Author: News Desk

With the city-state heading into its final days of campaigning ahead of General Election 2025, two of the country’s most prominent political figures clashed Tuesday night over fiscal policy and the broader narrative shaping voter sentiment. In a spirited address at the People’s Action Party (PAP) rally held at Yishun Stadium, Law and Home Affairs Minister K. Shanmugam vigorously defended the government’s decision to raise the Goods and Services Tax (GST) in 2023 and 2024, countering opposition claims that the increases were both avoidable and regressive. “Most Singaporean households will receive more in government support than they pay in GST,”…

In a move to ease the transition into the new corporate tax regime, the United Arab Emirates’ Ministry of Finance (MoF), in collaboration with the Federal Tax Authority (FTA), has announced an initiative to waive administrative penalties for businesses and certain exempt entities that missed the deadline for corporate tax registration. The measure is designed to support corporate taxpayers during the early stages of the UAE’s corporate tax implementation. To qualify for the relief, companies must submit their tax return or annual declaration within seven months of the end of their first tax period, in accordance with the UAE Corporate…

When submitting a customs declaration, accuracy in every field is essential to ensure efficient clearance and compliance with national and international trade regulations. One such critical field is Data Element 5/23, which requires the declarant to specify the location of the goods at the time of making the declaration. To complete this field correctly, you must enter the appropriate location code that corresponds to where the goods are physically held during the declaration process. These location codes are standardized and provided in an official list accompanying the customs declaration documentation. Finding the Right Code The list of codes includes several…

In a fiery speech marking his first 100 days in office, President Donald Trump issued a stern warning to both Democrats and Republicans opposing his budget reconciliation bill, predicting a historic tax increase should the legislation fail. Speaking at a rally in Michigan, Trump said his bill enjoys “just about 100% Republican support” and lamented the presence of a few “grandstanders” within his own party who threaten to derail the legislation. “It would be nice if we had just a couple of Democrats, just to make sure,” he said, urging voters to remember and oust dissenting Republicans. Trump framed the…

Nebraska lawmakers have advanced a proposal to reduce the state’s inheritance tax while offsetting lost county revenue with higher fees, even as the state faces a widening budget shortfall. The measure, Legislative Bill 468, passed its first round of debate on Tuesday in a 27–10 vote. Sponsored by State Senator Robert Clements of Elmwood, the bill would lower the inheritance tax rate to 1% for immediate family and 3% for distant or unrelated heirs, down from current rates as high as 15%. The plan would keep the tax in place, unlike proposals seeking full repeal. The move comes as Nebraska…

Russian authorities have filed tax evasion and money laundering charges against Instagram-based life coach Inna Tliashinova, alleging the Dubai-based influencer failed to declare millions in income from her online self-help business. The Moscow branch of the Investigative Committee said on Wednesday that Tliashinova, 43, owes 431 million rubles ($5.3 million) in back taxes and penalties from 2020 to 2022. An arrest warrant has been issued, and prosecutors are expected to seek her detention in absentia. Tliashinova, who describes herself on Instagram as an “expert on the subconscious,” is known for selling online courses promising financial empowerment through spiritual healing and…

Hawaii is poised to implement the nation’s first climate-focused lodging tax, a move that underscores the U.S. tourism hub’s growing urgency to fund environmental protection amid rising climate threats. Lawmakers are expected to pass legislation this week that would raise the state’s hotel room tax by 0.75 percentage points, bringing the base rate to 11%, with revenues earmarked exclusively for climate resilience and conservation projects. Combined with county and excise taxes, the total levy on short-term accommodations will approach 19%, among the highest in the U.S. Governor Josh Green, who supports the bill and has pledged to sign it, said…

South Korea’s Democratic Party presidential candidate, Lee Jae-myung, has unveiled an ambitious proposal to introduce a 10% production tax credit for domestically produced semiconductors, designed to shore up the country’s global competitiveness and secure its strategic position within the semiconductor supply chain. Lee’s pledge, announced in a Facebook post on April 27, 2025, signals his commitment to fortifying South Korea’s most vital industrial sector ahead of the country’s presidential elections on June 3, 2025. As South Korea grapples with mounting external pressures on its semiconductor industry, Lee’s plan mirrors a growing global trend of state intervention to secure the future…

Italy’s long-standing problem with uncollected tax bills, known locally as cartelle esattoriali, has reached a critical juncture. The Italian government, grappling with over €1.2 trillion in unpaid tax claims, is considering a shift from its traditional approach to a more market-driven solution: securitisation. This change comes after years of ineffective tax amnesties and “settlement” schemes that, although providing temporary relief, have not addressed the root cause of Italy’s tax debt problem. At the heart of the conversation about reform is Christopher Aleo, a Swiss-Italian banker and founder of the fintech group iSwiss Bank. Known for his expertise in structured finance…

Brazil’s Finance Minister Fernando Haddad is set to visit Silicon Valley this week with a bold plan to attract data center investments to the country. As part of this plan, the Brazilian government is expected to offer tax breaks on capital expenditures related to technology investments, particularly targeting data centers. According to sources familiar with the matter, the new policy would exempt these investments from several key federal taxes. The move aims to position Brazil as a competitive hub for data centers in Latin America, leveraging its abundant renewable energy supply to appeal to global tech companies. Haddad’s trip to…