Category: tax
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Labour to Impose Immediate Tax on Private School Fees, Says Starmer
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Labor leader Sir Keir Starmer has announced that a Labor government will quickly introduce taxes on private school fees. Speaking on BBC Radio 4’s Today programme, Starmer confirmed that the VAT exemption that private schools currently enjoy would be removed “as quickly as it can be done”, leading to a…
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Venice’s ‘tourist tax’, labeled a ‘miserable failure,’ might not break even this year
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Faced with the risk of sinking and an economy crowding out local residents, Venice last month launched a measure that was as ambitious as it was controversial: a so-called “tourism tax” on day trippers. But after a few weeks, the floating city has done little to prove that it has…
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Rising Benefits and Tax Cuts Push UK Borrowing to Three-Year High
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UK government borrowing rose to £20.5 billion in April, its highest level in three years. This increase was driven by a growing benefits bill and a decline in tax revenues following reductions in National Insurance contributions. Official figures from the Office for National Statistics (ONS) revealed that borrowing exceeded both…
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Jeremy Hunt Promises Further Tax Cuts and Criticises Labour’s Plans
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Chancellor of the Exchequer Jeremy Hunt has pledged further tax cuts in the autumn, stressing that the UK economy has “turned a corner”. In an attempt to clarify the differences before the next election, Hunt accused Labor of planning to raise taxes while portraying the Conservatives as committed to cutting…
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HMRC Seeks Another Bite in ‘Mega Marshmallow’ Tax Case
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After losing twice in the protracted ‘huge marshmallow’ tax case, HMRC has announced its intention to lodge another appeal. Last month, the High Tax Court upheld a lower court ruling that “jumbo marshmallows” sold by London-based wholesaler Innovative Bites are not considered sweets and are therefore exempt from VAT. The…
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Nigerian Court Clears Binance Executive for Trial in Tax Evasion Case
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A Nigerian court ruling today (Friday) has paved the way for Binance CEO Tigran Gambaryan to stand trial on behalf of the cryptocurrency exchange in the ongoing tax evasion case. Along with Gambarian, a US citizen and head of financial crimes compliance, British-Kenyan national Nadeem Angarwala, regional director for Africa,…
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Anti-tax group advising Trump on second-term tax cuts
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An anti-tax advocacy group with ties to billionaire Jeff Yass and shipping magnate Richard Uehlin is vying for a new round of corporate tax cuts if Donald Trump wins a second term in the White House. The Club for Growth Foundation, whose members have sparred with Trump’s advisers over economic…
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KRA to miss target by Sh300bn despite new tax measures
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The Kenya Revenue Authority (KRA) has recorded its highest deficit in tax collection from employees despite the introduction of two new tax bands targeting top earners, even as the Treasury expects the tax collector to miss this year’s targets by about Sh300 billion. A quarterly report published by the National…
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Infrastructure bonds face 5pc tax
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Interest earned on future infrastructure bonds with a term of at least three years will for the first time attract a withholding tax at the rate of five per cent if proposals in the Finance Bill 2024 are passed through Parliament. Infrastructure bonds (IFBs) have been tax-exempt since they were…
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Local online taxi, food delivery platforms to pay digital tax
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A 1.5% digital services tax will be imposed on local platforms offering online jobs, rental, food delivery and ride-hailing services, if Parliament approves a proposed revenue-raising proposal by the National Treasury. In the Finance Bill 2024, National Treasurer Njuguna Ndongo proposed amendments to extend the digital service tax to platforms…
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Nadhim Zahawi confirms he paid nearly £5m for tax error
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Former chancellor Nadhim Zahawi has confirmed to the BBC that he has paid nearly £5 million to the authorities to settle his tax affairs. The settlement was related to an investigation by HMRC into the allocation of shares in YouGov, the opinion polling company he founded before becoming an MP.…
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Trump is fighting an audit that could cost him over $100 million because he claimed 2 tax breaks for the same Chicago building
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A massive trove of tax information obtained by ProPublica, covering thousands of America’s wealthiest individuals, reveals what’s inside the billionaires’ bag of tricks for minimizing their personal tax bills — sometimes to nothing. Former President Donald Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled…
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Motorcycles to cost more on 10 percent excise tax
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Imported motorcycles costing Sh130,000 and above are set to become more expensive after National Treasury proposed raising customs duties on a two-tier system characterized by the current flat rate of Sh12,952 or a new proposed rate of 10 percent of unit value, whichever is higher. The proposal to introduce the…
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SEZ companies get Sh1.9bn tax incentives in nine years
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Companies operating in Kenya’s Special Economic Zones (SEZ) have been exempted from paying Sh1.98 billion in taxes and other fees in the nine years to 2023, Parliament has been told. Incentives include protection from corporate tax, withholding taxes, and value-added tax, and are offered to developers and companies in special…
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DOJ Arrests Early Bitcoin Investor Roger Ver, ‘Bitcoin Jesus,’ on Charges of Tax Fraud
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The Department of Justice (DOJ) has indicted Roger Ver, a prominent early Bitcoin investor known as “Bitcoin Jesus,” on charges of mail fraud, tax evasion, and filing false tax returns. Ver was arrested over the weekend in Spain on these criminal charges, and the United States intends to request his…