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Copyright of Aktuelles Steuerrecht is the property of Richard Boorberg Verlag GmbH & Co KG and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Aktuelles Steuerrecht is the property of Richard Boorberg Verlag GmbH & Co KG and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article focuses on the need for collaboration among SARS, recognized controlling bodies (RCBs), and individual tax practitioners to enhance revenue collection and compliance. Topics include the challenges of maintaining tax compliance and addressing systemic and practical issues; the role of tax practitioners in improving compliance despite registration requirements; and the diverse attitudes towards tax compliance in South Africa due to socio-economic and cultural factors.

Copyright of Tax Magazine (2392-7011) is the property of Editura Solomon and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Businessmen and industrialists have expressed dissatisfaction with the proposed budget for 2024-25, criticizing it as anti-industry and too aligned with IMF directives. They argue that the budget burdens existing taxpayers without broadening the tax base or promoting industrial production and commerce. Concerns were raised about excise duties on cement, debt servicing allocations, and the need for attention to the tourism sector. While some pro-business measures were appreciated, there were criticisms of certain taxation steps that would increase business costs and slow economic activity. The budget was also criticized for lacking clarity on export promotion, import reduction, privatization policy, and ending cross-subsidy. [Extracted from the article]

Leaders of the United Business Group (UBG) in Pakistan have highlighted the challenges faced by investors and called for government action to ensure economic stability. They identified obstacles such as a lack of long-term policies, economic uncertainties, and a burdensome tax regime. High utility tariffs, excessive taxes, and issues like smuggling and misdeclaration of imports have further hindered industry growth. The UBG leaders urged the government to address these issues by providing technical support for the energy sector, implementing sustainable tax policies, and simplifying fiscal regulations. They also called for the gradual elimination of the super tax and the reduction of the general sales tax to incentivize retailers to join the tax net. [Extracted from the article]

The Power Division in Pakistan has informed the IMF about the heavy taxation burden on electric power consumers, which leads to increased tariffs. They suggested reducing the taxation burden by Rs100-200 billion annually, which could provide relief of Rs1-2 per unit. However, the 17% General Sales Tax (GST) cannot be removed. The Power Division also proposed converting power plants to local Thar coal and replacing the net metering system with gross metering to improve efficiency and reduce tariffs. [Extracted from the article]

According to Minister for Petroleum Musadik Malik, Pakistan's economy is showing positive signs of improvement based on both internal and external economic indicators. Friendly nations and international economic institutions such as the IMF and World Bank have expressed optimism about Pakistan's economic trajectory. The stock market has also been performing well, indicating restored external and internal confidence. Foreign delegations visiting Pakistan further demonstrate the stability of the country's economy. The government aims to expand the tax base and address issues such as gas and electricity theft. Foreign investment will be prioritized, with the private sector leading the way. [Extracted from the article]

The article presents a practical case of Corporation Tax settlement, focusing on the completion of pages 19 and 26 bis to sexies of the IS model 200. It details the corrections to the profit and loss account result to obtain the taxable base. Various accounting and tax operations that affect the tax calculation are mentioned, such as installment sales, depreciation, provisions, and subsidies. Adjustments related to temporary and permanent differences are also mentioned. The document provides detailed information on the adjustments made to the profit and loss account to calculate the taxable base of the corporation tax. Adjustments related to subsidies, deferred taxes, depreciation, impairment of customers, and provisions are highlighted. The article presents a series of accounting corrections and adjustments related to a company's fiscal year. Temporary and permanent differences that affect the accounting result and the taxable base of the corporation tax are also mentioned. The article provides information on the reconciliation of the net amount of income and expenses for the year with the taxable base of the profit tax. The settlement of the corporation tax is also mentioned, and information on other taxes is provided. The document details accounting adjustments related to outstanding balances at the beginning of the year and corrections made during the year. Additionally, it clarifies that certain tax effects are not taken into account when completing certain pages of the model 200, as they do not affect the accounting result for the determination of the taxable base of the tax. [Extracted from the article]

The International Monetary Fund (IMF) has reached a staff-level agreement with Pakistan on the final review of a $3 billion bailout. This agreement acknowledges Pakistan's progress in implementing reforms and aims to support the country's economic recovery. The IMF mission chief in Pakistan highlighted positive developments in Pakistan's economy, but also cautioned that growth is expected to be modest and inflation remains high. The agreement has received a positive response, with shares at the Pakistan Stock Exchange rising. Pakistan is now looking towards a longer and larger economic bailout package with the IMF, and further discussions on economic initiatives are scheduled. [Extracted from the article]

