ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø Week in Tax—published weekly to provide an overview of tax developments as reported in TaxNewsFlash—includes summaries of select tax-related news followed by a full list of reports (more information can be found at the links provided). Highlights include:â€�
- United States: Congress has passed and President Trump signed H.R. 1968, a continuing resolution to fund the federal government through the end of the 2025 fiscal year, preventing a partial government shutdown. The resolution includes a rescission of approximately $20 billion from the IRS funding initially allocated under the “Inflation Reduction Act of 2022,â€� adding to the $20 billion rescinded in the FY2024 funding legislation.ÌýRead TaxNewsFlash
- EU: The Council of the European Union has agreed on an amendment to Directive 2011/16/EU (DAC9), which simplifies tax filing obligations for multinational enterprise groups by allowing them to submit a single top-up tax information return at a central level. Member states are required to implement this directive by December 31, 2025, with the first filings due by June 30, 2026, and information exchange between tax authorities to be completed by December 31, 2026.Ìý¸é±ð²¹»åÌýTaxNewsFlash
- Caribbean: The budgets for Barbados and Jamaica include tax proposals.
- Barbados: The budget includes proposals such as eliminating and reducing late filing fees and penalties, capping interest on NIS contributions, increasing income tax thresholds for pensioners and individuals, making meal allowances for hotel workers non-taxable, removing property transfer tax for certain deeds, exempting commercial kitchen equipment from duties and VAT, extending food and beverage concessions, imposing a 20% excise tax on salty snacks, and removing VAT on select food items. ¸é±ð²¹»åÌýTaxNewsFlash
- Jamaica: The budget proposals include a phased increase in the personal income tax threshold, reduction in withholding tax rates on dividends for nonresidents, an increase in the general consumption tax registration threshold, accelerated capital allowances for new investments, and reform of the general consumption tax on residential electricity supply.Ìý¸é±ð²¹»åÌýTaxNewsFlash