Author: News Desk

In a decisive move to alleviate rising food prices and invigorate domestic refining, the Indian government has reduced the basic customs duty on crude edible oils including sunflower, palm, and soybean oils from 20% to 10%. This policy adjustment, effective May 31, 2025, lowers the effective import tax rate to 16.5% when accounting for the 5% Agriculture Infrastructure and Development Cess (AIDC) and the Social Welfare Surcharge. Strategic Shift to Support Consumers and Industry The reduction aims to make essential cooking oils more affordable for consumers and to bolster the domestic refining sector. Industry bodies such as the Solvent Extractors’…

A new section buried deep in U.S. President Donald Trump’s sweeping new tax reform dubbed the “big, beautiful bill” is triggering alarm among Australian investors, superannuation funds, and multinational companies. Section 899 provision, introduces a new escalating tax on “foreign persons of discriminatory foreign countries” starting at 5% and potentially climbing to 20% annually. Though not naming Australia directly, U.S. officials have previously cited Australia’s diverted profits tax and news media bargaining code as unfair policies, placing the country at potential risk of inclusion. Why Australian Investors Are Concerned “If this passes, it’s going to be incredibly punitive actually to…

President Donald Trump’s dramatic tariff hike on foreign steel and aluminum at 50% is poised to ripple far beyond factories and construction sites. Experts warn it could quietly squeeze consumers at the checkout line. The metals impacted are essential to food packaging, from soup cans to soda, dog food, and tomato paste. Analysts and industry insiders say shoppers should brace for rising grocery prices, a sharp contrast to Trump’s repeated pledges to lower food costs. “Rising grocery prices would be part of the ripple effects,” said Usha Haley, a trade expert at Wichita State University. “This may further strain U.S.…

A proposed change in the Finance Bill that seeks to move pharmaceuticals from zero-rated to VAT-exempt status has triggered a backlash from health advocates, economists, and industry players. Critics warn the move could push medicine prices, hitting vulnerable households the hardest and undermining Kenya’s goal of universal health coverage. Under the current system, essential drugs are zero-rated, meaning suppliers can reclaim input VAT from the Kenya Revenue Authority (KRA). The proposed shift to VAT exemption would prevent these claims, effectively increasing the cost of doing business for pharmaceutical companies, which are likely to be passed on to consumers. Disproportionate Impact…

Turkey’s Revenue Administration has officially extended the force majeure tax provisions granted to taxpayers in earthquake-affected provinces until November 30, 2025, offering further relief to individuals and businesses struggling to recover. The extension applies to taxpayers in Adıyaman, Hatay, Kahramanmaraş, Malatya, and the İslahiye and Nurdağı districts of Gaziantep, who continue to face disruptions stemming from the catastrophic February 6, 2023 earthquakes. Key Extensions and Provisions: Ongoing Consideration for Individual Cases Even after the general relief ends, taxpayers who can prove that they continue to be unable to fulfill obligations due to the disaster may individually request continued consideration from…

In a high-speed legislative sprint, Illinois lawmakers passed a $55.2 billion budget late Saturday night for the 2026 fiscal year, powered by more than $1 billion in new taxes and revenue strategies. The budget passed without Republican support, with Democrats defending the plan as a responsible response to economic uncertainty and potential federal funding disruptions. The budget raises state spending by nearly 4%, including sweeping tax increases on sports betting, tobacco, vaping products, and out-of-state corporate profits. Lawmakers also voted to eliminate a major health insurance program for undocumented immigrants aged 42–64, saving the state $330 million. Key Revenue Changes…

The United Arab Emirates reaffirmed its strong commitment to economic integration across the Gulf region during the 123rd Ministerial Meeting of the GCC Financial and Economic Cooperation Committee held today in Kuwait. Led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation included top officials from key financial and regulatory bodies, including Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA), and Ali Abdullah Sharafi, Acting Assistant Under-Secretary for International Financial Relations. Officials from the Ministry of Finance, the Federal Tax Authority, and the Federal Authority for Identity and Nationality, Customs and…

South Korea’s construction sector is facing its most severe downturn in over a decade, prompting urgent calls for government intervention to prevent further economic fallout. From January to April 2025, key indicators of housing supply construction permits, housing starts, and completions plummeted by 12%, 34%, and 10%, respectively, compared to last year. Industry experts warn that these steep declines signal a deepening housing shortage that began in 2023 and is now accelerating at an alarming rate. “We are witnessing a collapse in new housing supply unlike anything since the global financial crisis,” said an industry analyst. “The implications for both…

The Income Tax Department has extended the filing deadline for income tax returns (ITRs) for individuals and non-audited entities from July 31 to September 15, 2025, citing the need to implement backend changes after sweeping revisions to ITR forms. The Central Board of Direct Taxes (CBDT) attributed the delay to “extensive structural and content changes” in the new forms for the assessment year 2025–26 (FY 2024–25). The Department stated that system integration and testing of updated return utilities are still underway, requiring additional time to ensure smooth and accurate filing. System Delays Linked to Infosys Backend Work Despite notifying revised…

As Hong Kong’s tax filing deadline of June 2 approaches, residents are urged to review their obligations amid growing scrutiny over recent tax audits allegedly targeting local journalists. The Inland Revenue Department (IRD) has dismissed claims of bias, asserting that reviews are applied uniformly. Still, concerns raised by the Hong Kong Journalists Association (HKJA), which cited audits involving 20 reporters and their families, have sparked public debate about audit triggers and transparency. To help taxpayers stay compliant and informed, here’s what to know about tax reporting, freelancing income, and handling audits. 1. Tax Filing: What’s Required and When? The 2024–25…