Author: News Desk

In a proactive move to assist taxpayers, the Egyptian Tax Authority has announced significant measures to support those who encountered technical difficulties while submitting their annual payroll tax settlement declaration. Taxpayers can file their declarations without incurring any penalties for delays until the end of February. Support for Tax Compliance Rasha Abdel Aal, the Head of the Egyptian Tax Authority, emphasized the organization’s commitment to easing the burdens placed on taxpayers, particularly those involved in the eighth phase of the unified salary and wage tax calculation system. Many of these individuals faced challenges linking to the system, prompting the authority…

The Internal Revenue Service (IRS) and community partners nationwide are recognizing the 50th anniversary of the Earned Income Tax Credit (EITC), a vital tax benefit that has supported low-to-moderate-income workers for decades. As part of ongoing efforts to raise awareness, the annual EITC Awareness campaign continues to highlight the importance of this credit in reducing poverty and providing financial relief to eligible taxpayers. Understanding the EITC The EITC was established on March 29, 1975, as a tax benefit to encourage work and support financially struggling families. Recent IRS statistics indicate that around 23 million workers and families collectively received nearly…

The Georgia Department of Revenue (DOR) is set to kick off the processing of individual income tax returns for the 2024 tax year on February 3, 2025. This announcement brings important dates and helpful guidance to taxpayers across the state. Key Deadlines Taxpayers should note that the deadline to file 2024 individual income tax returns (tax refund)—without seeking an extension—is May 1, 2025. This deadline has been extended as a part of the Hurricane Relief Measures implemented following Hurricane Helene, which occurred in October 2024. State Revenue Commissioner Frank O’Connell emphasized the department’s dedication to efficiency and security, stating, “The…

As tax season approaches, many individuals face the dilemma of whether to tackle their tax forms using an app or tax software, or to seek assistance from a professional. If you’re considering a more guided approach, a tax preparation service or a tax consultant might be the right path for you. When Should You Seek Help with Your Taxes? Life changes, ownership of a business, or simply feeling overwhelmed by the intricacies of tax laws can signal the need for a reputable tax preparer. Much like hiring a skilled contractor for roofing projects, enlisting the expertise of a tax professional…

For many self-employed professionals in Israel, military reserve duty (miluim) can disrupt business operations and cause financial hardship. In recognition of this, the Israeli government has introduced a new compensation grant to support reservists who served under an emergency call-up order (“Tzav 8”) and suffered business losses. Starting today (February 4, 2025), eligible individuals can apply for compensation for the months November and December 2024. Here’s everything you need to know. Who Can Apply for the Grant? This program is specifically designed for self-employed individuals who:✔ Served more than 30 consecutive days under “Tzav 8” and experienced a decline in…

On February 3, Ohio Governor Mike DeWine unveiled his final budget proposal, which includes a significant increase in the tax on sports betting operators, raising it to a staggering 40%. If the state legislature approves this measure, it will mark the second tax hike since July 2023, when DeWine previously raised the rate from 10% to 20%. This shift positions Ohio among the states with higher sports betting tax rates, contrasting with its once more gambling-friendly reputation. Should the new tax rate be implemented, Ohio would fall just short of New York, which currently holds the title for the highest…

California is reinforcing its leadership in zero-emission transportation with a landmark investment in electric charging and hydrogen refueling infrastructure. The Golden State is set to make strides in its vision for a cleaner, more sustainable future. The California Energy Commission (CEC) has unveiled an ambitious $1.4 billion investment plan aimed at accelerating the state’s electric vehicle (EV) charging and hydrogen fueling initiatives. This strategic funding will enhance the deployment of infrastructure for light, medium, and heavy-duty zero-emission vehicles (ZEV) across California, further solidifying the state’s position as a frontrunner in the country’s transition to zero-emission transportation. The investment plan outlines…

In Turkey, taxpayers can benefit from tax deductions for education and health expenses incurred for themselves, their spouse, and dependent children. This can provide significant relief, especially for families with significant education or medical costs. However, there are some important guidelines to follow: Eligibility for Deductions To qualify for these deductions, the total amount of education and health expenses must not exceed 10% of the declared income. The expenses must be made within Turkey and must be documented properly. Only receipts from recognized education and healthcare providers who are registered taxpayers in Turkey can be used as proof. Types of…

Jordan is taking a significant step forward in tax compliance and transparency with the launch of Phase Two of its national e-invoicing system. Starting April 1, 2025, businesses and individuals must ensure that their invoices are issued through the National E-Invoicing System, or a system electronically linked to it. What Does This Mean for Businesses and Consumers? The new regulation—Amendment No. 2 of 2025—is designed to strengthen tax documentation for local purchases of goods and services. Under this update, only invoices that comply with the system will be recognized for tax deduction purposes. This ensures greater accountability, reduces tax evasion,…

Easier Tax Reporting and Lower Insurance Premiums for Small Businesses The State Tax Service of the Kyrgyz Republic has rolled out an important update for businesses in the apparel and textile industry. As of August 2024, companies with fewer than 49 employees will benefit from a lower insurance premium rate of 12.25% when filing income tax and state social insurance reports through the STI-161 online service. This update simplifies the reporting process and ensures businesses can take full advantage of reduced costs. What’s Changing? Previously, all apparel and textile businesses followed standard social insurance rates. Now, the government has introduced…