UK enacts Budget Responsibility Act 2024
The UK Budget Responsibility Act 2024 received royal assent on 10 September 2024. The legislation stipulates that the Office for Budget Responsibility (OBR) must analyse any proposed Government measure deemed "fiscally significant," as well as
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OECD Policy Brief Examines Incentives for Innovation
An OECD Policy Brief of 17 September 2024 examined government support for innovation and how this can be directed towards priority objectives. The policy brief uses recent evidence on how governments direct financial support to innovation, based on
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Netherlands reveals 2025 budget and tax plan
Netherlands’ State Secretary for Tax Affairs and the Tax Administration, Folkert Idsinga, presented the 2025 Budget including the 2025 Tax Plan to the House of Representatives on Tuesday, 17 September 2024. The package contains a range of
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Colombia: Government to stand firm on 2025 budget value
Colombia's Finance Minister Ricardo Bonilla says that the proposed 2025 budget will remain at COP 523 trillion (approximately USD 123.9 billion) in an interview with Reuters on Tuesday, 17 September 2024. Earlier, Congress had refused to approve
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OECD: Report on Simplified Peer Review of Egypt under BEPS Action 14
On 16 September 2024 the OECD published the simplified peer review report on Egypt under Action 14 of the project on base erosion and profit shifting (BEPS). The report sets out the results of Stage 1 of the simplified peer review of the
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OECD: Report on Simplified Peer Review of Nigeria under BEPS Action 14
On 16 September 2024 the OECD published the simplified peer review report on Nigeria under Action 14 of the project on base erosion and profit shifting (BEPS). The report sets out the results of Stage 1 of the simplified peer review of the
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OECD: Report on Simplified Peer Review of Costa Rica under BEPS Action 14
On 16 September 2024 the OECD published the simplified peer review report on Costa Rica under Action 14 of the project on base erosion and profit shifting (BEPS). Members of the OECD Inclusive Framework have committed to implementing the minimum
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OECD: Report on Simplified Peer Review of Colombia under BEPS Action 14
On 16 September 2024 the OECD published the simplified peer review report on Colombia under Action 14 of the project on base erosion and profit shifting (BEPS). Under BEPS Action 14, members of the OECD Inclusive Framework have committed to
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OECD: Report on Simplified Peer Review of Lithuania under BEPS Action 14
On 16 September 2024 the simplified peer review report on Lithuania was issued under Action 14 of the project on base erosion and profit shifting (BEPS). Members of the OECD Inclusive Framework have committed to implementing the minimum standard
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Australia: Tasmania reveals 2024-25 budget
The treasurer of Tasmania, Michael Ferguson, has delivered the 2024-25 budget for Tasmania in the House of Assembly on 12 September 2024. The 2024-25 budget focuses on driving the delivery of the 2030 strong plan for Tasmania’s future. The
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Ukraine approves 2025 draft budget: Prioritises defence, security
Ukraine’s government approved the draft budget for 2025, on 13 September 2024, which prioritises defence and security spending, said Ukraine’s Prime Minister Denys Shmyhal on his official Telegram channel. Defence spending will increase to at
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OECD: Report on Simplified Peer Review of Serbia under BEPS Action 14
Under Action 14 of the OECD project on base erosion and profit shifting (BEPS), members of the OECD Inclusive Framework have committed to implementing the minimum standard on strengthening the effectiveness and efficiency of dispute resolution
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OECD: Further Reviews of Harmful Tax Practices
On 27 August 2024 the OECD released an update on the reviews by the Forum on Harmful Tax Practices of aspects of the tax regimes of some member countries of the Inclusive Framework under Action 5 of the project on base erosion and profit shifting
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Italy approves revised taxpayer reliability indices for 2023 tax period
Italy’s Ministry of Economy and Finance approved the revised synthetic indexes of taxpayer reliability (Indici Sintetici di Affidabilità fiscale, ISA) for specific business sectors for the 2023 tax period; issued a decree on 29 April 2024,
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El Salvador launches tax amnesty programme for debt relief
El Salvador's Ministry of Finance has introduced a new tax amnesty programme, enabling the settlement of outstanding tax and customs obligations without interest, surcharges, or fines. The 2024 Tax Amnesty aims to assist insolvent taxpayers in
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Saudi Arabia issues fees rules on customs services provided at ports
The Zakat, Tax and Customs Authority (ZATCA) has announced the issuance of a decision by its Board of Directors regarding the Fee Rules on Customs Services, which includes specifying the fees on customs services provided by ZATCA and the conditions
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India: GST Council announces key recommendations from 54th meeting
India's Press Information Bureau has issued a statement from the Ministry of Finance regarding the recommendations from the GST Council's 54th meeting, which took place on 9 September 2024. The 54th GST Council met under the Chairpersonship of
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IMF Report Looks at Ukraine’s Economy
On 10 September 2024 the IMF and the Ukrainian authorities reached agreement on the Fifth Review of the four-year Extended Fund Facility (EFF) Arrangement, subject to approval by the IMF Executive Board. The statement issued by the IMF noted that
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