Korea’s tax revenue falls $1.5 bil. on-year through March
Korea’s tax revenue fell 2.5 percent on-year during the first three months of 2024 due mainly to weak corporate performances.
government
Amid debate about inheritance tax, rising share of personal income tax and indirect tax remains a concern
– During the election campaign, the Congress emphasized social justice and welfare in its manifesto.
– Prime Minister Narendra Modi accused the Congress of having communal intentions with its plans for a caste census and distribution of surplus government land.
– The Congress defended its manifesto, stating that rising wealth inequality in the country needs to be addressed.
– The Finance Ministry released data showing an increase in net tax collections, driven by personal income tax and securities transaction tax.
– The share of corporate tax has been decreasing while personal income tax has been increasing.
– Direct taxes have been decreasing while indirect taxes have been increasing.
– A bulk of those who file personal income tax earn an annual income of ₹1 lakh-₹5 lakh.
– The effective personal income tax rate in India is among the highest compared to other BRICS countries.
– Poorer citizens and the middle-class are shouldering a higher share of the tax burden due to the rising share of personal income tax and indirect taxes.
First-quarter figures for Malaga province suggest another record year for tax revenue | Sur in English
Fact: Authorities in Malaga province have collected record taxes for three years in a row, with tax revenues increasing by 65.8% in the first quarter of 2024 compared to the same period last year.
Columbia suspends pro-Palestinian protesters after encampment talks stall
Columbia University has begun suspending pro-Palestinian student activists who refused to dismantle a protest camp on campus after negotiations failed. The crackdown follows similar protests at other university campuses across the U.S. Students are demanding divestment, transparency in university finances, and amnesty for those disciplined for participating in protests. The protests have sparked intense debate over freedom of expression and hate speech, with some students facing censure for criticizing the Israeli government or expressing support for Palestinian rights. Other campuses, like UCLA, have seen clashes between pro-Israeli activists and pro-Palestinian protesters. Law enforcement tactics, such as the use of pepper spray and flash-bang charges, have been criticized. Arrests have occurred at various universities, including Virginia Commonwealth University and Virginia Tech.
Uruguay ex-president Jose Mujica diagnosed with ‘challenging’ cancer
Jose Mujica, former president of Uruguay, announced a cancer diagnosis, with doctors finding a tumor in his esophagus that will be challenging to treat. Chemotherapy and surgery are complicated due to an autoimmune disease he suffers from. Mujica remains politically active and promised to continue fighting for his causes despite the diagnosis. The news of his diagnosis has given a fresh boost to the political campaign in Uruguay.
UK R&D may be worth far more than currently estimated
The value of research and development undertaken in Britain each year could be more than 20 per cent higher than current estimates, with the redeveloped Business Enterprise Research and Development Survey suggesting R&D in 2022 was 53.0 billion pounds compared to an existing estimate of 43.4 billion pounds.
Local business tax exemption for registered enterprises: Who has the final say?
The text discusses the confusion and uncertainties faced by registered business enterprises (RBEs) with the Board of Investments (BOI) regarding the local business tax (LBT) exemption after the passing of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act). The Department of Justice (DOJ) provided guidance that the BOI still has the authority to certify enterprises as pioneer or non-pioneer for LBT exemption, despite the repeal of certain provisions under the Omnibus Investments Code of 1987 by the CREATE Act.
IMF approves $1.1 bln funding for Pakistan
The International Monetary Fund approved .1 billion in funding for Pakistan as the second and last tranche of a billion standby arrangement to help avert a sovereign default. Pakistan is seeking a new, larger long-term Extended Fund Facility agreement with the IMF after the current standby arrangement expires.
Scotland’s leader Yousaf has resigned. What’s next for SNP?
Scotland’s leader Humza Yousaf resigned, putting the Scottish National Party’s governance at risk and hindering their independence aspirations from Britain. The SNP’s dominance has lessened, and Yousaf failed to gather enough support to survive confidence votes, leading to a leadership contest within the party. If no new first minister is appointed within 28 days, a new election will be called.
Ioannou hails Cyprus, ’ migrant returns policy
Interior Minister Constantinos Ioannou extolled the virtues of Cyprus’ migrant returns policy during an inter-ministerial meeting attended by the European Union’s 27 member states’ ministers responsible for asylum and migration in Ghent. Cyprus has seen a 66% increase in the number of irregular migrants returned to their countries of origin in 2023 compared to the previous year. Cyprus has the highest number of migrant returns per head of any EU member state. The EU pact on migration and asylum, set to be fully implemented in June 2026, includes provisions for managing surges in migrant flows and screening third country nationals entering the EU. Ioannou hopes for mandatory relocation of asylum seekers between member states.