Poland consults updated low-tax jurisdictions list, removes Andorra
Poland’s Ministry of Finance has initiated a public consultation on a proposed legislation that identifies countries and territories involved in harmful tax practices, classifying them as low-tax jurisdictions. The bill proposes to remove
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Ukraine: President signs 2025 budget
President Volodymyr Zelenskiy has signed the 2025 state budget for Ukraine on 28 November 2024. The 2025 budget prioritises Ukraine's defense and allocates significant funds to security and defense forces, as well as the production and
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Colombia consults new tax haven list
The Ministry of Finance in Colombia has released a draft decree for public consultation, proposing a new list of 25 jurisdictions classified as non-cooperative due to their low or zero taxation (commonly referred to as tax havens). The deadline
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Japan announces JPY 13.9 trillion stimulus budget
Japan's Ministry of Finance has announced a JPY 13.9 trillion (USD 92 billion) additional budget to support Prime Minister Shigeru Ishiba’s stimulus package. According to NHK (state broadcaster), the budget will be partially funded by JPY 3.8
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OECD releases new reports on automatic exchange of information, global forum activities
The Organisation for Economic Co-operation and Development (OECD) is holding its 17th Annual Plenary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) which started on 26 November 2024 in
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Ukraine President to sign 2025 budget tomorrow
Ukraine’s President Volodymyr Zelenskiy is expected to sign the 2025 budget tomorrow, 28 November 2024. The parliament passed the budget on 19 November 2024. It emphasises increasing taxes to fund its ongoing war with neighboring
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Denmark consults draft bill for crypto-asset reporting
The Danish Ministry of Taxation has opened a public consultation on a draft bill to implement Council Directive (EU) 2023/2226 (DAC8) and the Crypto-Asset Reporting Framework (CARF). The consultation is set to conclude on 13 December 2024. The
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European Commission applauds Greece’s pledge to align tonnage tax with state aid rules
The European Commission in a release on 25 November 2024 announced that the acceptance by Greece of the appropriate measures proposed by the Commission to bring the existing Greek tonnage tax scheme and related measures in line with State aid
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Ireland gazettes Finance Act 2024
Ireland has published the Finance Act 2024 (Act No. 43 of 2024) in the Official Gazette. This legislation was enacted on 12 November 2024 and includes provisions introduced in the Budget 2025 along with various administrative and technical
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Russia clarifies taxation of international shipping under 1997 treaty with Turkey
The Russian Ministry of Finance (MoF) issued Guidance Letter No. 03-08-09/96760 on 2 November 2024, clarifying the tax treatment of payments related to the operation of shipping vessels in international transport, in accordance with the 1997 tax
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South Africa consults taxation of alcoholic beverages, phase two of carbon tax, tax treatment of collective investment schemes
South Africa's National Treasury has unveiled three discussion papers for public consultation, on 13 November 2024, focusing on carbon tax, alcohol taxation, and the tax treatment of collective investment schemes. These proposals, aimed at refining
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Ukraine: Parliament approves 2025 draft budget law
Ukraine’s Verkhovna Rada (parliament) has formally adopted the draft budget law for 2025 on 19 November 2024. The draft law requires the President's signature before it can be enacted. Earlier, Ukraine’s government approved the draft
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Slovak Republic consults excise duty law amendment
The Slovak Republic’s Ministry of Finance has launched a public consultation on a proposed bill (No. MF/002387/2024-732); which aims to amend the Excise Duty Act concerning electricity, coal, and natural gas, as well as the Excise Duty Act on
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Norway considers crypto ownership reporting rules
Norway’s Ministry of Finance unveiled a draft bill, which introduces reporting obligations for third parties serving as crypto asset exchanges or custodians, for public consultation on 15 November 2024. The consultation is set to conclude on 15
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Iceland approves budget bill for 2025
Iceland’s Budget Committee submitted the proposed amendments to the 2025 Budget on 15 November 2024 following its second parliamentary debate. The parliament approved the proposed amendments, incorporating them into the bill for the final round
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G20 leaders back Two-Pillar global tax reform, fair taxation for the ultra-wealthy individuals
The G20 Leaders' Declaration was released after a summit, which took place from 18–19 November 2024 in Rio de Janeiro, Brazil. Regarding taxation, the Declaration outlines the following points: We endorse the Rio de Janeiro G20 Ministerial
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Russia to tax cryptocurrency transactions
The Russian Ministry of Finance announced that the government has approved proposed amendments to a bill regarding the taxation of income and expenses related to cryptocurrency transactions and mining. A report by the Russian news agency Interfax
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Singapore publishes response summary on draft GST guide for implementing invoiceNow for GST-registered businesses
The Inland Revenue Authority of Singapore (IRAS) has released a summary of responses to the draft e-Tax guide on adopting InvoiceNow, an e-invoicing network built on the Peppol framework, for GST-registered businesses. IRAS conducted a Public
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