Artificial intelligence and ERP systems are a critical way to optimize data management and streamline tax operations in corporate tax functions Corporate tax departments face many challenges in today’s complex and dynamic tax environment, having to deal with large volumes of data from various sources, ensure accuracy and consistency in tax reporting and compliance, and … Read more
Revenue Secretary Sanjay Malhotra attributed improved compliance as well as the progressive income tax rates as the two main reasons why personal income tax collections have exceeded those of corporate income tax in recent years.While there are four reasons as such for this trend, the two major reasons are improving compliance and the progressive rates … Read more
Turkey is planning major tax changes as part of an economic reform proposal that aims to shore up government revenue, reduce inflation and “create a fairer system”.The parliament, controlled by a coalition led by President Recep Tayyip Erdogan’s Justice and Development Party (AKP), will vote next week on a package of major new fiscal laws, … Read more
( Court Reports – Photo Illustration/MetroCreative) <!– SHOW ARTICLE –> CHARLESTON — A Parkersburg man was sentenced Thursday to two years in prison, to be followed by three years of supervised release, and ordered to pay $2,036,141.59 in restitution for tax evasion. A release from the Justice Department said Brian E. Drake, 56, of Parkersburg, … Read more
Updated: Jul 22, 2024 07:53 AM Questions: Scott Pearman, of the One Bermuda Alliance (File photograph)Legislation that will create an agency to administer the collection of corporate income tax was passed in the House of Assembly on Friday.The Corporate Income Tax Agency Act 2024 will give the agency powers to ensure compliance and “prosecute any … Read more
Modi 3.0’s first Budget proposed to slash tax rates for foreign companies investing in India, a move seen as providing more fillip to inviting more overseas players as the Narendra Modi government seeks to grab the supply chain shift from China.The Budget was expected to be a transformative step towards achieving the government’s goal of … Read more
By KPMG’s Commodity and Carbon Trading Solutions team members, Richard Murray and Rebecca Tobin. The importance of carbon markets for companies is on the rise. The cost of carbon is increasing in compliance markets, such as the EU ETS. Prices have risen and the benefit of the “free allowances” for some markets is being reduced. … Read more
The taxation policy in the Philippines is chiefly governed by the following Republic Acts: The Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act) Tax Reform for Acceleration and Inclusion (TRAIN) Law Article VI, Section 28 of the Constitution; The National Internal Revenue Code; and Local Government Code of 1991. Tax structure The country … Read more
The American Institute of CPAs has submitted a request to the Department of the Treasury and the Internal Revenue Service (IRS) to clarify the instructions of Form 4626, Alternative Minimum Tax—Corporations, to allow corporations already identified as “applicable corporations” to skip Part V of the form. The current filing requirement to complete Part V represents … Read more
PwC India has recommended the government extend the concessional corporate tax rate of 15% (ended in FY24) for new manufacturing units for a period of at least five years, to boost domestic manufacturing, and foster import substitution. This is a key ask of industry which the Centre should consider for the full Budget, PwC partners … Read more