The Maltese tax system is under threat and the government appears to be doing very little to protect it, the Nationalist Party said in a statement expressing concern at the lack of consultation with stakeholders.
“Again, the opposition, business leaders, unions and stakeholders were not consulted on the government’s decision to cede to international institutions and lose its fiscal independence by accepting a decision on a rate common minimum tax for foreign companies, ”said Mario, spokesperson for PN Finance. said of Marco.
“We must have heard from the media,” he added, noting that the government’s failure to raise the issue in parliament suggested contempt for this institution.
The PN spokesperson was referring to reports that Malta would present proposals to protect its corporate tax system at the OECD later this month.
Malta attracts foreign investment by offering foreign companies a series of discounts and benefits that allow them to reduce their corporate tax rate to an effective tax rate of 5%.
This competitive advantage could, however, be eroded by a high-level agreement between more than 130 countries to establish a global minimum tax rate of at least 15 percent.
Malta was among the signatories to the deal, with Finance Minister Clyde Caruana having previously said it would have been left out of the negotiations if it had not accepted the deal.
Ireland and Estonia, which also use tax incentives to attract foreign investment, agreed to join the deal this week.
Details of the deal – and exceptions – are still being negotiated.
Sources said Malta timetables that the Maltese government is keen to propose that the minimum rate of 15 per cent only apply to companies with enormous turnover.
But no official details of Malta’s position have been released so far, prompting the PN opposition to worry about a lack of transparency.
In its statement, the PN said the two sides had worked together for decades to protect Malta’s tax system and financial services sector. But that job had now been called off, he said, the finance minister “having said there was no point in trying to oppose it.”
“In other words, our voice as a nation ended up being powerless,” the PN said.
He said he expects the government to be open about its negotiating position and explains what it has asked for Malta, what its reservations are and how it plans to minimize the impact of this tax on Malta. .
“We need to discuss these things as soon as possible, at the national level, to make sure we find a national problem that preserves our future,” the PN said.
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Senator Elizabeth Warren (D-Massachusetts) and Representative Pramila Jayapal (D-Washington) ask for information on “corrupt schemes” to cover the profits of accounting firms involving the Treasury Department, the Internal Revenue Service (IRS) and other government agencies.
Lawmakers have sent letters to five major accounting firms asking them to detail their revolving door relationship with the government. The request comes after a September New York Times report expose how the staff and leaders of accounting firms like PwC take positions within the Treasury Department and other agencies to help draft tax codes that will benefit their old businesses – then return to those businesses with raises or promotions.
The New York Times discovered 35 examples of the practice over the past four presidential administrations, calling it “a remarkably effective behind-the-scenes system to promote [accounting firms’] interests in Washington. Even veterans of the accounting industry admit revolving doors are one of the main reasons the rich can benefit from and exploit the American tax code.
“The accounting giants abuse public trust and take advantage of the turn between public service and private profit”, Jayapal and Warren wrote in letters to Deloitte, PwC, EY, KPMG and RSM.
Lawmakers went on to quote the Law on the fight against corruption and public integrity. “Americans are fed up with these corrupt schemes,” they continued. “The decades-long scam in which major accounting firms abused the revolving door between government and the private sector to help their high net worth clients avoid paying their fair share of taxes demonstrates precisely why this legislation is necessary.”
Law on the fight against corruption and public integrity would draw stricter lines between the private and public sectors. It prohibits private companies from immediately hiring people who have just left a government post, and prohibits them from inducing executives to enter the public sector by offering them high salaries, or “golden parachutes”. The bill would also establish a separate government office to monitor ethics and corruption in government.
Lawmakers then asked companies to disclose whether, since 2001, any employees had held positions in the Treasury Department, the Internal Revenue Service (IRS), or elsewhere in government, and then returned to the company through the following. They also asked for details about this job, including the positions they have held, their clients, and their compensation over time.
In at least 16 of the cases where the New York Times Discovered in September, the former government officials were promoted to partners and rewarded with double their salaries when they returned to their private sector companies.
