compliance

Overcrowded Venice begins charging day-trippers for access

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Overcrowded Venice begins charging day-trippers for access

Venice has implemented a 5-euro entry fee for tourists on certain days to reduce overcrowding. The fee must be paid online or at a booth, and fines will be issued for non-compliance. Some visitors feel the charge is unfair, but the city aims to strike a balance between residents and day trippers. The initiative is part of a larger effort to manage tourist flows in Venice, which received 20 million visitors last year. Residents, students, workers, and children under 14 are exempt from the fee. Other measures include banning large cruise ships and limiting tourist group sizes.

GenAI has begun to make inroads into corporate tax, but more training is needed – Thomson Reuters Institute

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GenAI has begun to make inroads into corporate tax, but more training is needed - Thomson Reuters Institute

Fact: A recent report found that a majority of corporate tax professionals believe GenAI can and should be used for tax work, but many are beginning the process of integration without proper GenAI education.

Cellnet Limited vs KRA: A triumph for tax justice

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Cellnet Limited vs KRA: A triumph for tax justice

On February 2, 2024, the Tax Appeals Tribunal rendered a significant judgment in appeal No.1514 of 2022, involving Cellnet Ltd and the Kenya Revenue Authority (KRA). The Tribunal set aside 60.8 percent of KRA’s assessment of Sh12.98 million related to value-added tax, allowing only Sh5.08 million. The Tribunal found that KRA had conducted an assessment on Cellnet Ltd for a period exceeding five years, which was in violation of the Tax Procedures Act. Cellnet Ltd did not challenge this aspect of the assessment, but the Tribunal raised the issue suo moto, highlighting the importance of upholding tax justice.

Govt may lower corporate tax to encourage compliance

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Govt may lower corporate tax to encourage compliance

The government may reduce the corporate tax rate in fiscal 2024-25 to encourage compliance and boost collection, with the National Board of Revenue likely proposing a 2.5 percentage point reduction for both listed and non-listed companies.

Bangladesh may lower corporate tax to encourage compliance

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Bangladesh may lower corporate tax to encourage compliance

The government may reduce the corporate tax rate in fiscal 2024-25 to encourage compliance and boost collection, with the National Board of Revenue likely proposing a 2.5 percentage point reduction for both listed and non-listed companies.

New Brexit border checks could stifle fine food imports from EU, warn sellers

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New Brexit border checks could stifle fine food imports from EU, warn sellers

– Panzer’s delicatessen in north west London has lost 37 suppliers from the European Union since Britain left the bloc’s single market in 2021.
– EU exporters of chilled and frozen meat, fish, cheese, dairy products, and some cut flowers have had to present health certificates signed off by a vet or plant inspector since Jan. 31.
– The start of physical checks, along with higher charges from April 30, will restrict the variety and freshness of fine artisan foods and prices will rise.
– The government says the new checks will help prevent diseases and pests entering Britain and level the playing field for British exporters.
– Delicatessen owner Josephs believes Brexit has been a disaster for his business and fears supply disruption.
– Importing costs have increased significantly since Brexit, with additional fees and charges impacting profit margins.
– The UK government estimates that its border rules will increase costs for importers collectively by 330 million pounds a year and increase food inflation by just 0.2 per cent over three years.

Direct tax collections exceed revised estimates by ₹13,000 cr

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Direct tax collections exceed revised estimates by ₹13,000 cr

The government received over ₹19.58 lakh crore through direct taxes in fiscal year 2023-24, exceeding both budget estimates and revised estimates.

Banks falling behind on messaging app scrutiny, survey finds

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Banks falling behind on messaging app scrutiny, survey finds

Global financial companies are falling behind on monitoring and archiving business-related communications using personal messaging apps, potentially risking regulatory breaches and fines. The Annual Compliance Health Check by SteelEye found that 63% of compliance executives were not monitoring staff usage of WhatsApp for compliance purposes. US regulators have cracked down on business-related text messages over personal messaging platforms, leading to fines exceeding billion for compliance failures.

Corporate Jet Use Crackdown Is a Poor Way to Boost Tax Revenue

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Corporate Jet Use Crackdown Is a Poor Way to Boost Tax Revenue

The US government intends to focus on taxing business aircraft, but it is inappropriate to characterize large corporations and high-net-worth individuals who use business aircraft as “flying under the radar with their tax responsibilities.” The IRS plans to increase audits of business aircraft usage, which could be costly and disruptive for affected companies. A letter from six senators supported the IRS audit initiative and requested an increase in the rate at which income is imputed to executives for their personal flights on company aircraft. President Joe Biden’s budget proposes lengthening the depreciation life of business aircraft and increasing the fuel tax rate on jet fuel used by business aircraft, both of which would increase taxes with respect to business aircraft.

Security measure solutions: Finding the right protection software for your business

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Security measure solutions: Finding the right protection software for your business

Fact: Organizations need to take appropriate cybersecurity precautions to protect their operations, data security, and reputation from technical threats in today’s digital age.