OECD reports tax reforms shift from crisis response to long-term fiscal goals
The OECD released its annual report on tax policy reform Tax Policy Reforms 2024, on 30 September 2024, detailing the tax reforms enacted in 2023 across 90 jurisdictions, encompassing all OECD member countries. According to this new report, the
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Czech Republic approves larger 2024 budget deficit after floods
The Czech Republic's lower house increased the 2024 budget deficit target to CZK 282 billion to allocate CZK 30 billion on 1 October 2024 for flood aid following severe rains in September. The government initially raised the deficit target from
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Zambia presents 2025 budget, introduces limited tax measures
Zambia's Ministry of Finance and National Planning Minister Situmbeko Musokotwan presented the 2025 Budget Speech to the National Assembly on 27 September 2024. The budget focuses on revenue generation through limited tax measures without
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Netherlands unveils ESG proposals on 2024 Budget Day
The Netherlands government submitted the 2025 Tax Plan to the lower house of Parliament on 17 September 2024. In addition to various proposals to improve the taxation system, the tax plan includes several proposals related to environmental, social,
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Ireland announces 2025 budget, EUR 10.5 billion in tax cuts
Ireland's Department of Finance published the Budget 2025 on yesterday, 1 October 2024. The Irish government's latest budget mentions EUR 10.5 billion in tax cuts and spending increases. Additionally, the budget outlines how the government plans
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Ireland consults tax treatment of interest
Ireland's Department of Finance has announced the initiation of a public consultation regarding the tax treatment of interest on Friday, 27 September 2024. Irish tax legislation includes a number of provisions allowing for the deductibility of an
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Zambia presents 2025 budget
Zambia’s Minister of Finance and National Planning, Situmbeko Musokotwane, presented the 2025 National Budget to the National Assembly on Friday, 27 September 2024. “The 2025 budget is premised on economic recovery and promoting growth to
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South Africa updates corporate income tax return form, allows additional allowance for renewable energy production
The South African Revenue Service (SARS) has updated the corporate income tax return form (ITR14 form), allowing taxable entities to claim section 12BA allowances on 16 September 2024. The 12BA allowance offers a 125% enhanced allowance for
See MoreIreland publishes responses on second feedback statement for introduction of participation exemption for foreign dividends
The Irish Government published the responses collected from the second feedback statement regarding the implementation of a participation exemption regime for foreign dividends on 25 September 2024. It includes potential draft proposals for the
See MoreOECD: Latest Edition of Tax Policy Reforms
On 30 September 2024 the OECD published the latest edition of Tax Policy Reforms: OECD and Selected Partner Economies. This annual publication provides comparative information on tax reforms in a number of countries. The latest report looks at the
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Turkey clarifies electronic notification rules in tax procedure law
Turkey’s Ministry of Treasury and Finance has clarified taxpayers' obligations under the Electronic Notification Process in the Tax Procedure Law (TPL), published General Communiqué No. 568 in the Official Gazette, on Wednesday, 25 September
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Saudi Arabia: ZATCA sets criteria for selecting taxpayers for wave 16 of e-invoicing, compliance starts 1 April 2025
Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced the criteria for selecting the targeted taxpayers in the Sixteenth Wave for implementing the "Integration Phase" of E-invoicing on 27 September 2024. ZATCA also clarified that
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Ecuador mandates new reporting requirements for final beneficiaries and corporate composition
Ecuador's Internal Revenue Service (SRI) has introduced Resolution NAC-DGERCGC24-00000033, outlining the Report of Final Beneficiaries and Corporate Composition (REBEFICS) requirements. It mandates all Ecuadorian companies, as well as foreign
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Dominican Republic approves 2025 draft budget, projected 4% increase
The Dominican Republic’s Council of Ministers, presided over by President Luis Abinader, approved the draft General Budget Law for 2025 on 26 September 2024. According to Finance Minister José Manuel Vicente, the government’s plan for
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Argentina: Budget Bill 2025 proposes scrapping foreign currency purchase tax
The Argentine National Executive Branch presented the 2025 Budget Bill to Congress, which made no significant changes to the current tax framework except for eliminating the tax on foreign currency purchases (PAIS tax rate) starting 1 January
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Japan, UAE initiates negotiations for CEPA
Japan’s Ministry of Foreign Affairs announced that it has launched negotiations with Japan for a comprehensive economic partnership agreement (CEPA) on 18 September 2024. “I hope that concluding an ambitious, balanced, and comprehensive EPA
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Finland presents 2025 Budget proposal to the parliament
Finland’s Ministry of Finance submitted its proposal for the 2025 Budget and other related legislative proposals to the Parliament on 23 September 2024. The budget’s central government expenditure amounts to EUR 88.8 billion and revenue to EUR
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Ireland releases pre-filing notification forms for R&D corporation tax credit
Irish Revenue has published eBrief No. 239/24, announcing the release of pre-filing notification forms for the R&D Corporation Tax Credit on 13 September 2024. The R&D Corporation Tax Credit pre-filing notification forms in respect of
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