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 2024Â
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
See MoreKenya 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
See MoreCanada: 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
See MoreUK 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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