Author: News Desk

China is experiencing a sharp surge in duty-free sales, driven by a strong rebound in inbound tourism following the introduction of expanded tax refund policies and visa-free entry programs. These reforms are not only revitalizing the tourism sector but also offering substantial economic gains, particularly through tax-exempt retail activity. Simplified Tax Refunds Drive Tourism-Related Spending In a significant policy shift, China has streamlined its tax refund system for foreign visitors, allowing immediate refunds at retail stores—eliminating the need for airport processing. This “buy now, refund now” model has been widely embraced by international travelers, accelerating sales of duty-free goods nationwide.…

On June 17–18, 2025, representatives of the Kyrgyz Republic met with Thomas Balco, Senior Advisor at the Organisation for Economic Co-operation and Development (OECD), to advance technical cooperation on international tax matters, particularly focusing on the Base Erosion and Profit Shifting (BEPS) initiative. The meeting, held in Bishkek, marks an important step toward strengthening Kyrgyzstan’s tax reforms in line with global standards on tax transparency and anti-tax avoidance. Focus on Transfer Pricing and BEPS Standards Key participants included Kubanychbek Isabekov, Deputy Chairman of the State Tax Service (STS) of Kyrgyzstan, alongside representatives from the Ministry of Economy and Commerce, the…

Indonesia is preparing to sign a landmark memorandum of understanding (MoU) worth US$34 billion (approximately IDR 490 trillion) with the United States, covering three key sectors: energy, agriculture, and aviation. One of the flagship initiatives under this MoU involves Garuda Indonesia’s planned acquisition of 75 new aircraft. Beyond its trade diplomacy significance, this agreement is expected to generate substantial fiscal and tax revenue opportunities for Indonesia. Direct Tax Revenues and Economic Multipliers at Play A large-scale investment of this magnitude could significantly boost government revenues, both directly—through corporate income tax (CIT) and value-added tax (VAT)—and indirectly through broader economic activity.…

U.S. President Donald Trump has announced a fresh wave of tariff notices targeting six additional countries, escalating his administration’s aggressive trade stance ahead of diplomatic talks with West African leaders. In a series of posts on Truth Social, President Trump shared letters addressed to the governments of Brunei, the Philippines, Iraq, Algeria, Moldova, and Libya, each outlining new tariff measures. The tariffs, which vary by country, are set to target a broad range of imports and are being positioned as corrective actions against what the White House describes as “persistent trade imbalances” and “unfair trade practices.” Tariff Rates by Country:…

As the corporate tax filing deadline approaches for most UAE entities, businesses are being urged to utilize an often-overlooked yet highly valuable resource: the official website of the Federal Tax Authority (FTA), available at www.tax.gov.ae. Why the FTA Website Deserves Your Attention With the UAE’s corporate tax regime now fully in force, many companies face their first-ever corporate tax filing by September 30—a deadline that applies to entities following the calendar fiscal year. However, corporate tax compliance is far more complex than simply transferring figures from a profit and loss statement into a tax return. Businesses must carefully assess the…

Utah’s distinctive alcohol laws place the state among those with the highest beer taxes nationwide, according to a new analysis by the Tax Foundation. Revenue from Utah’s beer tax helps fund programs for alcohol regulation, treatment, and education, according to the Utah State Tax Commission. By the Numbers Utah imposes a beer tax of approximately 43 cents per gallon, making it the 12th highest in the U.S. The ranking is based on total state taxes on off-premises sales of 4.7% ABV beer sold in 12 oz. containers imported from out of state. Top 3 Highest Beer Taxes: Lowest Beer Taxes:…

In his final column as Director of the Institute for Fiscal Studies (IFS), Paul Johnson delivered a sharp critique of the growing “economic fantasies” within the UK political debate, warning that many policymakers are failing to grasp fiscal realities. Johnson, who will soon join The Queen’s College, Oxford, lamented the lack of seriousness displayed by politicians on both sides of the aisle regarding the UK’s strained public finances. Reflecting on the recent government U-turn on disability benefit reform, he noted that politicians offered either naïve or cynical solutions to plug fiscal gaps—solutions that reveal either ignorance or disregard for the…

The patent tax system significantly eases the fulfillment of tax obligations for entrepreneurs, stated Almambet Shykmamatov, Chairman of the Tax Service of the Kyrgyz Republic. Shykmamatov emphasized that this system exists in developed countries as well, though it may be known under different names. “Essentially, it is analogous to our patent system. Payments are made monthly and depend on turnover volume,” he explained. As an example, he highlighted tax revenues from the Dordoi market: whereas previously about 480 million soms were collected annually, current tax revenues have risen to 1.6 billion soms — nearly a threefold increase. Furthermore, the Chairman…

In a move that has reverberated across global tax and trade circles, Canada has officially withdrawn its planned digital services tax (DST) targeting U.S. technology giants. The reversal followed direct pressure from the Trump administration, which had threatened retaliatory tariffs and suspended trade negotiations. This decision not only provided immediate relief for major tech firms but also potentially set a new precedent for the future of digital taxation worldwide. Key Developments: Global Significance: Experts suggest Canada’s retreat may embolden similar pushback elsewhere.Gary Hufbauer, Senior Fellow at the Peterson Institute for International Economics, called this a “major victory” for the U.S.,…

The United Arab Emirates (UAE) has firmly positioned itself as the crypto capital of the Arab world, with digital asset inflows reaching an impressive $34 billion (AED 124 billion) between July 2023 and June 2024, according to a new report by blockchain solutions provider Mining Grid. This marks a 42% year-on-year growth, cementing the UAE’s status as a global crypto hotspot amid a rapidly maturing regional market. Key Highlights: Youth at the Heart of Crypto Growth Youth adoption is shaping the UAE’s digital finance ecosystem: However, this demographic is also highly concerned about misinformation, creating opportunities for trusted educational platforms…