Author: News Desk

Japan plans to bring cryptocurrencies under financial-product rules and apply insider-trading restrictions as part of a wide regulatory overhaul, the Asahi newspaper reported on Sunday. The Financial Services Agency (FSA) is drafting measures covering the 105 cryptoassets listed on domestic exchanges, including Bitcoin and Ethereum. Exchanges would be required to disclose key information on each asset, such as issuer details, underlying technology and volatility risks. The plan would bar people with non-public information from trading ahead of events such as listings, delistings or bankruptcies, bringing conduct rules closer to those used in Japan’s equity markets. Tax treatment would also change.…

Indonesia is preparing to introduce a new export tax on gold beginning in 2026, with rates expected to reach up to 15%, according to early policy signals from Jakarta. The proposed levy is part of a broader strategy to capture additional value from the country’s rapidly expanding mineral sector and to encourage greater domestic processing. Government officials indicate that the measure is intended to align gold with Indonesia’s long-standing resource-nationalism framework, which already includes export restrictions and taxes on nickel, copper, and other minerals. By applying the tax to refined and semi-refined gold shipments, the administration aims to shift investment…

The State Tax Service of the Kyrgyz Republic reports a significant surge in both declared revenue and tax payments from cafés and restaurants following the introduction of a new integrated accounting and tax-reporting system on September 1. According to Deputy Chairman Kubanychbek Ysabekov, the sector has recorded a fourfold increase in reported turnover as businesses transition to the system that synchronizes internal accounting data directly with the tax authorities. The integration aims to enhance transparency, reduce underreporting, and streamline compliance obligations across the hospitality sector. The State Tax Service highlights that the initiative has already improved real-time monitoring of sales…

Hawaii’s first-of-its-kind climate tax on cruise passengers is facing an early constitutional challenge, setting up a high-stakes dispute over whether states can impose targeted levies on maritime commerce to fund environmental programs. At a federal court hearing Friday, the cruise industry sharply contested Act 96, a new law scheduled to take effect January 1, which imposes an 11% state surcharge and 3% county fees on cruise fares. The measure is projected to raise nearly $100 million annually for shoreline protection, wildfire mitigation, and broader climate adaptation initiatives. Cruise Industry: Tax Violates the Constitution Seeking a preliminary injunction, Ben Snyder of…

The Internal Revenue Service has issued transition penalty relief for the 2025 tax year to assist employers and taxpayers adjusting to new information-reporting rules for qualified overtime compensation. Beginning in 2025, P.L. 119-21, Section 70202 allows workers who receive qualified overtime compensation to deduct the “half” premium portion of time-and-a-half wages — the amount paid above their regular hourly rate under the Fair Labor Standards Act (FLSA). This deductible amount must be reported on a Form W-2, Form 1099, or another IRS-specified statement furnished to the individual. New Employer Reporting Obligations Under the law, employers are required to file information…

New York Governor Kathy Hochul is evaluating potential increases to the state’s corporate tax rate as part of early budget deliberations and to help fund elements of New York City Mayor-elect Zohran Mamdani’s policy agenda, according to an individual familiar with the internal discussions. The move would represent a significant shift for Hochul, who has consistently resisted new business-tax levies, warning they could erode the state’s competitiveness by driving out companies and high-income earners. The reconsideration comes as the state prepares to absorb funding reductions tied to President Donald Trump’s new federal budget law and as city officials outline ambitious…

Japan is preparing to significantly raise its international departure tax as part of a broader effort to curb overtourism and manage pressure on local communities. The ruling Liberal Democratic Party’s tourism policy panel approved a resolution on Nov. 13 calling for the tax to increase from 1,000 yen ($6.50) to 3,000 yen ($19) per traveler. If adopted into the ruling coalition’s year-end tax policy outline, the higher levy could take effect as early as April, the start of Japan’s next fiscal year. The International Tourist Tax, applied to all outbound passengers regardless of nationality and typically included in airfare, generated…

Brazil is poised to become a global “pioneer” in consumption tax design as it prepares to implement a sweeping and “unique” value-added tax overhaul, according to a new OECD paper released Wednesday. The report highlights that Brazil’s forthcoming VAT system draws inspiration from dual VAT models used in Canada and India, yet introduces structural innovations that set it apart from both. The reform — one of the most significant tax transformations in the country’s modern history — is expected to simplify a notoriously complex regime, harmonize federal and subnational taxes, and improve efficiency across the economy. While details of Brazil’s…

The Central Board of Direct Taxes (CBDT) has adopted an advanced artificial intelligence–driven system to detect gaps in tax filings and strengthen compliance, replacing its earlier manual processes, Chairman Ravi Agrawal announced on Thursday. Speaking at the opening session of the 22nd All India TDS Conference 2025, Agrawal said AI now plays a central role in reviewing taxpayer data, flagging inconsistencies, and alerting individuals whose reported income or tax payments appear insufficient. The system issues electronic nudges — via email or public notices — urging taxpayers to update filings before enforcement action is considered. Agrawal highlighted the government’s enhanced use…

The U.K.’s tax authority has sharply escalated its oversight of digital asset activity, issuing nearly 65,000 warning letters to cryptocurrency investors in the 2024–25 tax year — a 134% increase from the previous year’s 27,700 notices. The letters, disclosed via a Freedom of Information request by accounting firm UHY Hacker Young, signal HM Revenue & Customs’ (HMRC) strengthened focus on crypto tax compliance as digital asset ownership expands across the country. The notices serve as “nudge letters,” encouraging investors to correct tax filings voluntarily before a formal investigation begins. Crypto ownership in the U.K. continues to climb rapidly. The Financial…