Page 17 - Tax

Time to review insurance cover; and buy art: Top personal finance stories

Our best stories this week explain how to review a key component of your financial portfolio and how to invest in art

Disgraced ex-IMF chief Rodrigo Rato goes on trial for tax evasion

The credit card case sparked widespread anger at a time when Spain was recovering from years of recession and a banking crisis partly triggered by Bankia's massive bailout

PM Modi seeks to revive hinterland finance hub GIFT city with new breaks

Modi last weekend addressed an investment conference in the city to breathe life back into the site, calling for it to become a "new age financial services and technology nerve center"

Global South disappointed over GST draft at COP28; calls for revisions

Developing countries have deplored the latest draft of the global stocktake, the most important document of the ongoing climate conference (COP28) here, calling for major changes, including in the section offering options to slash planet-warming greenhouse gas emissions, negotiators from the Global South said on Tuesday. The latest global stocktake (GST) draft, which will be the centrepiece of the final deal document, does not mention the "phase-out of fossil fuels". However, it includes stronger language on coal usage, which is problematic for heavily coal-dependent countries like India and China. Approximately 40 per cent of global CO2 emissions stem from coal, with oil and gas contributing to the remaining percentage. India, relying on coal for about 70 per cent of its power generation, aims to add 17 gigawatts of coal-based power generation capacity in the next 16 months. India has voiced strong concerns about the specific targeting of coal. Together with other developing ...

LIC gets demand order for GST collection worth Rs 183 cr from Telangana

LIC added that the monetary penalty will not have an impact on the financials of the corporation

COP28: New GST draft text gives four options for move towards clean energy

A new draft of the Global Stocktake released on Friday here at the COP28 has four options for the move towards clean energy ranging from phase out of fossil fuels to no mention of the phase out at all. The Global Stocktake is a fundamental component of the Paris Agreement of 2015 which is used to monitor its implementation and evaluate the collective progress made in achieving the agreed goals of restricting emission to keep temperature rise to 1.5 degrees Celsius as compared to the pre-industrial era. At the ongoing climate change negotiations, called the Conference of Parties (COP28), the Global Stocktake (GST) text is the most crucial document set to be finalised by the negotiators by the end of this two-week long annual meet. Several contentious issues, including proposals to phase out fossil fuels, triple renewables capacity, and double energy efficiency improvement are still unresolved as negotiations continue in the second week. The four options for the move towards clean .

India will address EU's carbon tax issue; will retaliate if required: Goyal

India will address the issue of the European Union's plan to impose a carbon tax on certain imported goods, Commerce and Industry Minister Piyush Goyal on Friday said, adding that "I will retaliate" if required. The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a kind of import duty) will come into effect from January 1, 2026. However, from October 1 this year, domestic companies from seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products, will have to share data with regard to carbon emissions with the EU. "Bharat will address the problem of CBAM with confidence, and we will find solutions. We will see how we can convert CBAM to our advantage if it comes in. Of course, I will retaliate. You need not worry about it," Goyal said here at an industry chamber event. According to a report of the think tank Global Trade Research Initiative (GTRI), CBAM will translate into a 20-35 per cent tax on select imports into the EU, starti

Govt cuts windfall tax on crude to Rs 5,000/tonne, on ATF to Rs 1.06 l/kL

Centre had earlier reduced the windfall tax on diesel and crude oil on November 16

J-K PDD announces withdrawal of Electricity Duty to alleviate tariff hike

The decision, effective December 1, 2023, comes following the issuance of a new Tariff order by the Joint Electricity Regulatory Commission (JERC), Jammu and Kashmir

Govt should cut import tax on goods to lessen need for export schemes: GTRI

Reducing import duties on inputs and capital goods could help the government cut down the need for many of the existing export schemes, think tank GTRI said on Friday. This would be an important step as India continues to face challenges in managing these incentives within the framework of international trade laws, it said. The Global Trade Research Initiative (GTRI) said that many countries, including major trade partners of India like the European Union (EU) and the US continue to declare Indian schemes as subsidies and punish exporters by charging countervailing duties. America and the EU account for over 20 per cent of the country's total outbound shipments. At present, India is implementing many schemes to facilitate exports. These include the Advance Authorisation Scheme (AAS), Export Promotion Capital Goods Scheme (EPCGS), Duty Drawback Scheme (DDS), the Remission of Duties and Taxes on Exported Products (RoDTEP), Special Economic Zones (SEZ), Export Oriented Units (EOUs); .

