US: Vermont approves new tax rules for remote software access
The US state of Vermont has enacted a new bill that makes changes regarding the taxation of remotely accessed software. The legislation was approved despite a veto from Vermont’s Governor Phil Scott. The bill categorises taxable tangible
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Kazakhstan initiates public consultation for new draft taxation code
The Republic of Kazakhstan initiated a public consultation regarding the new draft Tax Code (On taxes and other obligatory payments to the budget) on 21 June, 2024. The consultation is set to conclude on 15 July, 2024. The Ministry of National
See MoreUS: Supreme Court upholds mandatory repatriation tax
On 20 June, 2024, the U.S. Supreme Court delivered its opinion on Moore v. United States. This case addresses the one-time mandatory repatriation tax enacted under the 2017 Tax Cut and Jobs Act. As previously reported, the repatriation tax
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Uganda unveils new tax measures in 2024-25 budget
On 13 June, 2024, Uganda's Minister of Finance, Planning and Economic Development, Matia Kasaija, presented the Budget Speech for the Financial Year 2024/2025 in the Parliament. The speech, among other things, outlined certain tax measures for
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OECD working paper: problems arising from subnational debt
An OECD working paper published on 13 June 2024, written by Acauã Brochado and Sean Dougherty, looks at problems of financing for subnational governments (SNGs), including the level of debt and sensitivity to interest rate fluctuations. The paper
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Thailand: PM presents $102 bln budget for FY2025
On 19 June, 2024, Thailand's Prime Minister Srettha Thavisin proposed a budget of THB 3.753 trillion (USD 102 billion) for the 2025 fiscal year in the parliament. Srettha informed the House of Representatives that the budget is aimed at helping
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OECD: Managing Rising Subnational Fiscal Risks
An OECD Working Paper on managing rising subnational fiscal risks was published on 13 June 2024. This paper, written by Luiz de Mello and Teresa Ter-Minassian, forms part of the series of working papers on fiscal federalism. The working paper
See MoreUS: California’s Senate Bill 167 introduces revenue raising measures
The US state of California’s Senate Bill 167 proposes several revenue raising measures. The bill, which is still pending signature, pertains to corporate income tax and suspends net operating losses (NOLs) for the 2024, 2025, and 2026 tax
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US: IRS and Treasury issues guidance to tackle abusive basis shifting in partnerships
On 17 June, 2024, the U.S. Department of the Treasury and the Internal Revenue Service (IRS), in a release, announced a new regulatory initiative to close a major tax loophole exploited by large, complex partnerships. This initiative is one step
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US: IRS and Treasury issue guidelines on partnership basis shifting transactions
On 17 June 2024, the Department of the Treasury and the Internal Revenue Service (IRS) in a release—FS-2024-21 issued a guidance on the inappropriate use of partnership rules to inflate the basis of the underlying assets without causing any
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OECD: New guidance issued on Pillar One amount b and Pillar Two global minimum tax
The OECD Inclusive Framework on BEPS (Inclusive Framework) released guidance relating to the report on Amount B of Pillar One and guidance to ensure consistent implementation and application of the global minimum tax under Pillar Two. Amount B of
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OECD: Definition of qualifying jurisdictions for application of Amount B of Pillar One
On 17 June 2024 the OECD Inclusive Framework on BEPS released supplementary elements relating to the report of 19 February 2024 on Amount B of Pillar One. Under the streamlined and simplified approach under Amount B, a pricing matrix is used to
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Germany reportedly considers EUR 11 billion supplementary budget for 2024
Germany's government is reportedly considering a supplementary budget for 2024, allowing for additional spending of up to EUR 11 billion while adhering to the country's debt brake. This plan will leverage the cyclical component of the debt brake,
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Pakistan unveils $68 billion FY 2024-25 budget
Pakistan’s Finance Minister Muhammad Aurangzeb presented the 2024-25 federal budget of PKR 18.87 trillion (USD 68 billion) in the National Assembly yesterday, 12 June, 2024. This year’s national budget is an increase of 40% from the current
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EU: European Council issues update on UN framework convention on international tax cooperation
On 12 June 2024, the General Secretariat of the Council of the European Union, in a release, clarified the first session of the ad hoc committee to draft terms of reference for a United Nations Framework Convention on International Tax Cooperation.
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New Zealand enacts Taxation (Budget Measures) Act 2024
On 4 June, 2024, New Zealand enacted the Taxation Act 2024 , bringing tax relief to many sectors, primarily for individuals’ income tax thresholds. Budget 2024 sets out the Government’s plan to rebuild the economy, ease the cost of living,
See MoreUS: Treasury unveils FY 2025 tax proposals in “Green Book”
The US Department of the Treasury released the Fiscal Year 2025 Budget and the “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals”, or the ‘Green Book’, today, 11 June, 2024. In the fiscal year 2025 budget,
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South Australia state budget 2024: Offers tax relief for first-time home buyers
The government of South Australia announced the state budget for 2024-25 on 6 June, 2024. This year’s budget includes several significant changes without introducing new taxes. However, the government announced tax relief measures for
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