Author: News Desk

The UAE Ministry of Finance has announced the country’s adoption of the updated Common Reporting Standard (CRS 2.0) under the OECD’s Automatic Exchange of Information (AEOI) framework. Effective 1 January 2027, this move underscores the UAE’s commitment to tax transparency, global compliance, and good governance, with the first exchange of information scheduled for 2028. The adoption of CRS 2.0 aligns the UAE with global financial standards, strengthening the nation’s cooperation with the OECD and the international financial community. The updated framework is designed to expand oversight over electronic money, central bank digital currencies (CBDCs), and crypto-related activities, while enhancing auditing…

India will adopt the OECD’s Crypto-Asset Reporting Framework (CARF) to bring greater transparency to cryptocurrency transactions and tax offshore crypto holdings of Indian residents. The move, set to take effect by April 2027, will include signing a new Multilateral Competent Authority Agreement (MCAA) for automatic sharing of crypto tax information. India, known for its high crypto taxation and lack of comprehensive regulations, is taking steps to align with global standards for crypto tax reporting. The new rules follow OECD guidelines and aim to bring overseas crypto assets held by Indian residents under the country’s tax net. Global Standards Adoption The…

The Brazilian Senate approved Bill of Law No. 1,087/2025 on 5 November 2025, introducing a 10% withholding tax on dividends for nonresident shareholders, a new minimum Individual Income Tax (IRPFM) for high earners, and expanded income tax exemptions for low-income individuals. If ratified by the president, the changes will take effect 1 January 2026. The bill aims to rebalance Brazil’s tax system by providing relief to low-income taxpayers while generating revenue from dividends paid to certain resident individuals and nonresidents. Low-income exemptions The legislation expands Individual Income Tax (IRPF) exemption brackets, exempting monthly income up to BRL 5,000 and applying…

Malaysia plans to roll out a carbon tax in 2026, initially targeting the steel, cement, and energy sectors, as part of its Budget 2026 and long-term climate strategy. Experts warn of short-term industrial challenges, but the move could strengthen Malaysia’s competitiveness and export position over the long term. The proposed carbon tax is part of Prime Minister Anwar Ibrahim’s efforts to advance sustainable development and align with Malaysia’s National Carbon Market Policy and the Climate Change Bill. While the initiative reflects a decisive step toward net-zero emissions by 2050, experts note that businesses may face higher costs across supply chains…

Former U.S. President Donald Trump suggested giving most Americans $2,000 funded by tariff revenues, in a move aimed at rallying public support and appealing to voters ahead of ongoing debates over trade and taxation. The plan, outlined on Trump’s Truth Social platform on Sunday, would likely require Congressional approval to take effect. Trump announced that a “dividend of at least $2,000 per person” would be distributed, excluding high-income Americans. In his post, he also criticized opponents of tariffs, labeling them “FOOLS!”. Earlier this year, Republican Senator Josh Hawley introduced a similar bill proposing $600 tariff rebates for nearly all Americans…

China’s electric vehicle (EV) market is witnessing a surge in year-end sales as consumers rush to take advantage of full tax exemptions before they are reduced in 2026. The policy change, confirmed by state media, will cut purchase tax benefits for new energy vehicles (NEVs) by half starting January 1, 2026. According to Sina Finance, dealerships across China are reporting record order volumes, with some showrooms seeing sales increase by nearly 60% compared with typical monthly levels. The rush comes as the full purchase tax exemption, which currently saves buyers up to 30,000 yuan (US$4,200) per vehicle, is set to…

Nine States Operate Without Income Tax As of 2025, nine U.S. states, Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming, do not impose a general state income tax on wages and earned income. New Hampshire eliminated its interest and dividend tax this year, moving closer to a full “no income tax” model. How Zero-Income-Tax States Make It Work States without income taxes rely on alternative revenue sources: These states attract capital, retirees, and businesses but require strict budget accountability. States With High Income Taxes At the other end of the spectrum, states like California with 13.3…

Reeves Considers Further Tax and Spending Measures Chancellor Rachel Reeves has indicated she is exploring “further measures on tax” ahead of the UK Budget on 26 November, signaling that additional tax hikes could be on the horizon. Speaking to broadcasters ahead of an international finance summit in Washington, Reeves emphasized the need to maintain economic and fiscal stability. Context: Fiscal Pressures and Economic Challenges The chancellor faces mounting fiscal pressures following increases in borrowing costs, expected downgrades to productivity, and prior U-turns on welfare reforms. Analysts estimate that around £20 billion may need to be raised through taxes or spending…

Betting, Bubbles, and Bills: A New Era of Taxes When Maria, a small café owner in Mexico City, checks her receipts next year, she may notice something new: a higher tax on the soft drinks she sells, and on the lottery tickets her customers enjoy. That’s because Mexico’s Chamber of Deputies has approved a sweeping fiscal reform that will raise the Special Tax on Production and Services (IEPS) across gambling, soft drinks, tobacco, and even violent video games. From Betting Shops to Online Lotteries Under the new law, betting and gaming taxes will climb from 30% to 50%. Online lotteries,…

CRA to Simplify Tax Returns for Millions The Canada Revenue Agency (CRA) is rolling out a new automatic tax filing system aimed at ensuring federal benefits reach Canadians who need them most. Prime Minister Mark Carney announced the program last week, signaling a significant step toward reducing poverty and red tape for low-income residents. Millions to Benefit by 2028 Initially, one million Canadians will be eligible for the automated system, with plans to expand coverage to 5.5 million recipients by 2028. The system is designed to simplify tax filing for those with straightforward tax situations, such as a single source…