Author: News Desk

If you earned capital gains in Croatia during 2024, the tax rules may have just made your life a little easier. Here’s everything you need to know about the updated regulations for reporting and paying taxes on these gains. What’s Changing for 2024 Tax Filers? Under Article 70, Paragraph 4 of the Income Tax Act, taxpayers are required to calculate, withhold, and pay income tax on capital gains by the end of February each year for the prior year’s gains. However, there’s now an important exception: taxpayers with smaller gains may no longer need to file specific forms, saving them…

As the world grapples with increasing financial crimes, Luxembourg is taking bold steps to protect its automobile industry. With the 2025 Auto Festival fast approaching, the Administration de l’Enregistrement, des Domaines et de la TVA (AED) has introduced stricter compliance guidelines for vehicle dealers. These measures aim to combat money laundering and terrorist financing (AML/CTF), ensuring ethical business practices amid global economic challenges. Why This Matters: A Global Context Financial crimes, including money laundering and terrorism financing, cost the global economy billions annually. The automobile sector, due to its high-value transactions, often becomes a target for illicit activities. In response,…

Sharjah Islamic Bank (SIB) has announced impressive financial results for the year ending December 31, 2024, reflecting exceptional growth across its operations. The bank’s net profit before tax surged by 36.5%, reaching AED 1.15 billion, while net profit after tax achieved AED 1.05 billion, marking a significant 24.5% increase from the previous year. This achievement not only breaks the AED 1 billion profit threshold for the first time in its history but also underscores SIB’s strategic expansion and diversification efforts, which have effectively leveraged opportunities in both local and international financial markets. A Testament to Sustainable Growth The remarkable results…

In a significant move aimed at strengthening Egypt’s economy, Finance Minister Ahmed Kouchouk has announced plans for a simplified tax system tailored to assist small and medium-sized enterprises (SMEs), entrepreneurs, and professionals. This initiative is a vital part of the government’s broader strategy to stimulate investment and foster growth within the private sector. Tax Reforms for All Taxpayers During a recent meeting with the Egyptian Federation of Investors Associations and Institutions, Kouchouk highlighted that the initial phase of these tax reforms will offer effective solutions to the challenges both large and small taxpayers face. By reinstating sample-based audits for all…

As discussions intensify surrounding the potential for tariffs in response to threats from former President Trump, both Canada and the U.S. find themselves in a complex geopolitical landscape. The looming threat of imposing tariffs on crude oil could lead to significant repercussions on both sides of the border. Canada’s Strategic Response In navigating these turbulent economic waters, Canada has several strategies at its disposal. One of the most potent options is the decision to withhold, decrease, or introduce export tariffs on its energy resources. This tactic has already sparked debate within the country, notably causing a rift between Alberta’s provincial…

On December 19, 2024 the United Arab Emirates’ pioneering government-owned electric vehicle (EV) charging network, has announced the adoption of new tariffs set by the Ministry of Energy and Infrastructure, effective January 2025. This move represents a significant advancement toward achieving a sustainable and scalable EV infrastructure in the nation. Until now, EV charging services under UAEV have been complimentary. However, the introduction of these tariffs underscores UAEV’s dedication to providing high-quality services and equitable access to its expansive network. This initiative aligns with the UAE’s broader vision for a sustainable future. Starting January 2025, EV users can expect clear…

Minnesota faces critical financial decisions as Governor Tim Walz unveils a streamlined budget proposal for the 2026-27 biennium, emphasizing fiscal prudence and historic tax reforms. As Minnesota lawmakers enter a pivotal budget cycle, Governor Tim Walz announced a $65.9 billion proposed budget for the 2026-27 biennium on Thursday. This represents a reduction from the $70.7 billion allocated for the current 2024-25 biennium. Walz’s proposal aims to leave a $2.1 billion surplus for the 2026-27 fiscal years, with an additional $355 million surplus projected for the 2028-29 biennium. However, the governor emphasized that fiscal caution is critical, warning that costs from…

Kazakhstan’s government has taken a significant leap forward in tax administration with the phased rollout of its innovative digital tax system, СӘИЖ СТК. This new system, designed to streamline tax compliance and enhance user experience, will fully replace the older Taxpayer Cabinet starting January 13, 2025. Here’s what taxpayers need to know about this transition. What is СӘИЖ СТК? The СӘИЖ СТК (New Taxpayer Cabinet) is part of Kazakhstan’s broader initiative to modernize tax administration. It will serve as the centralized platform for all tax-related communications, ensuring faster and more efficient processing of tax documents and notifications. Starting January 13,…

The Thai cabinet has taken a significant step by approving a draft law aimed at legalizing casinos within the country. Influential political figure Thaksin Shinawatra, the former Prime Minister, emphasized the economic benefits that could derive from this move, suggesting that online gambling alone could generate as much as 100 billion baht (approximately $2.88 billion) annually in tax revenue for the government. At a recent event in Bangkok, shortly after the cabinet’s approval, Thaksin highlighted the existing popularity of online gambling among Thai citizens, estimating that there are between two to four million users engaged in these activities. He elaborated…

The United States has faced a significant housing crisis over the past twenty years, leading to a substantial deficit of homes. This shortfall has resulted in rising housing costs, particularly impacting working families who find it increasingly difficult to afford homes near their workplaces. In response to this pressing issue, the Bipartisan Policy Center’s J. Ronald Terwilliger Center for Housing Policy has collaborated with Novogradac to develop a strategic report. This report outlines design recommendations for a new pilot renter tax credit program aimed at assisting working families in securing affordable rental housing in well-served neighborhoods, particularly those with strong…