The Centre has met its tax collection target of over Rs 34.37 lakh crore for 2023-24, with net direct tax collections reaching over Rs 18.90 lakh crore as of March 17. Gross GST collection in March 2024 was the second-highest ever at Rs 1.78 lakh crore, with a year-on-year growth of 11.5 percent. Total gross collection for FY24 stood at Rs 20.18 lakh crore, surpassing the revised budget estimate.
Russia’s richest people saw their fortunes increase by billion over the past year, reaching a collective wealth of 7 billion. Vagit Alekperov, former president of Lukoil, is now the wealthiest person in Russia. The total wealth of Russian billionaires had been estimated at 6 billion before the Ukraine invasion in 2021. Despite Western sanctions, which caused their total wealth to drop to 3 billion in 2022, high commodity prices and war-focused economic growth have helped in the recovery. Alekperov’s fortune rose to .6 billion, securing his top spot in Russia. Leonid Mikhelson from Novatek is in second place, with a wealth of .4 billion. Putin has praised the resilience of the Russian economy against Western sanctions, emphasizing the country’s GDP growth of 3.6% last year. However, the economy’s heavy reliance on state-funded military production for the war in Ukraine poses challenges for improving living standards in Russia. The IMF predicts a GDP growth of 2.6% for Russia this year, but foresees difficulties due to population outflows and technology shortages. Russian business people have benefited from the Western corporate exodus, with many companies selling assets cheaply or having their operations seized.
The insurance sector in Cyprus has a turnover of €1.4 billion, accounting for about 4 per cent of GDP.
Capital Intelligence Ratings has revised its long-term foreign currency rating outlook for the Republic of Cyprus from stable to positive. The government’s debt has been reduced due to consistent primary fiscal surpluses and proactive debt management.
The Ontario budget included an extra 0 million for the Invest Ontario Fund to give more funds to large businesses. Ontario has overtaken Quebec as the biggest champion of taxpayer-funded subsidies, spending an average of .1 billion a year on corporate handouts since 2018. The author argues that cutting corporate taxes and eliminating corporate welfare would attract more businesses to Ontario and stimulate economic growth.
The Indian middle class may be disappointed with the Narendra Modi-led government’s lack of adjustments to tax rates and slabs. Personal tax collections have increased significantly, with the share of personal tax in overall collections rising from 38% to 52% in the last decade. Efforts have been made to improve tax compliance through technology and widening the tax base. Corporate tax collections have not grown as much as personal taxes, indicating room for improvement in the tax system.
Lithuanian companies have joined an initiative urging politicians to agree on 4% of GDP defense spending.
The EURUSD pair maintained its position around 1.0770 on Friday, facing downward pressure due to the European Central Bank officials suggesting a probable interest rate cut in June. Weaker-than-expected retail sales data from Germany also contributed to the Euro’s decline. Meanwhile, the US Dollar Index (DXY) strengthened, nearing 104.60, driven by annualised economic expansion in the United States and hawkish statements from a Federal Reserve official.
The text discusses the proposed worldwide combined reporting provision in Maryland, which would require all corporations forming unitary business groups to pay tax on worldwide taxable income. The Maryland House Appropriations Committee amended the budget bill to include this provision, but the fate of the amendments will be decided by a conference committee. If adopted, the proposed amendments will take effect in January 2028.
– India’s fiscal deficit during April-February was Rs 15.01 lakh crore, 86.5% of the full-year revised target of Rs 17.34 lakh crore.
– Net tax revenue turned negative in February due to a contraction in corporate tax revenue and transfer of tax devolution instalments to states.
– Gross tax revenue of the union government grew at 13.4% YoY during 11 months of FY24, with income tax growing at 25.8% YoY and corporate taxes at 17.3% YoY.
– Centre’s net tax collections grew at 6.8% YoY during 11 months of FY24, the lowest in four years, due to higher growth in transfers to states.
– The centre spent 84.8% of the Rs 9.5 lakh crore capital expenditure target during the first 11 months of FY24.
– There is a shortfall in spending for some sectors, which may result in savings for the government if the amounts do not get spent by March end.