South Africa: SARS updates interest rate tables, reduces all rates
The South African Revenue Service (SARS) has published updated interest rate tables on 22 November 2024. Interest rates charged in terms of the legislation administered by SARS are split into three main categories, namely: interest charged on
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Angola proposes new tax compliance, registration rules in 2025 budget
Angola’s government had submitted the 2025 State Budget Law on 31 October 2024 with various tax measures. The proposed tax measures state that: Non-compliant taxpayers will still face restrictions on financial transactions and work permit
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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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France: Prime Minister scraps electricity tax hike
French Prime Minister Michel Barnier announced on Thursday, 28 November 2024, that he will be abandoning plans to raise electricity taxes in his 2025 budget, responding to threats from the far-right National Rally (RN). Barnier had aimed to raise
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Turkey updates revaluation rate for 2024
Turkey has officially announced an annual revaluation rate of 43.93% for 2024, as published in the Official Gazette No. 32735 on 27 November 2024. The annual revaluation rate is based on the price increase in the production price index for
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Costa Rica sets new interest rate for taxes and customs
Costa Rica’s General Directorate of Finance (DGH) and the General Directorate of Customs (DGA) released Resolution MH-DGH-RES-0054-2024/MH-DGA-RES-1817-2024 which establishes a new interest rate of 8.43% applicable to tax and customs
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Poland consults updated low-tax jurisdictions list, removes Andorra
Poland’s Ministry of Finance has initiated a public consultation on a proposed legislation that identifies countries and territories involved in harmful tax practices, classifying them as low-tax jurisdictions. The bill proposes to remove
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Ukraine: President signs 2025 budgetÂ
President Volodymyr Zelenskiy has signed the 2025 state budget for Ukraine on 28 November 2024. The 2025 budget prioritises Ukraine's defense and allocates significant funds to security and defense forces, as well as the production and
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Colombia consults new tax haven list
The Ministry of Finance in Colombia has released a draft decree for public consultation, proposing a new list of 25 jurisdictions classified as non-cooperative due to their low or zero taxation (commonly referred to as tax havens). The deadline
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Japan announces JPY 13.9 trillion stimulus budget
Japan's Ministry of Finance has announced a JPY 13.9 trillion (USD 92 billion) additional budget to support Prime Minister Shigeru Ishiba’s stimulus package. According to NHK (state broadcaster), the budget will be partially funded by JPY 3.8
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OECD releases new reports on automatic exchange of information, global forum activities
The Organisation for Economic Co-operation and Development (OECD) is holding its 17th Annual Plenary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) which started on 26 November 2024 in
See MoreUkraine President to sign 2025 budget tomorrow
Ukraine’s President Volodymyr Zelenskiy is expected to sign the 2025 budget tomorrow, 28 November 2024. The parliament passed the budget on 19 November 2024. It emphasises increasing taxes to fund its ongoing war with neighboring
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Denmark consults draft bill for crypto-asset reporting
The Danish Ministry of Taxation has opened a public consultation on a draft bill to implement Council Directive (EU) 2023/2226 (DAC8) and the Crypto-Asset Reporting Framework (CARF). The consultation is set to conclude on 13 December 2024. The
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European Commission applauds Greece’s pledge to align tonnage tax with state aid rules
The European Commission in a release on 25 November 2024 announced that the acceptance by Greece of the appropriate measures proposed by the Commission to bring the existing Greek tonnage tax scheme and related measures in line with State aid
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Ireland gazettes Finance Act 2024
Ireland has published the Finance Act 2024 (Act No. 43 of 2024) in the Official Gazette. This legislation was enacted on 12 November 2024 and includes provisions introduced in the Budget 2025 along with various administrative and technical
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Russia clarifies taxation of international shipping under 1997 treaty with Turkey
The Russian Ministry of Finance (MoF) issued Guidance Letter No. 03-08-09/96760 on 2 November 2024, clarifying the tax treatment of payments related to the operation of shipping vessels in international transport, in accordance with the 1997 tax
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South Africa consults taxation of alcoholic beverages, phase two of carbon tax, tax treatment of collective investment schemes
South Africa's National Treasury has unveiled three discussion papers for public consultation, on 13 November 2024, focusing on carbon tax, alcohol taxation, and the tax treatment of collective investment schemes. These proposals, aimed at refining
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Ukraine: Parliament approves 2025 draft budget law
Ukraine’s Verkhovna Rada (parliament) has formally adopted the draft budget law for 2025 on 19 November 2024. The draft law requires the President's signature before it can be enacted. Earlier, Ukraine’s government approved the draft
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