Tax code

Tax code for undocumented foreign minors in Italy

Undocumented foreign minors in Italy will receive the Italian tax code to be registered in the national health system. On June 7, 2022, by Resolution No. 25/E, the Revenue Agency (Agenzia delle entrerate) clarified by mentioning the Italian law which regulates the right of unidentified minors living in the country to use the national health […]

Tax deductions

Zipvit – no input tax deductions as VAT is not “due or paid”

In Zipvit Ltd v HMRC (No 2) [2022] UKSC 12, the Supreme Court (SC) dismissed the taxpayer’s appeal against HMRC decisions refusing Zipvit’s claims to deduct input tax. Zipvit supplied vitamins and minerals to customers and used the services of Royal Mail, which provided commercial postal services under individually negotiated contracts. Zipvit, Royal Mail and […]

Tax deductions

Home Renovations and Tax Deductions: CPA Tax Tips

This is a frequently asked question, “Are my home renovations tax deductible? “For most people, when you renovate your home, it’s a personal expense.” according to Jeffrey Levine, CPA and tax expert at Buckingham Strategic Wealth, “and therefore it will not be deductible.”. “Every situation is different and that’s why our tax system is so […]

Tax laws

Draft report offers solutions to income tax laws

The report with its findings and recommendations was accepted by relevant public and private sector stakeholders at a seminar on Friday 24th June 2022 in Port Moresby. “The goal is to tailor the best tax regime for the benefit of our people,” CLRC secretary Dr. Mange Matui said. The seminar provided an opportunity for key […]

Tax deductions

How to claim work-from-home tax deductions on your tax return

If you’re still working from home (and will continue to do so), it might be a good idea to understand exactly what you can and can’t claim at tax time, because otherwise you risk being rude. the shock comes July 1 when your supposed deductions are just pipe dreams. An employee who works from home […]

Tax deductions

Can you claim self-education expenses as tax deductions?

If you’re like many Australians and spent the lockdown teaching yourself something work-related, you may be able to claim self-education expenses on your tax return this tax season. Tax time is right around the corner (yeah, this year has gone by really fast), so now is the time to figure out if these Python tutorials […]

Tax laws

Income clubbing under income tax laws

Income tax laws contain certain provisions for associating income with the income of a person other than the person who earned the income. In this article, I will discuss the provisions applicable to individual taxpayers. Clubbing clause applicable in the event of transfer of assets Income from assets donated by members to HUF: Although gifts […]

Tax code

How to check if your tax code is correct – you could receive thousands of dollars from HMRC | Personal finance | Finance

The figures represent the amount you earn tax free, i.e. the personal allowance set at £12,570. The letters relate to a taxpayer’s situation and how it affects the personal allowance. Tax codes begin with an “S” in Scotland and a “C” in Wales. The following letters in a tax code all mean different things: L […]

Tax code

Opinion: Two ways to fix the tax code and lower inflation

Inflation is on everyone’s mind in Washington right now. And Congress is weighing legislation to stimulate the economy while keeping the federal deficit under control. It would certainly be a good thing. But most insiders are betting against passing reconciliation legislation. And if that happens, Congress could squander a valuable opportunity to finally improve the […]

Tax deductions

Lawyers – FIRS General Warning on Threat of Recapture of Tax Deductions

In response to a public notice issued by the Federal Inland Revenue Service (FIRS) that it will claw back unremitted state and local tax deductions, the Federation’s 36-State Board of Attorneys General (BOAG) warned the Federal Government Agency to stop making threats to state governments.The group, which issued the warning in a statement issued after […]

Tax regulations

New tax regulations applicable to the mining sector | Denton

The National Executive has recently adopted Decree No. 308/22 and General Resolution No. 5205/22. These regulations apply to export duties and the fiscal stability assistance policy applying to the mining sector. Decree No. 308/22. Export duties applicable to new copper projects National Decree No. 308/22 published in the Official Gazette on June 14, 2022 establishes […]

Tax code

Romania’s ruling coalition agrees on several changes to the tax code, including higher taxes on gambling winnings

The three parties that make up Romania’s ruling coalition – the Social Democrats (PSD), the Liberals (PNL) and the Hungarians (UDMR) – have agreed on several changes to the tax code that will be implemented from January 1, 2023. However, there is no consensus. again about the so-called ‘solidarity tax’ on companies with a turnover […]

Tax regulations

80% of stores and markets have adhered to tax regulations in Saudi Arabia

Saudi Gazette report Riyadh — The Zakat, Tax and Customs Authority (ZATCA) said it carried out more than 8,000 inspection visits to markets and shops last May, during which it recorded 80% compliance with regulations tax. While ZATCA reported that they recorded 20% non-compliance of stores and markets with tax regulations, which resulted in electronic […]

Tax regulations

80% of stores and markets have adhered to tax regulations in Saudi Arabia

Saudi Gazette report Riyadh — The Zakat, Tax and Customs Authority (ZATCA) said it carried out more than 8,000 inspection visits to markets and shops last May, during which it recorded 80% compliance with regulations tax. While ZATCA reported that they recorded 20% non-compliance of stores and markets with tax regulations, which resulted in electronic […]

