Category: tax
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KRA wins Sh122m tax fight with KTDA’s Dubai unit
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A UAE-based tea trading company owned by Chai Trading Company (CTCL), a wholly-owned subsidiary of giant Kenya Tea Development Agency (KTDA) Holdings Ltd, has lost a battle to prevent a Sh122.67 million levy. Claim from Kenya Revenue Authority (KRA). The Tax Appeal Tribunal (TAT) said KRA was justified in seeking…
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Record £40bn tax hike set to slow UK economic growth, warns OBR
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Chancellor Rachel Reeves introduced a record £40bn tax rise in her first Budget, which the Office for Budget Responsibility (OBR) warns could stifle economic growth in the long term. According to the Office for Budget Responsibility, the UK economy will expand by just over 1% this year, peaking at 2%…
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£40bn tax hike through NIC and Capital Gains Tax leaves businesses on edge
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In her first Budget, Chancellor Rachel Reeves introduced £40bn in tax rises, largely focused on increasing National Insurance contributions for employers and implementing a temporary repatriation facility for non-resident individuals. According to Nimesh Shah, CEO of Blake Rotenberg, while pre-Budget rumors pointed to sweeping tax changes, the actual announcements were…
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Mastermind loses Sh517m tax fight, financial woes up
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Troubled Mastermind Tobacco (K) Ltd, currently under administration by I&M Bank over undisclosed debts, has lost a bid to quash a Sh517.75 million tax claim by the Kenya Revenue Authority (KRA) over an export cigarette consignment suspected of being smuggled. Dumped in Kenya. High Court Judge Alfred Mabia said the…
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Top Labour donor Dale Vince says rich fleeing capital gains tax raid can ‘f— off’
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Wealthy individuals threatening to leave the UK to avoid expected tax rises should “stop”, according to Dale Vince, the green energy magnate and major donor to the Labor Party. Vince, who donated £5 million to the Labor Party, dismissed the idea that higher taxes could harm UK entrepreneurship, describing it…
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Top Labour donor Dale Vince says rich fleeing capital gains tax raid can ‘f— off’
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Wealthy individuals threatening to leave the UK to avoid expected tax rises should “stop”, according to Dale Vince, the green energy magnate and major donor to the Labor Party. Vince, who donated £5 million to the Labor Party, dismissed the idea that higher taxes could harm UK entrepreneurship, describing it…
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Venice’s €5 daytripper tax misses the boat: What do locals think the overtourism solution actually is?
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For four months earlier this year, the Italian city of Venice piloted a system of charging extra fees for day trippers. Visitors who were not staying at an overnight accommodation had to pay 5 euros ($5.40) on certain days considered the busiest, including weekends and national holidays. The fee was…
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You’re not ‘working people’, Keir Starmer tells landlords & shareholders as PM draws battle lines signalling major tax hikes in Budget
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Prime Minister Sir Keir Starmer has sparked controversy by suggesting landlords and shareholders do not fall under his definition of “workers” as Labor prepares for one of the biggest tax rises in modern history. As Chancellor Rachel Reeves prepares to unveil her first Budget next week, the government is expected…
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Netherlands Proposes Crypto Tax Compliance To Align With EU Standards
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By aligning it with the tax reporting rule on cryptocurrencies enacted by the European Union (EU), the Netherlands has revealed its intention to implement tax control rules on cryptocurrencies. The Dutch government, a member of the European Union, is obliged to accept and implement new reporting requirements, a structure intended…
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Consumer confidence dips ahead of Labour’s first Budget as concerns over tax rises grow
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UK consumer confidence fell in October, as pessimism about the upcoming Budget outweighed optimism caused by lower inflation, according to the latest GfK Consumer Confidence Index. The index fell by one point to -21, recording its lowest reading since March, and highlighting the challenges the Labor government faces in boosting…
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Lord Bamford’s £300m family windfall from JCB raises questions amid potential wealth tax
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Lord Bamford and his family have received a £300m windfall from their JCB business empire, after a strong year for the construction equipment manufacturer that saw profits rise 44% to £805m in 2023, according to latest accounts. This large dividend was approved by Bamford in late May, shortly after the…
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Economists and Activists Call on Rachel Reeves to Introduce Wealth Tax in Inaugural Budget
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Chancellor Rachel Reeves is facing renewed calls to introduce a wealth tax, with economists, climate campaigners and high-net-worth individuals urging her to impose a tax on the UK’s wealthiest citizens to help fund essential public services and accelerate the transition to net zero. . In an open letter to the…
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Economists and Activists Call on Rachel Reeves to Introduce Wealth Tax in Inaugural Budget
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Chancellor Rachel Reeves is facing renewed calls to introduce a wealth tax, with economists, climate campaigners and high-net-worth individuals urging her to impose a tax on the UK’s wealthiest citizens to help fund essential public services and accelerate the transition to net zero. . In an open letter to the…
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Entrepreneurs petition chancellor to maintain business tax relief
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More than 1,500 UK business and business leaders have signed a letter to Chancellor Rachel Reeves, urging her to reconsider proposed changes to corporate asset disposal relief (formerly known as Entrepreneur Relief), ahead of the Budget on October 30. the first. The letter warns that modifying or removing the relief…
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Israeli homeowners could be hit hard by planned tax changes
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The Ministry of Finance recently published a draft of a new law that includes a set of measures to increase revenues for the war-torn economy, some of which relate to real estate, and will have major repercussions for home buyers. Important measure Almost all of the real estate-related measures in…
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Crypto Game-Changer: Denmark To Introduce 1st Ever Unrealized Gains Tax
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Benjamin Franklin, a well-known American statesman, said: “Nothing is certain in this world but death and taxes.” It’s an observation that may now apply to cryptocurrencies, as Denmark plans to impose a ban New tax policy Targets unrealized capital gains of cryptocurrencies like Bitcoin. Denmark: Tax reform for crypto assets…
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Reeves collects record £2.2bn from ‘death tax’ ahead of Budget
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Chancellor Rachel Reeves took in a record £2.2 billion in inheritance tax (IHT) receipts in the three months leading up to September, as anticipation grows for potential tax changes in her upcoming first Budget. According to figures from the Office for National Statistics (ONS), inheritance tax brought in £736 million…
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Reeves collects record £2.2bn from ‘death tax’ ahead of Budget
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Chancellor Rachel Reeves took in a record £2.2 billion in inheritance tax (IHT) receipts in the three months leading up to September, as anticipation grows for potential tax changes in her upcoming first Budget. According to figures from the Office for National Statistics (ONS), inheritance tax brought in £736 million…
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Billionaire industrialist Mohan Galot loses tax refund claim on imported Range Rover
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Billionaire industrialist Mohan Goliath has lost an appeal against the Kenya Revenue Authority (KRA) to reject his Sh1,782,386 tax refund claim on a Range Rover imported from the UK nearly 17 years ago. High Court Judge Alfred Mapia upheld a decision by the KRA and the Customs and Excise Appeal…
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Billionaire industrialist Mohan Galot loses tax refund claim on imported Range Rover
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Billionaire industrialist Mohan Goliath has lost an appeal against the Kenya Revenue Authority (KRA) to reject his Sh1,782,386 tax refund claim on a Range Rover imported from the UK nearly 17 years ago. High Court Judge Alfred Mapia upheld a decision by the KRA and the Customs and Excise Appeal…