Portugal approves Budget Bill 2025
Portugal’s parliament has approved the Budget Bill 2025 on 29 November 2024. The President will promulgate the 2025 Budget Bill, after which the corresponding law will be officially published. Earlier, Portugal’s Finance Minister submitted
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Papua New Guinea presents Annual Budget 2025
Papua New Guinea’s Department of the Treasury has presented the 2025 Annual Budget to the Parliament on 29 November 2024. The budget totals PGK 28,357 million, which is PGK 980 million larger than the 2024 budget of PGK 27,377
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Liberia: Draft National Budget 2025 to raise withholding tax on consultancy services, introduce new VAT system
Liberia’s President Joseph Nyuma Boakai, Sr. presented the draft 2025 National Budget to the National Legislature on 18 November 2024. The 2025 National Budget is US USD 851.8 million (comprising core revenue of USD 833 million and contingent
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Angola proposes new tax compliance, registration rules in 2025 budget
Angola’s government had submitted the 2025 State Budget Law on 31 October 2024 with various tax measures. The proposed tax measures state that: Non-compliant taxpayers will still face restrictions on financial transactions and work permit
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Ukraine: President signs 2025 budget
President Volodymyr Zelenskiy has signed the 2025 state budget for Ukraine on 28 November 2024. The 2025 budget prioritises Ukraine's defense and allocates significant funds to security and defense forces, as well as the production and
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Japan announces JPY 13.9 trillion stimulus budget
Japan's Ministry of Finance has announced a JPY 13.9 trillion (USD 92 billion) additional budget to support Prime Minister Shigeru Ishiba’s stimulus package. According to NHK (state broadcaster), the budget will be partially funded by JPY 3.8
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Ukraine President to sign 2025 budget tomorrow
Ukraine’s President Volodymyr Zelenskiy is expected to sign the 2025 budget tomorrow, 28 November 2024. The parliament passed the budget on 19 November 2024. It emphasises increasing taxes to fund its ongoing war with neighboring
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Ireland gazettes Finance Act 2024
Ireland has published the Finance Act 2024 (Act No. 43 of 2024) in the Official Gazette. This legislation was enacted on 12 November 2024 and includes provisions introduced in the Budget 2025 along with various administrative and technical
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Ukraine: Parliament approves 2025 draft budget law
Ukraine’s Verkhovna Rada (parliament) has formally adopted the draft budget law for 2025 on 19 November 2024. The draft law requires the President's signature before it can be enacted. Earlier, Ukraine’s government approved the draft
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Iceland approves budget bill for 2025
Iceland’s Budget Committee submitted the proposed amendments to the 2025 Budget on 15 November 2024 following its second parliamentary debate. The parliament approved the proposed amendments, incorporating them into the bill for the final round
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Netherlands: Lower House passes 2025 Tax Plan with EBITDA rule changes, VAT rate cancellation
The Netherlands lower house of Parliament has approved the 2025 Tax Plan with some amendments on 14 November 2024. The amendments include changes to the EBITDA interest deduction limitation, anti-fragmentation rule for real estate companies in
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Canada: Parliamentary Budget Officer says AMT changes to cut income tax revenues by CAD 598m
The Canadian Parliamentary Budget Officer (PBO) has presented updates on 7 November 2024 regarding Canada's Alternative Minimum Tax (AMT) changes outlined in the 2024 Budget. Budget 2024 introduced amendments to the Alternative Minimum Tax (AMT)
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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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