Author: News Desk

The Internal Revenue Service (IRS) has announced an increase in the income thresholds for capital gains taxes for the 2025 tax year, which could significantly affect those who report investment income. These adjustments, which will be relevant for tax returns filed in 2026, have been adjusted to account for inflation, making it crucial for taxpayers to understand the new figures. New Capital Gains Tax Thresholds for 2025 For the tax year 2025, the long-term capital gains tax rates remain unchanged at 0%, 15%, and 20%. However, the income thresholds that determine these rates have been revised. It is important to…

The Canadian government is set to issue tax-free quarterly payments aimed at supporting individuals and families with low to moderate incomes. This initiative is particularly significant, as the first payment of 2025 will be distributed on Friday. The credits, which are part of the Goods and Services Tax and Harmonized Sales Tax (GST/HST) program, are designed to alleviate the financial burden of these taxes for eligible Canadians. According to the federal government, these payments effectively help reduce the cost of living for recipients. Moreover, the GST/HST credit may also encompass payments from various provincial and territorial programs. The government emphasizes…

**BEIJING, Dec 25 -** China has officially sanctioned a value-added tax (VAT) law, which will come into effect on January 1, 2026, as reported by the state media outlet Xinhua. This new legal framework consolidates prior regulations, including various exemptions from the tax. VAT is the predominant tax category within China, contributing approximately 38% of the national tax revenue in 2023, according to official statistics. While specific details of the new law were not revealed, earlier drafts included exemptions for certain agricultural products, as well as imported instruments and equipment utilized for scientific research and education. Additionally, imported goods intended…