Author: News Desk

Amid escalating tariffs, China seeks to bolster economic cooperation with Saudi Arabia and South Africa, eyeing collective strategies for countering US trade measures. China’s Strategic Diplomacy to Tackle US Tariffs In a move signaling a strategic diplomatic effort to mitigate the effects of rising US tariffs, China’s Commerce Minister Wang Wentao engaged in separate video calls with his counterparts from Saudi Arabia and South Africa on Thursday, April 10, 2025. During these discussions, the focus was on reinforcing bilateral trade ties and exploring coordinated responses to the United States’ recent tariff actions, which have been increasingly aimed at China. The…

The recent decision by Mississippi to phase out its income tax sets the stage for a new economic era, positioning the state as a magnet for business growth and innovation. Mississippi’s Groundbreaking Tax Reform: A Leap Toward Economic Prosperity On March 27, 2025, Mississippi Governor Tate Reeves signed legislation that will eventually eliminate the state’s personal income tax, marking a historic milestone for the state’s economy. This move, over a decade in the making, positions Mississippi as one of the first states in modern times to take such a bold step, joining the ranks of states that already operate without…

The VAT exemption, which extends until the end of 2025, aims to alleviate the economic burden on Mozambican households, especially for essential goods. On February 26, 2025, Mozambique’s government announced the approval of a new measure to reduce the cost of living, granting a Value-Added Tax (VAT) exemption on sugar, edible oils, soaps, and related raw materials and machinery until December 31, 2025. This decision comes as part of the government’s ongoing efforts to address the rising costs of essential goods and promote economic stability in the country. Key Measures: VAT Exemption on Essential Products In a recent cabinet session…

The escalating US-China trade war and new tariffs will harm US consumers and Ireland’s economy, with far-reaching consequences for Apple and multinational tax revenues. On April 11, 2025, economic analysis continues highlighting the mounting pressure on the US economy as President Trump’s trade war with China escalates. The US administration’s decision to impose a 145% tariff on Chinese imports, particularly affecting tech products like Apple’s iPhones, is set to disrupt both American consumer prices and global supply chains. Ireland, as a central hub for multinational corporations, stands to see significant consequences, especially for its tax revenue stemming from companies like…

Argentina’s Federal Tax Authority extends the suspension of VAT and income tax advance payments for certain imports, potentially affecting business credit balances. In Brief On December 30, 2024, the General Resolution 5624/2024 (“Resolution”) was published by Argentina’s Federal Tax Authority (FTA), announcing an extension of the suspension of exclusion certificates for VAT and income tax advance payments on the importation of certain goods. This extension will remain in effect until June 30, 2025. Key Provisions of the Resolution The Resolution provides clarity on the continuation of temporary measures impacting businesses importing goods into Argentina: Impact on Importers The FTA’s decision…

Libya’s top religious authority reiterates its stance against the Central Bank’s foreign currency tax, calling it unlawful and urging its immediate suspension. A Religious and Economic Clash Over the Foreign Currency Tax In a powerful statement that has drawn attention across Libya, the country’s leading religious authority, Dar al-Ifta, has reaffirmed its opposition to the foreign currency tax imposed by the Central Bank of Libya (CBL). The tax, introduced in mid-2024, has been described by Dar al-Ifta’s Council for Sharia Research and Studies as not only unjust but also religiously prohibited under Islamic law. The council’s renewed call for the…

WASHINGTON – A group of House Republicans is pushing to preserve key clean energy tax credits in the upcoming tax package despite strong opposition from conservative hard-liners. The move is a strategic effort to maintain the benefits for renewable energy projects in Republican-leaning districts, especially those that gained traction through the Democrats’ 2022 climate legislation. A Conservative Push for Clean Energy Tax Breaks House Republicans are preparing to make significant changes to the tax code as part of a broader legislative package that aims to cut taxes, tighten border security, and shift U.S. energy policy. As part of these talks,…

WASHINGTON – The U.S. House of Representatives passed a Republican-backed budget resolution on April 10, 2025, laying the groundwork to extend the 2017 Trump tax cuts. The narrow 216–214 vote signals deep intra-party divides and raises concerns about the fiscal impact of an estimated $5.7 trillion increase in federal debt over the next decade. Budget Blueprint to Bypass Senate Democrats The budget plan is not a detailed tax bill but a procedural move allowing Republicans to bypass Senate filibusters and pass sweeping tax legislation through the budget reconciliation process. At the heart of the proposal is the extension of the…

COTONOU – A new report by GSMA sheds light on the transformative potential of digitalisation in Benin, forecasting that the adoption of digital technologies could contribute XOF 1.2 trillion to the country’s GDP by 2028. The report outlines how accelerated digitalisation will not only drive economic growth but also create over 300,000 jobs, boost tax revenues, and promote financial inclusion in the West African nation. Launched on January 30, 2025, GSMA’s “Driving Digital Transformation of the Economy in Benin” report underscores the pivotal role of digital technologies in advancing Benin’s National Development Plan and Government Action Program. It emphasizes how…

NICOSIA – As Cyprus continues to establish itself as a business-friendly hub in the Mediterranean, the newly released “Cyprus Tax Facts 2025” guide provides taxpayers with a comprehensive understanding of the evolving tax regime on the island. Launched on January 7, 2025, the guide delves into key tax updates and compliance requirements for individuals and businesses alike. Here’s what you need to know about the Cyprus tax terrain in 2025. Cyprus has long been regarded as an attractive destination for businesses and individuals seeking favorable tax conditions. With its low corporate tax rate, strategic location, and robust infrastructure, the island…