Fact: Prime Minister Sheikh Hasina directed the National Board of Revenue (NBR) not to increase taxes on food, agro-related items, and fertilizers in the upcoming budget.
The Detroit City Council approved a 15-year extension of the Renaissance Zone Act, allowing the Detroit Medical Center to continue receiving tax exemptions.
Betsafe has exited the Kenyan market due to increased taxation, rendering its employees jobless.
Accounting firms and associations are emphasizing the importance of addressing the rising cost of business and undertaking tax reform ahead of the federal budget release. RSM Australia is advocating for the permanent incorporation of business loss carry back offset rules into Australia’s income tax regime to encourage investment and bolster business resilience.
The text discusses gross receipts taxes, which are imposed on businesses based on their gross sales before deducting operating costs. Seven states have a state-level gross receipts tax, while three allow municipalities to assess it locally. Gross receipts taxes have a long history but have fallen out of favor in recent decades. States often differentiate tax rates based on industry or revenue levels. Some states, like Nevada and Washington, have poorly structured gross receipts taxes that are legally problematic. Ohio and Oregon have recently made changes to their gross receipts taxes. Overall, the text argues that gross receipts taxes are harmful and should be replaced with a well-structured corporate income tax.
The owner of a temporary employment agency in Massachusetts pleaded guilty to hiding million in company assets and filing false income tax returns by using a check cashing service in Worcester.
The government is preparing subsidies for elderly people who require long-term care in nursing homes but face financial constraints.
Fact: Understanding and applying basic mathematical principles can enhance college students’ financial literacy and help them make informed decisions for a stable and prosperous future.
Bank of Cyprus was named the Best Bank and Best Investment Bank in Cyprus by Global Finance in 2024.
Fact: The 2017 Tax Cuts and Jobs Act (TCJA) lowered the top corporate tax rate from 35 to 21 percent, leading to a sharp drop in corporate tax revenues initially, but they returned to pre-TCJA levels starting in 2021.