taxation
EU plans to digitalise invoicing for value-added tax, and make the likes of Airbnb and Uber register to pay the levy, were today (14 May) blocked by Estonia, at a meeting of finance ministers in Brussels. The proposals – which could have pushed up the cost of online rental and ridesharing by as much as 25% – were first put forward in 2022, as part of a bid to ensure the sharing economy pays its fair share of tax. But Estonia – home to taxi app Bolt – worries it would mean consumers face higher prices when they book services online. “Our concerns still remain and cannot be overlooked,” Estonian...
Euronews (English)
Inequality in wealth distribution is prevalent across Europe. The wealthiest 10% on the continent own a staggering 67% of the wealth, while the bottom half of adults possess only 1.2% of it. The role of inheritance, estate and gift taxes are largely discussed in addressing inequalities. Some 19 of 27 EU countries levy wealth transfer taxes. However, revenues from inheritance, estate, and gift taxes exceed 1% of total taxation in only two EU countries, namely Belgium and France. What is inheritance tax?Inheritance tax is a specific form of wealth taxation. Net wealth taxes that are levied perio...
Euronews (English)
Davos (Switzerland) (AFP) - US actor Mark Ruffalo on Tuesday joined a call by over 150 wealthy people for governments to tax them more, as global elites and policymakers met at the World Economic Forum in Swiss resort Davos. The face of Hulk in a decade of Marvel movies was one of dozens of new millionaires to put their names to an open letter titled "In Tax We Trust", which was first delivered to attendees at a virtual WEF conference in January. "While the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic -- ...
AFP
Washington (AFP) - Tesla's unveiling this week of a new auto factory in Austin has highlighted corporate America's growing affinity for Texas compared with California and other states seen as less business-friendly. The state, bigger than France in land mass and second among US states to California in population, has become the location of choice for Tesla CEO Elon Musk's new "Gigafactory." The new factory will be officially presented at what Musk has dubbed a "Cyber Rodeo" on Thursday, with up to 15,000 visitors. Last year, Tesla moved its corporate headquarters from Silicon Valley to Austin....
AFP
Washington (AFP) - The United States would allocate billions of dollars in aid to Ukraine, tax the wealthy and lower its deficit under a budget proposal President Joe Biden unveiled on Monday. The massive $5.8 trillion plan would pay for many of Biden's policy proposals, as his administration struggles with low approval ratings, a record inflation wave and ongoing uncertainty linked to the Covid-19 pandemic. The budget must be approved by Congress, which Biden's Democratic party controls by a slim majority, but where lawmakers of both parties are sure to demand changes. The Democratic left win...
AFP
Washington (AFP) - The US national tax authority announced Monday that it will stop using facial recognition software to verify taxpayers' identities when they create online accounts, following a chorus of privacy concerns. Internal Revenue Service officials had put forth the authentication system as a security measure following years of growing fears over online scams and identity theft, but the program ended up also prompting worries. The initiative involved identity verification company ID.me, which won a nearly $90 million contract to make taxpayers' accounts more secure. The IRS said "it ...
AFP
Paris (AFP) - More than 100 millionaires made an unusual plea on Wednesday: "Tax us now". Their appeal came as a study backed by wealthy individuals and nonprofits found that a wealth tax on the world's richest people could raise $2.52 trillion per year -- enough to pay for Covid vaccines for everyone and pull 2.3 billion people out of poverty. In an open letter to the World Economic Forum's online Davos meeting, 102 millionaires, including Disney heiress Abigail Disney, said the current tax system is unfair and "deliberately designed to make the rich richer". "The world -- every country in it...
AFP
New York (AFP) - Tesla's share price plunged Monday in the latest controversy sparked by CEO Elon Musk, who was facing criticism for letting his Twitter followers decide whether he should sell billions in company stock. The episode, described by one analyst as "another bizarre soap opera", is the most recent example of real world trouble following the often provocative tweets from one of the world's richest people. The controversy -- which pushed Tesla down about three percent by 1700 GMT -- started Saturday with Musk targeting a push from US Democratic lawmakers to tax billionaires by targeti...
AFP
Washington (AFP) - Russian billionaire Oleg Tinkov was required to pay nearly $509 million to settle US charges of tax evasion, the US Justice Department said Friday. The banking and investment tycoon paid the back taxes and fine after pleading guilty on October 1 to felony charges of concealing more than $1 billion in assets to avoid paying taxes on them as he gave up his US citizenship in 2013. Tinkov is the founder of Tinkoff Credit Services, which became the popular online Tinkoff Bank, and owner of the professional Tinkoff Cycling Team. The Justice Department said that the Russian-born Ti...
AFP
Washington (AFP) - A Democratic senator whose vote will be crucial to passing US President Joe Biden's social services plan indicated on Wednesday he had little enthusiasm for a proposed tax on the very richest Americans that his party is pushing to pay for the measure. The Billionaires Income Tax unveiled earlier in the day by Senator Ron Wyden, who leads the chamber's finance committee, would apply to about 700 people with either $1 billion in assets or $100 million in annual income for three back-to-back years, and raise "hundreds of billions of dollars." But Joe Manchin, a centrist senator...
AFP
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