Category: taxes
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Ohio To Prevent Taxes On Crypto Payments With New Bill
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The lawmakers of the House of Representatives in Ohio proposed a draft law to prevent additional taxes on encryption payments, mining processing, deception, and regulation of digital assets and investments by government retirement systems. Legislative laws are presented On Monday, legislators in Ohio foot “Oyeio’s Basic Law”, or the House…
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How Will It Affect Your Taxes?
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Former President Donald Trump proposed a set of tax policy initiatives, including expanding the provisions of the 2017 tax discounts and jobs (TCJA), which is scheduled to end, replace government and local taxes (Salt), reduce corporate tax, the local production rate, and exemption Some types of income of taxes, eliminate…
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UK businesses could face higher trade taxes
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Fears are escalating that companies in the UK may face more severe trade taxes after former US President Donald Trump announced plans to introduce a “mutual tariff” of this value -added tax. Trump issued instructions to his team to develop a system in which the customs tariffs are to face…
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Taxes on wine and spirits set to rise as duty on a pint is cut
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From Saturday, the cost of wine and lives will climb, as the government raises the duty of alcohol in line with inflation and implement new rules linking tax levels to force (ABV) for each drink. While commercial bodies warn that these will be a “bitter blow” for the sector, the…
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I’m over 59 ½ and Did a Roth Conversion Over 5 Years Ago. Should I Worry About Taxes and Penalties?
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I have had a Roth IRA and a traditional IRA for over five years and want to start converting my traditional IRA to a Roth IRA. My belief is that I can start withdrawing the converted funds without any penalty, since the Roth has been open for over five years…
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Residents Will Soon Pay Taxes With Digital Assets
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By accepting cryptocurrencies for taxes and other local municipal payments, Detroit will become the leading city in the cryptocurrency space The largest city In the United States to accept cryptocurrencies for payments. The program is scheduled to begin in mid-2025, according to local officials in Detroit. The initiative is expected…
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Joe Rogan Trump interview: Eliminate income taxes, rely on tariffs
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Former President Donald Trump expressed support for eliminating income taxes and replacing the revenue with tariff receipts. During a three-hour episode of The Joe Rogan Experience Friday nightThe Republican front-runner criticized companies that move production from the United States to other countries and threatened them with huge tariffs. He added…
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IMF urges Rachel Reeves to raise taxes and rein in spending to stabilise UK public finances
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The International Monetary Fund has called on Chancellor Rachel Reeves to introduce tax rises and tighten government spending in the next budget, warning that delaying such measures could worsen the UK’s fiscal problems. In a previously released section of the *Comptroller* report, the Washington-based organization highlighted the UK and US…
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Business confidence dented by fears of higher taxes in budget
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Business confidence fell for the first time in a year amid growing concerns about potential tax rises in the upcoming budget. According to the latest Business Confidence Report from the Institute of Chartered Accountants in England and Wales (ICAEW), confidence among businesses fell from 16.7 in the second quarter to…
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Crypto Overhaul In Japan: ETF Launch And Lower Taxes Ahead?
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Japan’s financial regulator is preparing to review cryptocurrency regulations, which could lead to lower taxes on cryptocurrencies and pave the way for a digital asset exchange-traded fund (ETF). Cryptocurrency review in Japan is the need of the hour to talk Speaking to Bloomberg on condition of anonymity, an official at…
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Crypto Overhaul In Japan: ETF Launch And Lower Taxes Ahead?
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Japan’s financial regulator is preparing to review cryptocurrency regulations, which could lead to lower taxes on cryptocurrencies and pave the way for a digital asset exchange-traded fund (ETF). Cryptocurrency review in Japan is the need of the hour to talk Speaking to Bloomberg on condition of anonymity, an official at…
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Japan’s new PM supports higher corporate taxes, more defense spending
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Shigeru Ishiba, who became Japan’s new prime minister on Tuesday, is a former defense minister known for his deep knowledge of security policy. Ishiba’s push to bolster the military and call for the creation of an Asian NATO may anger Beijing, but he is cautious in his words regarding China.…
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Treasury unveils new taxes worth NIS 40b for 2025 budget
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The Finance Ministry today unveiled sweeping measures including NIS 35-40 billion in cuts to reduce Israel’s ballooning fiscal deficit to 4% in 2025. The measures were unveiled in the Tax Bill and the Anti-Dark Capital Bill, part of the Economic Arrangements Bill, which will accompany the 2025 budget. The measures…
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Crypto Taxes: What New Zealand’s New Bill Proposal Means
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On 26 August 2024, New Zealand’s Minister of Revenue, Simon Watts, announced, foot A new bill has been introduced to the House of Representatives that could have major implications for the island nation’s cryptocurrency system. The OECD Cryptocurrency Reporting Framework will be implemented The new bill, titled Taxation (Annual Rates…
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HMRC concedes £19bn in unpaid taxes unlikely to be recovered amidst soaring call centre failures
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HMRC has admitted it is unlikely to recover more than £19 billion in unpaid tax, as the department faces a huge rise in uncollected tax debts and a huge increase in customer service failures. According to the latest annual report from HMRC, the total amount of unpaid tax has risen…
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How to avoid taxes on CD interest
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Certificates of deposit (CDs) are a valuable tool for diligent savers. CDs allow you to earn higher interest rates than you would with a traditional savings account, and your returns are guaranteed at a fixed rate for the life of the CD. The catch is that you can’t touch your…
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Pennsylvania casinos sue to declare slot machine taxes unconstitutional—unless electronic games pay up
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The owners of 12 Pennsylvania casinos have asked the state’s highest court to declare a tax on slot machine revenue unconstitutional because the state does not widely impose it on electronic gaming terminals that pay for cash, known as skill games, and which can be found in many bars and…
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Traders on edge as KRA goes for unpaid old taxes
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The Kenya Revenue Authority has sent letters to dozens of businesses notifying them of overdue VAT balances accumulated before the introduction of iTax in 2014, which could hit those unable to provide proof of payment with invoices running into millions of shillings. Most of the balances date back more than…
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Payroll taxes grow by single digit despite higher payslip deductions
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Taxes on salaries, wages and benefits paid to workers rose by single digits in the fiscal year just ended, underscoring the tightness of the labor market as decent formal jobs shrink amid a freeze in wage increases in most sectors. The Kenya Revenue Authority (KRA) generated net payroll taxes of…