economic cooperation

New parents could get $6,000 for the first year of their child’s life and a restored child tax credit under Kamala Harris’ economic plan

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New parents could get $6,000 for the first year of their child's life and a restored child tax credit under Kamala Harris' economic plan

Economy New parents could get $6,000 for the first year of their child’s life and a restored child tax credit under Kamala Harris’ economic plan Ayelet Sheffey and Juliana Kaplan 2024-08-16T14:33:04Z Share icon An curved arrow pointing right. Share Facebook Icon The letter F. Facebook Email icon An envelope. It indicates the ability to send … Read more

G20 Nations Take ‘Important Step’ Toward Fair Taxation of Ultra-Rich | Common Dreams

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G20 Nations Take 'Important Step' Toward Fair Taxation of Ultra-Rich | Common Dreams

Despite pushback from the United States delegation, finance ministers at a meeting of the G20 countries in Rio de Janeiro on Thursday agreed on the need to develop a global taxation system in which the richest in the world are taxed at a higher rate—potentially unlocking hundreds of billions of dollars annually to help close … Read more

Trump backs a corporate tax cut, which JD Vance opposed before he became the VP pick | Semafor

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Trump backs a corporate tax cut, which JD Vance opposed before he became the VP pick | Semafor

Former President Donald Trump said he’d support cutting the corporate tax rate to 15% from its current level of 21%, a move Sen. JD Vance said he opposed two months ago before he became Trump’s running mate.That difference reflects the difficulties in reconciling their ideologies, giving corporate America a bit of whiplash. The Ohio Republican … Read more

Budget may include implementation of global minimum corporate tax rate

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Budget may include implementation of global minimum corporate tax rate

Budget Tax Announcements: Finance Minister Nirmala Sitharaman may declare India’s commitment to ‘Pillar 2’, aiming to implement a global minimum effective corporate tax rate of 15%, during the upcoming Budget, ToI reported. This initiative, led by the Organisation for Economic Cooperation and Development (OECD) and supported by the G20, targets multinational enterprise groups with annual … Read more

Korea to cut ‘value-up’ taxes, double foreign professionals by 2035 to revamp growth

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Korea to cut 'value-up' taxes, double foreign professionals by 2035 to revamp growth

President Yoon Suk Yeol announces the Dynamic Economy Roadmap and the Economic Policy Direction for the latter half of the year at the Blue House in central Seoul on Wednesday. [YONHAP]   The government plans to reduce corporate and inheritance taxes for companies in the “value-up program” and more than double the number of foreign … Read more

How the US is stalling hard-fought global tax reform

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How the US is stalling hard-fought global tax reform

It all seemed too good to be true: a global campaign to stamp out tax avoidance and harmonize international tax rules for companies that operate across national borders.At the forefront of the transparency drive is a minimum tax rate for multinational corporations, no matter where they operate. No more exploiting tax loopholes and shifting profits to countries with … Read more

Biden urged to raise income tax to tackle dangerous US debt

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Biden urged to raise income tax to tackle dangerous US debt

Joe Biden must raise income tax and cut pensions spending to slow the dangerous rise in the US national debt, the Organisation for Economic Cooperation and Development (OECD) has said.Corporate taxes also need to go up, economists suggest, while the US president needs to find a way to control spending on healthcare.Heavy borrowing and spending … Read more

Budget to usher in minimum corporate tax rule under ‘Pillar-2’

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Budget to usher in minimum corporate tax rule under ‘Pillar-2’

The Central government is likely to announce India’s adoption of “Pillar-2” tax regime anchored by the Organisation for Economic Cooperation and Development (OECD) in the coming Budget, as part of the country’s efforts to support and benefit from the global system combating tax avoidance.The Finance Bill, 2024, passed after the interim Budget presentation, will be … Read more

Fairness, Transparency, and Enforcement: Principles for Taxing U.S. Multinational Corporations In 2025

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Fairness, Transparency, and Enforcement: Principles for Taxing U.S. Multinational Corporations In 2025

Click here to download Briefing Memo on Foreign-Derived Intangible Income (FDII) The 2017 tax reform massively reshaped how U.S. multinationals are taxed on their foreign income, including through the application of a global minimum tax that grants corporations a substantial discount on their foreign profits. This discount gave big multinationals new incentives to stash their … Read more

Tax leaders worried about election results

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Tax leaders worried about election results

Strategic tax leaders are especially concerned the November U.S. presidential election will lead to changes to certain Inflation Reduction Act renewable energy credits, while tax tacticians are most concerned about changes to federal corporate tax rates, according to a new survey.The 2024 BDO Tax Strategist Survey, released Monday, pointed out that the outcome of the … Read more