UK: government issues guidance on VAT post Brexit
On 23 August 2018 the UK government issued guidance notes on implications of a so-called “no deal” Brexit, in other words the possibility that the UK leaves the European Union without an arrangement in place with the EU for the post-Brexit
See MoreASEAN: Agreements Signed at Meeting of Economic Ministers
Economic Ministers from member states of the Association of South East Asian Nations (ASEAN) are meeting in Singapore between 29 August and 1 September. A number of important economic agreements have been signed or endorsed by the Ministers. AFAS
See MoreUK: Statistics on tax evasion hotline
Statistics show that the UK tax authority HMRC received more than 40,000 telephone tip-offs in 2017/18 from members of the public in relation to people who may not have paid the correct tax. This followed the merging of two hotlines in relation to
See MoreUK: Think tank urges government to scrap entrepreneurs’ tax relief
In the autumn budget to be announced later in 2018 the UK government is expected to increase government spending in certain areas including health. This has given rise to speculation as to what tax increases might be required to provide the extra
See MoreIMF focuses on transparency and governance issues in South Africa
The IMF’s Country Focus issued on 2 August 2018 featured an interview with the IMF’s team head for South Africa following a round of consultations there. The discussion focused on transparency and governance issues and the use of digital
See MoreChile: 2018 tax reform submits to Congress
The Finance Minister, Felipe Larraín, announced on August 23, 2018, that the draft law for the modernization of taxation was submitted to Congress. It includes modification in the tax system to inspire growth, entrepreneurship, investment, savings,
See MoreUK Chancellor Considering Tax on Revenues of Online Retailers
In an interview published on 10 August 2018 the UK Chancellor of the Exchequer stated that large online retailers should be subject to a new tax on their revenues in the UK. This would aim to ensure fair taxation between high street retailers and
See MorePoland: Ministry of Finance declares key changes under 2019 tax reform
Poland’s Ministry of Finance announced, significant changes in the tax law are planned in Poland as of 2019. The Ministry announced the following key measures, among others: Stricter conditions for the application of withholding tax exemption
See MoreIMF Statement Comments on Economic Developments in Mozambique
On 3 August 2018 the IMF released a statement following a visit to Mozambique to look at recent macroeconomic developments; update the macroeconomic framework for 2018-19; and provide input to the preparation of the 2019 draft budget. The economy
See MoreIMF Report Comments on Economic Policy in India
On 7 August 2018 the IMF published a report following consultations with India under article IV of the IMF’s articles of agreement. India’s economic growth is forecast to rise to 7.3% in 2018/19 and rise further to 7.5% in 2019/20 with stronger
See MoreIMF Report Comments on Economic Policy in Hungary
On 1 August 2018 the IMF published its report following consultations with Hungary under Article IV of the IMF’s articles of agreement. Hungary’s economy has been growing strongly for some years supported by EU funds and strong disposable
See MoreColombia: Radical Change party submits a tax reform bill to Congress
The Radical Change party, a political party of Colombia submitted a tax reform bill to Congress. The bill contains following proposals: Tax residence The bill would eliminate the requirement to base a company’s tax residence on the company’s
See MoreFinland: Ministry of Finance officially submits its budget proposal for the year 2019
On 9 August 2018, the Ministry of Finance officially submitted its budget proposal for next year 2019. The budget introduced changes to the CFC definition and applicable exemptions, including reducing the control threshold for a company that
See MoreWTO: Momentum of World Trade Slowing in Third Quarter of 2018
The World Trade Organisation (WTO) issued its latest World Trade Outlook Indicator (WTOI) on 9 August 2018. This suggests that trade growth will be easing in the coming months, with a WTOI reading of 100.3 which is below the previous value of 101.8
See MoreWTO: Director General Comments on World Trade Report
At a meeting of the Trade Policy Review Body on 25 July 2018 the WTO’s Director General commented on the Trade Monitoring Report issued earlier in July 2018. The report covers the period from mid-October 2017 to mid-May 2018. The Director General
See MoreWTO Issues World Trade Statistical Review 2018
On 31 July 2018 the World Trade Organisation (WTO) issued its World Trade Statistical Review 2018. This looks at developments in world trade and analyses trade in goods and services. The review shows that in 2017 there was stronger growth in world
See MoreGhana changes several Tax Acts
On 1 August 2018, The Parliament of Ghana published in the Official Gazette the Income Tax (Amendment) Act 2018, the National Health Insurance (Amendment) Act 2018, the Ghana Education Trust Fund (Amendment) Act 2018, the Value Added Tax (Amendment)
See MoreKorea: MOEF proposes tax revision bill for 2018
On 30 July 2018, South Korea's Ministry of Economy and Finance (MOEF) has issued an overview of the proposed 2018 Tax Revision Bill for strengthening social welfare and bringing about redistribution of income, promoting job creation and growth
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