Tax regulations

80% of stores and markets have adhered to tax regulations in Saudi Arabia

RIYADH – The Zakat, Tax and Customs Authority (ZATCA) said it carried out more than 8,000 inspection visits to markets and shops last May, during which it recorded 80% compliance with tax regulations. While ZATCA reported that they recorded 20% non-compliance of stores and markets with tax regulations, which resulted in electronic tax invoices not […]

Tax code

Frank Stronach: A four-point plan to fix the tax code

Breadcrumb Links Comment NP There are four major reforms needed to simplify the tax system and ensure everyone pays their fair share Publication date : June 14, 2022 • 3 hours ago • 4 minute read • 20 comments Photo by Chris Young/The Canadian Press Content of the article In my National Post column published […]

Tax deductions

Louisiana lawmakers impose limits on sports betting tax deductions

Louisiana sports betting operators face clear limits on promotional game deductions under a new state law that will take tax effect in July. Beginning July 1, each Louisiana sportsbook licensee will be limited to $5 million per year in free play credit, regardless of the number of sportsbooks associated with each licensee. Most state licensees […]

Tax laws

Market tax laws remain tough, 4 years after Wayfair

Marketplaces have grown significantly in recent years amid the pandemic-driven acceleration of e-commerce and the growth of omnichannel commerce. In reality, eMarketer predicts that US market sales will total more than $357 billion in 2022, or nearly 35% of all online sales. As more and more customers flock to marketplaces, the opportunity to scale a […]

Tax laws

Pakistan changes its tax laws to legalize money transfers

ISLAMABAD: Pakistan has amended tax laws to grant approval of legal banking channels for money transfer by money transfer operators and offices. The country presented the 2022/2023 budget on June 10, 2022 and amended the tax laws to allow the transfer of money made through operators, bureaus and exchange companies. Through the Finance Bill 2022 […]

Tax laws

Finance bill defines beneficial owner under tax laws

ISLAMABAD: The Finance Bill 2022 defined “beneficial owner” for tax treatment purposes under the Income Tax Ordinance 2001. Changes have been proposed in Section 2 of the Income Tax Ordinance 2001 through the introduction of the Finance Bill 2022 on 10 June 2022. READ MORE: Pakistan cuts payroll tax brackets to 7 in 2022/23 budget […]

Tax regulations

Jordan’s economic modernization vision outlines simplification of trade and tax regulations | Jordan News

Ammon News – Jordan’s economic modernization vision has proposed ways to simplify customs, tax and maritime regulations for trade and retail. The vision, which was launched by His Majesty King Abdullah a few days ago, to be implemented in three phases over 10 years, focuses on the trade sector as a top national priority, in […]

Tax laws

Pakistan changes tax laws for foreign digital transfers

ISLAMABAD: Pakistan has amended tax laws relating to digital money transfers to non-residents for various financial services. The country presented its federal budget for the 2022/2023 financial year on June 10, 2022. The amendment was incorporated into the Income Tax Order 2001 through the Finance Bill 2022. READ MORE: Pakistan imposes tax on wealthy individuals […]

Tax deductions

Non-monetary charitable contributions Tax deductions

Taxpayers are entitled to income tax deductions equal to the fair market value of their charitable contributions. While reporting cash contributions is simple, reporting non-cash contributions can be much more difficult. Taxpayers sometimes choose to make non-monetary contributions in the form of stocks or other business interests, real estate, works of art, intellectual property, or […]

Tax code

Frank Stronach: Our jaw-dropping monstrosity of a tax code

Breadcrumb Links Comment NP There’s no defensible argument for keeping our tax code as it is. Publication date : June 07, 2022 • 1 day ago • 3 minute read • 42 comments Photo by Getty Images/iStockphoto Content of the article If you want to get an idea of ​​the complexity and intricacy of our […]

Tax laws

If you earn more than $100,000, audit risk doubles as tax laws change, including reporting $600 via cash applications to the IRS

The IRS has been in the news a lot lately as it drastically changes tax laws and audits high income earners over $100,000. This is happening despite the backlog of millions of unprocessed tax returns. In recent news, things like the declaration of payments worth $600 or the agency’s destruction of 30 million paper documents […]

Tax deductions

Tim Tams, dog food, edible underwear, toilet paper – the bizarre tax deductions Aussies are trying to claim

If you think Tim Tams, ciggies and toilet paper are legitimate work-related deductions on your tax return, be warned: the Australian Taxation Office is ready for you. The ATO will begin reviewing claims with returns filed from July 7 and expects to begin paying refunds from July 16. Australians have a long history of claiming […]

Tax deductions

Home Improvements and Tax Deductions: Everything You Need to Know

The renovation boom has skyrocketed in 2021 for a number of reasons, including the ongoing pandemic and a growing number of people working from home. Spending and renovation are expected to remain strong in 2022, with signs that things could slow by the end of the year, according to Harvard’s Leading Indicator of Remodeling Activity […]

Tax deductions

Income tax: tax deductions can be canceled

Most individuals invest in various tax saving programs and claim a tax deduction to reduce the overall tax payment. Although the Union Budget 2020-21 introduced a new tax regime which offers preferential rates with seven brackets without any tax exemptions, the old tax regime is still popular due to the various exemptions. However, these tax […]