Building on the strong show seen in financial year 2023-24, Net Direct Taxes collections have surged 19.54 per cent to ₹ 5.74-lakh crore till July 11 this fiscal, official data released by CBDT showed.In the same period (upto July 11) last fiscal, the net direct tax collections stood at ₹4.80-lakh crore.The latest reading of ₹5.74 … Read more
The Bharatiya Janata Party-led National Democratic Alliance faced huge setbacks in the Lok Sabha elections in the agrarian belts of the country. The BJP lost in at least 38 seats in five States where the farmers’ movement against the policies of the Narendra Modi government was strong. This government is a continuation of the first … Read more
Corporate India on Tuesday urged the government to introduce simplicity, consistency, and rationalisation of the capital gains tax regime in the upcoming Budget, noting that past policy decisions had led to a complex structure.At their pre-Budget meeting with Revenue Secretary Sanjay Malhotra and top revenue department officials, leaders of Indian Industry also called for status … Read more
Fact: A bipartisan group of lawmakers, including both liberal and conservative members, supported a bill that would change the rules allowing corporations wide discretion to choose who gets their online sales taxes, potentially funneling billion in tax kickbacks back to communities across the state.
States, like California, are exploring alternative ways to recoup lost gas tax revenue by piloting a “road charge” program that charges drivers based on the number of miles they drive rather than how much gas they purchase. The program is optional and participants can earn up to 0 in incentives for providing feedback on their experience. The state is considering this alternative revenue source due to the decrease in gas tax revenue collection and the shift towards electric vehicles. The program includes security protocols to protect personal information, and no action or changes are currently being proposed.
The small business corporate income tax rate in Newfoundland and Labrador has been reduced from 3 per cent to 2.5 per cent effective January 1, 2024.
The United States has anchored a temporary floating pier to a beach in Gaza to boost aid deliveries, facing challenges in distributing assistance due to a dire shortage of fuel for aid trucks and security concerns. Trucks carrying humanitarian aid are expected to begin moving ashore soon, but there are still unresolved challenges. The pier project, costing 0 million, aims to combat the humanitarian crisis in Gaza by opening a sea route for aid delivery. Israel and Hamas have been engaged in a seven-month-long war, with the U.N. losing staff members in the conflict. Aid access in Gaza has dwindled, and a severe fuel shortage may impact aid operations. The U.S.-delivered aid will follow a complex path, involving inspections by Israel, third-party collection and distribution by the U.N. officials, and security concerns in the region. Discussions between the U.S. and the U.N. on aid delivery from the pier are ongoing.
The United States is working on establishing a floating pier off the coast of the Gaza Strip to improve aid deliveries, facing challenges such as fuel shortages and security concerns. The project has been slow and expensive, with the U.N. emphasizing that land routes remain crucial for aid operations. Aid deliveries via the maritime corridor have begun, with plans for U.S.-delivered aid to be collected by third parties and distributed by the U.N. Israel has been accused of impeding aid deliveries, but denies any constraints on operations.
The Brookhaven IDA brought in over million in revenue in 2021 from fees for corporate tax breaks, making it the highest revenue generator outside of New York City. The largest revenue boost came from tax abatements for NorthPoint Development and Winters Brothers’ rail terminal project. The IDA has faced criticism for prioritizing transaction fees over economic development, with concerns raised about the impact on schools and public services. The IDA is considering providing tax breaks for a diesel truck terminal in North Bellport, with concerns about the potential impact on school funding. The board has also imposed a moratorium on tax breaks for warehouse projects over 100,000 square feet due to concerns about oversupply and vacancy rates in the region.
The U.S. Navy is facing challenges in building a fleet of unmanned vessels due to a focus on big shipbuilding projects, despite the demonstrated effectiveness of sea drones in combat situations. The Pentagon is now incorporating lessons from Ukraine and the Red Sea to counter China’s naval power in the Pacific, launching the Replicator initiative to deploy small air and sea drones. This initiative aims to match China’s military threat and is funded by reallocating funds from the existing Pentagon budget. The use of sea drones for maritime surveillance, minehunting, and protection of critical infrastructure is seen as crucial, with the U.S. Navy testing unmanned vessels in combat scenarios and expanding their use in different regions. Companies like Saildrone and Ocean Aero are actively involved in supplying autonomous vessels to the Navy, showing the increasing focus on deploying sea drones quickly to stay ahead in naval warfare.