Britain set to start cutting taxes ahead of likely election next year

Britain's Conservative government will try to win favour with voters by cutting taxes but avoiding worsening inflation in a budget statement on Wednesday, coming ahead of a likely national election next year that opinion polls suggest it will lose. Prime Minister Rishi Sunak has hinted that tax cuts are back on the agenda now that his self-imposed pledge to halve inflation this year has been met and government revenue is higher than anticipated. In a speech Monday, Sunak raised expectations that Treasury chief Jeremy Hunt's autumn statement will begin reducing the tax burden in the UK, which is the highest in 70 years in the wake of COVID-19 and the energy price spike triggered by Russia's invasion of Ukraine. Sunak said on Monday that his government would cut tax and reward hard work but would avoid doing anything that puts at risk our progress in controlling inflation". Inflation eased to 4.6 per cent in October from a year earlier after hitting a 41-year high of 11.1 per cent in

Japan vice minister resigns over tax scandal; another setback for Kishida

A Japanese vice finance minister stepped down on Monday, amid criticism from Prime Minister Fumio Kishida's Cabinet, after admitting his company's repeated failures to pay taxes, a further setback to Kishida's unpopular government. Deputy Finance Minister Kenji Kanda, in charge of government bonds and monetary policy, is the third member of Kishida's Cabinet to resign within two months following a Cabinet shuffle in September. Kishida later told reporters that he takes responsibility for the appointment of Kanda. I must apologise to the people that a vice finance minister had to resign soon after he assumed his position," Kishida said. I'm determined to concentrate on our work more seriously, as I believe that's the only way to regain the people's trust. Kanda, a tax accountant-turned-lawmaker, admitted that land and property belonging to his company was seized by the authorities four times between 2013 and 2022 after failures to pay fixed asset taxes, in response to a weekly magazi

Tax windfall gives Modi govt scope to spend more on welfare schemes

The revenue windfall gives Modi's government more firepower for a populist push as voters in five states take to the polls this month and the nation gears up for general elections in 2024

Govt weighs local tax options to avoid EU carbon levy: Piyush Goyal

"We will find a solution around a domestic tax to take care of equating with European taxes on carbon emissions," he said at an industry event

Govt hikes windfall tax on crude to Rs 9,800 per ton, reduces on diesel

The windfall tax on aviation turbine fuel that had been 1 rupee/liter has been removed, the notification said

Road tax imposed on commercial vehicles entering HP slashed up to 70%

The Himachal Pradesh government has reduced the special road tax (SRT) imposed on the entry of commercial vehicles registered outside the state has been reduced by 6070 per cent, officials said on Tuesday. According to officials a notification in this regard is likely to be issued later in the day. The decision has come as a relief to the tourism industry in the state which had earlier said that the tax on tourist vehicles has made group tours to Himachal unviable for the tour operators and as a result the occupancy levels in hotels have declined. A tax of Rs 3,000 to Rs 6,000 per day varying on the seating capacity was imposed from September 1, 2023. President Federation of Himachal hotels and Restaurant Associations (FOHHRA) Gajender Thakur had earlier said that levying taxes on entrance of commercial vehicles carrying tourists in the state at this point of time when the tourism industry has suffered heavy damage due to the recent monsoon season will further crumble the tourism .

Updating the tax haven debate

In a comprehensive analysis of black money, R Vaidyanathan's book explores the intricacies of its generation, the impact of tax havens, and the role of global initiatives

Deal to make MNCs to pay 15% tax marred by loopholes: EU backed watchdog

An ambitious 2021 agreement by more than 140 countries and territories to weed out tax havens and force multinational corporations to pay a minimum tax has been weakened by loopholes and will raise only a fraction of the revenue that was envisioned, a tax watchdog backed by the European Union has warned. The landmark agreement, brokered by the Organization for Economic Cooperation and Development, set a minimum global corporate tax of 15%. The idea was to stop multinational corporations, among them Apple and Nike, from using accounting and legal maneuvers to shift earnings to low- or no-tax havens. Those havens are typically places like Bermuda and the Cayman Islands where the companies actually do little or no business. The companies' maneuvers result in lost tax revenue of $100 billion to $240 billion a year, the OECD has said. According to the report, being released Monday by the EU Tax Observatory, the agreement was expected to raise an amount equal to nearly 10% of global ...

Global billionaire tax could yield $250 billion: EU Tax Observatory

If levied, the sum would be equivalent to only 2% of the nearly $13 trillion in wealth owned by the 2,700 billionaires globally, the research group hosted at the Paris School of Economics said

I-T dept may raise tax demand retrospectively from telcos: Analysts

The Supreme Court has set aside a Delhi High Court order of December 2013 and ruled that the licence fees paid by telecom operators should be treated as a capital expense