From FY 2023-24, tax rates for the new tax regime are revised. The new Tax Regime was introduced in Union Budget 2020-21. So now there is old tax regime, new tax regime applicable till AY 2023-24 and Revised new Tax Regime applicable from AY 2024-25. Now taxpayer has a choice to ...
For the 2023 financial year (January – June), the employer is exempted from withholding the income tax. For the employee, benefits-in-kind must be calculated, paid, and reported by employees in their 2022 annual income tax return. Indonesia’s Corporate Income Tax 2024: Calculating Benefits-i...
Nigeria’sFederal Ministry of Financehas announced changes to the withholding tax regime. The changes technically entered into force on 1 July 2024, except for gaming sector regulations, which will take effect from 1 October 2024. The government said, however, it will start full implementation by ...
The EU’s reform package, ViDA, proposes a single VAT registration location, expanding the One-Stop Shop regime, introducing a new OSS regime for transferring goods within the EU, and widening the scope of mandatory reverse charge and platform tax collection liability. Brazil’s tax reform aims ...
1. I understand that the new rules in China mean that owners of offshore companies will not only pay taxes on dividends they receive, but they will also face levies of as much as 20 per cent on corporate profits, rising from as low as zero under previous rules. Is this correct?
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This guidance aims to facilitate compliance and provide relief for corporations adapting to the new tax regime. On January 4, 2022, the Treasury and the IRS issued final regulations (TD 9599) containing the attribution rules and the creditability of foreign taxes under Code Sections 901 and 903....
Japan released the 2024 tax reform outline on 14 December 2023. Based on the outline, a tax reform bill will be prepared and submitted to the Diet and is expected to be enacted by the end of March 2024.Japan's fiscal year 2024 tax reform outline was released on 14 December 2023. This...
Trump’s Goofy New Tax Proposals Posted in Donald Trump, Fiscal Policy, Social Security, Tax Compliance, Tax Loophole, Tax Reform, Taxation, tagged Donald Trump, Fiscal Policy, Social Security, Tax Compliance, Tax Loophole, Tax Reform, Taxation on August 6, 2024| 13 Comments » During his...
As per the new income tax regime for FY 2023-24 (AY 2024-25), the rebate under Section 87A has been increased from Rs. 5 lakhs to Rs. 7 lakhs. Thus, individuals with a net taxable income of up to Rs. 7 lakh can avail tax rebate u/s 87A under the new tax regime. Those who...