Author: News Desk

The United States and China have reached a landmark agreement to reduce reciprocal tariffs by 115 percent, bringing duties down to a baseline rate of 10%, following months of escalating trade tensions. US Treasury Secretary Scott Bessent announced the deal at a press conference in Geneva on Monday, confirming that both nations would enter a 90-day pause on additional trade measures as they work toward a longer-term framework for economic cooperation. “Both sides showed great respect… We both have an interest in balanced trade,” said Bessent. “The US will continue moving in that direction.” Background: April Trade Escalation The agreement…

A grassroots campaign to abolish property taxes in Ohio has taken a major step forward with official approval of its ballot initiative summary by the state Attorney General. The campaign to eliminate property taxes in Ohio reached a key milestone this week as Attorney General Dave Yost approved the language of a proposed constitutional amendment submitted by two grassroots organizations: Ohio Citizens for Property Tax Reform and the Committee to Eliminate Property Taxes in Ohio. Titled the “Abolishment of Taxes on Real Property”, the amendment would add Section 14 to Article XII of the Ohio Constitution and aims to fully…

As Pope Leo XIV assumes leadership of the Catholic Church, he faces an unusual and deeply American dilemma: the IRS may still come calling. The former Cardinal Robert Prevost, a Chicago-born cleric who became the first American to be elected pope earlier this month, is also the first pontiff to potentially face U.S. income tax reporting obligations even as he governs a sovereign foreign state. Though Vatican law governs his spiritual and political responsibilities, U.S. tax law still recognizes him as a citizen subject to the Internal Revenue Service (IRS) unless he renounces his citizenship. U.S. Tax Law and Its…

Since 2020, the Maldives has taken a significant step in modernizing its fiscal framework by introducing an Income Tax Act that expands its tax base to individuals, companies, and foreign residents. Understanding the tax structure is essential for legal compliance and financial planning, whether you’re a local entrepreneur, a salaried employee, or a temporary expat. Legal Foundation & Timeline The law applies to: Income Tax Brackets (Annual) Income Range (MVR)Tax RateUp to 720,0000%720,001 – 1,200,0005.5%1,200,001 – 1,800,0008%1,800,001 – 2,400,00012%Over 2,400,00015% Employee Withholding Tax (EWT) – Monthly Remuneration This applies to wages, salaries, benefits, allowances, and any compensation related to employment…

Singapore continues to uphold its reputation for a transparent and efficient tax system in 2025. The Inland Revenue Authority of Singapore (IRAS) has maintained a progressive tax regime for residents and a flat rate for non-residents, with notable updates for the current assessment year. Progressive Tax Rates for Residents For YA 2025, resident individuals are taxed on income earned in the preceding calendar year (2024) at the following rates: These rates reflect the government’s commitment to a progressive taxation system, ensuring higher earners contribute a fair share. Tax Rebate for Residents The government has introduced a Personal Income Tax Rebate…

Missouri stands at the threshold of a tax policy revolution that could make it the first U.S. state to completely eliminate capital gains tax, a move that could significantly shift investment dynamics across the country; especially for cryptocurrency holders, stock market investors, and real estate stakeholders. House Bill 594, which has passed both chambers of the Missouri legislature, now awaits the signature of Governor Mike Kehoe. If enacted, the bill would implement a 100% state income tax deduction on capital gains, including profits from digital assets such as Bitcoin and XRP. This would effectively nullify Missouri’s tax on capital appreciation…

In a significant policy move aimed at stimulating domestic consumption and business recovery, Vietnam’s Ministry of Finance has released a draft resolution proposing a temporary 2% reduction in the country’s Value Added Tax (VAT) rate. The plan, aligned with Resolution 46/NQ-CP issued on March 8, 2025, would reduce VAT from 10% to 8% for a broad category of goods and services from July 1, 2025, to December 31, 2026. The draft has been opened to public consultation before its submission to the National Assembly during the 9th session, set to commence in late May.Read More: Vietnam Personal Income Tax 2025:…

The House Ways and Means Committee unveiled a 28-page draft of its proposed tax legislation late Friday, marking a significant step in advancing President Donald Trump’s goal to make the 2017 tax cuts permanent. The document includes selected tax measures while sidestepping more divisive issues ahead of a planned committee vote on Tuesday. Key provisions in the draft legislation include: Notably excluded from the proposal are several politically sensitive items, including: Committee Chairman Jason Smith (R-MO) said the proposal reflects “two years of preparation” and that Republicans are ready to “deliver for the American people.” Republican Infighting and Fiscal Uncertainty…

Montana taxpayers completing their 2024 returns may encounter a series of changes that reflect the most significant state income tax overhaul in decades. The pivot comes from a reform passed by the 2021 Montana Legislature. It is designed to streamline and simplify the state’s tax code by aligning it more closely with federal standards. From Federal to State: A New Starting Point The most notable change? Montana taxable income begins with federal taxable income, a move intended to simplify the tax filing process. Yet, this shift has consequences. Familiar deductions and subtractions that once provided relief, like the full deduction…

AU conference seeks unified strategy to restore debt sustainability as continent faces rising fiscal pressure. As sovereign debt pressures mount across the African continent, Lomé, the capital of Togo, is preparing to host a high-stakes African Union (AU) conference from 12–14 May 2025 to address the continent’s deepening debt crisis. Under the leadership of the President of the Council and with full backing from Togo’s government, preparations are underway to ensure the summit becomes a pivotal moment in Africa’s fiscal policy history. The financial conditions. Although the average debt-to-GDP ratio is projected to ease to around 60% in 2025, a…