Lawmakers have drawn a direct line between revolving doors and the tax code. “Major accounting firms have spent decades unethically abusing the revolving door between government and the private sector to help high net worth clients avoid paying their fair share of taxes. It is corruption. Jayapal wrote on Twitter.
“The unethical revolving door of staff enters [the Treasury Department] and the biggest accounting firms must stop ”, said Warren. “Americans should be confident that our policies are working for them, not the wealthiest corporations.”
A report from the Institute on Taxation and Economic Policy released earlier this year found that 55 large companies, including FedEx, Nike and American Electric Power, paid $ 0 federal income tax in 2020. In fact, the effective tax rate was negative for many of these businesses, in part thanks to the 2017 tax cuts implemented by former President Donald Trump and the GOP.
Recent plans tax corporations by lawmakers like Warren have been met with coldness by congressional conservatives, however. Many of them – like Senator Kyrsten Sinema (D-Arizona) – have close relationships with deep-pocketed lobbyists. And despite the fact that big accounting firms like Deloitte and PwC have a revolving door relationship with the government, which skews tax policy in their favor, they are still spending hundreds of thousands or even millions of dollars on lobbying.
The current crisis of the tax system in Nigeria is mainly driven by an inappropriate mix and design of tax policy. The Nigerian tax system is contrary to national prosperity, and this is the reason for extreme poverty in Nigeria.
Not only is the economy burdened with systemic corruption, but Nigeria’s tax system has also failed to spur economic development and inclusive prosperity due to low tax revenues.
The tax is a derivative of the economic activity carried out in a nation. A nation’s gross domestic product (GDP) includes personal consumption, business investment, government spending, and exports less imports.
The highest annual amount of value added tax (VAT) generated in Nigeria since 1994 is 1.53 trillion naira, which was in 2020. Does the amount of VAT generated annually really reflect taxable consumption in Nigeria?
And does the total tax revenue of 7 trillion naira in 2020 really reflect the economic activities carried out in Nigeria? These are the relevant questions which require sincere answers. This should be the immediate concern of state governors.
The low tax-to-GDP ratio of 6% theoretically suggests that Nigerians are not paying enough taxes. In reality, Nigerians are overburdened with taxes. Paying taxes shouldn’t be a burden.
Paying taxes becomes a burden when the combination of tax policies and the design of a nation are inappropriate. Taxation is a strategic fiscal tool for economic development and prosperity; it is not just a fundraising tool.
The two most expensive “products” in Nigeria today are education and health care. These are valuable goods that should not be bought and sold by individuals, but should be provided by the government from tax revenues.
Nigerians pay for their children’s education from preschool to college, as well as for health care. In addition, Nigerians pay for public goods such as safety and the construction of public roads in their place of residence.
Meanwhile, governments in developed countries are offering free education and health care to citizens for paying their taxes. Nigeria has failed embarrassingly in this regard because its tax policy and design are misguided.
The problem is not that Nigerians do not pay enough taxes; the real problem is that the wrong mix and design of tax policies cannot capture the right people in the tax net and pay the right tax.
While the rich get richer by not paying their fair share of taxes, the middle class has struggled and got poorer by paying for education, health care, safety and road construction or repair, after paying their fair share of taxes.
With the right mix and design of fiscal policies, citizens will pay the right taxes without being unduly burdened, and the government will have enough revenue to provide valuable goods and other social services.
One of the inappropriate tax policies and designs in Nigeria today is personal income tax. Globally, personal income tax offers the highest tax return among all types of taxes, but this is not the case in Nigeria, as the consolidated relief, the tax bracket income and tax rates are poorly designed.
For example, the highest personal income tax rate in Nigeria is 24% for the income bracket over N 3,200,000. This means that people earning N 3,500,000, N 35,000,000, N 350,000 N,000,000 and NN 3,500,000,000 per year are all taxed at the same tax rate.
Graduated tax rates are unfair and inequitable. This is the reason for the low tax yield of personal income tax and the great inequality of income in Nigeria.
