International Monetary Fund

Earlier this week, the IMF's Public Finance Management blog published a new article looking at the underlying "dilemma between efficiency and transparency [that] exists in finance ministries" and the importance of establishing guidelines "under which the disclosure of fiscal information can be market sensitive and should justifiably be withheld from the public."

Additionally, the IMF also recently published a new article highlighting "Europe’s weaker business dynamism" (compared to the U.S.) and the importance of the EU finding a "common ground for removing barriers to goods, services, capital, and labor flows within the single market...to address the root causes behind the underperformance of European businesses."

Organisation for Economic Co-operation and Development

Today, the OECD released the G20 Compendium on Data Access and Sharing Across the Public Sector and with the Private Sector for Public Interest, a new report prepared for the G20 Digital Economy Ministers that provides "practical examples from G20 members on data access and sharing, both across the public sector and between the public and private sectors in the public interest. The report supports G20 discussions on common opportunities, enablers and challenges to strengthen data access and sharing in the public sector, as well countries’ efforts and priorities in this policy area."

Corporate Income Tax Gap in ARMENIA -- Earlier this week, the IMF released a new Technical Assistance Report (No. 2024/076) on the corporate income tax gap for Armenia "based on a bottom-up approach using operational audits."

Potential Tax Hikes Coming in BRAZIL -- Regfollower recently reported that the Brazilian government "is considering tax increases that can be enacted without congressional approval to address this year’s budget deficit."

Tax Procedure Rules Approved in CZECH REPUBLIC -- A recent KPMG TaxNewsFlash provided more information on the latest amendments to the tax procedure rules approved in the Czech Republic.

GST Council Recommendations in INDIA -- KPMG recently provided a detailed summary of the latest "recommended changes to the goods and services tax (GST) law" following the 54th GST Council meeting held earlier this week.

INDIA's Union Budget -- A recent article published by Tax Notes provided a detailed overview of India's Union Budget 2024, including the "importance of some key proposals and the effect they could have on the Indian economy and international investors looking to invest in the Indian market."

VAT on Foreign Suppliers of Digital Products in KAZAKHSTAN -- A recent KPMG TaxNewsFlash provided more information on the "12% VAT on foreign suppliers of goods and services provided electronically to individuals" included in Kazakhstan's Tax Code.

Tax Developments in MALAYSIA -- KPMG's member firm in Malaysia recently published its monthly summary of indirect tax and income tax developments in Malaysia.

OECD Economic Survey of MOROCCO -- Earlier this week, the OECD released its latest Economic Survey of Morocco, emphasizing that "productivity would be lifted by further upskilling the labour force, increasing the efficiency of public investment, strengthening competition and ensuring a level playing field among all firms, while stepping up efforts to tackle corruption."

POLAND Tax Updates -- KPMG recently provided a detailed overview of the latest draft tax legislation published by Poland, including amendments to the standard value added tax, excise tax, and real estate tax law.

SAUDI ARABIA Proposes Amendments to VAT Implementing Regulation -- A recent PwC Tax & Legal News Update provided more information on the proposed amendments to various VAT Implementing Regulations published by Saudi Arabia's Zakat, Tax and Customs Authority.

SINGAPORE Introduces New Tax Legislation -- Regfollower recently reported on the latest tax legislation updates in Singapore, including the introduction of the a 15% global minimum tax.

VAT Amendments Proposed in SLOVAKIA -- A recent KPMG TaxNewsFlash provided a brief overview of the latest VAT amendments proposed by Slovakia's Ministry of Finance.

Revised Tax Rates and Levies in SOUTH AFRICA -- Regfollower provided more information on the latest Guide for Tax Rates/Duties/Levies (Issue 17) published by the South African Revenue Service.

SPAIN Introduces New VAT Returns System -- ITR recently featured an article highlighting the "odd and complex implementation of a new system that is designed to simplify Spain’s corrective VAT returns process."

OECD Economic Survey of the UNITED KINGDOM -- Earlier this week, the OECD released its latest Economic Survey of the United Kingdom underscoring the need for a "comprehensive reform agenda...to sustain momentum and stimulate medium-term growth."

UK Releases New Compliance Guidelines -- A recent EY Global Tax News Update provided a detailed overview of the new transfer pricing compliance guidelines published this week by the UK's HMRC.

IMF Mission Updates -- Over the past week, the IMF released new mission updates for: Benin; Botswana; Dominican Republic; Lesotho; Togo; and Uganda.