Author: News Desk

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…

The Centers for Medicare & Medicaid Services (CMS) has released preliminary guidance to help states prepare for significant changes to Medicaid provider tax rules under the One Big Beautiful Bill Act. The guidance, issued on Nov. 14, provides clarity on how CMS will interpret key terms and transition provisions ahead of new restrictions that take effect on Oct. 1, 2026. A major focus of the announcement is CMS’s interpretation of when a provider tax is considered “enacted” and when it is considered “imposed.” These definitions determine whether states may continue to use certain tax structures under the new indirect hold…

Singapore is set to introduce the world’s first dedicated green fuel tax on air travel, marking a major step in its long-term plan to decarbonise the aviation sector. The Civil Aviation Authority of Singapore (CAAS) confirmed that from 2026, all passengers departing Singapore will pay a Sustainable Aviation Fuel (SAF) Levy, designed to support the country’s ambitious target of using 1% SAF in its aviation fuel mix next year. According to CAAS, the levy reflects the volume of sustainable fuel required to meet the target as well as the current premium price of SAF and associated logistical costs. Airlines will…

Japan plans to bring cryptocurrencies under financial-product rules and apply insider-trading restrictions as part of a wide regulatory overhaul, the Asahi newspaper reported on Sunday. The Financial Services Agency (FSA) is drafting measures covering the 105 cryptoassets listed on domestic exchanges, including Bitcoin and Ethereum. Exchanges would be required to disclose key information on each asset, such as issuer details, underlying technology and volatility risks. The plan would bar people with non-public information from trading ahead of events such as listings, delistings or bankruptcies, bringing conduct rules closer to those used in Japan’s equity markets. Tax treatment would also change.…