Israel announces 2025 state budget, increases VAT rate
Israel’s government passed the budget for 2025 on 1 November 2024. The 2025 budget includes various tax hikes, such as an increase in the standard VAT rate from 17% to 18% and spending cuts on most ministries. The Israeli Cabinet cited that tax
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Cyprus announces temporary 0% VAT rate on essential items
The Cyprus Council of Ministers passed Decree No. 349/2024 on 31 October 2024. The Decree amends the VAT law to introduce a temporary zero VAT rate on certain essential items. The zero VAT rate will apply to basic essentials such as baby and
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Slovak Republic gazettes bill amending corporate tax and VAT, and bill introducing financial transaction tax
The Slovak Republic has gazetted the bill that amends various tax laws, including corporate tax and VAT rate changes, and the bill enacting the financial transaction tax. The bills are aimed at improving the country’s public finances. The
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Ecuador to reduce VAT for tourism services in November
Ecuador has announced a temporary VAT reduction on tourism-related services, lowering the rate from 15% to 8% from 1 to 4 November 2024. This initiative aims to promote tourism during the upcoming national holidays. The measure, outlined in
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Portugal proposes several VAT measures in draft state budget law 2025
Portugal released the state budget law for 2025 (Law No. 26/XVI/1) on 10 October 2024, proposing various VAT measures. The draft Budget Law for 2025 proposes reduced corporate tax rates for companies and SMEs and revised personal income tax rates,
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IMF/World Bank Annual Meetings: World Economic Outlook
The October 2024 update of the World Economic Outlook was launched during the IMF/World Bank annual meetings. The report notes that global growth is expected to remain stable but at relatively low levels. The growth projection of 3.2% in 2024 and
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IMF and World Bank Group Annual Meetings: Fiscal Monitor Press Briefing
On 23 October 2024 the IMF held a press briefing on the launch of the latest issue of the Fiscal Monitor. On the panel for the press briefing were Vítor Gaspar, Director of the IMF Fiscal Affairs Department; Era Dabla-Norris, Deputy Director of the
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Finland consults TV Tax, VAT on broadcasting services, increases VAT rate on broadcasting from 10% to 14%
Finland’s Ministry of Finance initiated a public consultation on 4 October 2024 on a draft proposal to revise the TV Tax for individuals and businesses and to adjust the VAT on public broadcasting services. The consultation is set to conclude
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Slovak Republic passes bill to introduce financial transaction tax, amends VAT, income tax and other tax rates
Slovak Republic’s parliament passed a government bill on 3 October 2024 introducing a new tax on financial transactions and amending several acts, including VAT and income tax rates. The key details of the bills are as follows: Financial
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Nigeria gazettes VAT modification order 2024, introduces new fiscal incentives for oil and gas sector
Nigeria’s Federal Ministry of Finance has unveiled two major fiscal incentives aimed at revitalising Nigeria's oil and gas sector on 2 October 2024. These are Value Added Tax (VAT) Modification Order 2024, which has been published in the
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Philippines imposes 12% VAT on non-resident digital service providers, includes Netflix, HBO, Disney
Philippines' Department of Finance announced that President Ferdinand R. Marcos, Jr. enacted Republic Act (RA) 12023 on 2 October 2024, imposing a 12% value-added tax (VAT) on non-resident digital service providers (DSPs), including streaming
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Uruguay extends reduced VAT for tourism until April 2025
Uruguay’s Ministry of Economy and Finance has extended the 9% VAT reduction for certain tourism operations until 30 April 2025, provided that the payment is made using electronic payment methods such as credit cards, debit cards or e-money payment
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Thailand extends reduced VAT rate until 2025
Thailand’s Cabinet approved a resolution extending the reduced 7% VAT rate on imports, sale of goods, and provisions of services until 30 September 2025. The extension pushes the previous end date from 30 September 2024. The announcement was
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Slovak Republic approves draft bill with tax measures
The Slovak Republic government approved a draft legislation on 18 September 2024 amending various tax measures to consolidate the country's public finances. Taxation of high-income groups: The main changes include increased special levies for
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Nigeria proposes VAT rate hike, reduction of VAT on essentials
Taiwo Oyedele, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee stated on 5 September 2024 that the committee proposes the elimination or reduction of VAT on essential items like food, housing, and public
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Denmark launches consultation on zero VAT rate for domestic air travel
The Danish government has commenced a consultation on a draft legislation that includes amendments to the VAT Act and other related changes. A key amendment is the introduction of VAT zero-rating for domestic air travel services in Denmark. The
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Poland: Finance ministry proposes VAT changes
The Polish Ministry of Finance has reportedly suggested several amendments to the VAT Act. The main proposed amendments are as follows: Apply a zero VAT rate to non-seagoing rescue vessels and lifeboats used at sea; Maintain 8% VAT for
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Switzerland approves VAT reform with key changes from 2025
The Federal Council of Switzerland has approved VAT reform, effective 1 January 2025. The reforms introduce several key changes, which are as follows: A new voluntary balance and flat-rate tax method to simplify compliance for VAT flat rate
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