Stories tagged “Taxation.”
30 stories
The Punjab Revenue Authority (PRA) has banned handwritten receipts at restaurants, hotels, coffee shops, and marriage halls across the province, making electronic invoicing mandatory to curb tax evasion and improve sales monitoring.
Front Page: Fwamba Announces End to VAT Fraud, Shadary and Minaku Handed Over to Military Justice
The Democratic Republic of Congo is grappling with an Ebola outbreak, political arrests of former President Kabila's allies, and a new crackdown on VAT fraud. Authorities are auditing Ebola funds while the virus spreads, two prominent opposition figures face military just…
Palantir paid £2m in UK corporation tax in 2024, despite holding public sector contracts worth hundreds of millions. The company's effective tax rate is 1.4% globally.
India's gross Goods and Services Tax (GST) collections surged 15.4% year-on-year to over Rs 2.11 lakh crore in July, driven by strong domestic transactions and imports.
Tax Lawyers Urge FBR to Fix IRIS and Review New Tax Return System
Tax lawyers have urged the Federal Board of Revenue (FBR) to address legal and technical issues in the newly introduced Income Tax Return for Tax Year 2026 and review the recently introduced Fixed Tax Scheme for Small Traders.
India's CBDT has issued CARF guidance requiring crypto exchanges to report specified transactions from 2026 via Form 167, bringing cross-border tax transparency without introducing new taxes.
The Federal Board of Revenue (FBR) has started accepting Income Tax Returns for Tax Year 2026 from first-time taxpayers without charging the Rs. 25,000 surcharge. This means that first-time filers can become Active Taxpayers without paying the big fee.
A Canadian national has been sentenced to eight years in prison for attempting to take foreign currency exceeding the legal limit out of Pakistan without declaring it. The Special Court for Customs, Taxation and Anti-Smuggling convicted Raheel Dhannani and handed him sepa…
Pakistan has introduced a Top Freelancer Award to recognize its independent digital workforce. Freelancers contributed $1.1 billion to a record $4.6 billion in IT and IT-enabled services exports in FY2025-26.
A crypto lobbying organization, the Digital Chamber, has sued the state of Illinois over a last-minute tax provision inserted into the state budget last month. The tax applies to any firm based in or operating in Illinois, which provides digital asset services in the state.
The Government of Punjab has increased the sales tax on digital payments, promoting it as a 50% tax relief for consumers. However, tax expert Amer Sharif points out that the government is framing the policy as a 50% relief by comparing the 8% GST on digital payments with …
India's tax department found that fewer than a quarter of people who made crypto transactions reported them on tax returns. The country has an estimated 39 million crypto traders.
Hybrid cars in Pakistan are set to become significantly more expensive under Budget 2026-27, with expiring tax concessions pushing the indirect tax burden to around 25%.
Germany's governing coalition has agreed on a comprehensive reform package aimed at revitalizing the economy, including tax relief for lower and middle incomes, increased taxes for high earners, and significant labor market adjustments.
Pakistan introduces new law requiring banks to report high-value banking transactions for tax evasion prevention.
Germany's coalition party leaders are meeting in the Chancellery to discuss contentious points of upcoming reforms, including pension, tax, and healthcare. CDU General Secretary Linnemann indicated openness to expanding the wealth tax to finance relief for lower and middl…
Pakistan's tax expenditures amount to approximately Rs2.35 trillion, equivalent to 16.6% of the FBR's annual tax revenue target. The effectiveness of these expenditures is being questioned.
The US government is considering new taxes on the super rich, but experts argue that existing taxes can be improved to raise more revenue. The current tax system has many exceptions and loopholes that allow billionaires to avoid paying their fair share.
Gavin Newsom proposes a national tax on billionaires, while opposing a similar measure in California. He argues that a state-level tax would be ineffective and easily dodged by the wealthy.
King Charles has paid over $41 million in personal taxes since ascending the throne in 2022. He is the first reigning British monarch to publicly disclose his personal tax contributions.
A new decree in Lebanon imposes taxes on various goods, including fuel, medicine, and food products, which is expected to increase prices and burden consumers.
King Charles III has paid over $39.6 million in personal taxes since 2022. The king's tax payments were disclosed by Buckingham Palace.
Missouri Governor Mike Kehoe supports Amendment 5, which would phase out the state income tax, despite criticizing out-of-state special interests. Amendment 5 is backed by a Delaware nonprofit that doesn't disclose its donors.
Crypto industry groups are urging Congress to pass a tax bill exempting mining and staking rewards from taxable income. However, House Democrats are skeptical, arguing it could unfairly favor crypto over traditional investments.
Coca-Cola is appealing a US Tax Court ruling that upheld the IRS's finding that the company underreported profits from transactions between its foreign subsidiaries. The case could result in a $20bn tax bill for Coca-Cola.
Deputy Liberal leader Jane Hume criticizes Labor's changes to negative gearing, calling them 'extraordinary hypocrisy'. Auction clearance rates have fallen below 50% across combined capitals.
NA Finance Committee Backs 20pc Cut in Smartphone Taxes, Recommends Abolition of Regulatory Duty
The NA Finance Committee has approved a proposal to reduce taxes on mobile phones by 20% and abolish the regulatory duty on smartphones. The committee expressed dissatisfaction over the government's failure to honour assurances regarding tax relief.
NA Panel Approves Vehicle Token Tax Hike Despite Objections
The National Assembly Standing Committee on Finance approved a substantial increase in token tax on vehicles registered in Islamabad. The tax hike is expected to raise revenues from Rs3.9 billion to Rs5.2 billion annually.
The Punjab Revenue Authority has sealed multiple KFC branches in Lahore for alleged tax non-compliance.
The National Assembly Standing Committee on Finance has approved a proposal to grant PIA a 15-year tax exemption on aircraft and spare parts imports. The exemption is part of the airline's privatization plan.