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In principle, physical currency should be disappearing: payments are increasingly electronic, with new technologies emerging rapidly, and governments increasingly restrict large-denomination notes as a way to reduce crime and tax evasion. Nonetheless, demand for U.S. banknotes continues to grow, and consistently increases at times of crisis both within and outside the United States because dollar banknotes remain a desirable store of value and medium of exchange when local currency or bank deposits are inferior. Most recently, the COVID crisis resulted in historic increases in currency demand. After allowing for the effect of crises, U.S. banknote demand appears to be driven by the usual factors determining money demand, with no discernible downward trend. In this work, I review developments in demand for U.S. currency over the past few decades with a focus on developments since early 2020. In addition, I revisit the question of international demand: I present the raw data available for measuring international banknote flows and updates on indirect methods of estimating the stock of currency held abroad. These methods continue to indicate that a large share of U.S. currency is held abroad, especially in the $100 denomination. As shown earlier (Judson 2012, 2017), once a country or region begins using dollars, subsequent crises result in additional inflows: the dominant sources of international demand over recent decades are the countries and regions that were already heavy dollar users in the early to mid-1990s. While international demand for U.S. currency eased during the early 2000s as financial conditions improved, the abrupt return to strong international demand that began with the collapse of Lehman Brothers in 2008 has not slowed and reached new heights over 2020 and 2021. In contrast, however, the growth rate of demand for smaller denominations is slowing, perhaps indicating the first signs of declining domestic cash demand. [ABSTRACT FROM AUTHOR]

The article focuses on the changes in federal individual income tax brackets, the standard deduction, and the personal exemption since 1988, highlighting their indexing for inflation and the impact of tax laws enacted since the U.S. Tax Reform Act of 1986. It explains how tax provisions are adjusted for inflation and provides a year-by-year summary from 1988 to 2024 of these key tax elements through a series of tables.

This paper is about the nonparametric regression of a choice variable on a nonlinear budget set when there is general heterogeneity, i.e., in the random utility model (RUM). We show that utility maximization makes this a three-dimensional regression with piecewise linear, convex budget sets with a more parsimonious specification than previously derived. We show that the regression allows for measurement and/or optimization errors in the outcome variable. We characterize all of the restrictions of utility maximization on the budget set regression and show how to check these restrictions. We formulate nonlinear budget set effects that can be identified by this regression and give automatic debiased machine learners of these effects. We find that in practice nonconvexities in the budget set have little effect on these estimates. We use control variables to allow for endogeneity of budget sets and adjust for productivity growth in taxable income. We apply the results to estimate .52 as the elasticity of an overall tax rate change in Sweden. We also find that the restrictions of utility maximization are satisfied at the choices made by nearly all individuals in the data. [ABSTRACT FROM AUTHOR]

The article focuses on Egypt's background and its relations with the United States, highlighting three key topics: Egypt's strategic importance due to its geography, demography, and diplomacy; the country's economic crisis and reliance on international financial assistance; and the balancing act of U.S.-Egyptian relations. The U.S. has historically provided significant foreign aid to Egypt, primarily for regional stability and to support the 1979 Egyptian-Israeli peace treaty.

Italian drinks company Campari Group has denied claims that it is being investigated for tax evasion. A report by Reuters stated that prosecutors in Milan were looking into the holding company that controls Campari, Lagfin, for unpaid taxes totaling around $1.07 billion from 2018-2020. However, Campari has refuted these allegations, stating that neither it nor any of its subsidiaries are under investigation. Analysts have also questioned the connection between Campari and Lagfin, suggesting that even in the worst-case scenario, Campari would not be significantly impacted. [Extracted from the article]

The article focuses on the federal tax gap, covering its nature, estimation methods, and contributing factors. Topics include the U.S. Internal Revenue Service's (IRS) measures of the tax gap, deficiencies in estimation methods, and the impact of IRS resources, income visibility, and tax code complexity. Additionally, it discusses the Inflation Reduction Act and its potential effects on revenue collection, emphasizing the need for a balanced approach between enforcement and taxpayer services.

The Federation of Hotel and Restaurant Associations of India (FHRAI) has requested a 12% Goods and Services Tax (GST) rate for all hotels in its pre-budget recommendations. They have also asked for infrastructure status to be granted to hotels and convention centers, as well as the delinking of restaurant tariffs from room tariffs. The FHRAI believes that these measures will help to boost the budget segment of the hotel industry and attract investments. FHRAI President Pradeep Shetty expressed confidence in the government's commitment to implementing GST rationalization for the hospitality sector. [Extracted from the article]

The article examines the capital gains exclusion and the cap in the U.S. It describes the current tax rules, the historical development of the capital gains provisions, and the potential justifications for capital gains relief, as well as tax avoidance problems that may arise, along with the coverage and cost.

The article focuses on addressing tax evasion and avoidance through use of tax havens has been the subject of a number of proposals in Congress and by the President. It mentions actions by the Organization for Economic Cooperation and Development (OECD) and the G-20 industrialized nations and multinational firms can artificially shift profits from high-tax to low-tax jurisdictions. It also mentions Internal Revenue Service (IRS) relies on qualified intermediaries (QIs) for tax evasion.