A comparison between Nigeria (Africa’s largest economy) and South Africa (the second largest economy) amplifies the loophole in Nigeria’s income tax law. In 2018, South Africa, with 21 million registered taxpayers, generates more than N10.9 trillion in personal income tax for 6.4 million people, with the highest tax rate of 45%.
The richest 1% pay more taxes than the poorest 90% in South Africa. This is possible because the tax breaks, income bracket, and tax rates are fair and equitable. In 2018, the total tax revenue generated by state governments in Nigeria is less than N1 trillion. With a well-designed personal income tax law, state governments are expected to generate more than N15 trillion from 10 million people in Nigeria.
The line on who should collect value added tax is only a fragment of the problem. Instead of the legal struggle between South and North over VAT, the Nigerian Governors Forum should seek fiscal sustainability by rethinking the mix and design of Nigeria’s fiscal policy to achieve lasting prosperity for Nigerians.
Dr. Kriz David PhD, FCA, FCTI, is a futurist and tax expert. He is the author of “Tax Strategy” and “The Tax Manual”. He can be contacted at [email protected] or 08034033979.
PLUS TT THIS YEAR the government announced that the Irish local property tax (LPT) system will change from November.
About 1.4 million letters are being sent to landowners across the country explaining the changes, which will apply each year from 2022 to 2025.
The tax applies to all residential properties in the country, including vacant properties, properties that were not subject to the LPT since 2013, and properties not yet registered for the LPT.
More than half of homeowners won’t have any change to their LPT fees, but just over a third of people can expect an increase.
Here’s an overview of what you need to know about the new system and how to make sure you’re paying the right amount.
How do I know if my LPT bill will change?
Despite the changes to the system, the LPT tariff will not necessarily be different if you are already paying it. However, you should still check it out anyway.
The new system was designed to take into account the sharp rise in house prices in recent years, but the number of LPT tapes remains at 20, just like the old system.
What is different is that the boundaries of these bands have grown and widened.
For example, the valuation of houses in tranche 10 was previously between € 500,001 and € 550,000 but is now between € 875,001 and € 962,500.
This is what the groups now look like:
As the last line indicates, the effective rate of the LPT will be 0.1029% (excluding those in bands 1 and 2) – down from the current rate of 0.18%.
For the majority of homeowners, the value on which their LPT is calculated will increase, but the percentage they pay will decrease.
One of the most significant changes to the system concerns homes built or purchased since 2013.
In the old system, those who bought a house for the first time or properties built since 2013 were not responsible. This is no longer the case, which means that 140,000 additional owners will be included for the next three years.
How do I value my property?
As a self-assessed tax, Revenue requires owners to self-assess their properties. To do this, you look at what value (s) your property (or your property) will be valued on November 1 of this year.
As noted above, the LPT structure is based on 20 appraisal brackets, so homeowners don’t have to appraise their home at a specific amount (unless your property costs more than $ 1.75 million). , in which case you do).
To help determine which category a property falls into, Revenue has created a rating tool on its website, which allows users to submit their Eircode to find their property and select it on a map. Users will then be assigned a price range for their address.
This tool is intended as a guide only. Revenue told homeowners that they should take into account the specifics of the property and assess whether its value falls within the strip in their area – for some, the value may actually be less than what the tool says.
Revenue has also published guidelines to help those looking for other sources of information they can use to assess the value of their property.
It’s also important to note that some land and buildings should be included in your assessment, not just the main residential building itself. This includes gardens, walkways, garages, and outdoor structures like grandma’s apartments or home offices.
However, only land up to an acre should be included: this means that farmers do not need to include adjacent farmland or animal shelters.
Can I benefit from an exemption?
Certain residential properties will not fall under the LPT regime.
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These include homes that are certified as having a significant level of pyrite or mica damage, residential properties owned by charities or public bodies for accommodation purposes, and properties built or adapted for people with disabilities.
A full list of properties eligible for the exemptions is available here (but note that references to properties built or purchased since 2013 will not apply).
Revenue said those who are eligible to apply for an exemption are still required to provide a self-assessed appraisal of their property, but must select the appropriate exemption category on their LPT return.
How do I tell Revenue the value of my property?
