Singapore unveils summary of feedback on pillar 2 tax legislation and 2024 budget reforms
Singapore's Ministry of Finance released the Summary of Responses to the Public Consultation on the Draft Multinational Enterprise (Minimum Tax) Bill and the Income Tax (Amendment) Bill 2024 on 31 August 2024. Summary of Responses to Public
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New Zealand introduces Taxation 2024–25 Tax Bill, proposes incorporating CARF into law
New Zealand’s Minister of Revenue, Hon Simon Watts, introduced the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Bill into the House on 26 August 2024. The Bill passed its first reading on 29 August
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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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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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South Africa consults tax reform measures in 2024 budget
The South African National Treasury has initiated a public consultation process on 1 August 2024, seeking input on a series of draft bills and regulations aimed at implementing key tax reforms outlined in the 2024 budget. The consultation
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UK announces autumn budget date, tax policy
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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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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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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Bangladesh reportedly plans customs duty alignment with WTO standards
The National Board of Revenue (NBR) in Bangladesh reportedly plans to align customs duties for 20 products with the World Trade Organisation's (WTO) Bound Duty rates in the 2024/2025 fiscal year. Over the next two fiscal years, another 40
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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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Bangladesh considers ending tax breaks for investors of infrastructure projects
The Bangladeshi government is reportedly in consideration of ending a decade-long tax break programme for investors of new physical infrastructure projects. This potential policy shift comes as the National Board of Revenue (NBR) prioritises
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