Tax-News.com: Philippines To Double Down On Tax Audits
The Commissioner of the Philippines Bureau of Internal Revenue, Caesar Dulay, has said the country will introduce a more stringent audit program in 2019, to further improve the tax take.
Tax-News.com: Philippines To Soon Launch Tax Amnesty
Lawmakers in the Philippines have endorsed plans for a tax amnesty scheme that will cover estate taxes, general taxes, and delinquent accounts, covering liabilities up to December 31, 2017.
Tax-News.com: Philippines Aiming To Finalize Tax Reform By End Of October
Benjamin Diokno, the Philippines' Budget and Management Secretary, says the Government should secure the passage of all the remaining comprehensive tax reform bills within the next two months.
Tax-News.com: Filipino Bill Would Extend Corporate Tax Perks For Schools, Hospitals
Filipino non-profit private schools and hospitals that adhere to high standards will continue to enjoy a corporate tax rate of 10 percent if a bill before the House of Representatives is adopted.
Tax-News.com: Corporate Tax Cut Plan Before Filipino Lawmakers
Filipino Finance Secretary Carlos Dominguez has called on lawmakers to pass a package of tax measures, including a cut to the corporate tax rate and a reduction in tax breaks and holidays.
Tax-News.com: Switzerland To Implement Philippines Trade Deal
The Swiss Federal Council has announced that the free trade agreement between the European Free Trade Association and the Philippines will enter into force for Switzerland on June 1.
Tax-News.com: Filipino Business Leaders Back Corporate Tax Reform
Business leaders in the Philippines say they fully support the Duterte Administration's proposed corporate tax reforms and investment incentives package.
Tax-News.com: Philippines' Corporate Tax Reform Progressing
Corporate tax reform in the Philippines has moved a step closer with the introduction of House Bill No. 7458 into the country's parliament.
Tax-News.com: Philippines Senate Approves Double Taxation Treaties
On February 19 the Philippines Senate adopted three resolutions ratifying agreements for the avoidance of double taxation with Mexico, Thailand, and Sri Lanka.
Tax-News.com: Philippines Progressing With Corporate Tax Reform
Legislation to bring down the Philippines' corporate income tax rate and overhaul the country's fiscal incentives has been tabled in the House of Representatives.
Tax-News.com: Philippines Commits To 25 Percent Corporate Tax Rate
The Philippines Department of Finance has said the country will look to install a 25 percent corporate income tax rate on a broader base as part of the second phase of its tax reform process.
Tax-News.com: Philippines To Move To Second Phase Of Tax Reform Plan
The Philippines is to take forward its tax reform agenda in January, with a second package of proposals to be tabled before Congress, after the first package was endorsed with some vetoes by President Rodrigo Duterte.
Tax-News.com: US Business Lobby Urges Philippines To Drop Sugary Drinks Tax
US business associations say the Philippines' proposed sugar-sweetened beverage tax may infringe World Trade Organization rules and would dent the country's competitiveness.
Tax-News.com: Philippines' Senate Approves Latest Tax Reform Package
The Philippines' Senate on November 28 approved its version of the Tax Reform for Acceleration and Inclusion (TRAIN) bill, which is expected to exempt 6.8 million workers from paying income taxes.
Tax-News.com: India And Philippines To Intensify Customs Cooperation
The governments of India and the Philippines on November 22 announced that they would be cooperating more closely on customs matters.
Tax-News.com: Filipino Authorities Drop Tax Cases Against Might Corp
Having accepted a settlement from the tobacco firm, the Philippines Bureau of Internal Revenue and the Department of Justice on October 2 dropped three tax evasion cases against Mighty Corp.
Tax-News.com: Philippines Set To Enact Tax Reform Bill By Year-End
FIlipino lawmakers are expected to soon sign off on a long-awaited tax reform bill to bring about personal income tax regime reform and broaden the value-added tax base.
Tax-News.com: Mighty Corporation Settles Tax Dispute With Filipino Government
President of the Philippines Rodrigo Duterte revealed during his recent State of the Nation address that tobacco firm Mighty Corporation had agreed to settle three cases of tax evasion with the Filipino government.
Tax-News.com: Philippines Says VAT Rate Cut On The Horizon
The Philippines Ministry of Finance has said that a lower value-added tax rate may be possible once the tax base is broadened and wider tax system changes are implemented.
Tax Implications on Income earned from Mutual Fund
India has plethora of investment instruments which are available, for an investor, to park his idle funds. At times, it becomes really difficult for a person to select one such instrument, which would reap him good gains.
