OECD’s official Grace Perez Navaroo sees light at the end of digital tax tunnel, hoping it will only grow brighter as months’ progress. The tax official stated there is little reason to believe the matter will not be on top of Biden’s administration, however, saying that a fundamental shift in the US’ stance can’t be expected. Since the past five years or so, more than 137 countries are engaged under the OECD’s Inclusive Framework on Base Erosion and Profit Shifting or simply BEPS project to reach a consensus on taxing technology giants like Amazon, Facebook, Google etc. BEPS refers to tax planning strategies used by multinational enterprises that exploit gaps and mismatches in tax rules to avoid paying tax.The digital tax talks were stalled amid US Presidential elections in November; most of the tech giants are headquartered in the US, making America an important stakeholder in arriving at consensus.The OECD had initially targeted to reach a … [Read more...] about QA with OECD official: Can the world find a digital tax solution under Biden?
Avoiding tax on redundancy payments
"A US citizen is a US citizen, is a US citizen. There is no US citizen-lite that gets a different tax treatment If you're born in Europe to two US citizen parents and have never stepped foot on US soil your whole life, you are taxed the exact same way as someone born in Manhattan who has never left, period", Marino said. The 'New Estate Tax' Under An Indebted Biden Administration According to Marino, the transition from a Trump to Biden presidency would leave the "biggest tax chasm in any election". … [Read more...] about The 5th Estate: Why Joe Biden Has Rattled US Expats To Renounce Citizenship Under FATCA, ‘Death Tax’
READ ALSO:Don’t shy away from your constitutional responsibilities, IGP tells officers The bureau said that professional services including telecoms generated the highest amount of CIT with N55.52 billion generated and closely followed by other manufacturing which generated N42.03 billion. … [Read more...] about FG generates N416.01bn as Company Income Tax in Q3, 2020- NBS
S S Kim has been leading the charge for Hyundai in India since 2018. While competition has been stiff, especially from rival Maruti Suzuki and sibling Kia, the pandemic has proved to be the biggest challenge that has tested the resilience of the Indian auto industry. Hyundai, however, has been able to return to pre-Covid volumes and sold record numbers in October this year. But Kim feels that the industry now requires a tax cut and softer interest rate regime to push demand....How far have you achieved normalcy? What challenges do you still face?The new normal has set fresh challenges for the industry. The biggest challenge is to sustain business operations and ensure the financial health of the organisation. Our operations achieved 99.9% of (pre-Covid) production levels in September. Currently, the domestic market is witnessing increased demand as customers prefer personal mobility. Green shoots were visible in October 2020 when we recorded our highest-ever domestic sales of 56,605 … [Read more...] about ‘Cut in auto tax rates will boost demand’
“If we have a President and a Prime Minister and we share responsibilities between these two so that one is not an appendage to the other. For example, if the President controls the Army and the Prime Minister controls the Police. If the President controls resources likes oil and mining and the Prime Minister controls finance and inland revenue, taxes, customs, etc. You just divide responsibilities between the two. … [Read more...] about Adeboye to Buhari, adopt British, American style of govt to avoid secession