draft budget totals EUR 88.1 billion and shows a deficit of EUR 12.2 billion. The deficit will decrease due to measures taken by the
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Ghana: 2024 mid-year budget introduces digital solutions, indirect tax measures
Ghana’s Minister of Finance, Mohammed Amin Adam, presented the 2024 mid-year budget review to the parliament on 23 July 2024. The key provisions of this year’s budget review aim to effectively implement existing tax policies, particularly those
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India passes Finance Bill 2024, introduces major LTCG tax amendment on real estate
India's Parliament, the Lok Sabha (lower house), passed the Finance (No. 2) Bill 2024 on 7 August 2024. This bill includes a major amendment to the long-term capital gains (LTCG) tax on real estate. The initial proposal was to reduce the LTCG on
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