Tag Archives: added tax

If Thailand’s revenue for fiscal 2022 exceeds the government’s target, the finance ministry will spend the excess money to ease people’s living costs, the ministry’s permanent secretary Krisada Chinavicharana said. He said a tax cut could be a method of easing people’s financial burden. The government collected net revenue of …

The government on Sunday decided to take several new measures, including forming a task force and reducing taxes, to contain volatility in the commodity market ahead of Ramadan. An inter-ministerial meeting took the decision to control by all means the soaring prices of edible oil, sugar, lentils and other necessities …

MANILA, Philippines – The Duterte administration is seen as assigning the highest share of personal income tax (PIT) collection to gross domestic product (GDP) after pursuing massive tax reforms, according to the ministry. of Finance (DOF). Deputy Finance Secretary Valery Brion said the contribution of the PIT effort averaged 2.4% …

introduction Consumption taxes are a major source of revenue for governments. If you buy something from a nearby grocery store, chances are you will pay tax on that purchase. As expected, consumption taxes are not uniform across the world. For example, 27% and 31% of overall revenue comes from consumption …

A ministerial statement said yesterday that Energy Minister January Makamba signed amendments to the tax regulations to comply with the cabinet decision, noting that the risky environment has driven up global prices. oil, affecting local market prices. The removal of the tax takes effect today until the end of May …

Restaurant owners in the capital are rejoicing as the Delhi Disaster Management Authority (DDMA) has lifted all restrictions, saying restaurants and bars can now operate without the nightly curfew. Even the 50% cap on seating capacity – put in place to ensure appropriate behavior in Covid-19 – will be revoked, …

Chilean President-elect Gabriel Boric has no choice. The one whose election is probably the most important political event in the country since the 1988 referendum which restored democracy after the Pinochet dictatorship assured that if “Chile was the cradle of neoliberalism, it will also be its grave “. If he …

Commissioner tells Bahamians to stick to rising prices NASSAU, BAHAMAS – The Consumer Protection Commission (CPC) assures the public that it will continue to monitor global developments in consumables and ensure that local wholesalers and suppliers adhere to the regulations set out in the Consumer Protection Act. consumers and price …

The Philippine Tax Whiz explains House Bill 7425, which imposes value-added tax on digital transactions Undoubtedly, e-commerce in the country is growing exponentially. Due to this undeniable growth in the number of digital transactions and as part of the development of digital taxation in the Philippines, Congress approved House Bill …

NASSAU, BAHAMAS – While some items such as milk alternative and deli meats at Super Value have experienced shortages in recent weeks due to shipping delays, the grocery chain has braced itself for supply chain disruptions. global supply by purchasing at least three months of Provisions. U.S. full-service logistics provider …

NEW DELHI : The Central Board of Excise and Customs (CBIC) is stepping up revenue collection this quarter in conjunction with state governments as tax administrations attempt to boost tax revenue and make up for revenue losses resulting from recent tax cuts. excise duties and value added tax (VAT) on …

The Customs House Chattogram (CHC) and VAT Intelligence have already carried out several investigations to find the destination of fake cigarette strip rolls that evaded the gaze of authorities. Customs officers are also trying to uncover the identity of the “organized gang” that illegally imported fake music rolls through false …

The main tax law applicable to FDI in Thailand is the Tax Code (“RC”), which covers the following taxes: – (1) Corporate tax (“IS”) CIT applies to companies and legal entities registered in Thailand or registered abroad but carrying on business in Thailand. With the exception of SMEs, companies registered …

The new year aoffstarted here, and it would be prudent to start the year off on the right foot by learning about trends that taxpayers may want to anticipate. This year there are new tax rules that need to start and end, some of which are outlined below. GLOBAL RECOGNITION …

Ambika Sharma Tribune press service Solan, December 23 In an effort to settle 1.68 lakh outstanding value added tax (VAT) and central sales tax (CST) business, the state tax and excise department approved the program. Himachal Pradesh Swarn Jayanti (Legacy Case Resolution) 2021. Various stakeholders and dealers, who have been …

