Singapore issues advance ruling on classification of hybrid instruments and related matters
The Inland Revenue Authority of Singapore has released Advance Ruling Summary No. 7/2024, addressing the classification of hybrid instruments and related matters on 1 November 2024. Subject: Whether: The fixed rate subordinated
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Spain: MOF issues Order on e-invoicing software systems
The Spanish Ministry of Finance(MOF) has released an Order HAC7/1177/2024 of 17 October 2024 concerning computerised billing systems for entrepreneurs and professionals on 28 October 2024. The publication of this Ministerial Order marks the
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Italy approves decree on tax judicial system, tax penalties, and other minor taxes
Italy's Council of Ministers approved the Legislative Decree on 29 October 2024, establishing the consolidated code for regulating the tax judicial system, administrative and criminal sanctions, and minor national
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European Commission launches anti-dumping probe on Chinese choline chloride
The European Commission issued the Notice of initiation of an anti-dumping proceeding concerning imports of choline chloride originating in the People's Republic of China in the Official Journal of the European Union (OJEU) on 31 October
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Argentina updates regime rules to boost major investments
Argentina’s Executive Branch has modified Decree 749/2024, which implemented the regime to promote large investments (Régimen de Incentivo para Grandes Inversiones, RIGI ) to provide more clarity or expand specific provisions on 21 October
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South Africa unveils 2024 medium term budget policy, introducing global minimum tax measures
The South African National Treasury published its 2024 Medium Term Budget Policy Statement (MTBPS) On 30 October 2024, which includes key legislative proposals such as the Global Minimum Tax Bill and the Global Minimum Tax Administration Bill. These
See MoreEuropean Commission launches upgraded online services for customs
The European Commission has introduced new and enhanced online services for customs on 22 October 2024. These services include the New Computerised Transit System (NCTS), the Automated Export System (AES), and the Proof of Union Status System
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New Zealand: Government seeks public feedback on proposed inland revenue-MBIE information sharing agreement
The Government of New Zealand has released a consultation paper, seeking public feedback on a proposed approved information sharing agreement (AISA) between Inland Revenue and the Ministry of Business, Innovation and Employment (MBIE). The AISA
See MoreEuropean Union imposes final countervailing duty on Chinese electric vehicle imports
The European Commission announced a definitive countervailing duty on imports of new battery electric vehicles (BEVs) from China. This decision was published in the Official Journal of the European Union (OJEU) as the Commission Implementing
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IMF: Labour Market Participation in Latin America
On 25 October 2024 the IMF launched the latest Regional Economic Outlook for the Western Hemisphere. A background paper to the report with the title Closing the Gap: Labor Market Participation in Latin America examined ways to increase labour force
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OECD launches accession process for Thailand
The Organisation for Economic Co-operation and Development (OECD) Secretary-General Mathias Cormann has publicly launched the process of Thailand's accession to the OECD in Bangkok on 30 October 2024. The OECD Council adopted the Roadmap for the
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Netherlands: Government presents second amendment to 2025 Tax Plan to the parliament
The Netherlands government presented the second amendment bill to the 2025 Tax Plan to parliament. Travel expenses deduction for illness Taxpayers can deduct EUR 0.23/km for medical travel and pharmaceutical aids. Taxpayers are also allowed to
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Malta publishes guidance for taxation of insurance businesses
The Malta Tax & Customs Administration has published a new guidance regarding the taxation of insurance businesses, following the adoption of IFRS 17 Insurance Contracts Rules on 25 October 2024. In 2017, the International Financial Reporting
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UK announces 2024 autumn budget
The UK autumn budget announcements were delivered today, 30 October 2024. Corporation tax The main rate of corporation tax will stay at 25% until the next election. National insurance National Insurance contributions for employers is to
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Canada: Alberta sues Federal Government over carbon tax exemption for heating oil
Alberta, Canada's leading oil-producing province, has sued the federal government over its carbon tax exemption for home heating oil, claiming the exemption is unconstitutional and unlawful. Premier Danielle Smith, leader of the United
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Malta announces new tax measures for 2025 budget
Malta’s finance minister, Clyde Caruana, presented the 2025 budget in the parliament on Monday, 28 October 2024. The 2025 budget includes the following proposed tax measures: Global minimum tax rate Malta has decided to delay the adoption
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Russia: Central Bank raises record high key interest rate
The Central Bank of Russia (CBR) has increased the key interest rate from 19% to 21%, on Friday, 25 October 2024. The initiative is an effort to combat growing inflation as government spending on military strains the economy’s capacity to
See MoreUK: 2024-25 budget anticipation results in GBP 300 billion in bond issuance amid tax hikes and borrowing, stocks fall as energy shares slide
UK finance minister Rachel Reeves is expected to announce the highly anticipated 2024-25 budget plan to the parliament today, 30 October 2024. The budget includes the first significant tax hikes in three decades and billions of pounds in
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