IMF: Briefing on the World Economic Outlook
In the briefing on the latest World Economic Outlook on 17 January 2024, the Director of the IMF’s Research Department confirmed that global growth is projected to remain steady at 3.3% in 2025 and 2026. Globally, inflation is expected to decline
See MoreIMF Updates World Economic Outlook
On 17 January 2025 the IMF published the update to the World Economic Outlook, with the subtitle Global Growth: Divergent and Uncertain. The update notes that global growth is expected to remain stable at 3.3% in both 2025 and 2026, below the
See MoreIMF Report looks at Australia’s Economic Position
On 23 December 2024 the IMF staff issued a report following consultations with Australia under Article IV of the IMF’s articles of agreement. Economic growth is projected increase gradually, from 1.2% in 2024 to 2.1% in 2025. Real income growth
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OECD consults draft mining income ring-fencing toolkit
The Organisation for Economic Co-operation and Development (OECD) has released an announcement inviting public feedback on a draft toolkit published on 13 December 2024. This toolkit aims to assist developing countries address tax policy and
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EU: European Court of Auditors issue report on ATAD, DAC6, TDRD
The European Court of Auditors released a report, “Combating Harmful Tax Regimes and Corporate Tax Avoidance” on 28 November 2024. The report evaluates the effectiveness of measures and strategies implemented by the European Commission (EC)
See MoreEU adopts new withholding tax rules (FASTER)
The Council of the EU has announced on 10 December 2024 that it adopted the FASTER Directive for establishing safer and faster procedures to obtain double taxation relief that will encourage cross-border investment and help fight tax fraud. The
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Canada: Parliamentary Budget Officer revises fiscal multiplier estimates
Canada’s Parliamentary Budget Officer (PBO) has updated estimates of fiscal multipliers on 20 November 2024. To assist parliamentarians’ deliberations of the current economic and fiscal situation, this additional analysis provides PBO’s
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UN approves terms for global tax cooperation framework
The UN has issued a release announcing that the Second Committee (Economic and Financial) has concluded its seventy-ninth session on 27 November 2024. The Second Committee has approved four draft resolutions and two draft decisions on a range of
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G20 leaders back Two-Pillar global tax reform, fair taxation for the ultra-wealthy individuals
The G20 Leaders' Declaration was released after a summit, which took place from 18–19 November 2024 in Rio de Janeiro, Brazil. Regarding taxation, the Declaration outlines the following points: We endorse the Rio de Janeiro G20 Ministerial
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OECD unveils initiatives to enhance digital transformation, tax certainty, capacity building partnerships
The Organisation for Economic Cooperation and Development (OECD) has announced that during the 17th annual plenary meetings of the Forum on Tax Administration, tax administrations reached a consensus on a series of practical initiatives. These
See MoreEU: European Parliament backs FASTER initiative
The European Parliament's plenary session adopted its opinion on 14 November 2024 after a consultation on the proposed Council Directive for the Faster and Safer Relief of Excess Withholding Taxes (FASTER). The opinion endorses the compromise
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OECD presents tax report to G20 leaders in Brazil
The OECD has released the OECD Secretary-General Tax Report to G20 Leaders, prepared for the G20 Leaders' Summit taking place on 18-19 November 2024, in Rio de Janeiro, Brazil. This report sets out recent developments in international tax reform,
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OECD publishes tax administration report 2024
The Organisation for Economic Co-operation and Development (OECD) has released the report Tax Administration 2024, which provides comparative insights into the tax systems and administrations of 58 OECD member countries and other advanced and
See MoreEuropean Commission launches upgraded online services for customs
The European Commission has introduced new and enhanced online services for customs on 22 October 2024. These services include the New Computerised Transit System (NCTS), the Automated Export System (AES), and the Proof of Union Status System
See MoreIMF: Labour Market Participation in Latin America
On 25 October 2024 the IMF launched the latest Regional Economic Outlook for the Western Hemisphere. A background paper to the report with the title Closing the Gap: Labor Market Participation in Latin America examined ways to increase labour force
See MoreOECD launches accession process for Thailand
The Organisation for Economic Co-operation and Development (OECD) Secretary-General Mathias Cormann has publicly launched the process of Thailand's accession to the OECD in Bangkok on 30 October 2024. The OECD Council adopted the Roadmap for the
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UK announces 2024 autumn budget
The UK autumn budget announcements were delivered today, 30 October 2024. Corporation tax The main rate of corporation tax will stay at 25% until the next election. National insurance National Insurance contributions for employers is to
See MoreEuropean Commission approves Danish State Aid for greenhouse gas tax cuts
The European Commission announced it approved, under EU State aid rules, a EUR 724 million (DKK 5.4 billion) Danish scheme to lower the rate of new greenhouse gas (GHG) emissions tax for certain companies. The scheme offers a reduced tax rate for
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