IMF Report Looks at Ukraine’s Economy
On 10 September 2024 the IMF and the Ukrainian authorities reached agreement on the Fifth Review of the four-year Extended Fund Facility (EFF) Arrangement, subject to approval by the IMF Executive Board. The statement issued by the IMF noted that
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EU executive vice president for transfer pricing bill progress
In a press conference on 10 September 2024, Margrethe Vestager, the Executive Vice President of the European Commission, urged EU countries to develop proposals to reform transfer pricing and tackle the issue of shell companies after expressing her
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Independent commission favours UN STTR over OECD for corporate tax reform
The Independent Commission for the Reform of International Corporate Taxation (ICRICT) released a report analysing the OECD and UN versions of the Subject to Tax Rule (STTR). Both versions enable source states to impose a minimum tax on payments
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IMF Working Paper: Advancing Labour Market Reforms in Korea
An IMF Working Paper of 23 August 2024 written by Stella Tam and Xin Cindy Xu looks at ways of advancing labour market reforms in Korea. The study looks at the structural challenges for the labour market in Korea and assesses the macroeconomic
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IMF Report on Latvia Makes Tax Recommendations
On 5 September 2024 the IMF issued a report following discussions with Latvia under Article IV of the IMF’s articles of agreement. Following recovery from the pandemic, Latvia’s economic growth contracted by 0.3% in 2023, with tighter
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OECD: Economic Survey of Malaysia
On 27 August 2024 the OECD published its latest Economic Survey of Malaysia. The survey notes that Malaysia’s economy has grown significantly since the 1960s, with a higher per capita income than other countries in the region. Malaysia is
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IMF: Increased Research and Development Spending is not Boosting US productivity
An article in the IMF’s Finance and Development Magazine for September 2024 by Ufuk Akcigit, the Arnold C. Harberger Professor of Economics at the University of Chicago, looks at the reason why research and development (R&D) spending does not
See MoreIMF Report on Turkey Recommends Tax Changes
On 28 August 2024 the IMF issued a report following discussions with Turkey under Article IV of the IMF’s articles of agreement. The economic policies followed by Turkey since mid-2023 have reduced crisis risks and raised confidence. There was
See MoreIMF: Tax Policy Can Limit Carbon Emissions from AI and Crypto
An IMF blog of 15 August 2024, written by Shafik Hebous and Nate Vernon-Lin, indicated that tax policy can be used to restrict the surge in carbon emissions resulting from artificial intelligence (AI) and crypto. Owing to the amount of
See MoreWTO: World Trade Statistics 2023
On 31 July 2024 the WTO launched a new online interactive tool, World Trade Statistics 2023. The interactive tool includes charts of the growth in merchandise trade value and volume, the top 20 exporters in merchandise trade and the growth in
See MoreUN: Terms of Reference on Framework Convention for Tax Cooperation
At the second session of the Ad Hoc Committee to Draft Terms of Reference for a United Nations Framework Convention on International Tax Cooperation, held from 29 July to 16 August 2024, the Terms of Reference for a UN Tax Convention were adopted by
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UN approves final draft of the terms of reference for international tax framework convention
The United Nations approved the final draft terms of reference (ToR) for the UN Framework Convention on International Tax Cooperation. The decision passed with a majority vote of 110 countries in favour, with 44 abstentions and eight countries
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WTO: World Tariff Profiles 2024
On 25 July 2024 the WTO published World Tariff Profiles 2024, which sets out information on tariffs and non-tariff measures imposed by more than 170 countries and customs territories. The publication is issued jointly with the International Trade
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OECD: Transfer Pricing Framework for Lithium
On 12 August 2024 the OECD released the final report on the transfer pricing framework for lithium. The report applies the mineral pricing framework previously outlined in the OECD/IGF report on Determining the Price of Minerals: A Transfer Pricing
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UN releases second revised draft terms for international tax framework convention
The UN Ad Hoc Committee released a second revised draft of the terms of reference (ToR) (Rev.2) for a United Nations Framework Convention on International Tax Cooperation on Sunday, 11 August 2024. This draft reflects the discussions held during
See MoreIMF Report Looks at China’s Economy
On 2 August 2024 the IMF released a report following consultations with China under Article IV of the IMF’s articles of agreement. The report notes that China’s economy has remained resilient even though there is continuing weakness in the
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OECD: Global Forum Report to the G20 Finance Ministers
A report was prepared by the Global Forum for the meeting of G20 Finance Ministers and Central Bank Governors on 25 and 26 July 2024. This report reflects the Forum’s commitment to fighting tax evasion and illicit financial flows by measures
See MoreG20: Communique of the Meeting of Finance Ministers
Following the meeting of the G20 Finance Ministers and Central Bank Governors on July 25 and 26 2024, a communique was issued. Global Economic Outlook The Ministers welcomed the likely soft landing of the global economy. They are continuing to
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