Companies Hospital linked to Kakamega tycoon gets stay in tax dispute Wednesday 22 December 2021 Cabinet Secretary of Health Mutahi Kagwe. PHOTO | FRANCIS NDERITU | NMG By CONSTANT MUNDAMore from this author Summary Health Secretary Mutahi Kagwe successfully asked his Treasury counterpart Ukur Yatani to exempt Hamptons Hospital from …

Diamonds, gold and jewelry have been key industries in finding a home in the UAE thanks to its location, infrastructure, transparency, ease of doing business and tax regulations. By Ahmed Ben Sulayem Posted: Sun Dec 19 2021, 22:37 Last update: Sun Dec 19 2021, 22:58 In a letter to French …

The Congressional Budget Office (CBO) gave us a glimpse of our budgetary future under the Build Back Better Act (BBBA), estimating that if all the policies in the bill were made permanent, $ 3 trillion would be added to the budget. national debt over the next 10 years. This adds …

Chennai: Tamil Nadu’s BJP, which was once on the defensive against high gasoline and diesel prices, has now turned offensive against the state government led by Chief Minister MK Stalin. The party staged an oxcart demonstration on Friday against the state government’s refusal to cut its value-added tax (VAT) on …

KRA’s iTax offices on Mombasa Road. Suppliers of electronic tax records have been urged to cease supplying non-compliant gadgets. [Edward Kiplimo, Standard] There is nowhere to hide for tax evading traders. This is after the Kenya Revenue Authority (KRA) gave a timeline for the implementation of a new electronic ledger …

The President of El Salvador has announced an ambitious plan to build a so-called “Bitcoin City” in which cryptocurrency will be the only legal tender. President Nayib Bukele made the announcement on Saturday evening, saying the new city would be fully fledged. The city will include residential and commercial areas, …

States that have not reduced VAT on gasoline and diesel are Maharashtra, Tamil Nadu, West Bengal, Punjab, Telangana, Andhra Pradesh, Kerala, Jharkhand, Chhattisgarh and Delhi . The price of gasoline in Delhi, after the reduction of excise duties, amounts to Rs 103.97 per liter and diesel to Rs 86.67. In …

In 2020, Lagos generated nearly 420 billion naira in internal revenue, more than three times its closest rival, Rivers State. It is no coincidence that the state systematically tops the list of states in internally generated revenue (IGR). It turned out to have the most efficient and competent tax collection …

KUALA LUMPUR (November 1): Malaysian Economic Association (MEA) Post-Budget Dialogue 2022 panelists argued for the reinstatement of the Goods and Services Tax (GST) or the inclusion of a similar tax structure in the current tax system to broaden the government’s tax base to prepare for the turbulent times ahead. During …

The new law entered into force on October 30, 2021 The FTA said the latest ruling was aimed at avoiding double taxation of VAT on goods supplied in designated areas and to facilitate procedures for non-resident suppliers operating in designated areas. – Photo file Relative to staff Posted: Sat, Oct …

By Joseph Boris (Oct 21, 2021, 6:27 p.m. EDT) – Shallow and late invoices from a supplier do not negate a company’s right to deduct value-added tax and claim a refund, the most recent said on Thursday. high court of the European Union. in a decision in favor of a …

In the past four years, two major tax reform measures – the TRAIN law and the CREATE law – have been enacted. TRAIN entered into law in December 2017 and CREATE in March 2021. The reforms reduced personal and corporate tax rates. How prepared are we to implement the reforms …

“VAT” on heaps of coins Value Added Taxes (VAT), which are a type of consumption tax, are major sources of revenue for the countries of the Organization for Economic Co-operation and Development (OECD), among other regions. According to the Tax Foundation, VAT actually contributed one-third of tax revenues in OECD …

GST Taxation on Imports and Input Tax Credits Anyone required to pay a duty on the importation of goods into Canada under the Customs Act or who would be liable to pay duty if the goods were subject to duty is liable to pay Goods and Services Tax (“GST”) on …

