IMF 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
See More
Canada eases surtax on Chinese imports
Canada’s Department of Finance announced new relief measures on 24 October 2024, allowing Canadian importers of Chinese steel, aluminium products, and EVs to request remission of surtaxes under certain conditions for a limited time. This
See More
IMF: Speech by the IMF Managing Director at the 2024 Annual Meetings Plenary
On 25 October 2024 the IMF Managing Director, Kristalina Georgieva, spoke at the 2024 Annual Meetings Plenary. The Managing Director noted that inflation has been falling, from 5.7% in the fourth quarter of 2023, to a projected 5.3% in the
See More
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
See More
UN Tax Committee: Tax, Trade and Investment Agreements
On 17 October the UN Tax Committee discussed issues around the interaction of tax, trade and investment agreements. Guidance on tax and investment agreements Following the presentation of draft guidance on the relationship of tax and
See More
WTO: Global Trade Outlook and Statistics
In October 2024 the WTO published the latest Global Trade Outlook and Statistics. In the latest issue the WTO has revised its forecast for world merchandise trade growth in 2024 to 2.7%, which is slightly greater than the previous estimate of 2.6%.
See More
IMF: Opening speech at the IMF and World Bank Annual Meetings
On 21 October 2024 the IMF Managing Director Kristalina Georgieva delivered the opening speech at the IMF and World Bank Group Annual Meetings. The global wave of inflation is currently decreasing owing to a combination of resolute monetary
See More
UN Tax Committee: Environmental Taxation
On 16 October 2024 the UN Tax Committee discussed environmental tax issues. The environmental taxation subcommittee presented some papers to the committee for discussion or approval. Phasing out fossil fuel subsidies A paper on phasing out
See More
Canada to impose 25% surtax on Chinese steel and aluminium, 100% on EVs
Canada’s Deputy Prime Minister and Minister of Finance Chrystia Freeland, announced in a release the final list of Chinese-made steel and aluminium products and Chinese-made electric vehicles (EVs) subject to surtax on 1 October 2024. The
See More
China extends import duty exemption to African nations
Following a meeting by leaders from China and Africa at the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) on 15 September 2024, China announced it will eliminate import duties on products from the 33 least developed African
See MoreWTO: World Trade Statistics 2023
On 31 July 2024 the WTO launched a new online interactive tool, World Trade Statistics 2023. The interactive tool includes charts of the growth in merchandise trade value and volume, the top 20 exporters in merchandise trade and the growth in
See More
WTO: World Tariff Profiles 2024
On 25 July 2024 the WTO published World Tariff Profiles 2024, which sets out information on tariffs and non-tariff measures imposed by more than 170 countries and customs territories. The publication is issued jointly with the International Trade
See MoreIMF Report Assesses the US Economy
On 17 July 2024 the IMF issued a report following consultation with the US government under Article IV of the IMF’s articles of agreement. The US economy has performed strongly in the past few years. Economic activity and employment now exceed
See MoreIMF 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
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;
See More
Nigeria exempts taxes on imported pharmaceutical inputs
Nigeria’s President Bola Tinubu has signed an executive order that removes excise duties, VAT, and other tariffs on imported pharmaceutical inputs which include specified equipment, machinery, components, and other forms of raw materials used in
See More
US: Oklahoma exempts digital mining equipment from sales and use tax
The state of Oklahoma enacted House Bill 1600 on 30 May, 2024, introducing a new sales and use tax exemption for specific equipment used in digital asset mining. This exemption covers sales of machinery, equipment, and electricity used for
See More
Singapore consults on GST guide for adopting InvoiceNow for GST-registered businesses
On 12 June 2024, the Inland Revenue Authority of Singapore (IRAS) published a draft e-Tax guide for discussion on the approval of InvoiceNow for GST-registered businesses. Overview of GST InvoiceNow Requirement InvoiceNow is the nationwide
See More