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
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Uganda unveils new tax measures in 2024-25 budget
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,
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Pakistan 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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New Zealand enacts Taxation (Budget Measures) Act 2024
On 4 June, 2024, New Zealand enacted the Taxation Act 2024 , bringing tax relief to many sectors, primarily for individuals’ income tax thresholds. Budget 2024 sets out the Government’s plan to rebuild the economy, ease the cost of living,
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US: Treasury unveils FY 2025 tax proposals in “Green Book”
The US Department of the Treasury released the Fiscal Year 2025 Budget and the “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals”, or the ‘Green Book’, today, 11 June, 2024. In the fiscal year 2025 budget,
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South Australia state budget 2024: Offers tax relief for first-time home buyers
The government of South Australia announced the state budget for 2024-25 on 6 June, 2024. This year’s budget includes several significant changes without introducing new taxes. However, the government announced tax relief measures for
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Pakistan to unveil 2024-25 budget tomorrow
Pakistan's coalition government is set to unveil fiscal targets in the 2024-25 budget tomorrow, 12 June 2024, which aims to strengthen its bid for a substantial new IMF loan anticipated to be between USD 6 billion and USD 8 billion. The growth
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Kenya: Parliament passes $31bn budget for FY 2024-25
Kenya's parliament approved on Friday, 7 June 2024, a budget of KES 4 trillion (USD 31.01 billion) for the fiscal year starting in July 2024, an increase from the initial KES 3.75 trillion budget approved in 2024. The finance ministry is expected
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Bangladesh FY 2024-25 budget: How feasible is it?
Bangladesh Finance Minister, Abul Hassan Mahmood Ali, proposed the BDT 7,97,000 crore (approximately $7.97 billion) national budget for the fiscal year 2024-25 before the parliament on 6 June, 2024. This is the country’s largest-ever budget for
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Bangladesh: 2024/25 budget’s potential impact on consumer goods and services
Bangladesh Finance Minister Abul Hassan Mahmood Ali announced the BDT 7,96,900 crore (approximately $7.97 billion) national budget for the fiscal year 2024/25 in the parliament today, 6 June, 2024. The new budget could potentially have an impact on
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Bangladesh: Finance minister presents 2024/25 budget before the parliament
Bangladesh Finance Minister, Abul Hassan Mahmood Ali, proposed the BDT 7,97,000 crore (approximately $7.97 billion) national budget for the fiscal year 2024-25 before the parliament today, 6 June, 2024. This is the country's largest-ever budget
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Bangladesh Cabinet approves FY 2024/25 budget
The Cabinet of Bangladesh approved the proposed national budget for FY 2024/25 on Thursday, 6 June, 2024. Announced by Abul Hassan Mahmood Ali, Finance Minister, on the same day it received the presidential authentication in the parliament; the
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UK enacts Finance (No. 2) Act 2024 with Spring Budget 2024 measures
The UK enacted the Finance (No. 2) Act 2024 after receiving royal assent on 24 May, 2024. This legislation implements several measures announced in the 2024 Spring Budget. The annual charge for income tax for the 2024-25 tax year and the
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US: Illinois governor receives 2025 budget revenue bill
The governor of Illinois is expected to receive the fiscal year 2025 budget revenue bill. The bill introduces several tax changes, which includes: Introduction of a USD 500,000 cap on net operating loss (NOL) carryovers for corporate taxes,
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