With the approval of Law 28/2022, of December 21, to promote the ecosystem of emerging companies, it has been introduced in general, for the first time in our system - previously, it had only been regulated in the regional regimes since the year 2019-, the tax regime for the perception of carried interest for the participation of administrators and workers in the successful management of companies that are financed with venture capital. Regime that shows that the legislator has chosen to do so in accordance with the origin or source, classifying it as income from work and not as coming from movable capital, but establishing a 50 percent exemption, which, by significantly correcting the progressivity that supports, is equated with the taxation of income that is included in the special part of the tax base. Which represents, without a doubt, a boost to the function that venture capital entities are called to fulfill, according to the specific regulations that regulate them. [ABSTRACT FROM AUTHOR]

Caretaker Finance Minister Dr Shamshad Akhtar has announced that the government is implementing restructuring measures in the Federal Board of Revenue (FBR) to improve tax collection and remove conflicts of interest. The Customs department will be separated from the revenue collection mechanism, allowing them to focus on tracking smuggling activities. The government also plans to introduce innovative digital technologies to broaden the tax base and reduce the shadow economy. Additionally, efforts will be made to enhance coordination between the federal government and provinces and improve public expenditures. The government aims to strengthen Pakistan's reserves and restore business and investor confidence. The minister emphasized the need for structural reforms and diversification of the economy to achieve sustainable growth. The textile and clothing sector dominates Pakistan's exports, but diversification is necessary to reduce vulnerability. The government is also working on financial inclusion strategies and developing digital infrastructure for instant digital payments. [Extracted from the article]

COAS assures traders of "transparency" in forex rate In response, General Munir assured the business community of bringing money exchanges under the purview of taxation, fostering transparency in dollar exchange and interbank rates. Chief of Army Staff (COAS) General Asim Munir on Sunday assured the business community of fostering transparency in dollar exchange and interbank rates. [Extracted from the article]

Copyright of Aktuelles Steuerrecht is the property of Richard Boorberg Verlag GmbH & Co KG and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The International Monetary Fund (IMF) has approved a four-year, $4 billion arrangement with Ecuador under its Extended Fund Facility (EFF) to avoid a debt default. However, the IMF's assistance comes with conditions, including the elimination of fuel subsidies, which could lead to protests. The government is also expected to announce a new tax reform in November to satisfy the IMF's fiscal sustainability requirements. The success of these measures will be crucial for President Noboa's administration, as it seeks to maintain economic stability and popularity ahead of the next general elections in February 2025. [Extracted from the article]

Copyright of Técnica Contable y Financiera is the property of Wolters Kluwer Espana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article discusses the Australian Taxation Office's annual corporate tax transparency report, which shows that 31% of large companies in Australia did not pay any tax despite operating in the country. The report provides data on income, taxable income, tax payable, and PRRT payable for corporations with income of $100 million or more. It also highlights the challenges of transfer pricing for multinational entities and the need for reform in tax laws to address profit shifting. The article emphasizes the importance of corporate tax transparency and the need for substantive tax reforms to ensure fair taxation. [Extracted from the article]

Finance Minister Muhammad Aurangzeb has stated that there will be no immediate agreement on restructuring energy debt with China, contrary to previous reports. The process of debt re-profiling is complex and will require several years of negotiations. Additionally, Pakistan plans to begin collecting agricultural income tax at new rates starting in the fiscal year 2025-26 as part of broader tax reforms. Chartered accountant Haroon Khawaja has suggested creating a National Tax Authority to enhance tax collection and streamline processes to expand Pakistan's narrow tax base. [Extracted from the article]

The article discusses the recent economic performance of Ireland and Belgium in the Euro-zone. Ireland's economy rebounded with a 2% growth in the third quarter, while Belgium's expansion slightly slowed to 0.2%. The fluctuating growth of Ireland, influenced by US multinational companies, has a significant impact on the region's overall economic performance. The data suggest that the Euro-zone may have continued to expand in the quarter, with GDP numbers expected to be released soon. [Extracted from the article]

