Author: News Desk

The UK Treasury is reportedly exploring reforms to the country’s property tax system, including the potential replacement of stamp duty with an annual property levy for homeowners of high-value properties. Sources suggest that properties valued over £500,000 could face a yearly tax, rather than the current transactional stamp duty system. Stamp duty, which raised £13.8 billion in 2024-25, has long been criticized for discouraging homeowners from moving, increasing transaction costs, and slowing labor mobility. A proposed annual levy could range from 0.54% for homes above £500,000 to 0.81% for properties exceeding £1 million, based on recommendations from the centre-right think…

Indian Prime Minister Narendra Modi’s latest tax reforms, announced during Independence Day celebrations, represent a significant policy shift designed to stimulate domestic consumption, support key industries, and counterbalance external trade pressures, particularly from U.S. tariffs. The reforms restructure the Goods and Services Tax (GST) into a simplified two-tier system of 5% and 18%, replacing the previous 12% and 28% levies. According to tax experts, this measure is not only intended to reduce compliance complexity for businesses but also to incentivize investment, particularly among micro, small, and medium enterprises (MSMEs). From a financial and international taxation perspective, these reforms may have…

Malaysia has officially scrapped its proposed High-Value Goods Tax (HVGT), previously dubbed the luxury goods tax. Originally scheduled to take effect on May 1, 2024, the HVGT would have levied 5–10% on high-end items such as designer handbags, watches, fine jewelry, and other non-essential luxury goods, generating an estimated RM700 million annually. In a parliamentary announcement, the Ministry of Finance confirmed that instead of implementing HVGT as a standalone tax, luxury and discretionary items will now be subject to the revised Sales and Services Tax (SST) at 5% or 10%, depending on the product category. This approach aims to simplify…

For tax professionals and cryptocurrency investors alike, Senator Cynthia Lummis’s new crypto tax bill represents a major step toward clarity and practical compliance in an often confusing digital asset landscape. The bill’s de minimis exemption allows taxpayers to avoid capital gains tax on personal crypto transactions under $300, capped at $5,000 annually. This aligns crypto with other everyday cash substitutes, reducing the administrative burden for individuals using crypto for personal purchases. Staking and mining rewards would be taxed only when sold or disposed of, rather than at the moment they are earned. This approach prevents liquidity problems and “phantom” tax…

India plans to sharply cut taxes on small cars and insurance premiums, a move expected to impact stock markets and the automotive and insurance industries. This initiative is part of the largest GST overhaul since 2017, with product prices likely to fall starting in October once the reform is approved. According to federal government proposals, GST on small petrol and diesel cars will be reduced from 28% to 18%. The consumption tax on life and health insurance premiums may also drop from 18% to 5% or even zero. The announcement triggered a nearly 9% surge in shares of Maruti Suzuki,…

One of the key innovations of the law is the introduction of a patent-based taxation system for trading activities, primarily in markets. This was announced by the Deputy Chairman of the State Tax Service, Kubanychbek Ysybekov. “This decision is driven both by numerous requests from entrepreneurs and the practical difficulties of doing business in markets—unstable infrastructure, power outages, limited internet access, and other conditions that complicate the use of cash registers (KKM), electronic invoices (ESF), and other digital tools,” he explained. Transitioning to the patent system will exempt such businesses from issuing ESFs, using KKM, and submitting reports. However, to…

Last week, on July 28, 2025, Madagascar made a decisive move in modernizing its tax system by formally depositing its instrument of ratification of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC) in Paris, through the Ministry of Economy and Finance and the General Directorate of Taxes (DGI). Developed jointly by the OECD and the Council of Europe, this convention is widely recognized as the most comprehensive legal framework for international tax cooperation, enabling information exchange, joint audits, assistance in recovery, and cross-border notifications of tax documents. From the perspective of an international taxpayer doing business in…

The Trump administration announced new Treasury Department guidance that will make it more difficult for solar and wind projects to qualify for federal tax credits, though the changes were less severe than some in the clean energy industry had feared. The updated guidance redefines when a renewable energy project is considered to have “commenced construction,” a key factor for claiming lucrative tax credits. Most wind projects and larger solar projects will now need to demonstrate actual physical construction, rather than relying on the previous 5% investment “safe harbor.” Rooftop solar projects generating less than 1.5 megawatts remain eligible to use…

Several Democratic-led states in the U.S. are planning to increase taxes on wealthy residents to generate additional revenue through a variety of proposals, including one dubbed the “Taylor Swift tax.” These moves come after the enactment of the One Big Beautiful Bill Act (OBBBA) by President Donald Trump and Republicans in Congress. The law permanently extended many of the 2017 tax cuts, included new tax relief measures, and reduced funding for programs such as Medicaid. Democrats argue that these tax hikes are necessary to help plug state budget gaps and offset any lost federal funding for programs like Medicaid. This…

The State Tax Service of the Kyrgyz Republic has announced significant reforms to its tax legislation aimed at reducing the burden on businesses and strengthening investor confidence. Deputy Chairman of the State Tax Service, Kubanychbek Ysabekov, emphasized that tax audits will no longer be conducted for periods before January 1, 2022, except for special cases such as company liquidation or criminal investigations. This reform is expected to ease administrative pressure on both local and foreign businesses operating in Kyrgyzstan. Another key development is the introduction of a “Taxpayer Rating System”, designed to assess the compliance, reliability, and integrity of taxpayers.…