IMF Report Assesses Ireland’s Economy
On 5 May 2022 the IMF released a report following consultations with Ireland under Article IV of the IMF’s articles of agreement. Ireland’s economic growth reached 13.5% in 2021 but there are downside risks from the increase in energy
See MoreCanada: Bill-19 receives its first reading to implement some measures of Budget 2022
On 28 April 2022, Bill C-19, introduced by the Deputy Prime Minister and Minister of Finance, was received its first reading for implementing some measures of Budget 2022. Some highlighting points are given below: Government banned foreign
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OECD: Tax Transparency in Latin America
On 3 May 2022 the OECD published the report Tax Transparency in Latin America 2022. The report was released during a meeting of the Punta del Este Declaration Initiative, which aims to tackle tax evasion and avoidance and other financial crimes by
See MoreUK: Transfer Pricing and Diverted Profits Tax Statistics
On 28 April 2022 HMRC published the latest set of statistics relating to transfer pricing and the diverted profits tax. The latest release contains data up to end of the 2020/21 tax year. HMRC is anxious to reduce the amount of the tax gap,
See MoreCentre for Global Development – Health Taxes During the Recovery
On 19 April the Centre for Global Development (CGD) held a discussion on how the IMF and World Bank can use their knowledge of health taxes to help lower- and middle-income countries recover more quickly from the pandemic. The panel consisted of
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OECD: Assessing Tax Compliance and Illicit Financial Flows in South Africa
On 25 April 2022 the OECD’s Centre for Tax Policy and Administration issued jointly with South Africa’s National Treasury a publication entitled Assessing Tax Compliance and Illicit Financial Flows in South Africa. Achieving the
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OECD: Revenue Statistics in Latin America and the Caribbean
On 27 April 2022 the OECD released the publication Revenue Statistics in Latin America and the Caribbean 2022. This annual overview of the region contains internationally comparable data on tax levels and structures for 27 countries in the Latin
See MoreWTO: Subsidies, Trade and International Cooperation
On 22 April 2022 a joint report issued was issued by the WTO with the IMF, OECD and World Bank, examining the need for international cooperation in combating harmful trade subsidies. The drive by the G20 to strengthen the multilateral trading
See MoreKenya: Corporate tax measures in Finance Bill 2022
On 12 April 2022, the Finance Bill 2022 was presented in the National Assembly of Kenya, which provides following tax measures related to corporate taxation. Corporations donating money to non-profit organizations can deduct the donation from
See MoreIMF: Tax Policy and Gender Equality
On 22 April 2022, as part of the Spring Meetings of the IMF and World Bank, there was a video presentation on gender and taxation by Maria Coelho of the Fiscal Affairs department of the IMF. The speaker noted that laws that once existed legally
See MoreEU: Public Consultation on Minimum Rates of Alcohol Excise Duty
On 11 April 2022 the European Commission began a consultation on the minimum rates of alcohol excise duty in the EU. The consultation will continue until 4 July 2022. The consultation aims to gather the views of the relevant stakeholders on
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OECD: Peer Review Reports on Making Tax Dispute Resolution More Effective
On 14 April 2022 the OECD published a further set of peer review reports under BEPS Action 14 which is concerned with making tax dispute resolution mechanisms more effective. These reports set out the results of assessments under stage two of the
See MoreECOSOC: Meeting to Discuss International Cooperation in Tax Matters
The UN Economic and Social Council (ECOSOC) met on 8 April 2022 to consider international cooperation in tax matters. The discussions covered tax and the digital economy and illicit financial flows. Tax and the Digital Economy The meeting
See MoreUN: Meetings of the Tax Committee
The 24th session of the UN Committee of Experts on International Cooperation in Taxation was held in virtual meetings from 4 to 7 April and 11 to 12 April 2022. Workplans were presented by the various Subcommittees for approval by the
See MoreCanada: Finance Ministry presents Budget 2022
On 7 April 2022, the Finance Ministry presented Budget 2022. Some of the tax measures for business in the Budget are given below: Small business tax rate According to the Budget, qualifying businesses benefit from the small business 9%
See MoreIMF Report Looks at the Economic Situation in Switzerland
On 6 April 2022 the IMF issued a report following discussions with Switzerland under Article IV of the IMF’s articles of agreement. The Swiss economy recovered in 2021 following the crisis caused by the pandemic, with growth reaching 3.7% and
See MoreEU: Pressure on member states to revise CBI/RBI schemes
Recently there has been increased pressure on European Union (EU) member states to scale back their schemes offering citizenship or residence in return for financial contributions. This reflects heightened security concerns in view of the current
See MoreIMF: Untapped Revenue Potential of Personal Income Tax
An IMF blog post of 24 March 2022 considers the potential for developing countries to raise more revenue from the personal income tax. This issue has gained importance as low-income countries look for a sustainable recovery after the pandemic and
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