Protests have erupted in Pakistan as taxes increase by 40% under an IMF bailout program. The deal, which aimed to address economic shocks and prevent default, has caused panic among Pakistanis. The cost of living has risen significantly, with electricity prices tripling and essential items becoming unaffordable for the shrinking middle class. While the IMF defends the terms of the deal, there are concerns about social tensions and the ability to implement reforms. The government hopes to widen the tax base, but the budget has faced backlash from the middle class and private companies. Multinational companies have resorted to "shrinkflation" to cope with the situation. The economic slowdown is expected to continue, causing hardship for salaried workers. [Extracted from the article]

The new French government's plans to raise taxes, including potentially increasing taxes on air passengers, have been criticized by Willie Walsh, the director general of the International Air Transport Association. Walsh argues that these tax proposals would be disastrous for France's economy and its aviation industry, as aviation is a driver of employment and growth. He also warns that the taxes would harm the tourism industry and hinder the transition to sustainable aviation fuels. Walsh cites Sweden as an example of a country that abolished its aviation tax to stimulate economic growth. [Extracted from the article]

The article discusses Indiana's tax system and its competitiveness in comparison to neighboring states and national competitors. Indiana's overall tax burden is lower than the national average, making it attractive for businesses. However, there are areas for improvement, particularly in addressing challenges faced by capital-intensive industries like manufacturing and life sciences. The study emphasizes the importance of maintaining a competitive tax structure while ensuring fair contributions from all taxpayers to support economic growth and prosperity in Indiana. [Extracted from the article]

Pakistan has reached an agreement with the International Monetary Fund (IMF) for a $7 billion loan, which is expected to be finalized by September 25, 2024. The loan will be used to stabilize Pakistan's economy over a 37-month program. In addition, the government plans to implement stricter tax measures targeting individuals and businesses that underreport their assets and income, with the aim of boosting revenue collection. These measures are set to be implemented by October 1, 2024, as Pakistan works to meet the revenue targets agreed upon with the IMF. [Extracted from the article]

The International Monetary Fund (IMF) has emphasized the importance of Pakistan's $7 billion Extended Fund Facility (EFF) and the need to broaden the tax base for long-term economic stability. The IMF has disbursed a $1 billion tranche and is urging Pakistan to continue implementing reforms, particularly in tax administration, fiscal management, and the energy sector. The IMF is calling for a shift away from a state-led growth model and is advocating for more competition, private investment, and governance reforms. The program aims to enhance resilience, promote inclusive growth, and strengthen macroeconomic stability by reforming state-owned enterprises, improving the business environment, and addressing structural challenges. [Extracted from the article]

Former President Donald Trump has proposed a wide range of tax breaks and incentives as part of his campaign promises. These proposals aim to appeal to low- and middle-income Americans looking for financial relief. However, even Trump's own advisers are unsure about which proposals he intends to enact if elected. Trump's tax plan includes measures such as eliminating taxes on tips, ending taxes on Social Security, and reversing the cap on state and local tax deductions. The success of these proposals will depend on the outcome of the congressional elections and may face obstacles from both parties due to concerns about costs and fairness. [Extracted from the article]

Croatia is planning to implement a tax on second homes, including holiday rentals, in order to increase revenue and address housing shortages. The proposed tax bill, which could take effect in 2025, would apply to over 800,000 second and third homes. The tax rate could range from 0.6 to 8 euros per square meter, and all properties that are empty or rented out short-term will be subject to the tax. The government aims to limit the number of short-term rentals and has promised to lower income taxes to offset the impact of the new tax. [Extracted from the article]

China has approved a plan to raise the retirement age for the first time since 1978. The retirement age for men will increase from 60 to 63, and for women, it will rise from 50-55 to 55-58. This change will be implemented gradually over 15 years, starting in 2025. The decision aims to address the aging population and encourage employment and entrepreneurship among workers. The government also plans to improve elderly care and protect workers' rights. The move is expected to relieve pressure on the pension system and counter demographic challenges, although it may lead to public discontent amid an economic slowdown. [Extracted from the article]

The city of Berlin, New Hampshire is frustrated with Burgess BioPower for not revealing plans to pay its property taxes. The city has filed a motion with the U.S. Bankruptcy Court of Delaware, requesting the immediate payment of $1.39 million in overdue tax payments for the biomass plant. The city is concerned that the proposed reorganization plan for the company does not provide specific information about how the taxes will be paid, and it is also unsure if the payment-in-lieu-of-tax agreement negotiated in 2001 is still in effect. Burgess BioPower, the city's largest taxpayer, filed for Chapter 11 bankruptcy and is currently operating while in bankruptcy proceedings. [Extracted from the article]

