China ramps up row, imposes high taxes on Australian wine
BEIJING: China on Friday said it would impose anti-dumping measures on Australian wine, in a further ramping up of tensions between Beijing and Canberra.China — Australia’s biggest trade partner — has threatened economic retaliation since Canberra called for an inquiry into the Covid-19 pandemic, and has already suspended some timber and beef imports.From Saturday importers will have to pay deposits of 107.1% to 212.1%, China’s commerce ministry said.The ministry said it was making the move in response to “substantive harm caused to the relevant domestic wine industry”.China frequently leverag...
The Bangkok Post
Senate asks FG to grant waiver to airline operators, condemns multiple taxes
The Senate has called on the Federal Government to fully implement the Executive Order on zero customs duty and zero Value Added Tax (VAT) on the importation of commercial aircraft and aircraft spare parts.It also directed the Central Bank of Nigeria (CBN) to make foreign exchange readily and easily accessible to operators and make the interest rate a single digit so as to reduce the cost of capital.These followed a motion, “The Need to Protect Nigerian Indigenous Airlines From Extinction.” moved by Senator Adamu Aliero (APC – Kebbi Central) at the resumed plenary on Tuesday.The upper chamber ...
Private sector gives Budget thumbs-up | Daily FT
Top biz leaders praise policy consistency and limited new taxes But calls for strong implementation, close eye on deficit and revenue targets Want clarification on GST, 0.25% levy for insurance fund, retirement age flexibility Top business leaders yesterday welcomed Budget 2021 and commended the Government for employing a light touch with taxes while encouraging investment in several key sectors but also called for strong implementation and more policies to underpin the proposals.Speaking at the Daily FT-Colombo University MBA Alumni Association organised Budget 2021 Forum, Hayleys PLC Co-Chai...
Daily Financial Times
Budget bedrock of new SL growth wave: Cabraal | Daily FT
Says Govt. avoided “trap” of increasing taxes, has provided consistent policy platform for next 5 years Calls on biz to tap into opportunities and not be deterred by COVID-19 Capital market incentives to list 500 companies by 2025Port City to be key driver in SL becoming financial hub 289 projects worth Rs.5 t to be fast-tracked to boost growth Banks encouraged to participate in financial industry consolidation Budget focus on “sustainable goodies” for publicBy Uditha Jayasinghe The freshly-unveiled Budget 2021 policies are aimed at focusing on multiple aspects of the economy to drive forward ...
Daily Financial Times
How cost of living in Nairobi is set to rise on new taxes
The cost of living in Nairobi is set to rise further should a raft of new proposed levies by the Nairobi County be adopted.The new taxes, contained in the Nairobi City County Finance Bill, 2020, will lead to residents digging deeper into their pockets to pay for the new charges.The Bill proposes several charges as part of measures aimed at raising Sh15.5 billion own-source revenue target for the financial year ending June 30, 2021.Top among the new levies will see offloading of different produce in Nairobi for the first time attract a fee.Miraa traders will be required to pay Sh50 per small ba...
A win-win strategy: Why Govt. should increase tobacco taxation in forthcoming Budget | Daily FT
A recent study by IPS projects that Government tax revenue can be boosted by Rs. 37 billion by 2023, if taxes on cigarettes are streamlined and raised in line with inflation. Although the Government assumed a policy stance of cutting taxes across the board when they came into power, excise taxation of sin-goods such as cigarettes is one area where it is still politically feasible to raise taxes in order to boost much-needed revenueBy Harini WeerasekeraThe COVID-19 pandemic has left many economies struggling to revive economic activity and boost growth. Economic stimulus packages of varying siz...
Daily Financial Times
Why do people pay tax? – 2
You pay taxes. But what makes you pay taxes voluntarily? Your assessment of the benefits of evading tax against the potential penalties or fines for noncompliance – and the likelihood of being audited – may partly explain compliance decisions. Also, your ability to pay the tax, as well as the costs of compliance. I discussed these three economic factors in my previous article.Tax obligations can, broadly, be clustered into four groups: (a) registration in the system (think of TIN and VAT registrations); (b) timely filing of tax returns; (c) reporting of complete and accurate information (typic...
Trump says he has 'prepaid' tens of millions of dollars in taxes
President Donald Trump and former Vice President Joe Biden squared off in Nashville, Tennessee, on Thursday night for the second and final debate before Election Day. Unlike their first debate, the tone was much more civil but the questions early on were familiar as Biden again badgered the incumbent to release his tax returns.A blockbuster report in The New York Times in September claimed the president paid no taxes for several years before he was elected to office and paid only $750 in 2016.The president accused Biden and several of his family members of being corrupt, which Biden denied and...
New York Daily News
In Singapore, sign in with facial recognition to pay your taxes
In Singapore, online government services can now be accessed by facial recognition -- a world first. This technology is being rolled out to the city-state's SingPass digital identity scheme, offering access to no less than 400 online services, including tax declarations and public housing applications. Facial recognition is also increasingly being used to access other online services, such as banking.This new function, dubbed SingPass Face Verification, lets users connect securely to government websites, as well as online services on private websites. The function is designed to work via home ...
Trump takes tax battle back to Supreme Court
New York (AFP) - US President Donald Trump on Tuesday took his long-running fight to prevent New York prosecutors from obtaining his tax returns to the Supreme Court for a second time.The president's lawyers asked the court to block a federal appeals court ruling that said a subpoena of his tax records can proceed."Irreparable harm will result from the denial of a stay," his lawyers wrote in their appeal to the Supreme Court.Manhattan District Attorney Cyrus Vance wants the returns, which cover 2011 to 2018, as part of an investigation into Trump's business affairs.The prosecutor is investigat...