Recently, the Minister of Finance issued the Income Tax (Amendment) Bill, 2024 which proposes various changes to the Income Tax Act, Cap 340 (‘ITA’); and if passed into law, the changes will take effect from 1 July 2024. One key proposal is the introduction of a 5% tax on gains fr...
California Governor Gavin Newsom, as part of the state’s May budget revision process, proposed that the multiyear managed care organization (MCO) tax renewal have an effective date retroactive to April 1, 2023. This is nine months earlier than it was initially proposed to start. The revision ...
Two bills introduced in 2023 would make significant changes to the structure of the tax: S. 3514,Restore Parental and Consumer Medical Rights in the Nation‘s Capital Act, would raise the tax from 1.4% to 35% of net investment income. S. 3465,WEST Act of 2023, would impose a one-...
The U.K.'s non-dom regime is a 200-year-old tax rule, which permits people living in the U.K. but who are domiciled elsewhere to avoid paying tax on income and capital gains earnings overseas for up to 15 years. As of 2023, an estimated74,000 peopleenjoyed the status, up from 6...
For 2023, the top marginal income tax rate of 37% kicks in at $578,126 for single filers and $693,751 for married couples, which isroughly 7% higher than in 2022due to yearly inflation adjustments from the IRS. Without additional changes by Congress, several provisions from th...
Cochrane, John H.Hoover Digest: Research & Opinion on Public Policy
Changes in unrecognized tax benefits For the state and local category, PBEs would provide a qualitative description of the state and local jurisdictions that contribute to the majority of the effect of the state and local income tax category. ...
Tax policy is an interesting animal and odd results occur whenever non-tax people get involved in developing tax policy. Oregon Governor Tina Kotek and the Oregon Liquor and Cannabis Commission (OLCC) are jumping into the tax policy waters. Their involvement started back in March 2023, when ...
The Hong Kong SAR government proposed to make some amendments to the Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022 (Bill) after taking into account the views and comments collected by the Bills Commit
Clients receive intraday reports on their cash balances and any changes to them. Furthermore, the financial industry has a variety of tools, including end-of-day sweep services, to move client cash to other banks or to short-term investment vehicles. For example, clients can wire out money ...