Latest news with #TaxDepartment
Roya News
20-05-2025
- Business
- Roya News
85% of tax returns in Jordan audited using AI, says income department chief
The Director-General of Jordan's Income and Sales Tax Department, Hussam Abu Ali, said that the department uses an advanced tax auditing system powered by artificial intelligence, which reviews 85 percent tax returns electronically across companies, businesses, individuals, and employees. Speaking at a media briefing titled 'The National Electronic Invoicing System and Tax Reforms,' Abu Ali highlighted that the department offers 65 electronic services covering all key tax procedures, enabling taxpayers, their representatives, and auditors to complete transactions efficiently. Digital Oversight on Factories Abu Ali said the department has established a digital monitoring program for cigarette manufacturing factories and recently launched the second phase of similar controls on alcoholic beverage factories as part of efforts to combat tax evasion and regulate the market. Program for Compliant Taxpayers He introduced a new program for taxpayers who have consistently complied over the past five years, called the 'Golden List,' which offers expedited and premium tax services to encourage voluntary compliance and transparency. Abu Ali explained that one major reform is shifting from sales tax collection at the point of sale to a supply-based model, aligning Jordan's tax system with global best practices on goods and services. He added that electronic integration between the Tax Department, Social Security Corporation, and Companies Control Department has improved accuracy in employee data management and helped reconcile past tax returns. Raising Tax Awareness Dr. Zaid Al-Nawaiseh, Secretary-General of the Ministry of Government Communications, praised the Tax Department's efforts to raise public awareness and tax culture, which has enhanced the efficiency of tax auditing and collection.
Yahoo
16-05-2025
- Business
- Yahoo
Terra Alta won't be able to collect taxes next year: Auditor's office
TERRA ALTA, (WBOY) — The Town of Terra Alta is nearly two months behind the deadline to submit its annual budget, and state officials say that the Tax Department could intervene soon. According to Hayden Erwin, the Director of Communications for the West Virginia State Auditor's Office, Terra Alta has yet to submit its budget for the upcoming 2025-2026 fiscal year, meaning that no levy rate has been approved and that the town will not be able to levy or collect property taxes for the fiscal year. Public transportation service expanding into Tucker County Erwin said that Terra Alta and all other municipalities were required to submit their budgets by March 28. He added that under §11-8-9 of the West Virginia State Code, the State Auditor may allow late budgets to be submitted between April 15 and May 1, but only if 'good cause' is shown. Because Terra Alta didn't do that, despite receiving a certified letter from the auditor's office, a levy rate or budget for the town can not be approved. According to Erwin, if the town never submits a budget, the State Tax Department and county assessors may take action, including things like excluding Terra Alta from county tax rolls. 12 News reached out to officials in Terra Alta by both phone and email, but has yet to receive a response as of this publication. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Time of India
05-05-2025
- Business
- Time of India
Investment banker shares how the rich are using farmhouses to build tax-free wealth as the middle class chases affordable 2 BHKs
Tax-Free Agricultural Income: A Major Attraction Circumventing Tax Department Requirements Low Stamp Duty and Other Cost Benefits Live Events Private Use and Income-Generating Opportunities Capital Gains Tax Exemption The Wealth Strategy: Generating and Amassing More Wealth (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The trend of wealthy Indians buying farmhouses is on the rise. What was once a luxury for a select few has now become a more widespread investment choice. Investment banker, Sarthak Ahuja in a LinkedIn post, highlighted that the appeal is not just in the lifestyle benefits — such as fresh organic produce and large spaces — but also in the significant tax savings that come with owning agricultural land. From Mumbai to Delhi, and Bangalore to Coonoor, this growing interest in farmhouses is reshaping the real estate of the primary reasons driving this boom is the tax-free status of agricultural income in India. Wealthy business owners, who may have undisclosed income, find it easier to explain large deposits in their bank accounts by claiming they are earnings from farm produce. As one investment banker points out, "Any businessman who has undisclosed cash coming in, can easily tell the tax authorities that they sold vegetables grown at the farm or milk from their farm animals… and keep depositing cash in their bank accounts, also saving GST on it because most farm produce has either zero tax, or a minimal rate of 5%."This creates an opportunity for tax savings that could add up to more than 40% of the total advantage of owning agricultural land is the ability to bypass certain tax regulations. "The Tax Department requires one to submit the PAN of any person who buys something from you in cash for over Rs 2 lakhs… which is completely circumvented because they say many passersby stop by to buy fruits worth Rs five - ten thousand, pay in cash and just go away," explains the investment banker. This creates a loophole for those looking to save on tax addition to tax exemptions, buying agricultural land typically involves low or negligible stamp duty, depending on the state. "Buying a piece of agricultural land also has nil or negligible stamp duty expenses depending on the state," says the banker. This adds another layer of savings for those looking to make large land purchases. For individuals owning a couple of acres, the overall tax benefits can easily exceed Rs 1 crore, making it an attractive financial farmhouses offer a private retreat for wealthy owners, they also provide opportunities for income generation. "Then there's using the place for private parties, and then putting it on AirBnB for a 6-7 days a month to recover the actual cost of maintenance for the month," adds the investment banker. This helps cover the maintenance costs of the property. The ability to balance personal enjoyment with an income-generating asset makes these properties an appealing choice for high-net-worth there is a significant advantage when selling agricultural land. "If you sell the piece of land, the capital gains are tax free under section 54B, and you can invest that money in a bigger piece of agricultural land," the banker the middle class in India often spends decades saving for the down payment on a 2BHK flat, the wealthy are using their financial resources and expert advisors to generate and amass more wealth.
