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
See MoreCanada 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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UK announces autumn budget date, tax policyÂ
The UK Chancellor of the Exchequer, Rachel Reeves, revealed that the first budget of the new government will be revealed on 30 October, 2024. It will be presented alongside the new economic and fiscal forecasts on the same date. The announcement
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US: Senate approves $12.3 billion IRS budget for FY 2025
The US Senate Appropriations Committee passed the Fiscal Year 2025 Financial Services and General Government Appropriations Act on 1 August, 2024. The act provides USD 27.885 billion to fund the operations of the Department of the Treasury, the
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India: Finance Bill 2024 proposes corporate tax reform, new personal income tax regime
India’s Finance Minister Nirmala Sitharaman presented the Finance (No. 2) Bill, 2024 (the Bill) to Parliament on 23 July, 2024. The Bill includes several proposals aimed at reforming the corporate tax framework. Corporate income tax New
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Uganda enacts new tax law amendments in 2024 budget
The government of Uganda has enacted a series of amendments to various laws related to taxation, including the Income Tax (Amendment) Act 2024, the Value Added Tax (Amendment) Act 2024, the Tax Procedures Code (Amendment) Act 2024, and the Stamp
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Germany announces 2025 budget, economic growth initiative
The German government reached an agreement on the 2025 budget, a supplementary budget for 2024, and a growth initiative to support the economy on 5 July 2024. The initiative includes several tax measures. "With this budget, we are creating
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Pakistan enacts Finance Act 2024 with major tax amendments
The Finance Bill 2024 enacts specific provisions proposed in the 2024-25 Budget on 12 June 2024, which include amendments to personal income tax, capital gain tax, sales tax, excise duty, and other taxes. These changes will take effect on 1 July,
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US: Governor enacts tax amendments to California budget 2024-25
The acting governor of the US state of California, Eleni Kounalakis, signed Senate Bill 167 into law on June 27, 2024, introducing several tax amendments aimed at addressing the USD 27.6 billion shortfall in the 2024-25 budget and the projected USD
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Bangladesh passes fiscal year 2024-25 budget
Bangladesh’s national budget of BDT 7,97,000 crore (USD 74.3 billion) for the fiscal year 2024-25 was approved by the parliament yesterday, 30 June 2024, targeting a GDP growth rate of 6.75 % and aiming to maintain annual inflation at
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Kenya withdraws controversial Finance Bill 2024 amid deadly protests
The Kenyan President William Ruto has announced yesterday, 26 June 2024, that he would not sign the Finance Bill 2024 into law and plans to withdraw the legislation. This decision followed after Kenyans protested against the controversial
See MoreUganda unveils new tax measures in 2024-25 budgetÂ
On 13 June, 2024, Uganda's Minister of Finance, Planning and Economic Development, Matia Kasaija, presented the Budget Speech for the Financial Year 2024/2025 in the Parliament. The speech, among other things, outlined certain tax measures for
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Thailand: PM presents $102 bln budget for FY2025
On 19 June, 2024, Thailand's Prime Minister Srettha Thavisin proposed a budget of THB 3.753 trillion (USD 102 billion) for the 2025 fiscal year in the parliament. Srettha informed the House of Representatives that the budget is aimed at helping
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Germany reportedly considers EUR 11 billion supplementary budget for 2024
Germany's government is reportedly considering a supplementary budget for 2024, allowing for additional spending of up to EUR 11 billion while adhering to the country's debt brake. This plan will leverage the cyclical component of the debt brake,
See MorePakistan unveils $68 billion FY 2024-25 budget
Pakistan’s Finance Minister Muhammad Aurangzeb presented the 2024-25 federal budget of PKR 18.87 trillion (USD 68 billion) in the National Assembly yesterday, 12 June, 2024. This year’s national budget is an increase of 40% from the current
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