Economy

Corporate Jet Use Crackdown Is a Poor Way to Boost Tax Revenue

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Corporate Jet Use Crackdown Is a Poor Way to Boost Tax Revenue

The US government intends to focus on taxing business aircraft, but it is inappropriate to characterize large corporations and high-net-worth individuals who use business aircraft as “flying under the radar with their tax responsibilities.” The IRS plans to increase audits of business aircraft usage, which could be costly and disruptive for affected companies. A letter from six senators supported the IRS audit initiative and requested an increase in the rate at which income is imputed to executives for their personal flights on company aircraft. President Joe Biden’s budget proposes lengthening the depreciation life of business aircraft and increasing the fuel tax rate on jet fuel used by business aircraft, both of which would increase taxes with respect to business aircraft.

Indians vote in huge election dominated by jobs, Hindu pride and Modi (updated)

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Indians vote in huge election dominated by jobs, Hindu pride and Modi (updated)

– India’s multi-day election has begun with nearly one billion eligible voters.
– Prime Minister Narendra Modi is seeking a rare third term, focusing on issues such as growth, welfare, and Hindu nationalism.
– The election pits Modi’s BJP against an alliance of opposition parties promising affirmative action and more handouts.
– Voter turnout on the first day of voting was estimated at 60%, with the highest turnout in Tripura at 80% and the lowest in Rajasthan at 51%.
– The BJP is expected to win a majority, despite concerns about unemployment, inflation, and rural distress.
– Hindu nationalism is a key election theme, with Modi’s government accused of treating minority Muslims unfairly.
– Modi aims to win 370 of parliament’s 543 seats, hoping for a two-thirds majority.
– The opposition alliance has struggled to unite, facing challenges from the government.
– Rahul Gandhi of the Congress party emphasized the importance of the election for Indian democracy.

Blue Charter Centre of Excellence to be set in Larnaca

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Blue Charter Centre of Excellence to be set in Larnaca

The Commonwealth and the Republic of Cyprus have signed a three-year Memorandum of Understanding (MoU) to establish a Commonwealth Blue Charter Centre of Excellence in Larnaca.

Trump’s Unfounded ‘Colossal’ Tax Hike Warning – FactCheck.org

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Trump's Unfounded 'Colossal' Tax Hike Warning - FactCheck.org

Former President Donald Trump went on Truth Social on tax filing deadline day to warn that if President Joe Biden is reelected, there will be colossal tax hikes. However, Biden’s latest budget proposal supports extending tax cuts for individuals making less than 0,000.

UK financial sector seeks stronger accountability of regulators

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UK financial sector seeks stronger accountability of regulators

A new sector-wide body could help ensure that Britain’s financial regulators fully comply with their new remit of aiding international competitiveness when writing rules.

How Burdensome Are Your State’s Nonresident Income Tax Filing Laws?

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How Burdensome Are Your State’s Nonresident Income Tax Filing Laws?

Fact: Nearly half the states in the US require individuals to file nonresident individual income tax returns if they work for even a single day within that state.

Freeland’s new federal budget hikes taxes on the rich to cover billions in new spending | CBC News

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Freeland's new federal budget hikes taxes on the rich to cover billions in new spending | CBC News

Fact: Ottawa plans to spend .9 billion more than planned over the next five years, with a projected billion deficit this fiscal year.

Canada Hikes Capital Gains Tax to Raise Billions for Housing – BNN Bloomberg

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Canada Hikes Capital Gains Tax to Raise Billions for Housing - BNN Bloomberg

Canada will raise capital gains taxes on businesses and wealthy individuals to help pay for new spending aimed at making housing more affordable and improving the lives of young people. Finance Minister Chrystia Freeland said the government will tax Canadian companies on two-thirds of their capital gains, up from half currently.

Capital gains tax change draws ire from some Canadian entrepreneurs worried it will worsen brain drain | CBC News

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Capital gains tax change draws ire from some Canadian entrepreneurs worried it will worsen brain drain | CBC News

The federal government’s budget includes an increase in the inclusion rate of the capital gains tax from 50% to 67% for businesses and trusts, generating an estimated billion in new revenue. This change will impact 40,000 individuals and 307,000 companies in Canada. Some members of the business community believe that expanding the taxable amount will hurt productivity, investment, and entrepreneurship in Canada, potentially leading to a brain drain.

Britons unprepared for new EU entry system causing long queue fears in airports

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Britons unprepared for new EU entry system causing long queue fears in airports

A new survey shows that many Britons are unaware of the upcoming European Union Entry/Exit System (EES), which will replace manual passport stamping with biometric checks. Concerns have been raised about potential delays at airports due to the new system. Additionally, Britons will also need to obtain pre-approved travel authorisation through the European Travel Information and Authorisation System (ETIAS) for visits to certain European countries. The UK Parliament’s European Scrutiny Committee is investigating the potential impact of the EES on UK borders, including possible gridlock in Kent.