OECD announces that Chile has joined the ICAP
On 24 February 2022 the OECD announced that Chile has joined the International Compliance Assurance Program (ICAP). The ICAP is a voluntary risk assessment and assurance program whose objective is to facilitate greater cooperation in tax
See MoreOECD: Consultation on Tax Base Determinations under Pillar One
On 18 February 2022 the OECD launched a public consultation in relation to tax base determinations for Amount A of Pillar 1 of the two-pillar international tax initiative. This is a continuation of the work by the Inclusive Framework in relation to
See MoreSouth Africa: Finance Minister delivers Budget 2022-2023 in National Assembly
On 23 February 2022, the Finance Minister, Mr Enoch Godongwana, delivered the 2022-2023 Budget Speech to the National Assembly at the Good Hope Chamber. Some of the main tax measures are given below: The corporate income tax rate was proposed to
See MoreG20: Communiqué Issued by the Meeting of Finance Ministers
On 18 February 2022 the G20 Finance Ministers and Central Bank Governors issued a communiqué following their meeting which took place on 17 and 18 February 2022. Economic Recovery The communiqué notes that the speed of the global economic
See MoreRussia: Restaurants businesses will be exempt from VAT
On 17 February 2022, the State Duma published Guidance Letter No. 03-07-07/1908 and proposed that public catering companies are exempt from VAT under certain conditions. Accordingly, the companies involved in this project will be exempt from VAT
See MoreOECD Tax Talk looks at international tax developments
The OECD Tax Talk held on 21 February 2022 provided an updated on important elements of tax work at the OECD. Two-Pillar International Tax Package Public consultations have begun and will cover the various building blocks of Pillar One on a
See MoreOECD: Tax Report for the G20 Finance Ministers
On 18 February 2022 the OECD presented its tax report for the G20 Finance Ministers and Central Bank Governors. The main parts of the report are summarised below. Two-Pillar International Tax Package In October 2021 the OECD Inclusive
See MoreOECD: Combating Tax Evasion and Financial Crimes in Latin America
An OECD blog post on 9 February 2022 looked at the fight against tax evasion and financial crimes in the Latin America region and at lessons learned from initiatives of the OECD’s Task Force on Tax Crimes and Other Crimes (TFTC) and the Criminal
See MoreThailand: Amendments to Tobacco Tax and Regulation
It was reported on 17 February 2022 that the Cabinet in Thailand has approved a five-year road map to reduce the level of tobacco consumption and improve overall public health by strategies that combine regulation, information and revised tobacco
See MoreEU: European Parliament Adopts Resolution on Impact of National Tax Schemes
On 15 February 2022 the European Parliament adopted a resolution relating to the impact of national reforms on the economy of the European Union. Resolutions of the European Parliament are not binding on other EU institutions, but they call for
See MoreIMF Report Assesses Colombia’s Economy
On 15 February 2022 the IMF issued a report on the economy of Colombia following discussions under Article IV of the IMF’s articles of agreement. Colombia’s economy is projected to grow by 4.5% in 2022, led by household consumption.
See MoreOECD: Taxation of Development Projects
On 11 February 2022 a blog by the Director of the OECD Centre for Policy Administration and the Director of the OECD Development Cooperation Directorate looked at the taxation of projects financed by foreign aid. Developing countries have
See MoreWorld Bank Economic Memorandum on Albania
On 11 February 2022 the World Bank published a document entitled: Albania Country Economic Memorandum: Strengthening the Sustainability of Albania’s Growth Model. The document looks at Albania’s economic challenges, examines progress with
See MoreIMF Report Examines the Economy of South Africa
On 11 February 2022 the IMF issued a report and a selected issues paper following discussions with South Africa under Article IV of the IMF’s articles of agreement. Economic growth was estimated at 4.6% in 2021 but is projected to reach only
See MoreIMF report looks at tax reforms in Morocco
On 9 February 2022 the IMF published a report following discussions with Morocco under Article IV of the IMF’s articles of association. After contracting in 2020, the economy is estimated to have grown by 6.3% in 2021. GDP growth is projected
See MoreOECD: Consultation on draft rules for nexus and revenue sourcing under Pillar One
On 4 February 2022 the OECD published a public consultation document entitled Pillar One – Amount A: Draft Model Rules for Nexus and Revenue Sourcing, requesting input from stakeholders on the nexus and revenue sourcing rules under Amount A of
See MoreEU: Role of Environmental Taxation in Supporting the Transition to Sustainability
On 7 February 2022 the European Environment Agency (EEA) issued a briefing entitled The role of environmental taxation in supporting sustainability transitions. This examines trends in taxes on pollution, greenhouse gases and resource use and
See MoreIMF report on Israel’s economy recommends tax changes
On 7 February 2022 the IMF published a report on Israel’s economy following discussions under Article IV of the IMF’s articles of agreement. The IMF notes that Israel managed the pandemic well, providing effective government support to the
See More