Taxation of gifts under the Income Tax Act
Taxation of gifts under the Income Tax Act
Taxing capital income: Mark-to-market and other approaches
Given increased income and wealth inequality, much recent attention has been devoted to proposals to increase taxes on the wealthy (such as imposing a tax on accumulated wealth). Since capital income is highly skewed toward the ultra-wealthy, methods of increasing taxes on capital income provide alternative approaches for addressing inequality through the tax system. Marking…
Taxing mobile phone transactions in Africa: Lessons from Kenya
Abstract Taxation on mobile phone-based transactions and on airtime has been introduced in Kenya and is spreading to other African countries. Some countries in sub-Saharan Africa view mobile phones as a booming subsector easy to tax due to the increasing turnover of transactions and the formal nature of such transactions by both formal and informal…
Tax Increment Financing in the Kansas City and St. Louis Metropolitan Areas
Executive Summary
Tax increment finance (TIF) is a popular and potentially powerful tool for places that need
economic development the most yet have the least to spend. By allowing jurisdictions to use
portions of their tax base to secure public-sector bonds, the mechanism allows fiscally strapped
localities to finance site improvements or other investments so as to "level the playing field" in
economic development.
However, poorly designed TIF programs can cause problems. Not only can they increase the incentives for localities to engage in inefficient, zero-sum competition for tax base with their neighbors. Also, lax TIF rules may promote sprawl by reducing the costs of greenfield development at the urban fringe. It is therefore critical that state legislatures design TIF rules well.
In view of this, an analysis of the way TIF is designed and utilized in Missouri shows that:
- Missouri law creates the potential for overuse and abuse of TIF. Vague definitions of
the allowable use of TIF permit almost any municipality, including those market forces
already favor, to use it. Weak limits on its use for inefficient inter-local competition for tax
base touch off struggles between localities. And the inclusion of sales tax base in the
program tilts it toward lower-wage jobs and retail projects, which rarely bring new economic
activity into a region.
- Thanks to these flaws, TIF is used extensively in high-tax-base Missouri suburban
areas with little need for assistance in the competition for tax base. This is especially
true in the St. Louis metropolitan area. There, TIF money very frequently flows to purposes
other than combating "blight" in disadvantaged communities' its classic purpose. In fact,
less than half of the 21 St. Louis-area cities that were using TIF in 2001 were disadvantaged
or "at-risk" when evaluated on four indicaters of distress. On another measure, just seven of
the 20 suburban areas using TIF fell into the "at-risk" category.
- TIF is also frequently being used in the outer parts of regions' particularly in the St. Louis area. Most notably, only nine of the St. Louis region's 33 TIF districts lie in the region's core. Conversely, 14 of the region's 38 TIF districts lie west of the region's major ring road (I-270). These districts, moreover, contain 57 percent of the TIF-captured property tax base in the region. By contrast, the Kansas City region shows a pattern more consistent with the revitalization goals of TIF. The vast majority of the districts lie in the region's center city, though the huge size of the city means many are still geographically far-flung.
In sum, poorly designed TIF laws are being misused at a time when state and local fiscal pressures require every dollar be spent prudently. As a result, a potentially dynamic tool for reinvestment in Missouri's most disadvantaged communities threatens to become an engine of sprawl as it is abused by high-tax-base suburban areas that do not need public subsidies.
For these reasons, Missouri would be well-served by significant reforms in the laws governing TIF:
- The allowable purposes for TIF should be more strictly defined to target its use to
places with the most need for economic development.
- Higher level review of local determinations that TIF subsidies will support net contributions to the regional or state economy (the "but-for" requirement) should be implemented.
- Local TIF administrators should be required to show that TIF subsidies are consistent with land-use and economic development needs both locally and in nearby areas.
- Higher level review of local determinations that TIF subsidies will support net contributions to the regional or state economy (the "but-for" requirement) should be implemented.
If such reforms were put in place, TIF could be returned to its attractive main purpose: that of providing resources that would not otherwise be available to localities that badly need them to promote needed economic development and redevelopment.
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Authors
- Tom Luce
Tax Defendant Pleads Guilty in Florida to Filing False Liens for $48.489 Billion Against Federal Law Enforcement
Mark D. Leitner entered a plea of guilty in the Northern District of Florida to filing false liens against federal law enforcement and corruptly endeavoring to impede and impair the Internal Revenue Service.
Tax Defendant Indicted for Filing False Liens for Billions of Dollars Against Federal Law Enforcement
Mark D. Leitner has been indicted by a grand jury in the Northern District of Florida for filing false liens against federal law enforcement, corruptly endeavoring to impede and impair the Internal Revenue Service, and public disclosure of another’s Social Security number in the commission of illegal activity.
Fraudulent Tax Return Preparer Sentenced to Prison
Tax preparer Lawrence Sperling, was sentenced to 33 months in prison today by Judge Deborah Chasanow in Greenbelt, Md., for preparing false tax returns for clients. In April 2009, Sperling pleaded guilty to one count of aiding and assisting in the preparation and presentation of a false tax return.
