India’s net direct tax collections’ growth accelerated to 22.5% by August 11, from a 19.54% recorded a month ago, led by a 30% spike in Personal Income Tax (PIT) revenues and a 111% surge in Securities Transaction Tax (STT) receipts, even as corporate tax inflows grew a mere 5.9% from last year.Data from the Central … Read more
IRS Tax Compliance Costs the US Economy $546B Annually Skip to content taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. code imposes many costs on the US economy. The most direct costs, of … Read more
Revenue Secretary Sanjay Malhotra attributed improved compliance as well as the progressive income tax rates as the two main reasons why personal income tax collections have exceeded those of corporate income tax in recent years.While there are four reasons as such for this trend, the two major reasons are improving compliance and the progressive rates … Read more
New Delhi: The Budget at a glance establishes that the share of government revenue from income tax (tax on individuals) at 19% is more than what corporates have contributed (17%). Advertisement <!– This follows from taxes foregone five years ago, when corporates were given a tax break. <!– The corporate tax-rate cut was meant to be … Read more
Read Full Budget 2024 CoverageThe middle class, the tax-paying population of India, stares at the face of the government every time the Budget day approaches. It is that neglected segment that pays both income tax for earnings, and GST for spending. It is this 2% of the entire population of India that is contributing massively … Read more
The State of Georgia’s net tax collections in June approached a total of $3.03 billion, for an increase of $185.4 million or 6.5 percent compared to FY 2023, when net tax collections totaled $2.84 billion for the month. Year-to-date, net tax revenue totaled almost $32.95 billion, for a decrease of $182.2 million or 0.5 percent … Read more
Puerto Rico Tax Competitiveness and Pillar Two Skip to content profit shiftingProfit shifting is when multinational companies reduce their tax burden by moving the location of their profits from high-tax countries to low-tax jurisdictions and tax havens. . Pillar Two, the global minimum taxA tax is a mandatory payment or charge collected by local, state, … Read more
New Delhi [India], July 15 (ANI): Personal income tax has become the largest revenue category for the Indian government, surpassing both corporate tax and GST, according to the Anand Rathi report. While GST, corporate tax, and personal income tax each now account for nearly 30 per cent of gross tax collection, their trajectories have varied … Read more
The State of Georgia’s net tax collections in June approached a total of $3.03 billion, for an increase of $185.4 million or 6.5 percent compared to FY 2023, when net tax collections totaled $2.84 billion for the month. Year-to-date, net tax revenue totaled almost $32.95 billion, for a decrease of $182.2 million or 0.5 percent … Read more
here. Despite the fact that the thermometer still reads summer, fall is creeping closer. According to the National Retail Federation, one in five (22%) back-to-school shoppers have already started gearing up for the 2024-25 school year (you can count me as one of them). However, with above-average prices in stores and online, those shoppers are … Read more