Korea’s tax revenue falls $1.5 bil. on-year through March
Korea’s tax revenue fell 2.5 percent on-year during the first three months of 2024 due mainly to weak corporate performances.
tax revenue
Amid debate about inheritance tax, rising share of personal income tax and indirect tax remains a concern
– During the election campaign, the Congress emphasized social justice and welfare in its manifesto.
– Prime Minister Narendra Modi accused the Congress of having communal intentions with its plans for a caste census and distribution of surplus government land.
– The Congress defended its manifesto, stating that rising wealth inequality in the country needs to be addressed.
– The Finance Ministry released data showing an increase in net tax collections, driven by personal income tax and securities transaction tax.
– The share of corporate tax has been decreasing while personal income tax has been increasing.
– Direct taxes have been decreasing while indirect taxes have been increasing.
– A bulk of those who file personal income tax earn an annual income of ₹1 lakh-₹5 lakh.
– The effective personal income tax rate in India is among the highest compared to other BRICS countries.
– Poorer citizens and the middle-class are shouldering a higher share of the tax burden due to the rising share of personal income tax and indirect taxes.
First-quarter figures for Malaga province suggest another record year for tax revenue | Sur in English
Fact: Authorities in Malaga province have collected record taxes for three years in a row, with tax revenues increasing by 65.8% in the first quarter of 2024 compared to the same period last year.
What the international tax reforms mean for local investment policies
The international tax landscape is undergoing a major transformation, with the introduction of a global minimum tax rate of 15 percent for multinational enterprises (MNEs) by member jurisdictions of the Inclusive Framework on Base Erosion and Profit Shifting (BEPS) in 2020. This aims to ensure that MNEs pay a minimum level of tax on their profits in countries where they operate, reducing the impact of preferential tax regimes and tax competition between countries.
Ireland Received Nearly €24B In Corp. Taxes In 2023 – Law360 Tax Authority
Corporations paid Ireland €23.8 billion (.5 billion) in taxes in 2023, a 5.3% increase over 2022, making corporate tax receipts the second-largest tax revenue generator in the country.
Murphy wants business tax to aid NJ Transit. Business group says use sales tax revenue
NJ Transit’s board approved a fare increase of 15% on July 1 and 3% every year after that.
India’s direct tax collections surge 17.7% in FY24 to ₹19.58 tn
The Central government has collected ₹19.58 trillion in direct tax revenue in FY24 after adjusting for refunds, showing a 17.7% growth annually.
Direct tax rally is a welcome trend
Direct tax collections for the financial year 2023-24 have ended up higher than Budget Estimates and Revised Estimates, primarily driven by a better-than-expected performance in personal income tax (PIT). This is the first time PIT collections will be larger than corporate taxes.
Income Tax Department’s Net Direct Tax Collections Exceeds Estimates Hits Rs 19.58 Lakh Crore, Surging 17.70 pc YOY – Check Details
The Income Tax Department’s net direct tax collections for the fiscal year ending in March 2024 exceeded estimates, reaching Rs 19.58 lakh crore, a 17.7% increase year-on-year.
Gross Direct Tax Collection Hits Rs. 23.37 Lakh Cr
Direct Tax collections for FY 2023-24 are at Rs. 19.58 lakh crore, showing an increase of 17.70% compared to the previous year. Gross collection of Direct Taxes for the same year is at Rs. 23.37 lakh crore, representing a growth of 18.48%. Corporate Tax collection in FY 2023-24 is at Rs. 11.32 lakh crore, with a growth of 13.06%, while Personal Income Tax collection is at Rs. 12.01 lakh crore, showing a growth of 24.26%. Refunds issued in FY 2023-24 amount to Rs. 3.79 lakh crore, an increase of 22.74% over the previous year.