Avocado Roundup is a quick morning review of top tax, legal, and climate news stories. It’s written by humans.
- The African Tax Administration Forum yesterday published an update to its guidance for jurisdictions on implementing the global minimum tax under the OECD’s international tax reform plan. The update in particular revises the forum’s suggested approaches for drafting legislation for a domestic minimum top-up tax. (ATAFTax.org)
- The French government’s draft 2024 budget bill proposes a new tax-free “future-climate” savings account vehicle aimed at helping parents save for their children up to 18 years old while helping fund decarbonization of the economy. “I wanted it to work, so I wanted it to have the best tax treatment. Zero tax and zero social welfare contributions. We can’t do better than that,” Economy Minister Bruno Le Maire told a conference on retirement savings. (Economie.gouv.fr)
- France expects growth in its economy to add 17.3 billion euros ($18.2 billion) in tax revenues to its budget in 2024, up about 5.2% from the previous year to reach 349.4 billion euros, according to its press statement introducing its draft budget bill for the year. The government projected that 1.4% economic growth in 2024 will bring in 11 billion euros more in corporate tax revenue in 2024, an additional 4.1 billion euros in value added tax, and 3.5 million euros in individual income tax, compared with 2023 receipts. (Economie.gouv.fr)
Tax Increases, Rulings
- The UK accounting profession regulator, the Financial Reporting Council, said it had fewer questions about income taxes in companies’ 2022 corporate reports than in 2021, but that the subject remains firmly in its top 10 of queries. That observation is in the regulator’s latest annual review of corporate reporting, including an update on its reporting expectations for the coming year. (FRC.org.uk)
- A bill passed three years ago by Georgia’s legislature helped the US state reduce the cost of its tax credit for film productions. (Capital Beat)
- With digital asset investments up 44% this year in Brazil, the country’s central bank plans to tighten its regulation of the sector to protect investors and reduce crypto-related crime, including tax evasion. (Coin Geek)