By Gabriel Enogholase Lawrence Atsegbua, SAN, is Professor of Law at the University of Benin. He is also a former Dean of the University’s Faculty of Law. In this interview, he discussed the inheritance turmoil in parts of the country and the factors that fuel them. He also spoke about …

New Ria chaitram 2 hours ago Rhaynnet Jimehez checks the price of a canned food item at a supermarket in Port of Spain on Monday. – PHOTO BY ROGER JACOB Although the government announced a list of food products that would be zero-rated effective November 1, that does not mean …

Bahrain last week announced plans to raise the VAT rate to 10%, from 5% from January 2022, which analysts say is a good move in its tax reform efforts. Image Credit: Istockphoto Dubai: Bahrain last week announced plans to raise the VAT rate to 10% from 5% from January 2022, …

San Francisco-based fintech company Stripe announced will soon be opening its first Canadian office in downtown Toronto, Ontario, and recruiting for positions in engineering, product development and sales. The company will host a virtual event on October 13 to share more details about its new office and the positions it …

The Rivers State Government’s decision on who should take the Value Added Tax (VAT) has once again exploited and exacerbated our fault lines in the country. Normally this should be a good decision whereby we have to test some of our laws in the courts. As the Rivers State government …

It is recalled that on August 9, 2021, the Federal High Court sitting in Rivers State rendered a verdict on the legality of the collection of value added tax (VAT) in Nigeria, the declaration triggered not only legal arguments, but also raised economic and social concerns. The said ruling clearly …

The Northern Governors Forum (NGF) says collection of value added tax (VAT) by states will drive up the prices of goods and services and create trade barriers between states. The NGF made the resolution during a meeting with the emirs and heads of northern states in Kaduna on Monday. The …

Whenever there is an increase in the price of fuel, it is the tax authorities who smile the most. Indeed, since the fuel price formula caps the maximum profits that oil traders and other actors in the sector realize regardless of the price per liter, the tax authorities collect more …

It seems that there is not a single elephant in the value added tax (VAT) room, but a whole herd. One of the biggest elephants is the lack of specific time frames within which the South African Revenue Service (Sars) must complete an audit or verification process. Delays in audits …

The Northern Elders Forum asserts that the north is a wealthy region and can survive on its resources without the “billions” flowing to the southern states. NEF Advertising and Advocacy Director Dr Hakeem Baba-Ahmed made this known on Tuesday when he appeared on Arise TV’s breakfast show “The Morning Show” …

Ifeanyi Omokwe Over the past few weeks, Nigerians have been treated to intense legal fireworks on issues related to the collection of value added tax (VAT) in the country. Of an ongoing legal standoff between the Federal Inland Revenue Service (FIRS) and Rivers State, a recent statement at the end …

VAT: Panuwat Dangsungnoen / Getty Images / iStockphoto The Institute of Administrators (IoD) requested the payment of Value Added Tax (VAT) at source in accordance with the collections of the premises and administrative costs compensated by the collector. He sought to strengthen stakeholder engagement through webinars and stakeholder committees, among …

Katsina State Governor Aminu Bello Masari scoffed at his colleagues in favor of the collection of value added tax (VAT) by states, describing the move as a joke. Consumers pay VAT when they buy goods or obtain services. All goods and services (produced or imported into the country) are taxable, …

The Ministry of Economy and Finance has issued a prakas introducing new rules and procedures governing value added tax (VAT) on goods and services provided through e-commerce. The new legislation, dated September 8, mainly targets e-commerce transactions between Cambodian tax-paying consumers and sellers active in Cambodian territory who are non-residents …

Friday, Aug 27, 2021 / 4:19 p.m. / by CITN / Header image credit: Opinion Nigeria / Ecographics Rivers State Governor Barr Nyesom Wike on the 19the of August 2021 enacted the Rivers State Value Added Tax Law, which provides for the imposition and administration of value added tax (VAT) …

Photo credit: AxieInfinity.com MANILA, Philippines — Players of the popular online game Axie Infinity who sell “pets” and earn real-world money must pay income taxes owed to these transactions, the finance ministry said ( DOF). “Whoever makes money out of it is income that you have to declare,” Deputy Finance …

