WTO: 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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UN tax committee issues unedited version of transfer pricing compliance assurance toolkit
The UN Tax Committee’s Transfer Pricing Subcommittee released the unedited version of the Transfer Pricing Compliance Toolkit and the unedited version of the Interstitial Guidance on Transfer Pricing. Both guidelines address the economic
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G20 finance ministers announce global tax cooperation plan
After their meeting from 25 - 26 July, 2024, in Rio de Janeiro, Brazil, the G20 Finance Ministers released a Ministerial Declaration on International Tax Cooperation. Building on the outcomes of successful International Tax Cooperation at the
See MoreG20: Ministerial Declaration on International Tax Cooperation
At the close of the meeting of G20 Finance Ministers and Central Bank Governors held from 25 to 26 July 2024 a Ministerial declaration was issued on international tax cooperation. The declaration noted that the OECD/G20 Inclusive Framework on
See MoreIMF Issues Report on the Economic Situation of Lithuania
On 24 July 2024 the IMF issued a report following discussions with Lithuania under Article IV of the IMF’s articles of agreement. The Lithuanian economy has begun a recovery with lower inflation reflecting lower commodity prices, tighter
See MoreOECD: Report to the July Meeting of G20 Finance Ministers
On 25 July 2024 the OECD published the report prepared for the meeting of G20 Finance Ministers and Central Bank Governors held in Brazil from 25 to 26 July 2024. The report notes some recent developments in important areas of international tax
See MoreIMF: Policies to Avoid Prolonged Slow Growth and Inequality
In an IMF blog on 23 July 2024 the IMF Director General noted that long periods of slow growth can increase inequality, but this outcome can be avoided if the correct policies are pursued. Referring to the upcoming meeting of the G20 finance
See MoreIMF Issues Report Following Consultations with Italy
On 23 July 2024 the IMF issued a report following the consultation with Italy under Article IV of the IMF’s articles of agreement. The report noted that Italy’s economy has recovered from the pandemic and energy price shocks, with economic
See MoreIMF Issues Report on the Economy of Germany
On 18 July 2024 the IMF issued a report following consultations with Germany under Article IV of the IMF’s articles of agreement. The German economy has begun to recover from the energy price shock. The high energy prices caused by the
See MoreIMF Report Assesses the US Economy
On 17 July 2024 the IMF issued a report following consultation with the US government under Article IV of the IMF’s articles of agreement. The US economy has performed strongly in the past few years. Economic activity and employment now exceed
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