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Daily Tax Report: International

Italy Faces Wider Budget Deficits on Meloni’s Tax-Cut Plans

Italy may slow down its deficit-reduction plans after the economy unexpectedly shrank, a move that would give the government leeway to continue spending on campaign promises such as more tax cuts.

UK Tax Office Whistleblower Payouts Continue to Rise

The UK tax office has significantly increased payouts to whistleblowers in recent years, spending £508,500 ($647,364) in the past financial year on information.

Australia Proposes to Cap Deductions for Petroleum Tax

Australia’s Petroleum Resource Rent Tax would limit tax deductions on petroleum projects under draft legislation.

France Eyes €2.5 Billion in Transport Tax for Green Spending

France is looking to raise €2.5 billion ($2.7 billion) through 2030 via higher taxes on the operators of toll road and airport concessions as it seeks to speed up debt reduction and fund the environmental transition, according to a report in Les Echos.

Brazilian Investment Funds and US Pre-Immigration Tax Planning

Using Brazilian investment funds is an important wealth planning tool for Brazilian families who are considering US tax residency, say Gessimbergue Monteiro of G.S. Monteiro Law and Felipe Medaglia of Souza Okawa.


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Will the Global Minimum Tax End the Race to the Bottom?

In 2021, 137 countries agreed on a global minimum corporate tax rate of 15% for big global companies. This video explains why countries felt such a tax was needed and how it will work.


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Tax Developments

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Israel Tax Agency Issues Circular Explaining Mutual Agreement Procedure Rules Under DTAs

The Israeli Tax Authority Aug. 17 issued Income Tax Circular No. 01/2023, explaining mutual agreement procedure (MAP) rules under DTAs. The circular explains: 1) the procedure for filing and initiating ...

Curacao Gazettes Notice Applying Reduced Corporate Tax Rate on Taxable Income

The Curacao Official Gazette Aug. 4 published a notice for the application of a reduced corporate tax rate, with retroactive effect to Jan. 1. The notice includes measures applying: 1) ...

Sri Lanka Tax Agency Announces Extended Quarterly Advance Income Tax Filing Deadline for Withholding Agents

The Sri Lankan Inland Revenue Department Aug. 17 announced a deadline extension, to Aug. 31 from July 31, for withholding agents to file quarterly advance income tax statements for specified ...