Category: tax
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El Al pays no tax on its record profits
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dominance El Al Israel Airlines Ltd. (level:Ilal) in the skies over Israel, after many foreign airlines canceled flights to and from Israel over fears of an Iranian strike, resulting in a record net profit of $147 million in the second quarter of 2024. With El Al able to charge high…
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Crypto tax evasion lands Ukrainian blogger in $5m trouble
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Ukrainian financial investigators have charged a local blogger with evading $5 million in taxes through cryptocurrency transactions linked to online affiliate marketing. Ukraine’s Bureau of Economic Security has accused a prominent local blogger of evading more than $5 million in taxes through a sophisticated scheme involving cryptocurrency transactions, according to…
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Crypto tax evasion lands Ukrainian blogger in $5m trouble
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Ukrainian financial investigators have charged a local blogger with evading $5 million in taxes through cryptocurrency transactions linked to online affiliate marketing. Ukraine’s Bureau of Economic Security has accused a prominent local blogger of evading more than $5 million in taxes through a sophisticated scheme involving cryptocurrency transactions, according to…
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New Draft Eases Tax Filing Burden
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The IRS, or Internal Revenue Service, revealed that New Draft Version of Tax Form 1099-DAwhich cryptocurrency brokers and investors use to report certain digital asset transactions from the upcoming tax period in 2025. The new version is a big step forward from the original draft submitted in April 2024. The…
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IRS lightens crypto reporting requirements for tax filings
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The Internal Revenue Service has simplified reporting requirements in the latest version of Form 1099-DA, which cryptocurrency brokers and taxpayers will use to report digital asset transactions. According to August 9 to updateThe new draft removes many requirements that were part of the April version when the IRS first introduced…
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Global Economic Impact of Gambling Tax Soars
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This section is Partnership Content Provided The content in this section has been provided by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. by Globe Newswire Breadcrumbs Path Links Globe Newswire Article author: Published on August 9, 2024 •…
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Binance Faces $86 Million Tax Penalty In India
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Image: milkroad.com In a significant development that has sent shockwaves through the cryptocurrency world, Binance, the world’s largest digital asset exchange, has been hit with a $86 million tax back order from Indian authorities. The landmark move by India’s Directorate General of Goods and Services Tax Intelligence not only highlights…
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Israels top percent pays less tax in proportion to income
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The total income of the top percentage of the wealthy in Israel between 2013 and 2021 amounted to about 100 billion shekels annually, according to a study conducted by the Israel Tax Authority. The study found that the top percentage of the wealthy receive 13.2% of the total income and…
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Israels top percent pays less tax in proportion to income
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The total income of the top percentage of the wealthy in Israel between 2013 and 2021 amounted to about 100 billion shekels annually, according to a study conducted by the Israel Tax Authority. The study found that the top percentage of the wealthy receive 13.2% of the total income and…
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Cabinet approves lower tax for early study fund withdrawals
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The Israeli government has approved Finance Minister Bezalel Smotrich’s proposal to allow employees and the self-employed to withdraw money from advanced study funds (Keren Hashtalmot) with a reduced penalty until the end of 2024. The bill on the matter will now be fast-tracked through the Knesset. In the current legal…
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Senate Democrats tee up vote on child tax credit in election-year pitch to families
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Breadcrumbs Path Links BMW PMN Business Article author: Associated Press Kevin Freaking Published on August 1, 2024 • Read for 4 minutes You can save this article by registering for free here. Or log in if you have an account. FILE – Senate Majority Leader Chuck Schumer, D-N.Y., delivers remarks…
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Labour government presses ahead with non-dom tax reforms
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Non-residents hoping for changes or delays to the new Labour government’s reforms will be disappointed by the UK Treasury’s policy paper released yesterday, according to leading audit, tax and business advisory firm Blick Rothenberg. “Non-residents calling for changes or a delay to the Conservative government’s original proposals will be disappointed,…
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Reeves’ tax raid spells ‘game over’ for North Sea oil and gas
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The North Sea is approaching an “endgame zone” after Rachel Reeves pushed through a widening tax raid on oil and gas companies. On Monday, the chancellor delivered on Labour’s election pledge to impose tougher taxes on oil companies by increasing the Energy Profits Tax. Reeves announced that the tax, originally…
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Housing purchase tax cut approved for new immigrants
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The Knesset Finance Committee today approved an amendment to the real estate tax system regarding benefits for new immigrants who purchase real estate in Israel. The Knesset Finance Committee today approved an amendment to the real estate tax regulations regarding the benefits that new immigrants receive when purchasing real estate…
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Taxpayers urged to heed HMRC’s simple tax assessments
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More than half a million taxpayers due to receive simple tax assessments from HMRC for the first time have been warned not to ignore them to avoid penalties and miss out on tax deductions, according to leading audit, tax and business advisory firm Blick Rothenberg. Robert Salter, a director at…
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Treasury on the spot over Sh2.6bn tax gift to e-bike firm
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Former Treasury Secretary Njuguna Ndung’u has been put in an awkward position over the allocation of more than Sh2.5 billion of public funds to pay taxes to a private electric vehicle company, sparking opposition from rival companies. The Treasury has offered to settle customs duties on 10,000 electric motorcycles and…
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Israel to apply 15% minimum corporate tax from 2026
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The Israeli Ministry of Finance announced that it will implement a qualified domestic minimum tax (QDMTT) starting in 2026, as part of the OECD’s Pillar II international tax reform. This is a plan to change the current corporate tax system, allowing countries to collect more taxes from international companies that…
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Israel to apply 15% minimum corporate tax from 2026
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The Israeli Ministry of Finance announced that it will implement a qualified domestic minimum tax (QDMTT) starting in 2026, as part of the OECD’s Pillar II international tax reform. This is a plan to change the current corporate tax system, allowing countries to collect more taxes from international companies that…
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Labour Chancellor Rachel Reeves to Unveil £19bn Financial Shortfall and Outline Tax Increase Plans
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Chancellor Rachel Reeves is set to unveil a £19bn deficit in the public finances, paving the way for an expected tax rise in the autumn. The announcement comes as it assesses fiscal challenges inherited from the previous conservative administration. An early audit has revealed “excess pressures” of around £19bn in…
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Half a million ensnared by 60 per cent income tax trap
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More than half a million individuals now pay up to 60 percent of income tax on the top of their earnings, a record number caught in this punitive tax trap, according to Bowmore Financial Planning. Salaries between £100,000 and £125,000 fall under this tax anomaly. While the official top rate…