Finland announces budget for FY 2025
The Finnish Government announced the 2025 Budget on 3 September 2024. This release outlines several tax policy decisions that align with the draft budget proposals introduced by the Ministry of Finance in August 2024. The government is moving
See More
Brazil: Government presents budget for FY 2025
On 30 August 2024, the Federal Government of Brazil submitted its draft budget proposal for the fiscal year (FY) 2025 to the National Congress. The 2025 budget bill offers updated projections for GDP growth, inflation, and other economic
See More
Singapore unveils summary of feedback on pillar 2 tax legislation and 2024 budget reforms
Singapore's Ministry of Finance released the Summary of Responses to the Public Consultation on the Draft Multinational Enterprise (Minimum Tax) Bill and the Income Tax (Amendment) Bill 2024 on 31 August 2024. Summary of Responses to Public
See More
IMF: Increased Research and Development Spending is not Boosting US productivity
An article in the IMF’s Finance and Development Magazine for September 2024 by Ufuk Akcigit, the Arnold C. Harberger Professor of Economics at the University of Chicago, looks at the reason why research and development (R&D) spending does not
See More
Czech Republic: Finance Ministry proposes 9% deficit cut in 2025 budget
The Czech Republic’s Ministry of Finance has presented the government the draft 2025 budget that reduces the deficit by 9% on 1 September 2024. The proposal promises significant investments while reducing the fiscal gap to 2% of the gross
See More
Canada: CAD 2.88 billion deficit in April-June 2024
Canada's finance ministry reported that its budgetary balance shifted to a CAD 2.88 billion (USD 2.14 billion) deficit in the first quarter of the fiscal year 2024 yesterday, 30 August 2024. This change was mainly driven by an increase in programme
See More
Luxembourg details certificate requirements for investment tax credit
Luxembourg’s Minister of Finance has introduced a new decree specifying the data required on certificates for claiming the investment tax credit under Article 152bis of the Income Tax Act. The decree was published in Official Gazette No. A380
See More
Germany unveils Future Financing Act II to boost capital market
Germany's Ministry of Finance unveiled a second draft bill, the Zukunftsfinanzierungsgesetz II (Future Financing Act II), aimed at further enhancing the German capital market on 27 August 2024. Building on the previous Future Financing Act, this new
See More
India: GST collections rise 10% in August 2024
India's Goods and Services Tax (GST) collections for August 2024 totalled to INR 1.75 trillion (USD 20.87 billion), marking a 10% increase from the same month last year; according to a government statement released on Saturday, 2 September
See More
OECD publishes reference guide on tax authority organisation
The OECD announced the publication of a reference guide to enhance national tax system administration yesterday, 29 August 2024. This reference guide presents the critical features to be considered in designing the organisational arrangements for
See More
Ireland updates R&D relief guidance
Irish Revenue has updated the guidance on relief for key employees involved in R&D activities, detailed in eBrief No. 228/24, on 27 August 2024. This relief permits employees to benefit from the R&D tax credit or any excess R&D
See More
UK: PM warns of ‘painful’ October budget, unveils GBP 22 billion financial gap
UK Prime Minister Keir Starmer announced on Tuesday, 29 August 2024, that the forthcoming October 2024 budget would be "painful." This announcement sets the stage for government spending cuts to address a GBP 22 billion (USD 29 billion) budget
See More
New Zealand introduces Taxation 2024–25 Tax Bill, proposes incorporating CARF into law
New Zealand’s Minister of Revenue, Hon Simon Watts, introduced the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Bill into the House on 26 August 2024. The Bill passed its first reading on 29 August
See More
Australia updates corporate tax transparency reporting 22-23
The Australian Taxation Office (ATO) has updated corporate tax transparency for the 2022–23 income year and onwards. The corporate tax transparency population includes any corporate tax entity that has total income equal to or exceeding AUD 100
See More
Ireland releases second consultation feedback on participation exemption for foreign dividends
Ireland's Department of Finance has released a second feedback statement for consultation on implementing a participation exemption for foreign-sourced dividends on 27 August 2024. Minister Chambers publishes second feedback statement on
See More
Philippines: Finance department’s 2025 budget focuses on digital tax administration
The Philippines’ Department of Finance announced plans to present its 2025 budget proposal to the Senate on 27 August 2024. This proposal emphasises digitalization to enhance the efficiency of tax administration. Finance Secretary Ralph G.
See MoreIMF Report on Turkey Recommends Tax Changes
On 28 August 2024 the IMF issued a report following discussions with Turkey under Article IV of the IMF’s articles of agreement. The economic policies followed by Turkey since mid-2023 have reduced crisis risks and raised confidence. There was
See MoreIMF: Tax Policy Can Limit Carbon Emissions from AI and Crypto
An IMF blog of 15 August 2024, written by Shafik Hebous and Nate Vernon-Lin, indicated that tax policy can be used to restrict the surge in carbon emissions resulting from artificial intelligence (AI) and crypto. Owing to the amount of
See More