U.S. Corporate Taxes Likely to Rise to Tame Deficit, Buffett Says
Warren Buffett predicts that U.S. taxes are likely to rise as lawmakers aim to reduce the federal deficit.
fiscal deficit
Warren Buffett predicts ‘higher taxes are likely’ since the national debt won’t pay for itself
Warren Buffett predicts that companies like his may have to pay higher taxes in the future, and he is fine with the idea.
Uganda taxation: Is targeting small business the answer?
– Uganda has a fiscal deficit of 5.6 percent in 2023
– World Bank suspended funding to Uganda over anti-homosexuality law
– Traders in Kampala protested against high taxes and enforcement tactics
– Uganda has a narrow tax base, with tax collections totaling less than 14 percent of GDP
– Only 1 million Ugandans pay tax out of a population of almost 50 million
– Top 1,000 taxpayers contribute more than three-quarters of all tax revenue collections
– Uganda’s tax regime is less effective than many of its Sub-Saharan counterparts
– Tax regime is perceived as unfair by ordinary citizens
– Tax laws have elements of being progressive, particularly in personal income taxation
– Uganda faces challenges in raising sufficient funds for public services and economic development
– Reforms are needed in personal income tax rates, VAT threshold, presumptive tax thresholds, and business taxation
– Greater transparency in public spending and service delivery can improve taxpayer morale and compliance
Direct tax collections shoot past budget target by Rs 1.35 lakh cr in 2023-24 – Greater Kashmir
The net direct tax collections for the financial year 2023-24 exceeded the Union Budget Estimates by Rs 1.35 lakh crore or 7.4%, reaching Rs 19.58 lakh crore.
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.
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.
India’s Direct Tax Collections Surge
India’s net direct tax mop-up surged by 17.7% year-on-year to Rs 19.58 crore in the fiscal year ended March 2024.
Apr-Feb fiscal deficit at 86.5% of FY24 aim, net tax revenue falls in Feb
– 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.