The Federal High Court of Nigeria, sitting in Port Harcourt Division, presided over by His Lordship, the Hon. Judge Stephen Dalyop Pam delivered a 45-page judgment on August 9, 2021 in a lawsuit brought by the Rivers State Attorney General against the Federal Inland Revenue Service and the Federation Attorney …

The Ministry of Finance (DOF) on Thursday clarified that the controversial Revenue Regulations (RR) 9-2021 will be repealed and replaced with a new one that will allow exporters to continue to benefit from the zero value added tax (VAT). percent on their premises. purchases of goods and services “used directly …

Department of Finance (DOF) revises Bureau of Internal Revenue (BIR) regulations, technically deferring the imposition of value added tax (VAT) on exporters’ purchases from local suppliers and indirect export transactions / constructive. Finance Secretary Carlos G. Dominguez III said on Wednesday July 21 that the Tax Regulation (RR) 9-2021 was …

Dar es Salaam – The Court of Appeal overturned a ruling exempting a reseller of industrial chemicals from paying the Tanzania Revenue Authority (TRA) 664.8 million shillings in value added tax (VAT). The ruling means Ecolab East Africa (Tanzania) Limited will pay the amount after a protracted dispute over payment …

The status of economic zones as a separate customs territory must continue to go hand in hand with the incentive for zero-rated value added tax (VAT) to enable them to continue to attract more investment, according to an official of the Philippine Economic Zone Authority (Peza). Peza’s Deputy Director General …

The cost of living has only increased over the years. Paying for necessities like shelter, electricity, water, groceries, clothing, and gasoline for your vehicle can add up. But in some countries the cost of living is astronomical, making it difficult for many individuals and families to make a living. However, …

A government panel suggested allowing only traders with strong financial credentials to engage in the import trade, raising the question whether such a policy to eliminate small importers would violate their right to do business. . Companies must declare their paid up, issued and authorized capital when registering with the …

MANILA, Philippines – Business groups want the Bureau of Internal Revenue (BIR) to repeal the imposition of 12% value added tax (VAT) on local purchases by exporters and indirect exports, claiming its implementation implementation could lead to job losses and discourage investment in the country. In an online press conference, …

THE value-added tax system has long been criticized by economists and consumer advocates as a regressive tax system that disproportionately affects the poor and yet the government has become increasingly dependent on the indirect tax system for revenue collection. Indirect tax, which is value added tax, is, as a recent …

A local trade body is working to educate its network and find solutions regarding the recent removal by the EU of a value added tax (VAT) exemption for goods imported into the value block. not exceeding € 22 ($ 26), and the Import One-Stop Shop System (IOSS) option created for …

The Namibian Revenue Agency (NamRA) has exempted import value added tax on all medical oxygen tanks that are donated to the state. According to a NamRA statement, the decision was made in response to a government appeal to the private sector to help with the shortage of medical oxygen tanks …

From July 1, all goods imported into the EU will be subject to VAT regardless of their value Consumers who shop online have endless choice from the comfort of their own home. So it’s no surprise that e-commerce continues to grow in popularity. But despite the indisputable benefits of online …

President Biden offered to fund his $ 4 trillion U.S. jobs and family plans by raising taxes exclusively on corporations and households that earn more than $ 400,000 – the richest 1.5% of taxpayers. Biden is right that the rich should pay more than they currently do given the dizzying …

The 2019 Coronavirus Disease (Covid-19) pandemic has led people to drastically limit physical interactions; thus, it has accelerated and strengthened the expansion of digital transactions. People now prefer the transmission or delivery of documents, goods and all other items, electronically where possible. This is also true for software transactions where …

In new changes tabled in the House on June 22, 2021, prices for chapati and ugali are expected to drop. [Courtesy] Lawmakers rocked the National Treasury’s revenue collection plan after introducing a series of changes to the 2021 finance bill aimed at saving Wanjiku from the growing tax burden. In …

The word “taxes” is seen engraved at the headquarters of the Internal Revenue Service (IRS) in Washington, DC, the United States, on May 10, 2021. Andrew Kelly | Reuters How VAT works VAT is similar to retail sales taxes, except that there is a levy at each step of the …

