Category: tax
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Lobby group urges Rachel Reeves to rethink non-dom tax hike to prevent exodus of wealthy residents
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Chancellor Rachel Reeves is facing pressure from lobbyists representing 74,000 non-UK residents to scale back planned tax changes, ahead of her next Budget. The newly formed group, called Foreign Investors for Britain, is due to meet government officials this week to urge a reconsideration of Reeves’ proposed overhaul of the…
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Matchbox manufacturer wins packaging tax row
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The Tax Appeal Tribunal has sided with matchbox manufacturer Match Masters Limited in a dispute over the classification of folding packaging materials for safety matches. The court overturned the Kenya Revenue Authority’s cancellation of a prior tariff ruling against the company, saying the tax collector cannot set aside a tariff…
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Business owners speed up plans to sell amid fears of tax rises in upcoming budget
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Growing concerns about tax rises have prompted nearly 30% of UK business owners to accelerate plans to sell their companies, according to new analysis by wealth management firm Evelyn Partners. The survey, of 500 business owners with revenues of at least £5m, found that 29% of respondents had accelerated their…
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Business owners speed up plans to sell amid fears of tax rises in upcoming budget
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Growing concerns about tax rises have prompted nearly 30% of UK business owners to accelerate plans to sell their companies, according to new analysis by wealth management firm Evelyn Partners. The survey, of 500 business owners with revenues of at least £5m, found that 29% of respondents had accelerated their…
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Rachel Reeves faces £25bn tax hike to avoid austerity, says IFS
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Rachel Reeves, the Chancellor of the Exchequer, is expected to introduce a £25bn tax rise in this month’s budget to avoid plunging Britain back into austerity, according to the Institute for Fiscal Studies (IFS). The Financial Services Institute has warned that tax rises would need to be double those introduced…
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Rachel Reeves faces £25bn tax hike to avoid austerity, says IFS
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Rachel Reeves, the Chancellor of the Exchequer, is expected to introduce a £25bn tax rise in this month’s budget to avoid plunging Britain back into austerity, according to the Institute for Fiscal Studies (IFS). The Financial Services Institute has warned that tax rises would need to be double those introduced…
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Trump Pushes Tax Break on Car Loans as He Courts Auto Industry
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Breadcrumb links BMN Business Donald Trump has vowed to boost the US auto industry by making interest on auto loans fully tax-deductible and renegotiating a trade deal with Mexico and Canada as he seeks to court business and labor leaders in the swing state of Michigan. Article writer: Bloomberg News…
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M-Pesa paybills to become KRA tax registers by December 25
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Mobile payment bills and number accounts will be converted into electronic tax records (ETRs) from the end of December to weed out tax evaders and boost revenue by billions of shillings, President William Ruto’s senior economic advisor has said. Musa Kuria, former Cabinet Secretary, said there are plans to declare…
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China retaliates against EU tariffs with brandy tax
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China has hit back at the European Union by imposing new taxes on imports of European brandy, a move seen as a response to the EU’s recent imposition of heavy tariffs on Chinese-made electric cars. China’s Ministry of Commerce described the tax as an “anti-dumping” measure aimed at protecting domestic…
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Treasury plans higher tax on Israel’s wealthiest
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As part of its plans to manage the fiscal deficit in 2025, the Ministry of Finance proposes to increase the additional tax on passive income such as interest. The Ministry proposes to raise the additional tax from its current rate of 3% to 5%, and expand it to include those…
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Electric car makers and heat pump firms ‘deserve net zero tax break’
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The Confederation of British Industry (CBI) has urged Chancellor Rachel Reeves to deliver significant tax cuts for manufacturers of electric cars, heat pumps and biofuels to accelerate the UK’s path to net zero. The business group is calling for the corporate tax rate on companies operating in these sectors to…
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UAE exempts cryptocurrency transfers from value-added tax
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The UAE, especially through its financial centers in Dubai and Abu Dhabi, continues to introduce initiatives and regulatory frameworks to attract cryptocurrency companies and investors. Consider the latest update: The UAE has announced exemptions from Value Added Tax (VAT) for cryptocurrency transfers and transfers. The changes published in the UAE…
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UAE exempts cryptocurrency transfers from value-added tax
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The UAE, especially through its financial centers in Dubai and Abu Dhabi, continues to introduce initiatives and regulatory frameworks to attract cryptocurrency companies and investors. Consider the latest update: The UAE has announced exemptions from Value Added Tax (VAT) for cryptocurrency transfers and transfers. The changes published in the UAE…
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Recruiting 5,000 new HMRC compliance officers just first step in fixing UK’s tax system, says Blick Rothenberg
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With just over three weeks to go until the Budget, the Government’s plan to recruit 5,000 new compliance officers into HMRC has been welcomed by leading audit, tax and business consultancy Blick Rothenberg. However, the company warns that these recruitment efforts are only a small step towards fixing deep-rooted problems…
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West Ham chairman blames government tax crackdown for super-rich exodus ahead of budget
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David Sullivan, the chairman of West Ham United and one of Britain’s richest individuals, has criticized the government’s tightening of tax rules for non-residents, blaming the changes for driving the wealthy out of the country. Sullivan, who is the football club’s largest shareholder, has cut the asking price for his…
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One-third of homes for sale now chain-free as tax fears loom ahead of budget
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A third of homes currently for sale in the UK are chain-free, as landlords and second homeowners rush to sell amid speculation about potential rises in capital gains tax in the next Budget. According to Zoopla, a real estate search site, the number of agreed-upon home sales is up 25%…
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Philippines levies 12% VAT tax on digital services by tech giants By Reuters
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MANILA (Reuters) – The Philippines will impose a 12% value-added tax on digital services offered by technology giants such as Amazon (NASDAQ:), Netflix (NASDAQ:), Disney and Alphabet (NASDAQ:), in 2019. The Internal Revenue Agency said On Thursday, it is a move that will level the playing field with local players.…
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Wealthy investors flock to start-ups for tax breaks amid looming capital gains tax raid
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Wealthy investors are increasingly turning to startups to ease their tax burdens, especially with a potential capital gains tax hike looming in the next Budget. Investment in SEISs rose 250% between July 4 and September 16 this year, according to Wealth Club, as savers hope to reduce their CGT liabilities…
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Revealed: Half of firms fail to pay corporate tax
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Nearly half of active companies that filed annual returns in the year through June did not pay taxes on corporate profits, indicating worsening losses and an increasing prevalence of tax avoidance schemes. Statistics obtained from the Kenya Revenue Authority (KRA) show that 171,585 of the 341,793 companies that filed their…