EU proposes permanent digital trade certificates with Turkey

05 December, 2024

The European Union (EU) proposed a new measure to solidify the use of electronic A.TR movement certificates in its customs partnership with Turkey on 29 November 2024. Originally introduced during the COVID-19 pandemic as a temporary solution to

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Kazakhstan: National Bank raises interest base rate

05 December, 2024

The National Bank of Kazakhstan has raised the base interest rate from 14.25% to 15.25%, effective from 2 December 2024. The base rate determines late payment interest, which is calculated as 1.25 times the base rate, divided by 365 to find the

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Portugal approves Budget Bill 2025 

05 December, 2024

Portugal’s parliament has approved the Budget Bill 2025 on 29 November 2024. The President will promulgate the 2025 Budget Bill, after which the corresponding law will be officially published. Earlier, Portugal’s Finance Minister submitted

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Canada: Parliamentary Budget Officer revises fiscal multiplier estimates

05 December, 2024

Canada’s Parliamentary Budget Officer (PBO) has updated estimates of fiscal multipliers on 20 November 2024. To assist parliamentarians’ deliberations of the current economic and fiscal situation, this additional analysis provides PBO’s

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OECD: Norway signs multilateral agreement on exchange of information on CRS avoidance

04 December, 2024

A recent OECD update reported that Norway has signed the Multilateral Competent Authority Agreement on the Automatic Exchange of Information on CRS Avoidance Arrangements and Opaque Offshore Structures (MDR-MCAA) on 26 November 2024. This

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Papua New Guinea presents Annual Budget 2025

04 December, 2024

Papua New Guinea’s Department of the Treasury has presented the 2025 Annual Budget to the Parliament on 29 November 2024. The budget totals PGK 28,357 million, which is PGK 980 million larger than the 2024 budget of PGK 27,377

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Dominican Republic clarifies taxation of foreign dividends

03 December, 2024

The Directorate General of Internal Revenue (DGII) of the Dominican Republic issued a consultation letter offering clarification regarding the taxation of foreign dividends received by residents on 15 August 2024. The letter clarifies that:

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Liberia: Draft National Budget 2025 to raise withholding tax on consultancy services, introduce new VAT system

03 December, 2024

Liberia’s President Joseph Nyuma Boakai, Sr. presented the draft 2025 National Budget to the National Legislature on 18 November 2024. The 2025 National Budget is US USD 851.8 million (comprising core revenue of USD 833 million and contingent

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Singapore: IRAS issues updated e-tax guide on the GST advance ruling system

03 December, 2024

The Inland Revenue Authority of Singapore (IRAS) has published an updated version of its e-Tax guide   GST: Advance Ruling System (Tenth Edition) on 15 July 2024. This e-Tax Guide explains the GST advance ruling system and the application

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Peru simplifies tax residency certification with new resolution

03 December, 2024

Peru has introduced Resolution No. 000141-2024/SUNAT, published in the Official Gazette on 14 July 2024, updated to the procedures governing residence certificates for tax treaty applications. This resolution amends the existing Resolution No.

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UK introduces statutory levy on gambling operators

02 December, 2024

The government announced taking its first steps towards strengthening gambling harm legislation on 27 November 2024, confirming plans to implement a statutory levy on gambling profits and online slot stake limits to help tackle the issue of gambling

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Hong Kong lowers interest rate on tax reserve certificates

02 December, 2024

The Hong Kong Inland Revenue Department announced on 29 November 2024 that starting from 2 December 2024, the new annual rate of interest payable on Tax Reserve Certificates will be 0.5500% against the current rate of 0.7167%; i.e. the new rate will

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South Africa: SARS updates interest rate tables, reduces all rates

02 December, 2024

The South African Revenue Service (SARS) has published updated interest rate tables on 22 November 2024. Interest rates charged in terms of the legislation administered by SARS are split into three main categories, namely: interest charged on

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Angola proposes new tax compliance, registration rules in 2025 budget

02 December, 2024

Angola’s government had submitted the 2025 State Budget Law on 31 October 2024 with various tax measures. The proposed tax measures state that: Non-compliant taxpayers will still face restrictions on financial transactions and work permit

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UN approves terms for global tax cooperation framework

02 December, 2024

The UN has issued a release announcing that the Second Committee (Economic and Financial) has concluded its seventy-ninth session on 27 November 2024. The Second Committee has approved four draft resolutions and two draft decisions on a range of

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France: Prime Minister scraps electricity tax hike

29 November, 2024

French Prime Minister Michel Barnier announced on Thursday, 28 November 2024, that he will be abandoning plans to raise electricity taxes in his 2025 budget, responding to threats from the far-right National Rally (RN). Barnier had aimed to raise

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Turkey updates revaluation rate for 2024

29 November, 2024

Turkey has officially announced an annual revaluation rate of 43.93% for 2024, as published in the Official Gazette No. 32735 on 27 November 2024. The annual revaluation rate is based on the price increase in the production price index for

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Costa Rica sets new interest rate for taxes and customs

29 November, 2024

Costa Rica’s General Directorate of Finance (DGH) and the General Directorate of Customs (DGA) released Resolution MH-DGH-RES-0054-2024/MH-DGA-RES-1817-2024 which establishes a new interest rate of 8.43% applicable to tax and customs

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