Author: News Desk

Tariffs ranging from 10% to 70% will be imposed starting August 1 as trade talks falter. In a dramatic escalation of his trade strategy, President Trump announced Friday that his administration will begin sending formal tariff notifications to dozens of countries starting immediately, after a 90-day pause on trade duties expired this week. The move is expected to shake up global commerce, as the White House signals it will impose steep tariffs—ranging from 10% to 70%—on nearly all trading partners by August 1. “We’re Giving Them a Bargain,” Trump Says Speaking to reporters at Joint Base Andrews after returning from…

In a landmark fiscal move, the United States has enacted a temporary federal tax exemption on tips under the sweeping One Big Beautiful Bill Act, a flagship legislative victory for President Trump ahead of the 2026 election cycle. The provision, part of a broader package encompassing tax cuts and spending shifts, allows tipped workers to deduct up to $25,000 annually in tips from their taxable income. This marks the most significant federal action on tipped income in decades. How the Tip Exemption Works Effective later this year, pending Treasury and IRS guidance, the measure will: According to Garrett Watson from…

In a significant policy shift set to take effect on July 1, 2025, Malaysia will introduce a 6% service tax on private education services offered to non-Malaysian students—a move that is drawing close attention from educational institutions, international investors, and policymakers worldwide. This new tax, part of Malaysia’s expanded Sales and Service Tax (SST) framework, applies to a wide range of private educational services, including: Public education remains fully exempt under the revised rules. Tax Scope and Compliance Thresholds Private educational institutions that charge over RM60,000 (approx. US$12,800) annually per student are required to register for SST. However, higher education…

In one of Singapore’s largest financial enforcement actions in recent history, nine prominent financial institutions—including UBS, Citibank, Julius Baer, and others—have been collectively fined S$27.45 million (US$21.5 million) over serious lapses in anti-money laundering (AML) controls. The penalties, announced by the Monetary Authority of Singapore (MAS), stem from a sprawling money-laundering investigation linked to illicit online gambling operations in Asia. The scandal, involving the convictions of 10 Chinese nationals and widespread asset seizures—including gold bars and luxury vehicles—has raised urgent questions about Singapore’s aspirations as a premier global wealth management hub. Regulatory Crackdown Reflects Mounting Risks According to the MAS,…

The new tax legislation under President Trump is set to bring some substantial changes to 529 education savings plans, offering parents greater flexibility in how they can use the funds saved for their children’s educational expenses — especially when it comes to K-12 education. Understanding 529 Plans: A 529 plan allows anyone — not just parents — to set aside money in a tax-advantaged investment account for educational expenses. These plans are designed to help pay for qualified educational costs, with the added benefit that the earnings are tax-free if the money is used for approved expenses. Traditionally, 529 plans…

The Department of the Treasury has reported impressive figures for February 2025, with major tax revenues totaling $3.180 billion, representing an increase of 13.5% over the same period last year. This robust growth can be attributed to a combination of lower refund payouts and increased collections in critical tax categories like the Gross Income Tax (GIT) and the Corporation Business Tax (CBT). The results are promising, reinforcing New Jersey’s fiscal health as the state approaches its end-of-year revenue targets. Key Highlights: Looking Ahead: Despite a few fluctuations in specific tax categories, February’s revenue performance positions New Jersey well to meet…

On July 1, 2025, the Argentine government raised the soybean export tax from 26% to 33%, a move aimed at strengthening fiscal reserves and meeting International Monetary Fund (IMF) obligations. While this policy supports government revenues, it has sparked a frenzy of export activity, geopolitical realignment, and growing concern among farmers and investors alike. The Pre-July Export Rush In the months leading up to the tax increase, soybean exporters rushed to ship their stock under the lower tax rate, creating a 45-day arbitrage window. Official data shows that soybean exports hit 4.71 million tonnes in just the first 18 days…

IRIS Business Services Ltd. (NSE: IRIS) has announced a significant strategic divestment, selling its GST Application Service Provider (ASP) business and its entire stake in subsidiary IRIS Logix Solutions Pvt. Ltd. to US-based Sovos Compliance Ltd. in a transaction valued at ₹151.24 crore. The sale marks a turning point for the fintech company, which has been a key player in India’s tax compliance and e-invoicing space. The deal involves a multi-step process: Sovos will first acquire a minority stake in IRIS Logix, followed by the full transfer of IRIS’s GST ASP operations to the subsidiary, and finally the complete sale…

A coalition of eight countries, led by Spain and France, has unveiled a plan to introduce climate-focused taxes on luxury air travel, targeting private jets and first-class airline tickets. The revenue would be directed toward climate adaptation in vulnerable regions, especially across the Caribbean and Africa. The proposal was announced at the Global Summit on Climate Financing and Health, held in Seville this week, and is being framed not as a punitive measure but as a “solidarity levy” aimed at fairness and equity in global emissions accountability. A Shift in Climate Finance Strategy The coalition includes several European and Global…

The United States and Vietnam are nearing an unprecedented trade agreement that would introduce graduated tariffs on Vietnamese exports, based on the percentage of foreign content embedded in the goods. The proposed framework, confirmed by multiple sources familiar with the negotiations, could have profound implications for multinational supply chains, particularly those reliant on Vietnamese manufacturing as an alternative to China. According to the latest discussions, Vietnamese exports with high levels of foreign input—especially Chinese-sourced materials—will face tariffs of 20% or more, while goods predominantly made from domestic Vietnamese content may be taxed as low as 10%. Former President Donald Trump,…