Dominican Republic clarifies taxation of foreign dividends
The Directorate General of Internal Revenue (DGII) of the Dominican Republic issued a consultation letter offering clarification regarding the taxation of foreign dividends received by residents on 15 August 2024. The letter clarifies that:
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Liberia: Draft National Budget 2025 to raise withholding tax on consultancy services, introduce new VAT system
Liberia’s President Joseph Nyuma Boakai, Sr. presented the draft 2025 National Budget to the National Legislature on 18 November 2024. The 2025 National Budget is US USD 851.8 million (comprising core revenue of USD 833 million and contingent
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Singapore: IRAS issues updated e-tax guide on the GST advance ruling system
The Inland Revenue Authority of Singapore (IRAS) has published an updated version of its e-Tax guide GST: Advance Ruling System (Tenth Edition) on 15 July 2024. This e-Tax Guide explains the GST advance ruling system and the application
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Peru simplifies tax residency certification with new resolution
Peru has introduced Resolution No. 000141-2024/SUNAT, published in the Official Gazette on 14 July 2024, updated to the procedures governing residence certificates for tax treaty applications. This resolution amends the existing Resolution No.
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UK introduces statutory levy on gambling operators
The government announced taking its first steps towards strengthening gambling harm legislation on 27 November 2024, confirming plans to implement a statutory levy on gambling profits and online slot stake limits to help tackle the issue of gambling
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Hong Kong lowers interest rate on tax reserve certificates
The Hong Kong Inland Revenue Department announced on 29 November 2024 that starting from 2 December 2024, the new annual rate of interest payable on Tax Reserve Certificates will be 0.5500% against the current rate of 0.7167%; i.e. the new rate will
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South Africa: SARS updates interest rate tables, reduces all rates
The South African Revenue Service (SARS) has published updated interest rate tables on 22 November 2024. Interest rates charged in terms of the legislation administered by SARS are split into three main categories, namely: interest charged on
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Angola proposes new tax compliance, registration rules in 2025 budget
Angola’s government had submitted the 2025 State Budget Law on 31 October 2024 with various tax measures. The proposed tax measures state that: Non-compliant taxpayers will still face restrictions on financial transactions and work permit
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UN approves terms for global tax cooperation framework
The UN has issued a release announcing that the Second Committee (Economic and Financial) has concluded its seventy-ninth session on 27 November 2024. The Second Committee has approved four draft resolutions and two draft decisions on a range of
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France: Prime Minister scraps electricity tax hike
French Prime Minister Michel Barnier announced on Thursday, 28 November 2024, that he will be abandoning plans to raise electricity taxes in his 2025 budget, responding to threats from the far-right National Rally (RN). Barnier had aimed to raise
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Turkey updates revaluation rate for 2024
Turkey has officially announced an annual revaluation rate of 43.93% for 2024, as published in the Official Gazette No. 32735 on 27 November 2024. The annual revaluation rate is based on the price increase in the production price index for
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Costa Rica sets new interest rate for taxes and customs
Costa Rica’s General Directorate of Finance (DGH) and the General Directorate of Customs (DGA) released Resolution MH-DGH-RES-0054-2024/MH-DGA-RES-1817-2024 which establishes a new interest rate of 8.43% applicable to tax and customs
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Poland consults updated low-tax jurisdictions list, removes Andorra
Poland’s Ministry of Finance has initiated a public consultation on a proposed legislation that identifies countries and territories involved in harmful tax practices, classifying them as low-tax jurisdictions. The bill proposes to remove
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Ukraine: President signs 2025 budget
President Volodymyr Zelenskiy has signed the 2025 state budget for Ukraine on 28 November 2024. The 2025 budget prioritises Ukraine's defense and allocates significant funds to security and defense forces, as well as the production and
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Colombia consults new tax haven list
The Ministry of Finance in Colombia has released a draft decree for public consultation, proposing a new list of 25 jurisdictions classified as non-cooperative due to their low or zero taxation (commonly referred to as tax havens). The deadline
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Japan announces JPY 13.9 trillion stimulus budget
Japan's Ministry of Finance has announced a JPY 13.9 trillion (USD 92 billion) additional budget to support Prime Minister Shigeru Ishiba’s stimulus package. According to NHK (state broadcaster), the budget will be partially funded by JPY 3.8
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OECD releases new reports on automatic exchange of information, global forum activities
The Organisation for Economic Co-operation and Development (OECD) is holding its 17th Annual Plenary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) which started on 26 November 2024 in
See MoreUkraine President to sign 2025 budget tomorrow
Ukraine’s President Volodymyr Zelenskiy is expected to sign the 2025 budget tomorrow, 28 November 2024. The parliament passed the budget on 19 November 2024. It emphasises increasing taxes to fund its ongoing war with neighboring
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