Author: News Desk

Virginia’s much-anticipated annual sales tax holiday begins Friday, August 1, providing residents an opportunity to purchase qualifying items free from the state’s 5.3% sales tax. The tax-free period extends through Sunday, August 3, ending at 11:59 p.m., and applies to purchases made in-store, online, by mail, or phone. What’s Included in the Tax Holiday? During this three-day window, consumers can buy school supplies, clothing, shoes, emergency preparedness products, and energy-saving appliances without paying Virginia’s sales tax—subject to specific price caps. School Supplies:Items priced at $20 or less qualify for the exemption. According to the Virginia Department of Taxation, qualifying school…

The Internal Revenue Service (IRS) is undertaking a critical modernization of its Integrated Data Retrieval System (IDRS), a core IT infrastructure that has supported tax processing and taxpayer services for over 50 years. This effort aims to replace legacy systems that currently hinder efficient access to taxpayer data and complicate employee workflows. Background: The Role of IDRS IDRS is the IRS’s primary tool for accessing taxpayer accounts, enabling agents to verify tax information, process returns, issue notices, and track refund statuses. Since its inception in 1973, IDRS has operated on outdated technology, including COBOL programming and legacy mainframe hardware, posing…

The Indonesian Ministry of Finance has announced significant changes to the taxation of cryptocurrency transactions, effective August 1, 2025. The new regulation increases the tax rates on crypto asset sales, with a notably higher rate imposed on transactions executed through overseas exchanges. Cryptocurrency trading has surged in Indonesia, Southeast Asia’s largest economy, where digital assets are legally traded but are not recognized as a valid payment method. Regulatory data reveal that the total transaction volume of crypto assets tripled in 2024 compared to the previous year, reaching over 650 trillion rupiah (approximately $39.67 billion). Furthermore, crypto exchange users in Indonesia…

Uruguay’s Dirección General Impositiva (DGI) is ramping up tax compliance efforts targeting self-employed individuals who provide personal services outside of formal employment relationships. As part of the 2025 campaign for the filing of IRPF, IASS, and VAT (IVA Servicios Personales) returns, the tax authority has deployed a series of enforcement measures across the country. The initiative focuses on taxpayers identified as having a higher risk of non-compliance. National Compliance Campaign Underway The DGI is implementing a broad suite of strategies, including: These actions are designed to verify the accuracy of tax declarations and ensure that all reportable income and activities…

As the 2024 tax filing season continues, the New Jersey Department of the Treasury is encouraging eligible taxpayers to claim the New Jersey Earned Income Tax Credit (NJEITC) — a powerful tax relief measure for low- and moderate-income earners that could significantly reduce their state income tax liability or boost refunds. Each year, more than 700,000 New Jersey residents qualify for the NJEITC. Yet, the Department reports that approximately 25% of eligible taxpayers fail to claim the credit, leaving millions of dollars unclaimed. Credit Worth 40% of the Federal EITC For tax year 2024, the NJEITC equals 40% of the…

The U.S. Department of the Treasury announced today that December 2024 revenue collections totaled $4.732 billion, marking a $130.1 million increase (2.8%) over the same month last year. The gains were primarily fueled by a significant rise in Gross Income Tax (GIT) collections, driven by stronger employer withholdings and lower refund activity. Key December 2024 Revenue Highlights Fiscal Year-to-Date Summary Through December 2024, total major tax revenues reached $18.605 billion, which is $439.2 million (2.4%) above the level from the same period last year. Treasury officials expect stronger performance in the second half of Fiscal Year 2025 due to anticipated…

The State Tax Service under the Cabinet of Ministers of the Kyrgyz Republic has announced a range of modern and user-friendly options for taxpayers to calculate and pay property taxes on residential real estate and land plots. These measures aim to simplify compliance ahead of the upcoming September 1 deadline. Five Easy Methods to Pay Property Tax According to Azamat Pazyilov, Head of the Department for Debt Collection Oversight at the State Tax Service, taxpayers now have five convenient channels to calculate and pay their real estate tax obligations: Taxpayers Reminded of September 1 Deadline The tax is applicable to:…

A controversial gambling tax change quietly inserted into former President Donald Trump’s sweeping economic legislation is now facing bipartisan scrutiny as Republican lawmakers respond to backlash from the betting industry and professional gamblers. The provision, which was part of the “One Big Beautiful Bill” signed into law on July 4, reduces the deduction for wagering losses from 100% to 90% starting in 2026. Critics argue the change could unfairly force gamblers to pay taxes on money they never actually earned. What the Law Does: Currently, gamblers can deduct their wagering losses up to the amount of their winnings, paying tax…

In a strategic step toward enhancing public financial management and aligning with international reporting standards, the Ministry of Finance of Sierra Leone, in collaboration with the International Monetary Fund (IMF), has launched a comprehensive training program on the Government Financial Statistics Manual (GFSM) 2014. The training targets technical staff across core fiscal and economic institutions, including the Ministry of Finance, Accountant General’s Department, National Revenue Authority (NRA), Bank of Sierra Leone, Ministry of Planning and Economic Development, and Statistics Sierra Leone. The sessions are being conducted through the Budget Bureau with technical support from the IMF’s Government Finance Division under…

The Chairman of the State Tax Service under the Cabinet of Ministers of the Kyrgyz Republic, Alambet Shykmamatov, visited the production facility of Coca-Cola Bishkek Bottlers JSC, one of the country’s largest soft drink manufacturers. The purpose of the visit was to inspect compliance with excise labeling requirements and tax obligations. Strengthening Oversight of Excise Labeling in the Beverage Industry During the site visit, company representatives presented a comprehensive overview of the plant’s operations, including its production lines, bottling systems, and labeling process. Special attention was paid to how the company applies mandatory excise stamps on non-alcoholic beverages, a key…