Author: News Desk

New York City is turning its digital dreams into civic strategy, with Mayor Eric Adams announcing bold new initiatives to integrate cryptocurrency and blockchain into municipal governance. At the inaugural New York City Crypto Summit on May 20, Mayor Eric Adams unveiled a sweeping vision to make the city a global hub for digital assets. Drawing from his tech-forward leadership and early public embrace of Bitcoin, Adams committed to embedding blockchain and crypto technologies across NYC’s financial, civic, and employment landscapes. “The age of tokenization is here,” Adams proclaimed. “From skyscrapers to subways, we’re ready to embrace technologies today to…

U.S. mortgage rates continued their upward trajectory this week, reaching their highest level over a month, as investors digest mounting fiscal concerns and legislative developments that could widen the federal deficit. The average 30-year fixed mortgage rose to 6.96%, up from 6.86% last week, according to new data released Thursday. Meanwhile, 15-year fixed rates ticked to 6.12%, and adjustable-rate mortgages, including the popular 5/1 ARM, surged past 7.6%. It marks the third consecutive week of increases, reflecting the fragile interplay between public finance and private lending costs. While still below last year’s peak, the resurgence in rates has sparked fresh…

In an era marked by rising public finance pressures, Palm Beach County is charting a cautious yet ambitious fiscal path with a proposed $4.46 billion budget for fiscal year 2026, an increase buoyed by property value growth but presented without raising the local tax rate. This week, county commissioners began deliberations on a preliminary budget blueprint that maintains the current millage rate at 4.5000, even as climbing property assessments are expected to yield an additional $71 million in revenue. The proposal reflects a balancing act between operational growth and political caution, avoiding tax hikes while funding salary increases, departmental expansions,…

In an era of recalibrated globalization and rising geopolitical scrutiny, China is staking a more substantial claim over the profits generated within its borders. At the heart of this new assertion lies transfer pricing, which is the rule governing how multinational companies allocate profits across jurisdictions. Once mainly seen as a manufacturing base, China is now maturing into one of the world’s more aggressive tax enforcement landscapes. Companies with cross-border operations involving Chinese entities or permanent establishments face heightened expectations and increased audit risk under a rapidly evolving transfer pricing regime. A Distinctively Chinese Take on OECD Guidelines Although China’s…

The Secretary for Economy and Finance, Mr. Lei Wai Nong, participated in a plenary session of Macau’s Legislative Assembly focused on pivotal legislative measures shaping the territory’s economic and social landscape for 2025. The session featured the second reading and voting on the 2025 Budget Proposal, which outlines government spending priorities amid ongoing global economic uncertainties. Additionally, legislators reviewed amendments to Law No. 7/2008, targeting reforms in Macau’s Labour Relations Law to enhance worker protections and modernize employment standards. A significant highlight was the approval of the updated Tax Code, aimed at refining Macau’s tax framework to foster economic growth,…

The Internal Revenue Service (IRS) is escalating efforts to clamp down on misuse of the Employee Retention Credit (ERC) program, urging businesses that may have improperly claimed the pandemic-era relief to take advantage of a limited-time Voluntary Disclosure Program (VDP). With a looming deadline of November 22, 2025, the agency offers a rare opportunity for self-correction before initiating broader enforcement actions. What Is the Employee Retention Credit? The ERC, enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020, was designed to incentivize employers to keep staff on payroll during the economic disruption of COVID-19.…

A new tax proposal from Republican lawmakers promises to increase the US child tax credit (CTC) from $2,000 to $2,500 per child, touting it as a boost for working families. However, a closer examination by tax policy experts reveals a stark caveat: more than 20 million children, primarily from low-income households, stand to gain nothing from the expansion. A Tax Credit in Name, Not in Impact While the headline number signals support for families, analysts at the Center on Budget and Policy Priorities (CBPP) and the Institute on Taxation and Economic Policy (ITEP) argue that the CTC’s structure remains regressive.…

President Donald Trump has reignited his trade war with a dramatic escalation, threatening to impose a 50% tariff on all imports from the European Union and a 25% levy on Apple products unless iPhones are manufactured domestically. The declarations, made via Trump’s Truth Social platform on Friday, underline his persistent use of tariff threats as a tool of economic coercion despite growing evidence that such measures have yet to deliver the reshoring of manufacturing or trade concessions his administration seeks. “Our discussions with the EU are going nowhere,” Trump wrote. “Therefore, I am recommending a straight 50% Tariff on the…

As part of its ongoing efforts to maintain economic stability and protect household purchasing power in 2025, the Indonesian government has introduced a package of fiscal and non-fiscal incentives aimed squarely at the country’s labor-intensive sectors. At the heart of this stimulus strategy lies a significant income tax relief measure: the government will absorb the cost of individual income tax (PPh Pasal 21) obligations for employees in select industries throughout the fiscal year. Formally codified under the Finance Minister’s Regulation No. 10/2025, this incentive PPh Pasal 21 Ditanggung Pemerintah (DTP reflects the administration’s intention to directly support sectors such as…

The Barbados Revenue Authority (BRA) has officially issued its 2025–2026 land tax assessments, marking a key moment in the country’s fiscal calendar as authorities modernize tax administration while encouraging timely compliance through digital channels and incentive-based discounts. The land tax bills, dated May 12, are now available online via the BRA’s Land Tax portal. Physical bills are also being dispatched via post, and property owners across the island are expected to receive them in the coming days. In a Thursday statement, BRA Communications Officer Erica Lazare underscored the Authority’s commitment to improving taxpayer experience and compliance rates through expanded digital…