WTO Working Paper: Continuing Significance of MFN Trading Terms
A WTO working paper of 15 January 2025, written by Tomasz Gonciarz and Thomas Verbeet, has the title Significance of most-favoured-nation terms in global trade: A comprehensive analysis. Under the WTO's MFN trading principle, member countries of
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IMF Working Paper: Is Tax Policy Supporting a Costly Industrial Policy in Mozambique
An IMF working paper written by Santos Bila, Utkarsh Kumar and Alexis Meyer-Cirkel with the title Is Tax Policy Costly Industrial Policy in Mozambique? Finds that tax advantages do not compensate for shortcomings in economic conditions. The
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IMF Working Paper: Strengthening Tax Governance Through Legal Design
An IMF working paper of 17 January 2025 written by L. Sofrona, C. Waerzeggers and B. Crowley with the title Strengthening Tax Governance Through Legal Design looks at tax governance in tax administration and how this can be strengthened. The
See MoreWorld Bank: Global Economic Prospects
The World Bank report Global Economic Prospects was issued in January 2025. The report notes that global growth is projected to remain steady at 2.7% in 2025/26, but this relatively low growth rate will not be sufficient to promote sustained
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IMF: Briefing on the World Economic Outlook
In the briefing on the latest World Economic Outlook on 17 January 2024, the Director of the IMF’s Research Department confirmed that global growth is projected to remain steady at 3.3% in 2025 and 2026. Globally, inflation is expected to decline
See MoreIMF Updates World Economic Outlook
On 17 January 2025 the IMF published the update to the World Economic Outlook, with the subtitle Global Growth: Divergent and Uncertain. The update notes that global growth is expected to remain stable at 3.3% in both 2025 and 2026, below the
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IMF Report looks at Australia’s Economic Position
On 23 December 2024 the IMF staff issued a report following consultations with Australia under Article IV of the IMF’s articles of agreement. Economic growth is projected increase gradually, from 1.2% in 2024 to 2.1% in 2025. Real income growth
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Russia clarifies VAT rules for digital services from non-residents
Russia's Federal Tax Service issued Letter No. 16-18/081555, clarifying VAT obligations for digital services provided by non-residents to Russian entities. The letter states that when digital services such as rights to images, music, and video
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Taiwan clarifies business tax on cross-border e-commerce purchases for personal use
Taiwan’s Ministry of Finance has released a notice explaining the levy of business tax on goods purchased for personal use through cross-border e-commerce. Recently, Kaohsiung Customs has received numerous inquiries from the public on why
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Vietnam introduces draft law to implement VAT on small value e-commerce imports
On 17 June 2024, Vietnam's Minister of Finance, Ho Duc Phoc, presented the amended draft Law on Value Added Tax (VAT) to the National Assembly. The proposed law introduces VAT on small-value imports from e-commerce platforms such as Shopee and
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Australia: GST treatment of financial supplies
On 10 August 2022 the ATO opened a consultation on a draft update to Taxation Ruling No. GSTR 2002/2DC1, on the GST treatment of financial supplies and related activities. The draft update to the ruling incorporates changes in the GST law such as
See MoreImposition of VAT on Bitcoin in Thailand
The Cabinet Government of Thailand has decided to levy 7% VAT on digital currency (e.g. bitcoin) transactions. This is aimed at curbing money laundering and tax evasion. The Council of State will have to ratify the widening of the tax net. Trading
See MoreTurkey: Draft Law 3065 amends VAT law
The Finance Minister, Naci Ağbal, has stated that a draft law, number 3065, revised the value-added tax (VAT) law and then it has been sent to parliament. The objective of the new draft bill is to support investments, production activities and
See MoreCroatia: Tax reforms effect from 1 January 2018
With effects from January 1, 2018, some tax law amendments have occurred in Croatia. These amendments contain tax laws, excise duties, reliefs etc.. The Minister of Finance issued the Ordinance on Amendments to the Ordinance on Profit Tax, which
See MoreCanada: Finance Department announces public consultation on draft tax legislative proposals
The Finance Department released a public consultation on September 8, 2017 regarding draft legislative and regulatory proposals on the Goods and Services Tax/Harmonized Sales Tax (GST/HST) and excise duty as well as income tax. GST/HST and Excise
See MoreECJ: Advocate General rules on conditions for VAT exemption on intra community supply
The Advocate General of the European Court of Justice (ECJ) ruled on 6 April 2016 in the case Josef Plöckl v Finanzamt Schrobenhausen. The case had been referred to the ECJ for a preliminary ruling on the following question: Do article 22(8), the
See MoreCanada: Indirect tax responsibilities for financial organizations
Under their GST/HST and QST annual information returns, many financial institutions will have to file their final returns regarding Goods and Service Tax (GST), Harmonized Sales Tax (HST) and Quebec Sales Tax (QST) for the year 2014 by 30th June
See MoreCanada: Indirect tax compulsions for financial organizations
Many Financial institutes have to be filed their 2014 GST/HST and QST final returns on or before 30th June 2015 along with the GST/HST and QST annual information returns. Again, these institutions need to find if any changes in their organizations
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