Union Finance Minister Nirmala Sitharaman has denied any friction between the Centre and States over the Goods and Services Tax (GST) and emphasized the importance of respecting the federal structure in this economic reform. She stated that simplifying and easing compliance for taxpayers was a top priority, rather than solely focusing on raising revenue. Sitharaman also highlighted that the average GST rate has decreased to 12.2%, below the originally suggested revenue neutral rate of 15.3%. She emphasized the need for both the Centre and States to work together to promote developmental activities and widen the tax base, while also addressing evasion and ensuring compliance. [Extracted from the article]

The article titled "NO ONE LEFT" by Paul Morland discusses the concept of underpopulation and its potential consequences. Morland argues that as fertility rates continue to drop below the replacement rate in many countries, there will be a decline in the number of young people entering the workforce, leading to labor shortages, reduced innovation, and a shrinking tax base. He also explores the factors influencing global fertility rates, such as economics, culture, and medical progress. However, some readers may find Morland's solution of increasing birth rates to be dismissive of concerns about climate change and resource consumption. [Extracted from the article]

The article provides an overview of New Zealand's provisional tax system, which allows taxpayers to make smaller payments throughout the year rather than one large sum. Topics discussed include the methods for calculating provisional tax—standard uplift, estimation, and accounting income method (AIM)—tips for managing provisional tax payments, and strategies for optimizing cash flow and avoiding penalties.

We've seen trimming of rates in other taxes, including 13 states with corporate-income-tax cuts, a couple of states with sales-tax cuts, and trimming other taxes as well." "After adjusting for inflation, state tax collections were 9.3 percent higher in 2022 than they were in 2017, even though 17 states had lower top income tax rates in 2022 than they did in 2017, to say nothing of cuts to corporate income taxes and other state taxes", Walczak wrote in a February article. The TCJA also capped the state-and-local tax (SALT) deduction, so high-income earners and some middle-income earners in high-tax states now feel more of the burden of their states' policies. "The past three years have seen the largest wave of state-tax cuts in the modern era, certainly since income taxes were created over a century ago at the state level", says Jared Walczak, vice president of state projects at the Tax Foundation. [Extracted from the article]

Second, Pakistan can reduce its import bill by completely switching to alternate energy resources, as far as electricity generation is concerned. Additionally, in order to reduce the import bill, Pakistan can simply stop unnecessary imports for one or two years. Pakistan's GDP is $263 billion, and the country's expenditure is more than its income. [Extracted from the article]

Copyright of Técnica Contable y Financiera is the property of Wolters Kluwer Espana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Finance Minister Nirmala Sitharaman has urged officials of the Income Tax Department in India to simplify the language used in tax notices and be "fair and friendly" to taxpayers. She emphasized the need to avoid threatening language and intimidation, and instead encouraged a more inviting approach to filing income tax returns. Sitharaman also announced plans for a new Tax Code or Income Tax Act within six months, aimed at reducing litigation and aligning with Prime Minister Narendra Modi's goals of a seamless, painless, and faceless tax system. She commended the widening of the tax base and the efforts of taxpayers and income tax officials in achieving the highest-ever income tax collection. [Extracted from the article]

Finance Minister Nirmala Sitharaman announced in Parliament that the Union Budget for 2024-25 aims to simplify the tax regime and ensure fair treatment of all asset classes. The real estate indexation rules will be relaxed, and taxpayers will have the option to choose between the old and new long-term capital gains (LTCG) regimes. The amendment is designed to avoid additional tax burdens for taxpayers and provide flexibility. The Finance Minister emphasized that the middle class has benefited from previous tax proposals, and various measures have been taken to boost domestic production and enhance export competitiveness. The government is also reviewing the rate structure and has removed the angel tax for startups. The new tax regime has seen significant success, with a large number of taxpayers opting for it. The number of income tax returns filed has increased, indicating a widening of the tax base. [Extracted from the article]

