Deloitte’s Post

Finance Ministry is gearing up for ‘big ticket’ reforms in Union Budget 2025, including comprehensive review of Income Tax Act and reclassification of Customs Act. Meghna Mittal reports👇 https://lnkd.in/estRY5UM #UnionBudget #NirmalaSitharaman #IncomeTax 

The Hon’ble Finance Minister will be presenting the Union Budget 2024 on 23 July 2024. As always, there are several expectations surrounding Direct and Indirect Taxes. For businesses, it is crucial to understand the proposed changes in the budget to ensure readiness and effective implementation. To help you navigate these changes, Lakshmikumaran and Sridharan attorneys (LKS) is organizing a webinar on “Budget 2024 – A Deep Dive into the Tax Proposals”. This session will provide an in-depth analysis of key proposals in income tax, GST, and customs laws. The webinar will delve into: 🔹 Examination of legislative history 🔹 Interpretation by Courts 🔹 Need for amendments 🔹 Implications of amendments on past and future transactions Speakers:  Mr. V. Lakshmikumaran, Managing Partner at LKS, will lead a panel of experts, who will analyze the tax proposals and their potential impact on various stakeholders, including manufacturers, service providers, traders, exporters, and importers. The team will also address questions from the audience on any issues that may arise during the discussion. Date: 24 July 2024 (Wednesday) Time: 5:00 PM - 6:30 PM The link to register for the webinar is in the comment section below #Budget2024 #Finance #taxation #taxproposals #GST #Incometax #customlaw

Check it out! 👇 Harmonized tax-to-GDP, tax composition, government levels, the effect of tax credits, social protection financing...: a gold mine for tax experts and researchers! This year’s special feature is on health taxes: for the first time, a full picture of excise taxes on alcohol, tobacco, and sugar-sweetened beverages is presented, which is crucial as these taxes not only generate public revenue but also help reduce consumption of harmful products, improving public health and benefiting society as a whole. Particularly proud of Graph 2.3 (included below in the comments), which synthesizes the level, structure, and evolution of health taxes across OECD countries.

Interesting and useful data in these publications you should read!

The Ethiopian Ministry of Finance has issued a Directive to provide goods exempt from Value-Added Tax No. 1006/2024. The Directive as we can understand from its preamble, among others, aimed at easing the financial burden of low-income earning groups of society by exempting basic food items from VAT. The major change introduced by this Directive is that it makes clear that except for the goods and services exempted under the VAT Proclamation No. 285/2002 (as amended) and Article 19 to 33 of the Value Added Tax Regulation No. 79/1995, all goods and services that have been exempted through various Directives and decisions of the Ministry of Finance has no longer enjoy the privilege of exemption from VAT. Besides this, the Directive maintains under its Appendix I some goods that have already been exempted from VAT by the Directives and Decisions of the Ministry of Finance, though, it may trigger the question of why these goods only uphold for the exemption. Mehrteab Leul KokebNatae EbaDLA Piper

This sucks man, working one-third month for giving the taxes without getting anything in return btw here are the highlights of union budget proposals: - Standard deduction amount under “New Tax Regime” raised from Rs 50,000 to Rs 75,000 - New tax slabs under “New Tax Regime” –  No tax up to Rs 3 Lakh,  Rs 3-7 Lakh @5%,  Rs 7-10 Lakh @10%,  Rs 10-12 Lakh @15%,  Rs 12-15 Lakh @20%  Rs 15 Lakh and above @30% - Salaried employee in New Tax Regime stands to save up to Rs 17,500 in income tax based on changes . - No changes in tax slabs under the old tax regime  Short Term Capital Gains Tax: Short-term (held for less than one year) gains on  some financial assets to attract 20% tax from existing level of 15% . - Long-term (held for more than 12 months) capital gains tax on financial, non financial assets increased at 12.5% from existing level of 10% . - Corporate tax rate on foreign companies reduced to 35% from 40% Securities Transaction Tax on futures and options will be increased to 0.02% (from 0.0125%) and 0.1% (from 0.0625%) respectively . - Customs duty on gold, silver reduced to 6%, platinum to 6.4%   - Customs duty on mobile phones, related parts, chargers cut to 15% - Customs duty on non-biodegradable plastics will be increased by 25% Do follow Ayush Pandey for more such insights. #budget #financialbudget2024 #finance #middleclass  

The reluctance of many retailers to enter Pakistan's tax net remains a significant challenge. The newly introduced Tajir Dost Scheme highlights the core issues: a lack of trust in the tax system and rapid implementation without proper stakeholder consultation. To build a robust tax infrastructure, it's essential to foster trust and create inclusive policies that consider the voices of all stakeholders. Simplification and transparency are key to encouraging compliance and expanding the tax base. Let's work towards a more equitable and effective tax system for all. Read more in The Nation's latest article: https://lnkd.in/dXeEy3Fj #TaxSystem #Pakistan #TajirDostScheme #Trust #Transparency #Policy #Retailers #Compliance #InclusiveGrowth

Vietnam’s General Department of Taxation announced yesterday, July 15, that it will enhance scrutiny over income earned from e-commerce and live commerce to reduce lost tax revenue. Read more at https://lnkd.in/gnGPjMPu #TheSaigonTimes 📸 Hoang Trieu

Budget pg#2 #Income Tax Announcements by Finance Minister Smt. Nirmala Sitharaman in the Union Budget 2024-25 #Key Changes in the Income Tax Structure: 1. #Standard Deduction for Salaried Employees**: - Increased from ₹50,000 to ₹75,000. 2. **Tax Rates on #CapitalGains**: - Short-term gains on financial assets to attract a tax rate of 20%. - Long-term gains on all financial and non-financial assets to attract a tax rate of 12.5%. - Increase in the exemption limit for capital gains on financial assets to ₹1.25 lakh per year. 3. #NewTaxRegime: - Introduction of a simplified new tax regime with the following slabs: - ₹0 - ₹3 lakh: Nil - ₹3 lakh - ₹7 lakh: 5% - ₹7 lakh - ₹10 lakh: 10% - ₹10 lakh - ₹12 lakh: 15% - ₹12 lakh - ₹15 lakh: 20% - Above ₹15 lakh: 30% 4. #FamilyPensionDeduction: - Increased from ₹15,000 to ₹25,000. 5. #AngelTax: - Abolished for all classes of investors. 6. #CorporateTax**: - Reduced from 40% to 35% for foreign companies. 7. #SectorSpecificTaxProposals**: - Reduction in customs duty on mobile phones, PCBA, and chargers to 15%. - Reduction in customs duty on gold and silver to 6% and on platinum to 6.4%. - Reduction in customs duty on shrimp and fish feed to 5%. - Full exemption on customs duties for 25 critical minerals used in strategic sectors. - Exemption on more capital goods for manufacturing solar cells and panels. 8. #Incentives for Specific Sectors**: - Simpler tax regime for domestic cruise operations. - Safe harbour rates for foreign mining companies selling raw diamonds. 9. #OverallTaxSimplification: - Comprehensive review of the rate structure to ease trade, remove duty inversion, and reduce disputes. - Simplification of tax procedures for charities and TDS to reduce the compliance burden and promote entrepreneurial spirit. This revamped tax structure aims to provide relief to salaried employees, boost investment, simplify tax compliance, and promote growth across various sectors.

An economist has argued that the Goods and Services Tax (GST) is a better fit for Malaysia compared to the Sales and Services Tax (SST) due to its potential for significantly increasing government revenue. #Revenue #Business #GST #SST #Tax