Author: News Desk

For tax professionals and cryptocurrency investors alike, Senator Cynthia Lummis’s new crypto tax bill represents a major step toward clarity and practical compliance in an often confusing digital asset landscape. The bill’s de minimis exemption allows taxpayers to avoid capital gains tax on personal crypto transactions under $300, capped at $5,000 annually. This aligns crypto with other everyday cash substitutes, reducing the administrative burden for individuals using crypto for personal purchases. Staking and mining rewards would be taxed only when sold or disposed of, rather than at the moment they are earned. This approach prevents liquidity problems and “phantom” tax…

India plans to sharply cut taxes on small cars and insurance premiums, a move expected to impact stock markets and the automotive and insurance industries. This initiative is part of the largest GST overhaul since 2017, with product prices likely to fall starting in October once the reform is approved. According to federal government proposals, GST on small petrol and diesel cars will be reduced from 28% to 18%. The consumption tax on life and health insurance premiums may also drop from 18% to 5% or even zero. The announcement triggered a nearly 9% surge in shares of Maruti Suzuki,…

One of the key innovations of the law is the introduction of a patent-based taxation system for trading activities, primarily in markets. This was announced by the Deputy Chairman of the State Tax Service, Kubanychbek Ysybekov. “This decision is driven both by numerous requests from entrepreneurs and the practical difficulties of doing business in markets—unstable infrastructure, power outages, limited internet access, and other conditions that complicate the use of cash registers (KKM), electronic invoices (ESF), and other digital tools,” he explained. Transitioning to the patent system will exempt such businesses from issuing ESFs, using KKM, and submitting reports. However, to…

Last week, on July 28, 2025, Madagascar made a decisive move in modernizing its tax system by formally depositing its instrument of ratification of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC) in Paris, through the Ministry of Economy and Finance and the General Directorate of Taxes (DGI). Developed jointly by the OECD and the Council of Europe, this convention is widely recognized as the most comprehensive legal framework for international tax cooperation, enabling information exchange, joint audits, assistance in recovery, and cross-border notifications of tax documents. From the perspective of an international taxpayer doing business in…

The Trump administration announced new Treasury Department guidance that will make it more difficult for solar and wind projects to qualify for federal tax credits, though the changes were less severe than some in the clean energy industry had feared. The updated guidance redefines when a renewable energy project is considered to have “commenced construction,” a key factor for claiming lucrative tax credits. Most wind projects and larger solar projects will now need to demonstrate actual physical construction, rather than relying on the previous 5% investment “safe harbor.” Rooftop solar projects generating less than 1.5 megawatts remain eligible to use…

Several Democratic-led states in the U.S. are planning to increase taxes on wealthy residents to generate additional revenue through a variety of proposals, including one dubbed the “Taylor Swift tax.” These moves come after the enactment of the One Big Beautiful Bill Act (OBBBA) by President Donald Trump and Republicans in Congress. The law permanently extended many of the 2017 tax cuts, included new tax relief measures, and reduced funding for programs such as Medicaid. Democrats argue that these tax hikes are necessary to help plug state budget gaps and offset any lost federal funding for programs like Medicaid. This…

The State Tax Service of the Kyrgyz Republic has announced significant reforms to its tax legislation aimed at reducing the burden on businesses and strengthening investor confidence. Deputy Chairman of the State Tax Service, Kubanychbek Ysabekov, emphasized that tax audits will no longer be conducted for periods before January 1, 2022, except for special cases such as company liquidation or criminal investigations. This reform is expected to ease administrative pressure on both local and foreign businesses operating in Kyrgyzstan. Another key development is the introduction of a “Taxpayer Rating System”, designed to assess the compliance, reliability, and integrity of taxpayers.…

The General Tax Authority (GTA) has once again urged all registered taxpayers, companies, and institutions in Qatar to submit their 2024 tax returns via the Dhareeba Tax Portal before the final deadline of August 31, 2025, to avoid any penalties or legal action due to late filing. This requirement applies to all businesses and licensed entities, including tax-exempt organizations, companies fully owned by Qatari or GCC nationals, and firms with foreign partners. Timely submission ensures compliance with the provisions of the Income Tax Law (Law No. 24 of 2018), its executive regulations, and amendments. The GTA emphasized that the 100%…

HM Revenue & Customs (HMRC) has reinforced that taxpayers who fail to settle their tax liabilities on time may face progressively increasing penalties under Schedule 56 FA 2009. The rules apply to a wide range of taxes, including PAYE, National Insurance Contributions (NICs), Income Tax, Capital Gains Tax (CGT), Construction Industry Scheme (CIS), Bank Payroll Tax, and excise duties such as SDIL and Plastic Packaging Tax (PPT). How Late Payment Penalties Work A penalty is triggered if a taxpayer does not pay the full amount by the due date, unless there is a reasonable excuse. Once the excuse ends, payment…

SMRT Trains, a subsidiary of Singapore’s Temasek Holdings, saw its financial performance impacted by a six-day disruption on the East-West Line (EWL) in September 2024, which led to an 8% dip in its profit after tax for the 2024/2025 financial year. Key Points: EWL Breakdown Impact The disruption during the six-day period on the East-West Line severely affected the train network, leading to operational disruptions and financial strain. The disruption directly impacted about one-sixth of daily train trips, reducing SMRT’s potential revenue from fares. Performance Analysis: Future Outlook: For further details, clarification, contributions, or any concerns regarding this article, please…