After you have assessed your property and verified if you qualify for an exemption, the next step is to submit your LPT income tax return. You must do this by November 7, 2021.
You can submit your return online at Revenue.ie (using myAccount, ROS, or the LPT online service), or by mail.
Even if you miss the deadline, you still need to submit an assessment and Revenue will pursue the estimated liability amount.
How to pay the LPT?
You can pay the fee online through the Revenue website, or by using a paper form if you prefer to do it in person (although your options are more limited for the latter). More details are available here.
You can pay your bill in a single payment or in several installments during the year.
Payments will start from January 2022 and the deadline for full payment is January 12.
US President Joe Biden delivers remarks on the US Debt Ceiling from the State Dining Room of the White House in Washington, United States, October 4, 2021. REUTERS / Jonathan Ernst
WASHINGTON, Oct. 4 (Reuters) – US President Joe Biden, in a phone call with European Commission President Ursula von der Leyen, on Monday stressed the importance of “leveling the playing field in the tax system international, “the White House said in a statement. .
The United States expects the G20 countries to reach a political agreement on a global agreement on minimum corporate taxes at a summit at the end of the month. Read more
In his appeal with von der Leyen, Biden also expressed his “strong support” for the continuation of the European Union accession process for the countries of the Western Balkans, according to the statement.
EU and Balkan leaders will meet on Wednesday to discuss the future membership of six Balkan countries: Serbia, Kosovo, Bosnia and Herzegovina, Montenegro, Albania and North Macedonia. Read more
A summit declaration will reaffirm the EU’s guarantee of future membership of the six countries, two EU officials said on Monday.
Wealthy northern EU countries fear a repeat of the hasty accession of Romania and Bulgaria in 2007 and the poorly managed migration of workers from Eastern Europe to Britain which has turned from many Britons against the EU.
Reporting by Eric Beech; Editing by Mohammad Zargham and Lincoln Feast.
Our Standards: The Thomson Reuters Trust Principles.
Inflation in Nepal has become common in recent years. In July of this year, the inflation rate rose to Rs 4.35 percent while inflation in the transport and construction sectors rose to 9.43 percent and 11.54 percent respectively.
This rate is expected to increase after parliament recently passed the House of Representatives Budget Replacement Bill to amend Nepal’s 2021/22 annual budget plan that former finance minister Bishnu Paudel introduced in an ordinance. .
Because of this very bill, consumers will be hit the hardest as they will have to pay significantly more when purchasing vehicles and during construction.
After criticism, Finance Minister Janardan Sharma said the government had introduced a bill promoting products made in Nepal. But, experts and financial analysts argue that the bill does not promote Nepalese products. Instead, they argue that the bill favors only a handful of people, especially people in the transportation and construction industries when it comes to taxation. They also argue that Nepal’s taxation has been flawed for several decades, as it prioritizes the rich over the poor while setting tax rates.
Pressure on the bottom
Economist Dilli Raj Khanal said people belonging to the lower and middle class groups would bear the brunt of the government’s proposed tax hike. He says they will pay the price because the government aims to increase taxes on daily usable items.
“We have truly entered consumerism. The government wants to use this and raise taxes to increase its income, ”says Khanal, who adds that the country’s income system is based on remittances and customs.
“In the long run, it’s bad because it doesn’t treat everyone fairly,” he says.
He wonders why casinos are getting tax cuts when middle and lower middle class people pay more taxes than they should.
“People will realize this one day and start to wonder why they pay taxes. When they do that, they will stop paying and that, in the long run, is disastrous, ”says Khanal.
A few years ago, all vehicles were considered luxury items. But now some vehicles that fall under a certain amount are not classified as well.
However, on the eve of Dashain, the government increased taxes, after which the prices of motorcycles went up. The new bill increased excise duties and road taxes, after which motorcycle dealers raised prices.
This is quite strange because the government has waived the royalties they received from the casinos for the 2021/22 fiscal year. Likewise, the bill did not increase taxes on cars, which are mainly used by the upper middle and upper class.