Limassol – The Chelco VAT International Academy recently launched a one-of-its-kind expert diploma in Cyprus in Value Added Tax (VAT). The Diploma of Excellence in VAT (DiVE) is a high-level course spanning a period of 10 months with a focus on Cypriot VAT legislation. The courses will start in September …

When you are a manufacturer, your business can be both a production for sale under your own brand and a make-to-order for another operator. The latter is generally known as Original Equipment Manufacturers (OEM) or Toll Manufacturer. Unlike the mere manufacturer, conducting the business as an OEM could be problematic …

JAKARTA (The Jakarta Post / ANN): The General Directorate of Taxation has championed a plan to change the rules for value added tax (VAT) that will levy taxes on basic foods and educational services, arguing that proposed changes will not weigh on income households but make taxation fairer for everyone. …

Amazon reminded sellers of the Global Amazon Store where they can decide to buy your products and sell them in countries where you don’t currently sell. This will only happen when you are registered for VAT AND products are offered as Fulfilled by Amazon. It costs nothing to participate in …

COMPANY DOCUMENT THE BUREAU of Internal Revenue (BIR) issued rules this weekend setting a 12% value added tax (VAT) on export sales from companies that were previously exempt, a move which it says he was authorized by the tax reform for acceleration and inclusion (TRAIN). The BIR on Friday released …

Stripe, the tech company that is building economic infrastructure for the internet, today announced the launch of Stripe Tax to help businesses automatically calculate and collect sales tax, value-added tax (VAT), and tax. Goods and Services Tax (GST) in over 30 countries *. Stripe Tax makes every aspect of global …

The much-loved free-trade port in the southern province of Hainan is expected to get an additional tax advantage, as lawmakers plan to offer tax cuts on domestic products entering the island. Value added tax (VAT) and consumption tax that have been levied on these goods are refunded, reported (link in …

NASSAU, BAHAMAS – Prime Minister Dr Hubert Minnis yesterday announced a value-added tax (VAT) free holiday for “hurricane critical supplies and equipment” from next month as he encouraged Bahamians to prepare for the current hurricane. “I remind Bahamians and residents to begin their hurricane preparations,” Minnis said as he led …

Outlook May 31, 2021 7:36 PM IST AIMTC calls for reduced excise duties and VAT to help survive in transport sector perspectivesinde.com 1970-01-01T05: 30: 00 + 0530 New Delhi, May 31 (PTI) The carrier body Apex AIMTC on Monday demanded a reduction in excise duties by the Center and a …

The price of gasoline hit a record Rs 100 per liter on Saturday in Mumbai. The prices of domestic fuels have risen sharply since the start of this month. After an 18-day gap, state-run oil marketing companies resumed daily fuel price revisions on May 4. Since then, the price of …

Out of 20 airports in Ukraine, 12 are collapsing. This is how the aviation experts put it. The deplorable state of local airports, as well as the high taxes on aviation fuel, is the reason why few people travel by air within Ukraine. Unlike the extensive rail network that connects …

Share Tweeter Share Share E-mail Share Listen to this article Since the start of the COVID pandemic, governments, private companies, educational institutions and others have gone digital to ensure business continuity. However, with this, the government has evolved and so has its methods of income generation and management. Sharing his …

By NEIL HARTNELL Editor-in-chief of Tribune [email protected] The president of the Hotels and Tourism Association of the Bahamas (BHTA) last night hailed the government’s attempt to extract a $ 31 million extract from the vacation rental market as “leveling the playing field”. Robert Sands told Tribune Business that the Minnis …

Classroom oi-Sneha Kulkarni | Publication: Tuesday May 25, 2021, 4:47 PM [IST] GST stands for Goods and Services Tax, and it is a multi-stage tax structure that is imposed on the supply of goods and services. The main objective of this tax system is to prevent other indirect taxes from …

Law360 (May 24, 2021, 3:15 p.m. EDT) – The UK Treasury has acted legally in ending two tax relief programs for tourist purchases, a UK appeals court has found, disappointing Heathrow Airport as well as the Swiss tourism tax refund company Global Blue and travel retailer World Duty Free Group. …

