Sales tax compliance is a bit of an unknown quantity in the US. Calculating the tax gap—the difference between taxes collected and taxes owed—in sales and use tax is much more difficult than the income tax gap. For income tax, there are secondary sources of information available from employers; in sales tax, there is no … Read more
Michael Welu worked at the IRS for decades as a specialist in helping agents identify and investigate possible tax crimes. In an agency known for offices working in their own silos, Welu had the rare ability to move between divisions, dissecting and learning each office’s particular customs and procedures. But that experience had its own … Read more
The European Commission has warned Cyprus and other EU member-states to enforce a minimum 15% tax rate for big multinational companies and improve corporate transparency by disclosing income taxes publicly. Cyprus, along with Spain, Latvia, Lithuania, Poland, and Portugal, have not fully implemented these rules and have two months to comply or risk facing fines in the European Court of Justice.
Cryptocurrency is a digital currency that operates on a decentralized system through a network of computers called nodes. It relies on blockchain technology and encrypted algorithms for security. There are various types of cryptocurrency, such as Ethereum, Litecoin, Ripple, and Stellar, with fluctuating values. Trading in cryptocurrency can be done directly, through decentralized exchanges, or centralized exchanges. Cryptocurrency taxation varies by country, with earnings from mining or payments being taxable. Cryptocurrencies are typically treated as property for income tax purposes, resulting in potential capital gains taxes. The tax implications of cryptocurrencies are complex and evolving, requiring efficient tracking and verification tools. Regulatory attention is needed for anti-money laundering measures and know-your-customer procedures in the cryptocurrency market. Cryptocurrency is considered property and taxable like shares, with the industry rapidly evolving and becoming more complex.
Business credit card rewards are not considered income and are not taxable.
– Uganda has a fiscal deficit of 5.6 percent in 2023
– World Bank suspended funding to Uganda over anti-homosexuality law
– Traders in Kampala protested against high taxes and enforcement tactics
– Uganda has a narrow tax base, with tax collections totaling less than 14 percent of GDP
– Only 1 million Ugandans pay tax out of a population of almost 50 million
– Top 1,000 taxpayers contribute more than three-quarters of all tax revenue collections
– Uganda’s tax regime is less effective than many of its Sub-Saharan counterparts
– Tax regime is perceived as unfair by ordinary citizens
– Tax laws have elements of being progressive, particularly in personal income taxation
– Uganda faces challenges in raising sufficient funds for public services and economic development
– Reforms are needed in personal income tax rates, VAT threshold, presumptive tax thresholds, and business taxation
– Greater transparency in public spending and service delivery can improve taxpayer morale and compliance
The US government intends to focus on taxing business aircraft, but it is inappropriate to characterize large corporations and high-net-worth individuals who use business aircraft as “flying under the radar with their tax responsibilities.” The IRS plans to increase audits of business aircraft usage, which could be costly and disruptive for affected companies. A letter from six senators supported the IRS audit initiative and requested an increase in the rate at which income is imputed to executives for their personal flights on company aircraft. President Joe Biden’s budget proposes lengthening the depreciation life of business aircraft and increasing the fuel tax rate on jet fuel used by business aircraft, both of which would increase taxes with respect to business aircraft.