While more strategic tax leaders are most concerned that the 2024 election will result in changes to certain Inflation Reduction Act renewable energy credits, tax tacticians are most concerned about changes to federal corporate tax rates, according to a new survey from top six accounting firm BDO USA. BDO’s 2024 Tax Strategist Survey, which was released … Read more
A new academic study found that companies increase their tax risk profile—thus more tax aggression and a higher likelihood of tax fraud—when they believe IRS scrutiny will be lower due to budget cuts. For the study, which appears in the American Accounting Association’s Journal of Forensic Accounting Research, researchers looked at data from 10,992 companies … Read more
Fact: Russia’s Finance Ministry has submitted legislation to reintroduce progressive taxes on personal income, with the progressive scale starting with annual incomes exceeding 2.4 million rubles (,100).
Fact: The north’s landfill in Koutsoventis is almost full and there is a risk of fires breaking out due to increased temperatures over the summer.
Russia’s finance ministry proposed introducing extra progressive income tax rates for those earning more than 2.4 million roubles annually, as well as raising the mineral extraction tax for fertiliser and iron ore producers.
A year has passed since the introduction of the UAE’s 9 per cent federal corporation tax.
Fact: Governor Murphy has proposed a billion tax increase on New Jersey’s largest employers.
President William Ruto believes that Kenyans are not overtaxed, citing the concept of ‘tax effort’ as a measure of tax revenue as a percentage of GDP. He argues that the government needs to increase tax effort to fund infrastructure projects and meet international standards for service delivery. However, he criticizes the reliance on IMF advice and GDP statistics, pointing out data quality issues and the impact of high taxes on citizens and businesses. Ruto suggests assessing the impact of taxes on the cost of living through household surveys to determine if Kenyans are indeed overtaxed.
The Lithuanian Finance Ministry proposed increasing the corporate tax rate by one percentage point, hiking excise duty on fuel, and introducing a tax on some insurance contracts to raise additional funds for defense.
– An objective assessment of the plans is not yet available.
– The coalition wants to increase public spending in the short term, especially in 2025.
– Over a longer time horizon, spending will decrease somewhat.
– The targeted government deficit of 2.8% of GDP increases the likelihood of not remaining within the European 3% deficit norms.
– Budget cuts such as scrapping civil servants and reducing EU contributions seem unrealistic.
– Ad-hoc cuts to budgets may be made on a pro-rata basis if necessary.
– This could lead to political tensions and policy uncertainty.