French dairy company Lactalis is currently under investigation for potential tax fraud dating back to 2018. The CEO's home, as well as the company's headquarters and an office, were raided by French police. The investigation is being conducted by the National Financial Prosecutor's Office and is focused on allegations of aggravated tax fraud and money laundering. The amount of duties potentially evaded is estimated to be several hundred million euros. Lactalis has confirmed the searches and stated that they relate to events from several years ago that have already been examined by authorities. [Extracted from the article]

In the article, the author discusses updates in the cryptocurrency market. Among the developments are the concern raised by the U.S. Department of State on the use of cyber currencies in money laundering activities in Costa Rica, the efforts by countries like France, the U.S. and South Korea to improve their anti-money laundering (AML) and Know Your Customer (KYC) rules, and the ruling by a Dutch court claiming that bitcoin is a legal transferrable value.

The article provides an overview of the U.S. efforts to combat money-laundering risks posed by the real estate sector. It mentions about the role of Congress in combatting real estate crimes such as use of commercial real estate transactions to commit fraud, tax evasion, and money laundering, including international transfers involving politically exposed persons, and all-cash sales of high-value real estate that do not involve mortgage lenders.

In 2023, the DGGI detected significant GST evasion in diverse sectors like online gaming, casinos, insurance and secondment (import of manpower services) [ABSTRACT FROM AUTHOR]

Polycab India denies any rumours of tax evasion by the Company circulating in media [ABSTRACT FROM AUTHOR]

Sitharaman said to safeguard the interest of honest taxpayers and avoid extreme hardship to taxpayers, instructions have been issued from time to time [ABSTRACT FROM AUTHOR]

The CBIC in September had issued notices totalling about Rs 1 lakh crore to online gaming and casinos operators in September for alleged tax evasion [ABSTRACT FROM AUTHOR]

The ministry said 'Overall in FY 2023-24, Rs 1.36 lakh crore has been detected as overall GST evasion (including fake ITC) and voluntary payment of Rs 14,108 crore has been made for the same' [ABSTRACT FROM AUTHOR]

The article offers U.S. political-related news briefs. The controversy surrounding the sexual harassment allegations against Brett Kavanaugh, nominee for U.S. Supreme Court Justice, is discussed. The U.S. President Donald Trump was heavily financed by his father Fred Trump and engaged in tax fraud, according to the "New York Times" newspaper. Former Presidents Bill Clinton and Barack Obama were targeted by explosive devices.

This report was commissioned by the Directorate General for Taxation and Customs Union (TAXUD) of the European Commission under framework contract FWC No. TAXUD/2015/ CC/131, and prepared by CASE under the leader Institute for Advanced Studies. It remains the property of TAXUD. The views and opinions expressed in this report are not necessarily shared by the European Commission or CASE Network, nor does the report anticipate decisions taken by the European Commission. [ABSTRACT FROM AUTHOR]

The article reports on the final list of 15 base erosion and profit shifting (BEPS) action items published by the Organization for Economic Cooperation and Development (OECD) in October 2015 to reduce BEPS in which firms use tax-avoidance strategies that exploit gaps and mismatches in tax rules. It is said that these action items have led to limited changes to U.S. businesses because of either a lack of relevance or existing practices.

Omani banks were instructed to comply with the Foreign Account Tax Compliance Act (FATCA) by 25th April 2014, to avoid being subject to a 30 percent withholding tax being levied by the US. Oman has not signed any intergovernmental agreement with the US, thus institutions have to individually deal with compliance as per the requirements of the regulation. The objective of FATCA was to ensure the reduction of unlawful and intentional tax avoidance on global income by US tax payers. However, the implementation of this Act has placed several challenges on the countries and foreign financial institutions outside the US. The Act identified the types of entities that should register with FATCA, the type of information reported and its timing, resolution of conflicts in reporting and local laws. Currently, Omani banks have created the necessary architecture for fulfilling this regulation and have safeguarded Oman's relationship map outside the country, but some of the banks are yet to provide more information on FATCA compliance on their websites. [ABSTRACT FROM AUTHOR]

The government is taking steps to increase compliance and using data analytics and human intelligence to identify fraud [ABSTRACT FROM AUTHOR]

The article offers insight to a comprehensive review conducted by New York Times, according to which U.S. President Donald Trump is engaged in fraudulent tax schemes and heavily relied financially on father's real estate empire. It informs that Trump received money as a result of a variety of fraudulent tax schemes that included undervaluing his parents Fred and Mary Trump's real estate holdings for reducing taxes, and setting up a shell corporation to disguise gifts from his parents.

The article examines a review by "The New York Times" newspaper on the wealth of U.S. President Donald Trump which revealed that Trump received millions from his father's real estate empire due to a variety of fraudulent tax schemes. Trump reportedly undervalued the real estate holdings of his parents to reduce taxes and established a shell corporation to disguise gifts from his parents. It notes that the findings is contradictory to Trump's claim that he is a self-made millionaire.

