Author: News Desk

In a significant legislative move during the ongoing Winter Session, Finance Minister Nirmala Sitharaman introduced the Health Security Cess Bill, 2025 in the Rajya Sabha today. The Bill proposes a 0.5% cess on taxable services to fund a dedicated corpus for pandemic preparedness and public health infrastructure modernization. The introduction of the Cess comes as the government seeks to ringfence funding for the “Ayushman Bharat” digital expansion without widening the fiscal deficit. Opposition leaders have raised concerns about the inflationary impact of an additional levy, but the Finance Ministry argues the ringfenced nature of the fund ensures direct taxpayer benefit.…

Brazil’s historic tax reform is facing a turbulent rollout as taxpayers struggle with the transition to the new Dual VAT system. With the testing phase for the Imposto sobre Bens e Serviços (IBS) and Contribuição sobre Bens e Serviços (CBS) set to begin in 2026, a fierce debate has erupted over the “calculation base” for the transition period. Legal experts and corporate tax directors are seeking urgent clarification from the Federal Revenue of Brazil (RFB) on whether the new levies must be included in the calculation base of the legacy ICMS and ISS taxes. If confirmed, this “tax-on-tax” scenario could…

China’s annual trade surplus has officially breached the $1 trillion mark for the first time in 2025, fueled by a November export surge that defied global headwinds. The data, released by the General Administration of Customs, comes just weeks after Washington and Beijing agreed to a tentative “tariff truce,” a diplomatic pause that now appears increasingly fragile. Speaking at a major economic forum in Beijing today, Premier Li Qiang delivered his sharpest rebuke yet of Western protectionism. Li characterized the proliferating web of global tariffs as a “severe blow” to the interconnected global economy, warning that “erecting walls” would stifle…

Oregon’s budget outlook has shifted dramatically after an unexpected influx of corporate tax revenue sharply reduced the state’s projected deficit. What had been a $373 million shortfall just days ago has shrunk to $63 million, driven largely by revised corporate income tax filings from major Oregon companies and modest gains in other revenue streams. State economists Carl Riccadonna and Michael Kennedy described the windfall as “found money,” noting that corporate tax restatements are volatile and reflect accounting adjustments rather than broader economic health. The state has collected $309.5 million more than forecasted in August, when a previous surplus flipped into…

Brazil’s ongoing debate over gambling taxation has hit another roadblock. Lawmakers have postponed a vote on a proposed increase in the country’s gambling tax rate from 12 percent to 24 percent, citing insufficient political backing. The delay marks the third setback this month, leaving operators navigating an increasingly uncertain regulatory landscape. The Economic Affairs Committee (CAE) canceled the scheduled vote after Chamber of Deputies President Hugo Motta informed Senate leader Davi Alcolumbre that the proposal lacked the necessary support. CAE President Renan Calheiros stepped in to halt the meeting, avoiding a potentially public defeat. The bill includes more than 172…

The OECD has unveiled a significant update to its Model Tax Convention, introducing long-awaited guidance on cross-border remote work and a new framework for taxing income from natural resource extraction. Approved by the OECD Council and released on 19 November 2025, the 2025 Update aims to provide clearer, more predictable international tax rules for governments, multinational businesses, and tax practitioners. Clarifying Tax Presence for Remote Workers As remote and hybrid work arrangements continue to expand post-pandemic, tax authorities worldwide have struggled with the question of when a home office in another jurisdiction creates a taxable presence—also known as a permanent…

The ruling Liberal Democratic Party (LDP) in Japan is exploring the possibility of making the income tax threshold adjustable based on consumer prices, a senior party official said on Monday. Itsunori Onodera, chair of the LDP’s Tax System Research Commission, emphasized the need to shape a tax system “from a perspective close to citizens,” rather than assuming that tax increases are inevitable. He suggested that linking the threshold to consumer prices, which reflect the cost of everyday goods, would be a natural step. Background on the Threshold The income tax threshold, which determines the point at which individuals begin paying…

Taxpayers should begin preparing now for the 2026 filing season as several important changes are set to take effect, experts say. Early action can help avoid costly mistakes and maximize potential tax benefits. Dan Snyder, director of financial planning with the American Institute of CPAs (AICPA), advised that understanding new rules and adjusting financial plans before April 15, 2026, could make a meaningful difference in taxpayers’ financial health. IRS Direct File Program Ends The IRS Direct File program, which allowed taxpayers to submit returns electronically for free, will not be available in 2026. Originally developed under the Biden administration, the…

Chicago homeowners are facing the steepest rise in property taxes in at least three decades, according to a new analysis from the Cook County Treasurer’s Office. The study also found that the financial burden is falling most heavily on communities of color across the South and West sides. The Treasurer’s Office reported that the median residential property tax bill across the city jumped by more than 16 percent. Officials attribute the surge to higher city spending paired with a shrinking commercial tax base. The continued decline in the value of downtown commercial buildings has significantly reduced the sector’s tax contribution.…

Brazil is preparing for one of the most significant shifts in its digital asset tax regime to date, as lawmakers and financial regulators advance plans to expand taxation and strengthen oversight of cryptocurrency transactions. The proposals under discussion in the National Congress would bring international crypto operations within the scope of the federal IOF tax, a move that could reshape the regulatory landscape for investors and crypto service providers. At present, crypto assets are exempt from the Imposto sobre Operações Financeiras, which applies broadly to other financial transactions. Gains on cryptocurrency investments are currently taxed at a flat rate of…