Italy approves decree for reforming tax collection system
Italy’s Council of Ministers announced, on 3 July 2024, that it passed the Legislative Decree for reforming the tax collection system. It was passed after consultation with the relevant parliamentary commissions under Law No. 111 of 9 August
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Nigeria passes new withholding tax regime
Nigeria’s federal government passed a new withholding tax regime on Tuesday, 2 July 2024, following the country’s ongoing efforts to reform its fiscal and taxation system. These changes include reduced rates for businesses with low margins and
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Malaysia publishes guidelines on tax treatment of hybrid instruments
The Inland Revenue Board of Malaysia (IRBM) has published guidelines on tax treatment of hybrid instruments, providing clarification about the general characteristics of hybrid instruments and how the tax treatment of distributions or profits from a
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Malaysia updates e-invoice guidelines
The Inland Revenue Board of Malaysia (IRBM) released updates regarding electronic invoicing (e-invoicing) on 28 June, 2024. These include revised versions of the e-invoice guideline (version 3.0) and the e-invoice specific guideline (version
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Pakistan enacts Finance Act 2024 with major tax amendments
The Finance Bill 2024 enacts specific provisions proposed in the 2024-25 Budget on 12 June 2024, which include amendments to personal income tax, capital gain tax, sales tax, excise duty, and other taxes. These changes will take effect on 1 July,
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US: Governor enacts tax amendments to California budget 2024-25
The acting governor of the US state of California, Eleni Kounalakis, signed Senate Bill 167 into law on June 27, 2024, introducing several tax amendments aimed at addressing the USD 27.6 billion shortfall in the 2024-25 budget and the projected USD
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Estonia: Government announces tax hikes and economic reforms
Estonia’s newly established government has announced a comprehensive strategy to combat inflation, featuring a series of tax increases across multiple sectors. As part of this plan, value-added tax (VAT), income tax, and excise duties on alcohol,
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Botswana: BURS extends PAYE and OWHT return deadline
The Botswana Unified Revenue Service (BURS) has announced an extension for the filing of annual "pay as you earn" (PAYE) and "other withholding tax" (OWHT) returns. The new deadline is now set for 30 September 2024. This extension aims to provide
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Bangladesh passes fiscal year 2024-25 budget
Bangladesh’s national budget of BDT 7,97,000 crore (USD 74.3 billion) for the fiscal year 2024-25 was approved by the parliament yesterday, 30 June 2024, targeting a GDP growth rate of 6.75 % and aiming to maintain annual inflation at
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Kenya withdraws controversial Finance Bill 2024 amid deadly protests
The Kenyan President William Ruto has announced yesterday, 26 June 2024, that he would not sign the Finance Bill 2024 into law and plans to withdraw the legislation. This decision followed after Kenyans protested against the controversial
See MoreUK: Tax Gap for 2022/23
On 20 June 2024 HMRC published details of the UK’s tax gap for 2022/23. The tax gap is a measure of the difference between the amount of tax that should have been collected by HMRC, and the amount that was actually paid. The tax that should be
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Netherlands proposes Box Three tax reform
The Netherlands’ Ministry of Finance announced on 19 June, 2024, that it had submitted draft legislation to reform the taxation of Box Three income, which includes taxable income from taxable earnings from savings and investments. The draft
See MoreUS: 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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