Author: News Desk

SINGAPORE – The global financial markets are in turmoil following the announcement of President Donald Trump’s sweeping new tariffs, with the euro and safe-haven currencies like the yen and Swiss franc seeing significant gains. In the wake of Trump’s tariff measures, which have deepened fears of a global economic downturn, the euro surged to six-month highs, rising 0.5% to $1.1018. Meanwhile, the yen and Swiss franc strengthened as investors shifted away from riskier assets and flocked to traditional safe havens. Asian stocks and U.S. futures saw sharp declines, and the dollar fell by 0.75% against the yen, extending a two-week…

MUMBAI – India’s fast-growing crypto futures market is gaining traction as investors seek more tax-efficient instruments and sophisticated trading strategies amid rising digital asset adoption. Avinash Shekhar, co-founder and CEO of Pi42, one of India’s first crypto futures exchanges, says the evolution of derivatives trading in India reflects a shift toward regulatory clarity and institutional interest. Speaking with The Economic Times, Shekhar emphasized that crypto futures offer Indian investors two key advantages: lower tax liabilities and capital efficiency through leverage. Under India’s current tax regime, spot crypto trades are subject to a 30% flat tax on gains, without the benefit…

MASERU – Lesotho has been hit with a steep 50% tariff on exports to the United States under a new trade policy announced by U.S. President Donald Trump, marking the highest rate imposed on any African nation. The move, part of a sweeping tariff campaign branded as “reciprocal trade enforcement,” targets 20 African countries and more than 100 nations globally. For Lesotho—whose economy leans heavily on textile and diamond exports to the U.S.—the repercussions could be economically devastating. Why Lesotho Was TargetedThe Trump administration cited America’s $234.5 million trade deficit with Lesotho in 2024 as justification for the aggressive 50%…

DUBAI – Transfer Pricing Tightens Across the Middle East: What Multinationals Must Know in 2025 Transfer pricing (TP) is no longer a fringe issue in the Middle East. With a wave of new regulations, rising audit activity, and a shift toward global tax alignment, countries across the region are enforcing TP rules more aggressively than ever before. Multinational enterprises (MNEs) operating in Saudi Arabia, UAE, Egypt, Qatar, and Jordan. must quickly adapt or risk penalties, reputational damage, or the loss of tax incentives. A New Era for TP Compliance in the Middle East Driven by the global BEPS agenda and…

Summary of Key Responses to U.S. Car Tariffs President Trump’s 25% tariffs on imported cars went into effect Thursday, and they’ve already triggered significant reactions across the automotive industry. With a goal to grow U.S. manufacturing, these tariffs are being met with a combination of layoffs, pauses in production, and delays in price hikes. Automakers are navigating uncertain roads ahead. Key Points of Response by Automakers: For further details, clarification, contributions, or any concerns regarding this article, please contact us at editorial@tax.news. We value your feedback and are committed to providing accurate and timely information. Please note that our privacy…

HANOI – Vietnam has offered to eliminate all tariffs on U.S. imports in a last-ditch effort to stop a sweeping 46% tariff that President Trump is expected to impose this week—a move that could jolt global supply chains and strain U.S.-Vietnam relations. The dramatic proposal was delivered in a letter from Vietnam’s top leader, To Lam, to President Trump on Saturday. The offer follows a private call between the two leaders, which Trump later described as “very productive.” The Stakes: $123B in Trade, Millions of Jobs, Rising Prices A 46% tariff on Vietnamese goods—one of the highest ever proposed by…

WASHINGTON – In a razor-thin 51-48 vote, the US Senate has approved a Republican-led budget framework unlocking over $7 trillion in tax cuts and spending shifts, advancing a central pillar of Donald Trump’s 2025 economic agenda. Despite deep economic uncertainty and fierce Democratic resistance, GOP lawmakers pushed the plan through early Saturday, setting the stage for sweeping changes to the US tax code and federal budget. The bill includes more than $5.5 trillion in tax breaks and $1.5 trillion in new allocations tied to Trump’s campaign pledges—ranging from mass deportations to military expansion. Why This Matters The move comes as…

SEATTLE – A powerful coalition of Washington’s largest employers — including Amazon, Microsoft, Alaska Airlines, and Costco — is urging state leaders to halt plans for sweeping tax increases, including a controversial payroll and wealth tax package In a letter addressed to Governor Bob Ferguson and legislative leaders, the companies argue that the proposed measures threaten the state’s economic stability and risk pushing high-paying jobs out of Washington. The Letter: “Think Again” The letter — co-signed by Alaska Airlines, Amazon, Microsoft, Nordstrom, PSE, Zillow, T-Mobile, Redfin, Weyerhaeuser, and the Seattle Mariners, among others — criticizes what they call “the largest…

COLOMBO – Sri Lanka is preparing to launch urgent diplomatic discussions with the United States to seek relief from sweeping 44% tariffs imposed by former US President Donald Trump on Sri Lankan exports, a move that could severely impact the nation’s trade competitiveness. President Anura Kumara Dissanayake has appointed a high-level economic committee to formulate strategic responses and initiate immediate negotiations with US officials. The decision follows a comprehensive review of the newly imposed tariffs and their potential consequences on Sri Lanka’s export-driven industries. Presidential Committee Reviews Strategy In a recent meeting at the Presidential Secretariat, President Dissanayake convened with…

AUCKLAND – A 36-year-old Auckland businesswoman has been sentenced to 12 months of home detention after diverting over $2 million into personal accounts and failing to pay more than $560,000 in PAYE taxes, according to a ruling by the Auckland District Court. Victoria Sabrina Kalapa, the sole director and shareholder of Gold Standard Scaffolding Ltd (GSSL), was convicted of serious tax offences following an Inland Revenue investigation into her company’s financial activities from 2019 to 2023. The Case Against Kalapa Kalapa appeared before the Auckland District Court on April 2, where she was sentenced to 12 months of home detention…