Russia's government revenue from oil-industry taxes increased by 53% in July compared to the previous year, reaching 1.05 trillion rubles ($12.3 billion). This surge in revenue is attributed to higher prices for Urals crude, Russia's key export blend. Despite international sanctions and a European ban on Russian oil, Russian producers have adapted by redirecting flows to other buyers and utilizing a large fleet of tankers. The increase in oil revenue was also influenced by a profit-based tax paid four times a year, as well as state subsidies to refiners. However, revenue from the gas industry decreased by almost 80% due to state refunds for overpaid export duties. [Extracted from the article]

Ireland's economy experienced accelerated growth in the second quarter, with gross domestic product (GDP) rising by 1.2% compared to a 0.7% increase in the previous quarter. This is seen as a positive sign for the euro-zone, as Ireland's data has had a significant impact on the region's overall expansion. The growth in Ireland is attributed to the country's international industrial companies. On the other hand, Belgium's momentum slowed slightly, with a GDP reading of 0.2%. The euro-zone's GDP data for the second quarter, along with statistics from other major economies, will be released on Tuesday. However, Latvia, one of the euro area's smaller members, experienced a contraction of 1.1% after three quarters of growth. [Extracted from the article]

This article discusses recent last-minute sales tax changes in several states, including Vermont, North Carolina, New Jersey, and Ohio. In Vermont, sales tax was extended to remotely accessed prewritten computer software and a 3% short-term rental impact surcharge was imposed. North Carolina repealed the 200-transactions threshold for economic nexus, while New Jersey repealed its sales tax holiday. Ohio expanded its sales tax holiday to include almost all tangible personal property. The article emphasizes the need for businesses to be prepared and adaptable in the face of these changes. [Extracted from the article]

The Zimbabwe Revenue Authority (ZIMRA) has been praised for its commitment to transparency and revenue collection by Deputy Minister David Mnangagwa. Despite challenges such as a growing informal sector, ZIMRA has focused on widening the tax base and maintaining transparency standards. The Deputy Minister highlighted ZIMRA's progress in achieving its goals, including the implementation of the new Tax Revenue Management System (TaRMS) to simplify tax management for the public. ZIMRA has also invested in technology and infrastructure improvements to enhance border control and cargo monitoring. [Extracted from the article]

Italy's Ambassador to Pakistan, Marilina Armellin, has expressed interest in strengthening cooperation between Italy and Pakistan in various economic sectors, including textile, machinery, agriculture, and dairy. Finance Minister Muhammad Aurangzeb welcomed the Ambassador and highlighted Pakistan's economic achievements, such as reducing the current account deficit and reaching record highs in the stock market. The Minister also discussed the government's initiatives to broaden the tax base and privatize State-Owned Enterprises. Ambassador Armellin praised Pakistan's economic progress and expressed optimism about future collaborations. [Extracted from the article]

Researchers at Alto University in Espoo, Finland have proposed a two-tier model for a corporate income tax-based own resource to address the consequences of the COVID-19 crisis in the European Union (EU). The EU has taken on significant debt and is seeking new own resources for repayment, including a financial contribution from the corporate sector or a new common corporate tax base. The researchers aim to balance the interests of taxpayers, administrations, the EU, and Member States with their alternative proposal. This research has been peer-reviewed and is published in the European Law Review. [Extracted from the article]

The article discusses cryptocurrency mining operations in the U.S., particularly focusing upon the search for cheap power sources in Plattsburgh, New York, via the Niagara Power Authority, and how the use of power can impact communities such as Plattsburgh. The article examines disturbances caused by cryptocurrency mining operations such as noise from ventilation efforts to reduce the heat caused by mining servers, little-to-no tax bases generated by mining leasers, and an increase in consumer electricity rates.

By the time this article is printed, most likely a new finance minister would be holding the office with probably the most difficult job in Pakistan at this point in time. With quite sketchy economic health, rising international and public debt, souring relations with the IMF and big economies, piling debt servicing for next years, rapidly devaluing rupee and volatile international economic situation, the new finance minister may be facing a make-or-break situation for the next budget. The most important milestone for the new finance minister would be the budget for 2022-23. [Extracted from the article]

PBC emphasised upon equitable taxation and proposed the government to accelerate the Federal Board of Revenue (FBR) reforms to broaden the tax base, and increase the advance and withholding tax rates on non-filers. Pakistan Business Council (PBC) has recommended the government to withdraw the general subsidy on fuel by replacing with targeted assistance through BISP by restoring fiscal prudence. [Extracted from the article]