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Malaysia: Audit Framework for Goods and Services Tax Issued

(Oct. 17, 2016) The Royal Malaysian Customs Department has recently placed on its website a document outlining auditing procedures for the goods and services tax (GST). The Audit Framework was issued on June 20, 2016, and is designed to make audits systematic, transparent, and fair. (Janice Loke, Malaysia: GST Audit Framework Published, TAX NEWS SERVICE […]

Italy: Amendments to the National Budget Law

(Oct. 6, 2016) On September 9, 2016, new legislation amending the national budget entered into effect in Italy. (Law No. 163 of August 4, 2016, Amending Law No. 196 of December 31, 2009, Concerning the Content of the Budget Law, Implementing Article 15 of Law No. 243 of December 24, 2012 (Law No. 163), GAZETTA […]

Italy: Legislation on the Audit of Government Accounts

(Aug. 18, 2016) On August 5, 2016, new legislation on the statutory audit of governmental accounts entered into effect in Italy. (Legislative Decree No. 135 of July 17, 2016, Implementing EU Directive 2014/56/EU that Amends Directive 2006/43/EC Concerning the Statutory Audit of Annual Accounts and Consolidated Accounts (L.D. No. 135), GAZETTA UFFICIALE, No. 169 (July […]

Israel: Disclosure Requirements for Organizations Funded by Foreign Political Entities

(July 19, 2016) On July 11, 2016, the Knesset (Israel’s parliament) passed the Duty of Disclosure [for a Body] Supported by a Foreign Political Entity (Amendment) Law, 5776-2016 (Amendment Law), thereby amending a law on the topic enacted in 2011 (Disclosure Law). (Amendment Law, 5776-2016, available at the Knesset website (unofficial text, click on the […]

China: Measures on Audits of High-Risk Taxpayers

(June 10, 2016) China’s State Administration of Taxation (SAT) issued a set of measures on May 19, 2016, to apply as of July 1, 2016, containing rules on tax audits of “high-risk taxpayers” and on the administration of tax audit cases. (Shiqi Ma, China (People’s Rep.): Rules on Tax Inspection and Administration of Information on […]

Italy: New Legislation for Administrative Reorganization of the State

(Sept. 9, 2015) On August 28, 2015, new legislation providing for a comprehensive reorganization of the public administration entered into effect in Italy. (Law No. 124 of August 7, 2015, Powers Delegated to the Government Concerning the Reorganization of the Public Administration [Law No. 124], NORMATTIVA (in Italian).) Provisions on Digital Access to Government Information […]

Egypt: Decree Enhancing President’s Powers Challenged Before Constitutional Court

(July 30, 2015) On July 27, 2015, lawyers representing the Egyptian Central Auditing Organization, a government body legally assigned to audit the budget, public funds, and expenses of other government agencies, including the office of the presidency, filed a lawsuit before the Supreme Constitutional Court challenging the constitutionality of a decree issued by President Abdel […]

Italy: Updated Legislation on Credit Entities and on Strengthening of Bank of Italy

(July 17, 2015) On June 27, 2015, new legislation on the supervision of credit entities and on the strengthening of the country’s central bank, Decree-Law No. 72, entered into effect in Italy. (Decree-Law No. 72 of May 12, 2015, Implementation of EU Directive 2013/36, That Amends Directive 2002/87/CE and Repeals Directives 2006/48/CE and 2006/49/CE, Concerning […]

Aruba: New Ordinance Modifies Tax Law

(Dec. 24, 2014) On November 21, 2014, an ordinance was published in Aruba’s Official Gazette amending the Income, Wage Tax and General Tax Act. (LANDSCOURANT VAN ARUBA [Official Gazette], No. 54 (Nov. 21, 2014), cited by Geert Weber, Aruba: Various Tax Changes Gazetted, TAX NEWS SERVICE (Dec. 17, 2014), International Bureau of Fiscal Documentation online […]

Israel: Anti-Money Laundering Law Amended

(Oct. 7, 2014) On July 30, 2014, the Knesset (Israel’s parliament) passed the Prohibition on Money Laundering (Amendment No. 13) Law, 5774-2014 (Amendment Law [in Hebrew], Knesset website [scroll down to appropriate link on the right]), amending the 2000 law on the subject. (Prohibition on Money Laundering Law, 5760-2000, SEFER HAHUKIM 5760 No. 1753 p. […]