Category: tax
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Court rules against Coca-Cola Israel in huge tax dispute
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The Central Bottling Company (Coca-Cola Israel), which exclusively markets Coca-Cola products in Israel, has been dealt a severe blow and will be forced to pay hundreds of millions of shekels to the Israeli Tax Authority. The Tel Aviv District Court rejected the company’s appeals against the tax assessment issued by…
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US House passes bill targeting China that would limit EV tax credits By Reuters
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By David Shepardson WASHINGTON (Reuters) – The U.S. House of Representatives narrowly approved legislation on Thursday to tighten rules limiting Chinese content in vehicles eligible for U.S. electric vehicle tax credits. The House voted 217-192 to approve the bill, which has not been taken up in the Senate, to tighten…
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Four million pensioners face council tax hike as single-person discount under threat
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Millions of pensioners living alone could face higher council tax bills if Housing Minister Angela Rayner scraps the 25% single occupant discount, potentially exacerbating financial pressures as they also face losing winter fuel payments. The analysis reveals that around half of the 8.4 million people affected by the potential abolition…
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Landlords rush to sell amid fears of capital gains tax hike
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The proportion of rental properties entering the sale market has reached a record high, driven by landlords’ concerns about a potential rise in capital gains tax in the upcoming Budget, according to property website Rightmove. Currently, 18% of properties previously listed for sale have been rented, compared with just 8%…
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Proposals to tax unrealized capital gains would ‘kill the stock market,’ billionaire investor Mark Cuban says
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Brendan Smialowski/Getty Images Mark Cuban said taxing unrealized capital gains would “kill the stock market.” President Joe Biden has proposed imposing a tax on unrealized gains for people with more than $100 million. Kamala Harris is unlikely to support Biden’s plan, Cuban said. Billionaire investor Mark Cuban said any proposal…
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Azerbaijan tax breaks tempt Israeli tech firms to relocate
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Among the incentives offered to Israeli startups that choose to move to Azerbaijan are full exemptions from corporate tax, purchase tax, property tax and profits tax for ten years, as exclusively revealed by Globes. The decision by a Shiite Muslim-majority country to take such a step during the current war,…
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Non-dom tax reforms could cost labour £1bn, warns Oxford Economics
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Labour’s plan to reform the tax system on foreigners could cost the UK government up to £1bn as wealthy individuals flee the country, a report by Oxford Economics has warned. The proposed reforms, which will come into effect from April 2025, aim to replace the current system that allows non-residents…
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Business confidence wanes amid fears of energy tax hikes
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The UK Offshore Energy Authority has warned that a windfall tax increase on UK oil and gas companies could undermine the government’s goal of boosting economic growth. The group warned that the planned tax increase could depress investment, costing the UK economy £13bn between 2025 and 2029 and putting 35,000…
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US requests trade dispute consultations with Canada over new digital services tax By Reuters
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By David Loder WASHINGTON (Reuters) – The Biden-Harris administration said on Friday the United States has requested consultations to resolve trade disputes with Canada over a new digital services tax, adding that the “discriminatory” tax appears inconsistent with Canada’s obligations under the North American Trade Agreement. The U.S. Trade Representative’s…
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US requests trade dispute consultations with Canada over new digital services tax By Reuters
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By David Loder WASHINGTON (Reuters) – The Biden-Harris administration said on Friday the United States has requested consultations to resolve trade disputes with Canada over a new digital services tax, adding that the “discriminatory” tax appears inconsistent with Canada’s obligations under the North American Trade Agreement. The U.S. Trade Representative’s…
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Web3 At The Forefront: Japan Mulls Startup-Friendly Tax Reforms
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Japanese Minister of Economy, Trade and Industry, Takeru Saito, He said On August 28, 2024, it announced that it aims to boost its Web3 ecosystem through startup-friendly tax reforms. Tax reforms targeting startups are key to the growth of the Web3 industry To stimulate the Web3 industry, Japan may soon…
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Nigeria’s Crypto Tax Reform To ‘Boost Foreign Investment’
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Nigeria’s financial authorities recently announced plans to overhaul the tax system to include crypto assets. A Nigerian organization has hailed the upcoming proposal, which aims to update existing policies and adapt to the evolving financial landscape, describing the effort as a “game-changer” for the country’s economic growth. FIRS tax reform…
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New tax benefit eases home purchase for immigrants to Israel
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As of August 15, 2024, new immigrants will be eligible for a significant tax break when purchasing a home in Israel, following an amendment to the purchase tax regulations. The arrangement designed to help new immigrants in the past was not ideal. The old regulation (Regulation 12) stipulated that any…
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HMRC recovers £70m in tax crackdown on footballers and agents
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HMRC has recovered almost £70m of unpaid tax from footballers, agents and clubs over the past year as part of a crackdown on tax avoidance schemes in the sport. This initiative has led to investigations being launched into 20 football clubs, 83 players and 21 agents since April 2023. HMRC’s…
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Tax from business profits, asset transfers suppressed despite higher rates
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Kenya Revenue Authority collections from profits, asset transfers and other business activities have remained in single digits for two consecutive years amid a raft of new and higher taxes. The Kenya Revenue Authority collected Sh488.10 billion from corporate profits from operations and capital gains from transfers of property and shares…
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Trump says he may end EV tax credit; is open to naming Elon Musk as an adviser By Reuters
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By David Shepardson YORK, Pennsylvania (Reuters) – Republican presidential candidate Donald Trump said on Monday that if elected he would consider ending the $7,500 tax credit for electric vehicles and would be open to appointing Tesla Inc Chief Executive Elon Musk to a cabinet or advisory position. “Tax credits and…
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Why noose has tightened on Kitui County government over Sh1.05bn KRA tax claim
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The Kitui County government has failed to clear various tax claims from the Kenya Revenue Authority amounting to over Sh1 billion. The Tax Appeal Tribunal (TAT) has rejected an attempt by the provincial government to quash KRA’s claims, noting that it failed to satisfactorily comply with the provisions of the…