The abolition of US federal income tax would lead to a shortfall of $2.1 trillion in government revenues, according to an expert read moreFormer US President Donald Trump has proposed abolishing federal income tax if he wins the US presidential election.Trump is the presumptive presidential nominee of the Republican Party and is running against current … Read more
Cyprus’ general government recorded an increased surplus of €665.2 million during the first four months of 2024, attributed to a significant increase in government revenues by 17.3 per cent, outpacing expenditure growth.
Sales of new vehicles in Kenya fell 17.66 percent in the first quarter of 2024, the sharpest drop in seven years. This decline was attributed to increased taxation, rising interest rates, and a weakened shilling. Dealers such as Isuzu, CFAO, and Simba Corporation have been struggling in a tough operating environment, with climbing interest rates and pending bills affecting demand. The Kenya Revenue Authority also increased duty on shipping cars into the country, further impacting sales. Isuzu East Africa and CFAO Motors Kenya, which control a significant portion of new vehicle sales, experienced declines in sales, while Simba Corp saw a modest increase. The falling demand for vehicles has also affected government revenues.
By end-February 2024, the government had accumulated cash deposits of over €3.5 billion at the Central Bank and €2.1 billion at commercial banks.
Finance Minister Chrystia Freeland delivered a federal budget that keeps the deficit capped at billion, thanks to higher-than-expected government revenues and new taxes that largely offset new spending. The budget pledges billion in new spending focused on economic justice for younger generations. The government plans to pay for most of its new spending initiatives with higher taxes on the wealthiest Canadians and businesses, including increasing the capital gains inclusion rate. The deficit, deficit-to-GDP ratio, and debt-to-GDP ratio are projected to fall every year until 2028-29. The federal budget also includes initiatives aimed at boosting the economy’s productivity, such as expanding artificial intelligence capacity and research support.
Chrystia Freeland is likely to raise taxes on the country’s largest companies and wealthiest citizens in the upcoming budget to increase government revenues and pay for new programs.