The excise duty on bicycles under 125 CC has been set at 40 percent while the same duty on bicycles between 125 CC and 200 CC has increased to 50 percent. Previously, the tax bracket was 50 to 155 CC. A new bracket has been added for a section of the bike which is the best selling in the country. Road tax for this segment has also increased.
This has caused the prices of bikes from Hero, Yamaha, Honda and Suzuki to increase to an average of Rs 17,000, reports the NADA Automobile Association of Nepal.
While the government says it wants to promote the sale of assembled vehicles in Nepal like Bajaj and TVS, the prices of bikes and scooters from these two companies have increased in recent weeks.
NADA Automobiles of Nepal said it was wrong to increase taxes in a segment that sells the most in Nepal. “We don’t understand why the government did this. It affects both sellers and buyers, ”says Krishna Prasad Dulal, the president of the association.
He says it will discourage people from buying motorcycles at a time when people are refraining from using public transport.
“The prices of some bikes have increased by 10%,” says Dulal. “The government is trying to deceive consumers by doing this. I doubt he did enough research.
Meanwhile, the finance ministry says it has received complaints and talks are underway to review the provisions.
“We do a periodic review, after which we will see if it is necessary to change things,” said the spokesman of the ministry, Mahesh Acharya. “If the policy we have put in place does not help the economy, we will certainly change it.”
Provinces following the center
The provinces of the country seem to have done the same thing as the center when it comes to taxation. For fiscal year 2021/22, Bagmati province increased taxes not only on private vehicles, but also on public vehicles. A province that wants to have only electric vehicles by 2028, Bagmati has also increased taxes on electric vehicles.
The tax paid by public vehicles has increased to Rs 3,000. Public buses and trucks must now pay up to Rs 20,000 in road tax. This has resulted in an increase in the price of the bus by up to 28 percent as consumers again bear the brunt of the tax hike.
Expensive car tax reduction
Bagmati province has not increased taxes on premium vehicles. Bikes up to 125 CC have to pay road taxes of Rs 3,000, which is Rs 500 more than before. Bikes between 126 CC and 150 CC must pay Rs 5,000 as tax, an increase of Rs 500. For bicycles between 150 CC and 225 CC, another Rs 500 has been added to the tax while for bicycles between 226 CC and 400 CC, an additional Rs 2000 has been added to the tax. But, for bicycles above 400 CC, the tax has not increased. The tax on electric bicycles and scooters has also increased by Rs 500 for those under 1,000 watts and by Rs 1,500 for those up to 1,500 watts. Jeeps and passenger cars that paid up to Rs 58,500 must now pay up to Rs 65,000.
Steel prices rise
After the introduction of the replacement budget bill, the prices of building materials increased. This is because the government has increased the tariffs on steel billets, a material used to produce steel, from Rs 1,650 to Rs 2,500.
But tariffs on spongy iron, the raw material used to produce steel billets, have fallen to zero. Previously, a 4.75 percent tax was imposed on both steel billets and sponge iron.
Steel manufacturers say that due to higher taxes, they have been forced to raise steel prices in Nepal.
Finance Minister Sharma said the move was taken to promote the production of steel billets using sponge iron in Nepal itself. But, while consumers are affected the most, people are wondering who this decision is actually supporting.
The government led by KP Sharma Oli cannot be forgotten when discussing raising taxes. Citing the development of the Budhigandaki hydropower project, Rs 5 has been increased on fuel prices to help the project. This is still done today in the name of infrastructure development as fuel prices have skyrocketed.
Having failed to generate enough revenue, various governments have used various means to extract every possible penny from citizens, experts say. Although it charges a lot, the Nepal Oil Corporation still claims that it faces a loss of 2 billion rupees per month.
Experts, however, say that even though the NOC says it adjusts prices based on global trends, the reason for the price hikes is due to the various additional taxes the government has imposed on fuel prices.
Unfortunately, these taxes levied on the public are not used properly as they go directly into the Federal Reserve and not for a specific project. If you look at the data from last year, the government has accumulated up to Rs 97 billion in fuel taxes.
