Economy Oregon residents will vote in November on a $1,600 annual universal basic income Katie Balevic 2024-08-16T15:29:34Z Share icon An curved arrow pointing right. Share Facebook Icon The letter F. Facebook Email icon An envelope. It indicates the ability to send an email. Email Twitter icon A stylized bird with an open mouth, tweeting. Twitter … Read more
On June 6-7, 2024, over 20 union representatives from the Caribbean region convened at the historic headquarters of the Antiguan Workers’ Union for a workshop on corporate tax justice and sustainable development models. The event, part of the NUTJ’s global capacity-building efforts, featured insights on corporate tax avoidance, emphasising the necessity of analysing CIT policy … Read more
Fact: A permanent tax on European companies’ excess profits could generate more than €100 billion per year, or over half of the EU’s annual budget.
– America’s largest, consistently profitable corporations saw their effective tax rates fall from an average of 22.0 percent to an average of 12.8 percent after the Trump tax law went into effect in 2017.
– The 296 largest and consistently profitable U.S. corporations paid 0 billion less in taxes from 2018 to 2021 compared to before the Trump tax law.
– While profits for these corporations rose by 44 percent after the Trump tax law, their federal tax bills dropped by 16 percent.
– The number of corporations paying tax rates of less than 10 percent increased from 56 to 95 after the Trump tax law.
– Many well-known corporations, including Walmart, Verizon, Disney, and Meta, had the largest tax reductions after the Trump tax law.
On February 2, 2024, the Tax Appeals Tribunal rendered a significant judgment in appeal No.1514 of 2022, involving Cellnet Ltd and the Kenya Revenue Authority (KRA). The Tribunal set aside 60.8 percent of KRA’s assessment of Sh12.98 million related to value-added tax, allowing only Sh5.08 million. The Tribunal found that KRA had conducted an assessment on Cellnet Ltd for a period exceeding five years, which was in violation of the Tax Procedures Act. Cellnet Ltd did not challenge this aspect of the assessment, but the Tribunal raised the issue suo moto, highlighting the importance of upholding tax justice.