Author: News Desk

Nebraska lawmakers have advanced a proposal to reduce the state’s inheritance tax while offsetting lost county revenue with higher fees, even as the state faces a widening budget shortfall. The measure, Legislative Bill 468, passed its first round of debate on Tuesday in a 27–10 vote. Sponsored by State Senator Robert Clements of Elmwood, the bill would lower the inheritance tax rate to 1% for immediate family and 3% for distant or unrelated heirs, down from current rates as high as 15%. The plan would keep the tax in place, unlike proposals seeking full repeal. The move comes as Nebraska…

Russian authorities have filed tax evasion and money laundering charges against Instagram-based life coach Inna Tliashinova, alleging the Dubai-based influencer failed to declare millions in income from her online self-help business. The Moscow branch of the Investigative Committee said on Wednesday that Tliashinova, 43, owes 431 million rubles ($5.3 million) in back taxes and penalties from 2020 to 2022. An arrest warrant has been issued, and prosecutors are expected to seek her detention in absentia. Tliashinova, who describes herself on Instagram as an “expert on the subconscious,” is known for selling online courses promising financial empowerment through spiritual healing and…

Hawaii is poised to implement the nation’s first climate-focused lodging tax, a move that underscores the U.S. tourism hub’s growing urgency to fund environmental protection amid rising climate threats. Lawmakers are expected to pass legislation this week that would raise the state’s hotel room tax by 0.75 percentage points, bringing the base rate to 11%, with revenues earmarked exclusively for climate resilience and conservation projects. Combined with county and excise taxes, the total levy on short-term accommodations will approach 19%, among the highest in the U.S. Governor Josh Green, who supports the bill and has pledged to sign it, said…

South Korea’s Democratic Party presidential candidate, Lee Jae-myung, has unveiled an ambitious proposal to introduce a 10% production tax credit for domestically produced semiconductors, designed to shore up the country’s global competitiveness and secure its strategic position within the semiconductor supply chain. Lee’s pledge, announced in a Facebook post on April 27, 2025, signals his commitment to fortifying South Korea’s most vital industrial sector ahead of the country’s presidential elections on June 3, 2025. As South Korea grapples with mounting external pressures on its semiconductor industry, Lee’s plan mirrors a growing global trend of state intervention to secure the future…

Italy’s long-standing problem with uncollected tax bills, known locally as cartelle esattoriali, has reached a critical juncture. The Italian government, grappling with over €1.2 trillion in unpaid tax claims, is considering a shift from its traditional approach to a more market-driven solution: securitisation. This change comes after years of ineffective tax amnesties and “settlement” schemes that, although providing temporary relief, have not addressed the root cause of Italy’s tax debt problem. At the heart of the conversation about reform is Christopher Aleo, a Swiss-Italian banker and founder of the fintech group iSwiss Bank. Known for his expertise in structured finance…

Brazil’s Finance Minister Fernando Haddad is set to visit Silicon Valley this week with a bold plan to attract data center investments to the country. As part of this plan, the Brazilian government is expected to offer tax breaks on capital expenditures related to technology investments, particularly targeting data centers. According to sources familiar with the matter, the new policy would exempt these investments from several key federal taxes. The move aims to position Brazil as a competitive hub for data centers in Latin America, leveraging its abundant renewable energy supply to appeal to global tech companies. Haddad’s trip to…

As US President Donald Trump ramps up his trade war with China, imposing tariffs of up to 145 percent on most Chinese imports, early signals suggest the fallout may harm the US economy more than it helps. In response, China has hit back with its 125 percent duties on US goods, creating an escalating cycle of retaliation between the world’s two largest economies. Trump has long accused China of exploiting the US through unfair trade practices, framing his tariffs as a tool to revive domestic manufacturing, bring jobs back to American soil, and finance new tax cuts. Yet, economists remain…

With the 2025 Income Tax Return (ITR) season successfully concluded, finance teams and taxpayers are reminded that transfer pricing compliance remains a crucial responsibility post-filing. Experts emphasized several critical points that organizations must address immediately to avoid penalties and risks during audits. One primary requirement is the timely filing of the Related Party Transaction (RPT) Form, or BIR Form No. 1709. Taxpayers covered under Revenue Regulations (RR) No. 34-2020 must submit this form by April 30, the same deadline as submitting ITR attachments for calendar-year taxpayers. Failure to file on time can result in penalties, including a P1,000 fine for…

G20 finance ministers concluded their second meeting of the year in Washington, D.C., without making progress on proposals for a global wealth tax, disappointing advocates who had hoped for new action on economic inequality. Despite growing international momentum for taxing billionaires and promoting solidarity-based fiscal reforms, the meeting ended with no new commitments. The lack of progress drew criticism from civil society groups, including Greenpeace Africa. “Turbulent economic times demand a bold, unified response,” Fred Njehu, Greenpeace Africa’s Global Political Lead, said. “International cooperation is essential to address inequality, corporate greed, and the climate crisis.” Greenpeace called on G20 leaders…

Indonesia’s tax system is about to undergo a quiet revolution, and women are at the center of it. On January 1, 2025, Indonesia’s Directorate General of Taxes (DJP) will fully roll out its Coretax system, replacing the need for traditional tax ID numbers (NPWP) with the National Identity Number (NIK). Beyond streamlining compliance, this reform profoundly alters how married women, working professionals, and female executives interact with the state’s tax machinery.Indonesia’s Tax System: Competitive Edge or Compliance Maze? Why It Matters Historically, Indonesia treated families as single economic units. Married women’s income was bundled with their husband’s, limiting their fiscal…