Business Recorder
04-05-2025
- Business
- Business Recorder
Blatant gender discrimination
EDITORIAL: The notion that women are dependent on men for financial security, deeply rooted in this patriarchal society, is being successfully challenged in courts. Earlier this month, a Supreme Court bench hearing a case of blatant gender bias had reinstated a woman who was appointed as a primary school teacher in a Khyber Pakhtunkhwa town under a deceased person's son/daughter quota in 2013 but on getting married was told she could no longer keep the job because a married daughter is eligible for compassionate appointment only if separated from her husband. A two-member bench headed by Justice Syed Mansoor Ali Shah has been hearing a somewhat similar case involving a woman who was given a job on the demise of her husband but sacked when she remarried. As per details of this case, the woman in question was appointed as lower division clerk on a two-year contract with the Tax Department in Bahawalpur in May of 2010 under the Prime Minister's Assistance Package for the Families of Deceased Government Employees. This worked fine as her contract kept getting renewed until she decided to remarry. That is when the department abruptly informed her via an office memorandum that her services no longer were required. The obvious assumption being, like in the case of KP teacher, that a woman is a dependent of her father or husband and that gaining financial autonomy is an exclusive male preserve. Creditably for her, the sacked employee insisted on her right to work and approached the Lahore High Court (LHC). There the case was disposed of with a directive to the member (administration) of the Federal Board of Revenue to address her grievances through a speaking order. The matter was reviewed but rejected once again. The aggrieved party then filed a second petition and was reinstated by the LHC, only to face a fresh legal challenge from the chief commissioner of Regional Tax Office, Bahawalpur, who went into appeal before the Supreme Court against the LHC's decision. This back and forth is reflective of social expectations arising from traditional view of gender roles, effectually debunked by the SC bench in its ruling announced on Wednesday. The five-page order authored by the honourable Justice Shah while upholding the right to work of the person at the centre of the present case secures the rights of many others like her. 'Widows are too often viewed through the prism of loss and dependence, rather than as individuals with agency and resilience', he wrote, adding that this perception restricts their choices, particularly when it comes to remarriage or economic independence. Furthermore, said the Acting Chief Justice Shah, the law must reject these harmful cultural narratives and affirm that widowhood is not a diminution of identity but a life circumstance deserving of dignity, protection, and equal opportunity. 'It is incumbent upon courts to ensure that public policy reflects this understanding and shields widows from both overt and covert forms of systemic discrimination,' he emphasized. The apex court thus has laid out basic principles by which society must seek to ensure gender justice. Copyright Business Recorder, 2025
Yahoo
07-04-2025
- Politics
- Yahoo
Rep. Ritchie Torres pushes Hochul to crack down on illegal vapes from China: ‘Direct threat to public health'
Gov. Kathy Hochul should ramp up New York enforcement against illegal-flavored cigarettes and vapes coming from China that end up in the hands of New York's teens, a rival Democrat said. Rep. Ritchie Torres, who sits on the House Select Committee on the Communist Party, urged Hochul to amend state law to allow the Tax Department to bolster the state's anemic enforcement, now led by the Health Department. 'I urge your administration to take decisive action to strengthen enforcement against the sale of illegal flavored e-cigarettes, particularly those originating from China, by granting the New York Department of Taxation and Finance authority alongside the Department of Health,' Torres said in a March 30 letter to the governor. New York banned flavored vapes in 2020, but the products continue to flood the market, Torres said, undermining public health efforts. He complained the vapes, often disguised under misleading labels and shipped through unauthorized channels, are 'designed to appeal to minors while evading both state and federal regulations. 'These products pose a direct threat to public health, with dangerously high nicotine concentrations and unknown chemical additives,' Torres said in the letter to Hochul. 'The persistence of illegal flavored vapes not only fuels nicotine addiction among young people but also burdens state enforcement agencies that lack the necessary authority and resources to effectively crack down on these illicit operations.' The law also should be strengthened to classify flavored vapor products as contraband, thus allowing Tax Department officers to confiscate vapes from any business or shipment, just as they do for unstamped cigarettes, the congressman said. 'This expansion of authority will ensure that both Health and Tax enforcement agencies are actively investigating and penalizing illegal flavored vape sales, thereby increasing the likelihood of identifying and prosecuting violators,' said Torres, who is eyeing a primary against Hochul in 2026. New York's fight against tobacco has dramatically curbed youth smoking, Torres noted, but the continued availability of illicit flavored vapes threatens to 'reverse these gains.' 'By taking bold action to enhance enforcement, close regulatory loopholes, and curb the flow of illegal products, we can protect public health, uphold the integrity of state laws, and safeguard critical tax revenues,' he said in the letter to the governor. About 6% or 1.63 million middle and high schoolers in the US say they use vapes, according to a survey released last fall by the federal Food and Drug Administration. More than eight out of 10 current e-cigarette users — 87.6% — used flavored e-cigarettes, with fruit flavors being the most popular, followed by candy, desserts, or other sweets, mint and and menthol, the survey showed. As part of Mayor Eric Adams' Operation Padlock aimed at shutting down illegal cannabis shops, New York City authorities discovered that many of the illicit merchants were also selling outlawed e-cigs — leading to the seizure and destruction of 1,200 lbs. of vape products last fall. The city also filed suit to snuff out illegal vape wholesalers. Last October, the FDA, in collaboration with US Customs and Border Protection , seized 3 million units of illegal e-cigarette products, with an estimated retail value of $76 million. The seizures were part of a joint operation to inspect incoming shipments and prevent illegal e-cigs from entering the country. All the shipments came from China and were mislabeled to evade detection, federal authorities said. Asked about Torres' pitch, a Hochul spokesperson responded, 'New York is a national leader in its enforcement against illegal and dangerous e-cigarettes. The governor will review any related legislation that passes both houses of the legislature.'
