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
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US: 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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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 MorePakistan 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
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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
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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
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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
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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
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