The US Treasury’s cash balance surged by 2 billion to 7 billion on Monday, the highest since May 2022. Treasury collected roughly .5 billion in corporate taxes, .6 billion in non-withheld individual electronic payments, and .66 billion in non-withheld individual “other” payments. Treasury has collected approximately 0 billion in tax-related income this month.
Fact: Nineteen to twenty different federal and provincial taxes are currently levied on industrial sector/manufacturing units in Pakistan, increasing their cost of doing business.
Countries need to increase tax collection to finance investments in human capital, infrastructure, and services. Many developing countries are struggling to collect enough revenue, with some collecting less than 15% of GDP in taxes. To resume economic growth and reduce poverty, tax systems need to be made more equitable and efficient.
Authorities collected €700 million more in taxes in 2023 compared to 2022, totaling €6.7 billion. The state is owed €2.5 billion in taxes, with €1.1 billion deemed doubtful as to whether it can be collected. The Tax Department is implementing a new software system to improve tax collectability by 2025. The department has imposed an additional €500 million in taxes and cleared about 2.2 million tax declarations. Penalties for tax laggards need to be more deterrent, according to Tax Commissioner Sotiris Markidis.
– A report found that €2.5 billion in taxes is owed to the state, with €1.1 billion deemed doubtful as to whether it can be collected.
– The Tax Department is dealing with 14,500 cases of taxation under appeal concerning €683 million.
– The department is unable to track non-filing of income tax returns by individuals and companies.
– The department agreed to class as tax-deductible the amount of €1.1 billion relating to defaulting debtors.
– A decision was made by the cabinet to award a no-bid contract for surveys to build extra roofs at the building of the tax department’s Nicosia district office.
The Centre has met its tax collection target of over Rs 34.37 lakh crore for 2023-24, with net direct tax collections reaching over Rs 18.90 lakh crore as of March 17. Gross GST collection in March 2024 was the second-highest ever at Rs 1.78 lakh crore, with a year-on-year growth of 11.5 percent. Total gross collection for FY24 stood at Rs 20.18 lakh crore, surpassing the revised budget estimate.