The government has continually made decisions to overwhelm consumers. Due to the increase in internet taxes by the government, consumers have had to pay extra. This year, the internet tax has not increased. But, after the Nepal Electricity Authority said it would charge ISPs more for the use of its poles, some ISPs are considering increasing their monthly tariff to Rs 300.
NEA Director General Kul Man Ghising says this is wrong and should not be allowed to happen. But, the chairman of the Association of ISPs of Nepal, Sudhir Parajuli, said consumers will have to pay a little more, as the operating costs of ISPs have also increased.
Rising prices of basic necessities affecting low-income families
In July 2020, the prices of ghee and cooking oil increased by 29.07%. It was strange because the prices of tobacco products only increased by 10.12 percent. This year, the government did not increase prices, but producers, citing an increase in the cost of raw materials, increased the price of cooking oil.
Prices for basic necessities have increased due to increased transportation costs, producers said. But, that said, the cost of cooking oil has almost doubled in the past year.
Those most affected by these increases are low- and middle-income families. The chairman of the income advisory committee, Mahesh Dahal, said the country’s income tax needs to be reviewed, especially for people who don’t earn much.
FILE PHOTO: European People’s Party meeting takes place in Berlin
Chancellor Sebastian Kurz, whose Tories rule in coalition with the Greens, called the package that will provide a cumulative 18 billion euros ($ 21 billion) in tax cuts through 2025, the biggest tax overhaul of modern Austrian history.
The carbon tax will begin in mid-2022 and will amount to 55 euros per tonne in 2025.
The government will cushion the shock of rising travel and heating costs via regional “climate bonuses” of 100 euros per year for city dwellers and up to 200 euros for people living in the countryside, where public transport is less. available.
“Less air pollution, more money in the wallet,” Greens leader Werner Kogler said at a press conference.
Corporate tax rates will gradually fall to 23% in 2024 from 25% today, while income tax rates for people in two income brackets will also decrease.
Family “bonus” allowances will increase to 2,000 euros per child from mid-2022 against 1,500 euros today, while health insurance contributions for people with modest incomes will decrease.
Finance Minister Gernot Bluemel said the economic and job growth boosted by the package would help pay for the tax cuts and Austria’s debt-to-GDP ratio would gradually decline over the years.
($ 1 = 0.8625 euros)
(Reporting by Michael Shields; Editing by Emelia Sithole-Matarise and Catherine Evans)
Media credit: Danielle Towers | Photo editor assistant
Representative Bonnie Watson Coleman, DN.J., opened the discussion online as panelists discussed how tax returns could help families in minority communities avoid voter suppression.
The Brookings Institution’s Governance Studies Program hosted a webinar on Tuesday on encouraging voter registration through the tax system.
Representative Bonnie Watson Coleman, DN.J., opened the discussion online as panelists discussed how tax returns could help families in minority communities avoid voter suppression. Vanessa Williamson, Principal Investigator in the Governance Studies Program at the Brookings Institution, moderated the event, which took place on National Voter Registration Day.
Coleman said politicians in states like Texas have devised “oppressive and undemocratic” tactics to prevent young black and brown citizens from registering to vote. She said Congress was aware of the ongoing voter suppression in state and local governments as members of Congress debated voting legislation, such as the For the People and John Lewis Voting Rights Advancement laws.
She said registering to vote and streamlining the registration process will be some of the first steps in tackling voter suppression. She said these measures will support the need for a bill to allow people to register to vote while filing their income tax returns.
“In the United States of America, we’re supposed to encourage civic participation, registering to vote and voting as the most basic thing we can do to make sure we have a healthy democracy,” Coleman said.
Sarah Brannon, lawyer in charge of the American Civil Liberties Union Voting Rights Project, said elected officials may be more likely to discourage communities of color from voting if they participate in the electoral process. She said states like Texas and Georgia passed election laws restricting access to voting through shorter, in-person early voting periods after the 2020 presidential election drew a record number of participation among under-represented groups such as black and brown communities.
“We are not the only ones as there is an array of voting rights and civil rights groups that are involved in these efforts to stop these laws,” Brannon said.