Tax Shelter Promoter Pleads Guilty to Conspiring to Impede and Impair the IRS
Anthony G. Merlo, a former resident of Fort Worth, Texas, and the U.S. Virgin Islands, pleaded guilty today to conspiracy to defraud the United States.
Disbarred Maryland Attorney Pleads Guilty to Preparing False Tax Returns
Tax return preparer Lawrence Sperling pleaded guilty today to aiding in the preparation of false tax returns. Sperling was scheduled to begin trial on April 14, 2009 before Judge Deborah Chasanow in Greenbelt, Md. According to the indictment and the plea agreement, Sperling knowingly prepared tax returns for his clients that contained false and fraudulent items, including inflated medial expenses, charitable contributions, miscellaneous employment-related expenses, and child care credits.
Tax Hikes No Matter Who Wins in November?
DEMS MULL VIRTUAL CONVENTION...
California to use mail-in ballots for all 2020 voters...
Taxing emissions in Singapore -- by Donghyun Park, Shu Tian, Mai Lin C. Villaruel
Singapore’s carbon tax is designed to maximize green investments while minimizing negative effects on the overall economy.
Tax credits for independent energy storage projects introduced in US congress
On Thursday, US Congressman from Pennsylvania Mike Doyle introduced a bill that would establish a federal investment tax credit (ITC) for energy storage. The legislation would allow energy storage project developers, both commercial and residential, to receive a 30 percent tax credit for large-scale, commercial-scale and residential-scale storage projects through 2021.
Taxi Driver Evading COVID-19 Isolation Caught in Beaufort West Transporting Passengers
[SAPS] A 35-year-old taxi driver is facing attempted murder charges (read with DMA Regulation 14(3) and in a quarantine site in Cape Town after he was stopped in a vehicle checkpoint (VCP) on the R61 in Beaufort West yesterday ferrying about seven passengers. The driver, who had apparently tested positive for the virus after taking a test on 30 April 2020 on the N2 Tsitsikamma roadblock in the Eastern Cape, was duly informed two days ago by the testing authority of the outcome of the test. Yet, he allegedly proce
Tax rules for tech giants: EU’s divisive plan to tax Facebook, Amazon returns to spotlight
Spearheaded by France, the plan has met resistance from countries such as Ireland and Sweden, which question the wisdom of the EU going it alone given the global nature of digital services.
Tax collections to decline further in May, state’s fiscal deficit may touch 4% in FY21: Sushil Modi
The revenue situation will only get worse next month as the lockdown in the whole of April would be reflected in collections in May, said Bihar Deputy CM Sushil Kumar Modi.
Tax Talk: Know when your income can be clubbed
The income of a spouse or child is clubbed together with the income of major earner of the family when certain conditions are met.
Tax Saving Options: ELSS – A good bet now for Section 80C
If you want the market upside, benefit of current low prices and have appetite for volatility, you may invest in ELSS now in a staggered manner, that is, via SIP.
Tax Talk: Know the benefits of creating HUF
HUF is taxable as separate person; hence one can save tax under basic exemption of Rs 2.5 lakh
SC rejects Rs 4,761 crore tax refund to Vodafone, telco to get only Rs 733 crore
Tax experts said that in case Vodafone Idea is dissatisfied with the final scrutiny it can challenge the order but it would have to go through all the regular channels by first appealing in the income tax tribunal and then upwards.
Tax Credit Takes Center Stage During Homeownership Month Celebration
Governor Jack Markell today joined Delaware State Housing Authority Director Anas Ben Addi and other federal, state, and local officials to celebrate Delaware Homeownership Month and to announce the extension of a program that allows first-time homebuyers to claim a credit on their federal income taxes.
GAO Finds Uneven Landscape of State Rules for Tax-Credit Scholarships
Tax-credit scholarship programs in 17 states collected $1.1 billion in contributions in 2017, a new analysis from the GAO finds.
Taxpayers on the hook for $600K 'bridge to nowhere', says local woman
A petition is being circulated to get a $600,000 bridge replacement project near Millvale scrapped.
Tax issues upon disposal of the legal practice / Raoul Stevenson CA, CTA & Grantley Stevens FCA, CTA, Nexia Edwards Marshall.
Tax red flags for practitioners : taxation of deceased estates / prsented by Ian Raspin, BNR Partners.
Treasury, IRS delay federal tax filing, payments until July 15
Taxpayers do not need to file or pay their federal income taxes until July 15, after the U.S. Department of the Treasury and Internal Revenue Service extended both deadlines from April 15.
Taxis complying with social-distancing protocol
Many taxi and bus operators in sections of Kingston and St Andrew are seemingly adhering to social-distancing guidelines outlined by the Government for the sector, in terms of the number of passengers they are allowed to transport at a time. These...
Tax time IT problems strike again at Australian Taxation Office
Slow internet is causing headaches during a busy time at the Tax Office.