Murphy wants corporate tax to help NJ Transit, but business leaders say raise sales tax
NJ Transit’s board approved a fare increase of 15% on July 1 and 3% every year after that.
income
Direct tax collection jumps 17.7% in FY24
Fact: India’s net direct tax collections surged by 17.7% year-on-year to Rs 19.58 crore in the fiscal year ended March 2024, exceeding Budget Estimates by 7.40%.
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.
Govt may lower corporate tax to encourage compliance
The government may reduce the corporate tax rate in fiscal 2024-25 to encourage compliance and boost collection, with the National Board of Revenue likely proposing a 2.5 percentage point reduction for both listed and non-listed companies.
Bangladesh may lower corporate tax to encourage compliance
The government may reduce the corporate tax rate in fiscal 2024-25 to encourage compliance and boost collection, with the National Board of Revenue likely proposing a 2.5 percentage point reduction for both listed and non-listed companies.
TurboTax Maker Puts a Pink Spin on Exploitative Financial Products
Intuit, the maker of TurboTax, recently launched a campaign branding itself as a feminist company.
Guest commentary California needs higher taxes on corporations and the wealthy
President Biden proposed to reverse the 2017 Trump tax cuts for the wealthiest Americans by raising the corporate tax rate, denying tax breaks for corporations whose CEOs earn more than million in annual compensation, and requiring billionaires to pay at least 25 percent of their income in taxes. California faces a billion budget deficit and has a regressive tax system, with the lowest income earners paying the largest share of taxes. State and local governments can take action to ensure the ultra-wealthy and large corporations pay their fair share by ending tax breaks, increasing the corporate tax rate, and implementing a wealth tax on extreme wealth. Governor Newsom opposes the wealth tax, but public pressure is building with a majority of California voters supporting the idea.
Direct tax rally is a welcome trend
Direct tax collections for the financial year 2023-24 have ended up higher than Budget Estimates and Revised Estimates, primarily driven by a better-than-expected performance in personal income tax (PIT). This is the first time PIT collections will be larger than corporate taxes.
As collection soars, govt must focus on widening the tax net
Direct tax revenues rose by 18 percent in 2023-24, while goods and services tax collections crossed Rs 20 lakh crore for the first time with a 12 percent growth. The government has been successful in plugging loopholes in the tax system, but needs to widen the tax net to bring more people under it. Personal income tax collection grew by 25 percent, exceeding corporate tax collections in absolute terms. The government should strive for higher collection through both personal income taxes and corporate taxes in the long run. Technology and measures like TCS and TDS have helped bring more people under the tax net, but efforts should not be overzealous.
Ministers call for collective ocean action ahead of COP29
Delegates attending the inaugural Commonwealth Ocean Ministers Meeting in Cyprus on April 19 have committed to advancing their discussions at upcoming global summits.