She said the John Lewis Voting Rights Advancement Act – a bill that seeks to identify voter discrimination in states and jurisdictions, particularly during early voting periods and on polling day – would encourage the full participation of voters. voters from all communities, if passed. She said President Joe Biden’s administration must take whatever steps are necessary to promote accessible voting processes and avoid further hostility from voters and congressional inaction.
“One of the things that really struck me is the extent to which these anti-voting laws are progressing in places where elections are near,” Brannon said. “This is not happening in just any part of the country. It happens where elections are near and where those margins can really matter for state representations. “
Jeremy Bearer-Friend, associate professor of law, said that although people often assume that state and local governmentstaxes negatively impact voter registration through fees and fines that prevent black citizens from exercising their right to vote, taxes like corporate taxes can also expand democracy and limit inequalities.
“We can make sure that there are as many opportunities to register to vote as we can create in part through the civic experience of filing income, which is a time when individuals are very aware of their membership in a political community and their contributions to it. community, ”said Bearer-Friend.
Rebecca Thompson – the acting vice president of Prosperity Now, a local nonprofit that financially supports minority and low-income communities – said the Volunteer Income Tax Assistance Program, a grant program run by the Internal Revenue Service, strives to help the weak to moderate. income-earning households complete their income tax return. She said the program relies on volunteers to direct families to available tax credits and promote household financial stability.
“It started out as a way to really help people fill out those complex tax forms to help with compliance, but also because taxes are difficult for some people and people need help,” he said. she declared.
Thompson said the Filer Voter Act – a bill that would require tax preparation services to provide voter registration forms to their clients if they serve more than 100 people – will encourage programs like VITA to make voter registration information easily accessible through income tax returns. She said program participants are excited to serve families in need of financial information and voter registration.
“This time it’s more about making their voices heard and making sure they are heard and participate in our society by voting,” she said.
This article appeared in the September 30, 2021 issue of Hatchet.
ISLAMABAD, (UrduPoint / Pakistan Point News – October 2, 2021): Federal Minister of Finance and Revenue Shaukat Tarin said on Friday that transparency in tax collection in retail and other economic sectors will be ensured by introducing a tracking and traceability system in the national tax. system.
The government is trying to increase the country’s income through the tracking and tracing system and the industrial sector is fully cooperating in this regard, he said at the ceremony preceding the inauguration of the “Tracking and Tracing System”. Federal Revenue Council Tax Tracker “at Pakistan Tobacco Company business sight near Jhelum City.
The minister said the government wanted to increase the annual ratio of taxes on gross domestic production (GDP) up to 20% to strengthen the country’s economy.
He said Pakistan currently has an annual tax-to-GDP ratio of around 8-10 percent, which needs to be increased to 20 percent to increase employment opportunities in the country.
Shaukat Tarin said that this country needs millions of jobs to employ young people, which requires increasing the annual tax rate relative to the country’s GDP.
He said that to increase the country’s income, the government is modernizing the tax system using technology.
The FBR is modernizing the tax system by promoting automation and digitalization.
According to the vision of Prime Minister Imran Khan, the ideology of justice and welfare for the state of Medina will be pursued.
Meanwhile, after the ceremony, speaking to the reporter, he said Saudi Arabia had agreed to provide US $ 3.6 billion for the purchase of crude oil.
Saudi Arabia would pay $ 3.6 billion to the government of Pakistan on a monthly basis over a two-year period.
He said the Pakistani government would receive $ 150 million per month which would only be used for the purchase of oil.
Guernsey politicians have spent a busy day debating controversial plans to reform the island’s tax system, including a goods and services tax.Meanwhile, the island’s Chamber of Commerce claims it would be the “death of retail trade” on the island and strongly opposes such measures.
MP Charles Parkinson, a tax expert who has published books on the matter, said the problem would only be resolved when the Zero-10 tax system was fixed and added that he was very disappointed with the policy letter.Meanwhile, MP Peter Roffey, who helped draft the report that informed the policy letter, said people were starting to realize that additional income had to be found somehow. .Speaking earlier today, he said he was encouraged by the discussions in the House.