Category: tax
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Treasury can expect tax bonanza from Wiz sale
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How much of the $23 billion reported by Alphabet (Google’s parent company) to buy Israeli cloud security startup Wiz will the Israeli tax authority take? The low estimate is $2.5 billion, while the high estimate is $3.5 billion. The Israeli tax liability arising from the acquisition lies with Waze’s Israeli…
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Inheritance tax receipts hit £2.1 billion in three months
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Figures released by HMRC this morning showed inheritance tax revenues hit £2.1 billion between April and June in the 2024/25 tax year. This is £83m more than the same period last year, continuing a two-decade trend of increased revenues. The previous full tax year saw total inheritance tax revenues of…
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HMRC gains only £14.4m in extra tax from insolvencies since regaining preferential creditor status
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HMRC has collected an extra £14.4m in tax from insolvency cases over the two tax years to 2023 since regaining its “preferential creditor” status. The preferential status known as “coronavirus preference” was reinstated for HMRC in December 2020, giving it priority in recovering tax owed from insolvent businesses ahead of…
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Universal credit tax rate hindering employment efforts
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The new government must address the 55% effective tax rate on Universal Credit recipients if it aims to reduce unemployment. This is what Robert Salter, technical director at tax and audit consultancy Blake Rothenberg, pointed out, highlighting the issue in light of the recent King’s Speech, in which the government…
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Impending tax hike looms for Americans in the UK following general elections
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Americans living and working in the UK may face increased tax rates due to the results of the UK general election and the US presidential election in November. “For the Americans, this is the warm-up period before the main event of the US elections in November,” said Alex Street, a…
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Michael Waweru, the unlikely tax czar who secured Kibaki’s plans
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Michael Waweru, who died yesterday, was known for his unwavering commitment to his duties. As a tax collector, he was a man of principles who carried out his duties with utmost sincerity. Tax evaders, who were once friends of the Commissioner General of the Kenya Revenue Authority, have found a…
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Strategies to navigate potential labour tax changes
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Throughout the general election campaign, Labour officials insisted there were “no plans” to raise taxes beyond the pledges made in their election manifesto. However, given the fragile state of the country’s finances, the wealthy and their advisers are expecting future tax increases now that the party has taken control of…
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Global Blue Releases the Monthly Tax Free Shopping Business Update for June 2024 By Investing.com
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New data from Global Blue reveals that the global dynamic recovery in tax-free shopping has accelerated across continental Europe and the Asia-Pacific region. Globally, the recovery rate of exported store sales was 168%1 in June 2024 compared to the same period in 2019, compared to 163%1 in April/May 2024 and…
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3 million Kenyans have three days to file tax returns
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About three million Kenyans have not filed their tax returns four days before the June 30 deadline, exposing them to penalties from the Kenya Revenue Authority. KRA data shows that about six million people filed their returns by June 26 against nine million active taxpayers in its database. The number…
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Schools need to act now to avoid huge tax liabilities in the future
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A leading VAT expert has called on private schools to review the accounting treatment of pre-paid school fees to avoid huge tax charges later. This comes after news that Labour is planning to introduce measures to combat disruption over proposed VAT legislation for private schools. This would see the party…
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US Treasury finalizes new crypto tax reporting rules By Reuters
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Written by Hannah Lange (Reuters) – The U.S. Treasury Department finalized a rule on Friday that would require cryptocurrency brokers, including exchanges and payment processors, to report new information about user sales and exchanges of digital assets to the Internal Revenue Service. The new requirements are aimed at cracking down…
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All Major Parties’ Tax Manifestos could lead to nasty shock for taxpayers
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The tax policies pursued by all major parties – as expressed in their election platforms – give general election voters a misleading impression of taxes over the next five years. That’s the view of Robert Salter, technical director of tax at leading audit, tax and business advisory firm Blick Rothenberg.…
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Tax Policies: the good, the bad and the ugly…
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Conservative tax policies do not have the best interests of the country in mind, and Labor’s policies are appalling with no awareness of the social consequences Mr Hunt criticized the inheritance tax as “strongly anti-Tory”, but despite hopes that the Conservative manifesto would abolish the tax, it did not happen.…
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Deadly tax protests leave Kenya facing IMF fallout
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Parliament on Tuesday approved the controversial Finance Bill 2024, backing recommendations to withdraw some taxes, including taxes on bread, airtime and cars, which were part of a package of reforms Kenya agreed to implement in a deal with the International Monetary Fund. The vote on the amended revenue increase bill…
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Bitcoin As Federal Tax Payment Method? Congressman Presents New Legislation
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In an important development for the crypto industry, Republican Congressman Matt Gaetz is set to introduce a new bill allowing Federal income tax payments It will be conducted using Bitcoin (BTC). Gates believes that by allowing taxpayers to use Bitcoin in their federal tax liabilities, the country can foster innovation,…
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Bitcoin As Federal Tax Payment Method? Congressman Presents New Legislation
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In an important development for the crypto industry, Republican Congressman Matt Gaetz is set to introduce a new bill allowing Federal income tax payments It will be conducted using Bitcoin (BTC). Gates believes that by allowing taxpayers to use Bitcoin in their federal tax liabilities, the country can foster innovation,…
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Congressman Matt Gaetz Introduces Bill to Allow Federal Income Tax Payments in Bitcoin
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Congressman Matt Gaetz (R-Fla.) has introduced legislation allowing federal income tax payments to be made in Bitcoin. Reported exclusively First reported by The Daily Wire, this bill aims to amend the Internal Revenue Code of 1986, directing the Secretary of the Treasury to develop a plan to accept Bitcoin. Urgent:…
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Congressman Matt Gaetz Introduces Bill to Allow Federal Income Tax Payments in Bitcoin
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Congressman Matt Gaetz (R-Fla.) has introduced legislation allowing federal income tax payments to be made in Bitcoin. Reported exclusively First reported by The Daily Wire, this bill aims to amend the Internal Revenue Code of 1986, directing the Secretary of the Treasury to develop a plan to accept Bitcoin. Urgent:…
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US Residents Can Pay Federal Tax In Bitcoin (BTC) If This New Bill Becomes Law
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In a promising development for the cryptocurrency scene in the United States, the congressman said Matt Gaetz The state of Florida has introduced a bill that would allow American taxpayers to settle their debts Federal tax In Bitcoin (BTC). This bold legislative step aims to modernize the country’s tax system…
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US Residents Can Pay Federal Tax In Bitcoin (BTC) If This New Bill Becomes Law
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In a promising development for the cryptocurrency scene in the United States, the congressman said Matt Gaetz The state of Florida has introduced a bill that would allow American taxpayers to settle their debts Federal tax In Bitcoin (BTC). This bold legislative step aims to modernize the country’s tax system…