Author: News Desk

On March 27, 2025, Mississippi Governor Tate Reeves signed the “Build Up Mississippi Act,” ushering in the largest tax cut in state history. The law will phase out the state income tax, cut grocery sales tax, and increase gasoline taxes. While proponents argue the tax cuts will stimulate economic growth, critics warn of adverse effects on state revenue and public services, especially for low-income residents. Economists highlight that the wealthiest will benefit disproportionately, while the state’s budget could face significant strain. The bill’s income tax phase-out is slated for completion by 2030, with gradual cuts and additional triggers beginning in…

Property owners in Harris County, Texas, face higher property tax bills this year after voter and commissioner-approved measures. These changes stem from an 8% tax increase approved last year, a flood control measure passed in November, and rising property valuations. Property owners now face a “triple whammy” of increased costs. While the law typically limits tax increases to 3.5%, exceptions were made due to natural disasters and other circumstances from the previous fiscal year. The deadline to protest tax assessments is May 15, and taxpayers can take steps to reduce their property taxes by contesting their assessments. Meanwhile, the state…

The performance of Indonesia’s stock market has seen a notable downturn in March 2025, with blue-chip stocks like Bank Central Asia (BBCA) significantly losing value. Experts point to this as a signal of broader economic concerns, particularly its potential impact on the country’s tax revenue. The Jakarta Composite Index (IHSG), a key indicator of the Indonesian economy, has been trending downward, reflecting investor concerns. A drop in IHSG often signals economic instability and diminished investor confidence, which in turn affects government tax revenues. The stock market’s fluctuations can directly influence income from taxes on dividends, stock transactions, and capital gains.…

On March 26, 2025, credit rating agency Fitch confirmed that North Macedonia has maintained its BB+ credit rating with a stable outlook. The agency praised the country’s credible and consistent macroeconomic policies, underpinned by a long-standing fixed exchange rate policy and strong governance indicators compared to other countries with similar economic performance. The country’s commitment to reforms within the EU accession process was also highlighted. Despite external challenges, North Macedonia’s real GDP growth reached 2.8% in 2024, outperforming expectations due to strong public consumption and investments. Fitch projects the economy to grow by 4% by 2026, driven by the implementation…

In a significant move towards sustainable governance, Togo is enhancing its public administration by implementing green budgeting as a key element of its Public Administration Modernization Project for Service Delivery (PMADS). This initiative aligns with Togo’s Togo 2025 Roadmap, which is supported by the World Bank, aiming to modernize public administration and improve service delivery. The Directorate General of Budget and Public Finance (DGBF) has launched a comprehensive strategy to integrate green budgeting across all aspects of public administration. This follows the successful implementation of a green budget document for 2024, and the rollout of the 2025 green budget. A…

In a significant move to enhance customs efficiency and streamline trade facilitation, the World Customs Organization (WCO) has deepened its collaboration with the Gambia Revenue Authority (GRA) under the Accelerate Trade Facilitation Programme—a multi-year initiative funded by the United Kingdom. From March 10 to 13, 2025, a specialized WCO workshop in Banjul trained GRA officials on implementing the WCO Performance Measurement Mechanism (PMM), a globally recognized framework for assessing customs performance in trade facilitation, revenue collection, and enforcement. At the workshop’s opening, GRA Commissioner General Yankuba Darboe highlighted the importance of performance tracking for economic development and a competitive business…

The Inflation Reduction Act’s (IRA) “clean” hydrogen tax credit, or 45V, may survive the Republican-led push for tax cuts and budget reconciliation. Still, significant modifications could shift its focus from low-carbon energy to fossil fuel-based hydrogen production. The credit, designed initially to incentivize low-emission hydrogen production, is a crucial driver for the emerging hydrogen sector. However, proposed changes by Senate Republicans, led by Sen. Shelley Moore Capito (R-W.Va.), could alter its structure in ways that weaken its climate impact while making it more expensive—a concern for budget-conscious lawmakers. The GOP is considering changes that may expand eligibility for hydrogen projects…

The Kansas Legislature has passed two significant tax bills set to reach the governor’s desk, marking the final steps of the 2025 regular session. However, lawmakers remain divided on whether these measures live up to their campaign promises to Kansans. Senate Bill 35, which targets property tax relief, has faced significant pushback from Senate Democrats, who argue the tax cuts are insufficient. The bill eliminates the statewide levies for state education and institution building funds, amounting to a combined 1.5 mill reduction. Despite this, critics, like Topeka Democrat Sen. Patrick Schmidt, have denounced the measure, labeling it a “measly” effort…

Austin’s City Council is considering holding a tax rate election later this year, potentially raising the property tax rate beyond the current 3.5% cap. This move is a response to a projected $2 million budget shortfall for the 2025-26 fiscal year, which is expected to grow to $6 million by 2028. With the current tax rate growth limited by state law, Austin’s leaders are exploring their options to raise additional revenue. The city has faced constraints since 2019, when the Texas Legislature imposed a 3.5% cap on property tax growth without voter approval. Although the cap has limited Austin’s ability…

Montana’s Republican Governor Greg Gianforte is once again pushing to reduce the state’s business equipment tax by raising the exemption threshold from $1 million to $3 million. Under the proposed Senate Bill 322, businesses with less than $3 million in equipment—such as tractors or industrial machinery—would be entirely exempt from paying taxes on their equipment. Larger businesses would still benefit from exemptions on the first $3 million of their holdings. The business equipment tax has been a topic of ongoing debate, with Gianforte arguing that it forces businesses, including family farms and ranches, to divert resources that could be used…