UN consults terms for international tax cooperation framework
The United Nations announced the initiation of a public consultation on the preparation of the proposal for the zero draft terms of reference for a framework on international tax cooperation. The proposal intends to establish a system of
See More
Pakistan to unveil 2024-25 budget tomorrow
Pakistan's coalition government is set to unveil fiscal targets in the 2024-25 budget tomorrow, 12 June 2024, which aims to strengthen its bid for a substantial new IMF loan anticipated to be between USD 6 billion and USD 8 billion. The growth
See More
Kenya: Parliament passes $31bn budget for FY 2024-25
Kenya's parliament approved on Friday, 7 June 2024, a budget of KES 4 trillion (USD 31.01 billion) for the fiscal year starting in July 2024, an increase from the initial KES 3.75 trillion budget approved in 2024. The finance ministry is expected
See More
OECD updates International Compliance Assurance Programme (ICAP) FAQs
The OECD released updated Frequently Asked Questions regarding the International Compliance Assurance Programme (ICAP) on 4 June, 2024. The ICAP initiative is designed to promote transparent and cooperative multilateral engagements between
See More
Bangladesh FY 2024-25 budget: How feasible is it?
Bangladesh Finance Minister, Abul Hassan Mahmood Ali, proposed the BDT 7,97,000 crore (approximately $7.97 billion) national budget for the fiscal year 2024-25 before the parliament on 6 June, 2024. This is the country’s largest-ever budget for
See More
Bangladesh: 2024/25 budget’s potential impact on consumer goods and services
Bangladesh Finance Minister Abul Hassan Mahmood Ali announced the BDT 7,96,900 crore (approximately $7.97 billion) national budget for the fiscal year 2024/25 in the parliament today, 6 June, 2024. The new budget could potentially have an impact on
See MoreBangladesh: Finance minister presents 2024/25 budget before the parliament
Bangladesh Finance Minister, Abul Hassan Mahmood Ali, proposed the BDT 7,97,000 crore (approximately $7.97 billion) national budget for the fiscal year 2024-25 before the parliament today, 6 June, 2024. This is the country's largest-ever budget
See MoreBangladesh Cabinet approves FY 2024/25 budget
The Cabinet of Bangladesh approved the proposed national budget for FY 2024/25 on Thursday, 6 June, 2024. Announced by Abul Hassan Mahmood Ali, Finance Minister, on the same day it received the presidential authentication in the parliament; the
See More
Bangladesh reportedly plans customs duty alignment with WTO standards
The National Board of Revenue (NBR) in Bangladesh reportedly plans to align customs duties for 20 products with the World Trade Organisation's (WTO) Bound Duty rates in the 2024/2025 fiscal year. Over the next two fiscal years, another 40
See More
US: FY 2025 State and Foreign Operations Appropriations Bill defunds several international programmes
The US House Appropriations Committee released the Fiscal Year 2025 State and Foreign Operations Appropriations Bill on 3 June, 2024. It proposes terminating several programmes including funding for the Organisation for Economic Cooperation and
See More
UK enacts Finance (No. 2) Act 2024 with Spring Budget 2024 measures
The UK enacted the Finance (No. 2) Act 2024 after receiving royal assent on 24 May, 2024. This legislation implements several measures announced in the 2024 Spring Budget. The annual charge for income tax for the 2024-25 tax year and the
See More
US: Illinois governor receives 2025 budget revenue bill
The governor of Illinois is expected to receive the fiscal year 2025 budget revenue bill. The bill introduces several tax changes, which includes: Introduction of a USD 500,000 cap on net operating loss (NOL) carryovers for corporate taxes,
See More
OECD highlights extra revenue and tax benefits for Latin America via transparency and information exchanges
The OECD, on Thursday, 30 May, 2024, published the Tax Transparency in Latin America 2024. Published by the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), Tax Transparency in Latin America 2024 shows how
See More
UK: Parliament enacts Spring Finance Bill
The Committee stages of the Finance (No. 2) Bill 2023-24 (also known as the Spring Finance Bill) concluded on 21 May, 2024. The bill was introduced after the conclusion of the March Spring Budget and reviewed by a Public Bill Committee where no
See More
Slovak Republic considers new depreciation option for tangible asset improvements
The Slovak Republic's parliament is reviewing a draft bill to promote investment in the modernisation and eco-friendliness of tangible assets, which introduces a new depreciation option for technical improvements to such assets. Under existing
See MoreBangladesh considers ending tax breaks for investors of infrastructure projects
The Bangladeshi government is reportedly in consideration of ending a decade-long tax break programme for investors of new physical infrastructure projects. This potential policy shift comes as the National Board of Revenue (NBR) prioritises
See MoreBangladesh debates cashless tax policy change
Bangladesh is reportedly considering a tax policy change to promote cashless transactions. Listed companies on the capital market with less than 10% of their shares available for public trade will see their corporate tax rate increase from 22.5%
See MoreUS: House panel praises opportunity zones, calls for improvements
The Opportunity Zone tax incentives introduced in the Tax Cuts and Jobs Act of 2017 (TCJA, P.L. 115-97) received bipartisan praise during a US House Ways and Means Tax Subcommittee field hearing in Erie, Pennsylvania, on 20 May, 2024. The hearing
See More