OECD updates ICAP documentation for global compliance
The OECD has updated the required documentation for the International Compliance Assurance Programme (ICAP). The Main Documentation Package has been revised and no longer requires MNE Groups to prepare a country-by-country reporting self-assessment
See MoreWTO Working Paper: Continuing Significance of MFN Trading Terms
A WTO working paper of 15 January 2025, written by Tomasz Gonciarz and Thomas Verbeet, has the title Significance of most-favoured-nation terms in global trade: A comprehensive analysis. Under the WTO's MFN trading principle, member countries of
See MoreIMF Working Paper: Is Tax Policy Supporting a Costly Industrial Policy in Mozambique
An IMF working paper written by Santos Bila, Utkarsh Kumar and Alexis Meyer-Cirkel with the title Is Tax Policy Costly Industrial Policy in Mozambique? Finds that tax advantages do not compensate for shortcomings in economic conditions. The
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IMF Working Paper: Strengthening Tax Governance Through Legal Design
An IMF working paper of 17 January 2025 written by L. Sofrona, C. Waerzeggers and B. Crowley with the title Strengthening Tax Governance Through Legal Design looks at tax governance in tax administration and how this can be strengthened. The
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ATAF revises guidance on drafting transfer pricing legislation
The African Tax Administration Forum (ATAF) published an updated version of its Suggested Approach to Drafting Transfer Pricing Legislation on 11 January 2025. This publication, which has been prepared by the ATAF Cross Border Taxation Technical
See MoreWorld Bank: Global Economic Prospects
The World Bank report Global Economic Prospects was issued in January 2025. The report notes that global growth is projected to remain steady at 2.7% in 2025/26, but this relatively low growth rate will not be sufficient to promote sustained
See MoreIMF: 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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