I wrote last month that Iowa might replace its discriminatory tax regime with a simple and fair flat tax. And I pointed out that this reform would help the state jump several spots in my ranking of state tax systems. Well, the proposed reform has been approved by the state legislature and...
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 ...
…Under Warren’s proposal, the fair market value of all assets for the wealthiest 0.06% of households would have to be assessed every year. It would be difficult to determine the market value of partially held private businesses, works of art and the like… This helps to explain why the ...
Given the IRS’s increased resources and focus on large taxpayers, businesses should be prepared for more audit activity by the IRS. When engaging in M&A transactions, taxpayers should consider the implications of the BBA regime and the potential for IRS scrutiny on specific areas that impact M&A...
The 2012 tax year has almost come and gone, and being annual budget time, anxious taxpayers are unsure what to expect. Is there any room to be taxed further? All will be revealed on Wednesday the 22nd, but in the meantime let's focus on the new medical aid tax regime. Gone are the...
European adviser’s opinion on Apple case will not impact State’s corporate tax regime, says Varadkar Micheál Martin suggests Court of Justice could reject Advocate General’s advice on setting aside 2020 ruling on €13bn of back taxes By Denis Staunton, Sarah Burns and Sharon GaffneyThu Nov...
This would imply that no income tax would be due on earnings up to Rs 7 lakh. New Tax Regime Slab Rates Tax SlabsNew Tax Regime 0-3 lakh NIL 3-7 lakh 5% 7-10 lakh 10% 10-12 lakh 15% 12-15 lakh 20% Above 15 lakhs 30% New Section 87A Rebate Suggested in Budget 2023 Accordin...
its total costs under this regime are its abatement costs plus the tax payment. In contrast, under the subsidy, the firm is paid not to pollute. It receives a payment for each unit of abatement; as long as that payment exceeds the marginal costs of abatement, not only will the firm abat...
Inability to change tax regime while filing ITR Ordinarily, at the time of filing ITR, you can choose to opt for theNew Tax Regime. However, you can not do the same while filing a belated return. So, there you go, your to-do list after filing your ITR. And hey, if you are yet ...
Even without US tax increases, multinational companies should be prepared to pay a higher overall tax rate under the new global minimum tax regime created by Pillar Two. Many aspects of the OECD’s global framework became effective on January 1, 2024, but key aspects of the rules remain subje...