But the imported products must be approved by the General Directorate of Drug Administration Department The government has exempted all types of duties and taxes on the import of 46 types of emergency products, including hand sanitizers, masks, test kits, diagnostic equipment and protective clothing used for prevent the spread …

On April 28, protests erupted across Colombia after the right-wing government of Ivan Duque proposed to raise taxes amid the third wave of the coronavirus pandemic. Although the president withdrew the controversial tax reform proposal in the face of public anger, the protests have persisted, made worse by a brutal …

JAKARTA, May 21 (Reuters): Indonesia raised 100 billion yen ($ 920.56 million) through the sale of six-tranche samurai bonds amid strong demand from Japanese and foreign investors, announced the Ministry of Finance. The shorter 3-year term had a coupon of 0.33%, up from 1.13% last year, while 20-year bonds had …

JAKARTA, May 21 (Reuters) – Indonesia has drawn up proposals to introduce a carbon tax to reduce greenhouse gas emissions, in addition to raising VAT rates and reforming income tax , as part of a major overhaul of the tax system, a finance ministry document showed. The document, uploaded Friday, …

Bread will not attract value added tax (VAT) at the rate of 16 percent from July 1, as has been widely reported. Although the 2021 finance bill includes a proposal to remove the supply of ordinary bread from the list of zero-rated products, its supply remains included in the tax-exempt …

Attire and textiles exporters on Wednesday demanded to set the withholding tax on export earnings at 0.25% for the following 5 years, rising it from the present 0.50% to maintain the sectors aggressive. within the export market. The Bangladesh Garment Producers and Exporters Affiliation, the Bangladesh Knitwear Producers and Exporters …

By KHRISNA RUSSELL Chief Journalist of the Tribune [email protected] Rupert Roberts, proprietor of SUPER Worth, mentioned that whereas he supported the Liberal Progressive Occasion’s pre-election proposal to lift the minimal wage, he was confused by the occasion’s value-added tax plans. Mr Roberts instructed the Tribune yesterday that he’s already paying …

Aaron Gilmore of TreyBridge Accountants. Photograph: VIP Inventive. Van added tax, or VAT, will be each an inconvenience and a bonus. The distinction will depend on whether or not what you are promoting and your prospects are registered for VAT, as the additional 20% can typically be overwhelming when selecting …

NBR President Abu Hena Md Rahmatul Muneem chairs a pre-budget dialogue with a delegation from the Metropolitan Chamber of Commerce and Business held Tuesday on the NBR headquarters in Segunbagicha in Dhaka. MCCI President Nihad Kabir led the delegation. – Picture New Age The Metropolitan Chamber of Commerce and Business …

SBI economists stated integrating gasoline and diesel below the brand new oblique tax framework may assist The worth of gasoline can drop to Rs 75 per liter nationwide whether it is topic to the Items and Providers Tax (GST). Nonetheless, a scarcity of political will retains the costs of Indian …

The UK price range, the Chancellor of the Exchequer’s annual finance announcement within the Home of Commons yesterday, has introduced some aid to the gaming trade hit by the pandemic. It’s now hoped that the UK financial system will return to pre-Covid ranges by mid-2022 – ahead of anticipated. To …

The worth of gasoline can drop to Rs 75 per liter throughout the nation whether it is topic to the Items and Companies Tax (GST), however there’s a lack of political will, which retains costs down. Indian petroleum merchandise to one of many highest within the nation. the world, SBI …

With hovering gasoline and diesel costs, the clamor for petroleum merchandise to be topic to the Items and Providers Tax (GST) is rising once more. The present tax construction on petroleum, petroleum and lubricants (POL) merchandise has led to a number of taxes, making costs in India one of many …

The worth of gasoline can drop to ₹75 per liter throughout India if they’re topic to the Items and Companies Tax (GST), however there’s a lack of political will, which retains the costs of Indian petroleum merchandise at one of many highest excessive on this planet, SBI economists mentioned on …