IMF Issues a Report After Consultations with Canada
On 16 July 2016 the IMF issued a report following the conclusion of consultations with Canada under Article IV of the IMF’s articles of agreement. The Canadian economy has avoided a recession, with GDP growth expected to increase slightly in
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IMF Report Comments on France’s Economy
On 27 June 2024, the IMF issued a report following the conclusion of consultations with France under Article IV of the IMF’s articles of agreement. Despite a slowdown in the economic recovery in 2023, the French economy has remained relatively
See MoreATAF: Project to support improved tobacco tax strategies
A communication of 9 July 2024 from the African Tax Administration Forum (ATAF) announced that the organisation aims to support member countries in implementing robust tobacco tax strategies by means of workshops, seminars and technical
See MoreIMF: Bank profits and bank taxes in the EU
An IMF working paper published on 9 July 2024, written by Maneely Morgan and Lev Ratnovski, looks at the various new taxes on banks introduced by EU countries. The paper notes that since 2022 banks in the EU have been making high profits. These
See MoreIMF: Africa Economic Summit
At the Africa Economic Summit on 11 July 2024, the Director of the IMF’s Africa Department noted that a squeeze in funding had developed as a result of the tightening of monetary conditions; the decline in official development assistance flows;
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Germany announces 2025 budget, economic growth initiative
The German government reached an agreement on the 2025 budget, a supplementary budget for 2024, and a growth initiative to support the economy on 5 July 2024. The initiative includes several tax measures. "With this budget, we are creating
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Singapore publishes updated e-tax guide on GST for exports
The Inland Revenue Authority of Singapore (IRAS) has published an updated version of its e-Tax guide on GST exports on 8 July, 2024 . This e-Tax Guide details the various circumstances and documentary requirements for which a supply of goods can
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OECD: 2024 global corporate tax rates stabilise after years of decline
The OECD has announced, on 11 July 2024, the release of its latest Corporate Tax Statistics. This publication reveals that statutory corporate tax rates are stabilising globally after a lengthy period of declining rates. The 2024 edition of OECD
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Argentina publishes new reform laws and regularisation regimes
Argentina has published new reform laws - Law of Bases and Starting Points for the Freedom of Argentines ("Ley de Bases y Puntos de Partida para la Libertad de los Argentinos") and the Law of Palliative and Relevant Fiscal Measures ("Ley de Medidas
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Brazil: Congress approves bill for major tax reforms
Brazil's lower house of Congress, on 10 July 2024, passed legislation to overhaul the tax system. This follows after lawmakers demanded Brazil implement major tax reforms to improve productivity by simplifying Brazil's complicated taxation
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South Africa clarifies energy efficiency savings deduction
The South African Revenue Service (SARS) has released an updated Interpretation Note 95 (Issue 3) on the deduction for energy efficiency savings dated 4 July, 2024, providing guidance on the deduction for energy efficiency savings under section
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ATAF releases technical note on Pillar One Amount B rule
The African Tax Administration Forum (ATAF) has released a technical note that offers an overview of the Amount B rule of Pillar One and its potential advantages for African nations. Many ATAF members have reported that transfer pricing issues
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European Commission publishes 2024 Annual Report on Taxation
The European Commission unveiled the 2024 Annual Report on Taxation on 3 July 2024; the 2024 edition provides an update on the state of tax systems in the European Union's member states. It aims to inform the debate about: The developments
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Italy approves decree for reforming tax collection system
Italy’s Council of Ministers announced, on 3 July 2024, that it passed the Legislative Decree for reforming the tax collection system. It was passed after consultation with the relevant parliamentary commissions under Law No. 111 of 9 August
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Nigeria passes new withholding tax regime
Nigeria’s federal government passed a new withholding tax regime on Tuesday, 2 July 2024, following the country’s ongoing efforts to reform its fiscal and taxation system. These changes include reduced rates for businesses with low margins and
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Malaysia publishes guidelines on tax treatment of hybrid instruments
The Inland Revenue Board of Malaysia (IRBM) has published guidelines on tax treatment of hybrid instruments, providing clarification about the general characteristics of hybrid instruments and how the tax treatment of distributions or profits from a
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Malaysia updates e-invoice guidelines
The Inland Revenue Board of Malaysia (IRBM) released updates regarding electronic invoicing (e-invoicing) on 28 June, 2024. These include revised versions of the e-invoice guideline (version 3.0) and the e-invoice specific guideline (version
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Pakistan enacts Finance Act 2024 with major tax amendments
The Finance Bill 2024 enacts specific provisions proposed in the 2024-25 Budget on 12 June 2024, which include amendments to personal income tax, capital gain tax, sales tax, excise duty, and other taxes. These changes will take effect on 1 July,
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