The article reports that international efforts to address tax evasion in the offshore financial service sector is likely to affect economic recovery in the Caribbean region in 2013. The Offshore Financial Centres (OFCs) in the region have been obliged to enter into formalised tax agreements. The offshore finance sector is facing a secular decline. Other topics include the shift in textile demand growth towards countries in South Asia and the status of precious metals in the commodities market.

A report on the five-year forecasts for the economic, political and social condition of France from 2013-2017 is presented. It notes that president François Hollande had lost the public's support since he took in office in May 2012 due his ministers involvement on tax evasion. It also notes that the political climate will likely deteriorate between 2013 and 2014 due to the impact of austerity measures. Also declared is the government's failure to meet the target of reducing deficit by 3%.

The article offers news briefs from the world as of April 2013. The consumer price inflation will rise because of higher oil revenues has increased state spending in Azerbaijan. The current account deficit in Ukraine will increase because of expensive steel and gas imports. Turkey and Azerbaijan will develop shale production over the coming decade. The Russian economy is losing 52 billion U.S. dollars a year in tax evasion and illegal exports.

The article discusses the political, financial and economic risk assessments for Italy in 2010 and the potential condition of the country from 2011 to 2015. It reports on the protests held against Italian Prime Minister Silvio Berlusconi in February 2011 following prime minister's involvement in legal lawsuits such as tax fraud and prostitution. It states that Berlusconi will probably be forced to resign, which will result in early elections schedule to take place at the end of 2011.

The article describes the tax laws for corporations in Taiwan. Corporate taxes in the country are at the low end compared to neighboring economies while incentives for foreign investors lessens their tax burden. Tax evasion among local companies is still widespread although foreign accounting methods and close surveillance have curbed such practices. A major change in Taiwan's Income Tax Law also took place with the merger of the business-receipts tax and the consolidated personal income tax.

The article provides information on personal income taxation in Italy. A law on tax amnesty was passed as a way to combat the severe problem of tax evasion. The government has also looked into the possibility of broadening the tax base. Share options are covered by personal tax income law. No net-worth tax or any similar levy is imposed on personal or household assets.

The article provides information on corporate taxation in Italy. Corporate tax rate stands at 27.5%. A special unit was formed specifically to focus on corporate tax evasion and enhance the exchange of information with foreign jurisdictions. Italy uses the straight-line method of and valuation is based on the historical cost of the assets. Corporate capital is not taxed by the national and regional governments. Value-added tax reportedly impacts importers, producers, wholesalers and retailers of goods and services.

The article discusses the corporate taxation system of Spain as of January 1, 2007. It examines the reforms in the Spanish tax system under Law 35/2006, which aims to simplify the taxation system and cut the tax burden in both corporate and personal taxes. Particular focus was also given on the implementation of Law 36, which cracked down on tax evasion and money-laundering. It also presents facts and figures related to corporate tax rates, depreciation, and withholding tax rates under Spain's tax treaties.

The article presents a discussion about personal taxes in Italy. There are five personal-tax brackets in the country, with the highest being charged 43 percent for the 2009 income year. As reported, tax evasion has long been a problem in the country, with the governments battling it through various measures, such as tax amnesties.

The article reports on corporate taxation in Italy. Called imposta sul reddito delle societa (IRES), the corporate tax rate in the country is 27.5 percent. Tax legislation in the country has been also reformed many times as governments change, although the administration of Silvio Berlusconi is now focused on tax evasion to increase internal revenue.

The article describes the corporate taxes in France as of May 2010. It describes the reform of the local business tax in which an annual levy has been implemented by municipal and regional governments according to the rental value of fixed assets used for the business. Despite the high tax morality among large French corporations and foreign investors, tax evasion remains a problem on smaller companies. Information on the country's corporate tax rates, capital taxes, treatment of capital gains, and taxes on royalties and fees are included.

The article discusses the policies on corporate taxes in Russia as of December 2009. It tackles the issues related to taxation, including making the legally mandated reimbursement of input value-added tax (VAT) on exported goods, tax avoidance, and tax evasion. Changes across the Tax Code, including the definition of taxable income, the introduction of depreciation rates, and the new property tax chapter, are elaborated. Also mentioned are taxes imposed on dividends, interest, and royalties and fees.

The article presents a discussion about personal taxes in Italy. In 2008, 43 percents is the top statutory personal income tax rate. Tax evasion has long been a problem in the country, with the government able to recover €140 million from 201 to 2005 from residents claiming that they live outside Italy. Social and pension contributions by employees are not included in tax calculations.

The article presents a discussion about taxes for corporations in Italy. Starting January 21, 2008, the corporate tax rate in the country has been 27.5 percent. The Robin tax are imposed on energy companies with a turnover in excess of €25 million. It was found that tax evasion and avoidance are rampant in the country.

The article presents an update on Vanuatu and offers an outlook on its economy and politics for 2008-2009. An international investigation into tax evasion in Vanuatu is expected to bring changes to the financial services industry in the country. The investigation also caused tension to emerge between Vanuatu and Australia in line with accusation against Australian authorities of operating outside their permitted boundaries. It relates the increase in tourist arrivals and in consumer prices in the first quarter of 2008.