Author: News Desk

The Zakat, Tax and Customs Authority (ZATCA) has outlined the criteria for selecting targeted taxpayers in the Twenty-First Wave for the “Integration Phase” of E-invoicing. This wave will include all taxpayers whose revenues subject to VAT exceeded SAR 1.25 million in 2022, 2023, or 2024. ZATCA has clarified that it will notify these targeted taxpayers to integrate their E-invoicing solutions with the Fatoora Platform by November 30, 2025. The Integration Phase (Phase Two) introduces additional requirements compared to the initial Generation Phase (Phase One). These include the obligation to: Phase Two will be implemented gradually, with future waves informed at…

Japan’s Internal Affairs and Communications Minister, Seiichiro Murakami, has approved the introduction of accommodation taxes in 11 additional local areas starting this fall. The new taxes come in response to the surge in tourism following the pandemic and will help address issues such as over-tourism and the sustainability of the tourism sector. Where Will the Tax Apply? The lodging tax will be implemented in Miyagi and Hiroshima prefectures, as well as in five cities in Hokkaido, two cities in Gifu, and one each in Miyagi and Shimane. This brings the total number of local governments with lodging tax approval to…

The Chesapeake City Council is considering a 2-cent increase in the city’s real estate tax rate to boost public safety funding for fiscal year 2026. While the core proposed budget maintains the existing $1.01 tax rate, this proposed increase would ensure all additional revenue directly enhances safety measures, including upgrades for both the fire and police departments. Key requests from the fire department include funding for new fire stations, equipment, staffing, and health screenings. They are seeking personnel for rescue units, critical firefighting apparatus, and staffing positions. Additionally, the police department aims to enhance its technological capabilities, requesting investments in…

A significant property tax overhaul proposal in Iowa continues to garner attention as stakeholders voice concerns more than two weeks after its release. The bill, which aims to reduce the tax burden on Iowans by shifting the responsibility for school district taxes to the state, could save taxpayers $400 million annually. Key Provisions in the Proposed Bill The proposed changes include: This last measure is considered the most significant element, as it would gradually eliminate outdated tax levies, thus lowering property taxes. Challenges and Uncertainty Despite the bill’s ambitious scope, Speaker of the Iowa House Pat Grassley (R) expressed caution,…

Los Angeles Mayor Karen Bass is weighing a temporary suspension of Measure ULA, commonly known as the “mansion tax”, to aid residents recovering from recent wildfires in the Pacific Palisades. The proposal follows concerns over the tax’s impact on the real estate market and its revenue shortfall compared to initial projections. What is Measure ULA? Approved by voters in 2022 and enacted in April 2023, Measure ULA imposes: Legal & Economic Implications Mayor Bass acknowledged uncertainty about whether the tax suspension would require voter approval or could be enacted through city council and mayoral action. Legal teams are reviewing the…

The April 15, 2025, deadline to file 2024 federal income tax returns (Form 1040) is approaching. The IRS has reported a 1.7% decrease in tax filings compared to last year, making it essential for taxpayers to file on time or request an extension if needed. Key Tax Filing Facts Should You File for an Extension? Many taxpayers request extensions due to missing documents, complex tax situations, or personal circumstances such as illness or travel. Filing an extension does not increase the likelihood of an audit. However, tax professionals recommend paying at least the estimated tax amount owed to avoid penalties.…

With the 2017 Tax Cuts and Jobs Act (TCJA) set to expire on December 31, 2025, agriculture industry leaders are calling on Congress to extend its provisions, warning that failure to act could result in significant tax increases for farmers, ranchers, and millions of American households. What’s at Stake for Farmers and Ranchers? According to Dustin Sherer of the American Farm Bureau, the expiration of TCJA would result in:✅ Higher tax rates on farm and ranch business income.✅ The estate tax exemption dropping from $11M (indexed for inflation) back to $5.5M, making it harder for family farms to pass to…

Punjab’s Finance, Planning, Excise, and Taxation Minister, Harpal Singh Cheema, has issued a directive aimed at maximizing taxpayer participation in the GST amnesty scheme for non-fraud cases. This scheme, introduced under Section 128A of the CGST Act, allows taxpayers to clear outstanding GST dues from the financial years 2017-18 to 2019-20 by March 31, 2025, without interest or penalties. The necessary forms for the scheme must be submitted by June 30, 2025. During a meeting with senior officers at Punjab Bhawan, Cheema emphasized the need for comprehensive public awareness campaigns using both traditional media and social media platforms. The goal…

Senate Democrats in Washington state have introduced a 2025-27 revenue proposal to increase funding for public schools, healthcare, and public safety by taxing the wealthiest individuals and large corporations. The proposal includes five key tax reforms, projected to generate billions in revenue while also cutting the state’s regressive sales tax Key Tax Changes in the Proposal: ✅ Financial Intangibles Tax – A 1% tax on financial assets (stocks, bonds, mutual funds) for individuals with over $50M in holdings, expected to raise $4B annually starting in 2027. ✅ Employer Payroll Tax Cap Removal – A 5% payroll tax on wages exceeding…

As the April 15 tax filing deadline approaches, parents and guardians may be eligible for tax savings through the Child Tax Credit (CTC). Here’s what you need to know about claiming this credit and maximizing your tax return. Who Qualifies for the Child Tax Credit? The IRS allows parents and guardians with a qualifying child to claim the CTC, provided they earn less than: A qualifying child must:✅ Have a Social Security number✅ Be a U.S. citizen, national, or resident alien✅ Be under 17 years old at the end of the tax year✅ Have lived with you for more than…