Latest news with #corporatetax
Irish Times
7 hours ago
- Business
- Irish Times
Corporate tax receipts drop 30% as Trump's tariffs bite
Corporate tax receipts fell by 30 per cent in May, amounting to a loss of over €1.1 billion when compared to the same month last year, amid signs US tariffs may be denting the profitability of multinationals in Ireland. The latest exchequer returns for May, published by the Department of Finance, indicated that the Government collected just under €2.5 billion in corporate taxes last month, compared to almost €3.6 billion in May last year. The department insisted, however, that 'once-off factors' had boosted receipts in May last year which distorted the year-on-year comparison. Nonetheless with most EU exports currently facing a 10 per cent levy in the US, possibly rising to 50 per cent if negotiations between Brussels and Washington fail, exporting companies here may be predicting lower earnings READ MORE [ Subscriber Only Opinion Ireland cannot base its economic strategy on the 'Taco' theory – Trump Always Chickens Out Opens in new window ] On a cumulative basis, receipts from the business tax were up by €1.1 billion at €7.4 billion but this reflects once-off revenues from the EU court ruling against Apple. When they are removed, corporate tax receipts to the end of May were down 9.4 per cent at €5.7 billion. Minister for Finance Paschal Donohoe said: ' May is one of the more important months for tax revenues, and the steady growth in most tax headings points to an economy that is in a relatively good position." 'The most notable feature of the May exchequer returns was in respect of corporation tax, which saw a marked year-on-year drop,' he said. 'While this reflects once-off factors last year, it nonetheless highlights the degree of concentration in the corporate tax base, wherein a small number of multinational firms can significantly impact on the overall tax yield,' Mr Donohoe said. 'In a context of unprecedented uncertainty in the international economic landscape, this serves as a timely reminder of Ireland's exposure to changes in the global trading environment, and of the vital importance of adhering to a sensible and sustainable budgetary strategy,' he said. Overall the latest exchequer data show the Government collected €38.2 billion in tax revenue during the first five months of the year. This was up nearly €3 billion or 8.5 per cent on the same period last year aided by positive increases in income tax and VAT. Income tax receipts, the Government's largest tax channel, generated €14.5 billion, €630 million more than last year, reflecting the State's strong labour market. Separate figures, published on Thursday, put the headline rate of unemployment near a historic low of 4 per cent. VAT receipts for the year so far were also up by €600 million at €11.4 billion. The sales tax reflects consumer activity. On the spending side, total gross voted expenditure for the five-month period amounted to just under €42 billion, up by €3.1 billion (8.1 per cent) on last year and €37 million (0.1 per cent) behind profile. At a headline level, an exchequer surplus of €4 billion was recorded compared to a surplus of €0.8 billion last year, an improvement of €3.2 billion. Excluding the once-off receipts arising from the Apple tax case, the underlying surplus was €0.7 billion.
Reuters
2 days ago
- Business
- Reuters
German cabinet set to approve first tax relief package on Wednesday, finmin says
BERLIN, June 2 (Reuters) - The German cabinet wants to approve a first tax relief package to support companies on Wednesday, a spokesperson from the finance ministry said on Monday. The aim is to boost investment with favourable depreciation options for companies, including "super depreciations" of 30% per year for three years, a move that typically delays taxes due on business profits. Germany's anaemic economy could be facing a third consecutive year of contraction for the first time in post-war history and reviving the economy is one of the main tasks of the new government. The first package also includes the promised reduction of corporate tax rate by one percentage point per year over five years beginning in 2028. Additionally, to encourage purchases of electric cars, the package includes temporary tax deductions for buyers. The spokesperson from the finance ministry said there are ongoing discussions on how to bring the draft law to parliament before the summer break. Additional measures, such as the establishment of the 500 billion euro ($572.00 billion) infrastructure fund, should be brought to the cabinet together with the draft budget for 2025 on June 25 and the first draft for the 2026 budget on July 30. ($1 = 0.8741 euros)
Wall Street Journal
4 days ago
- Business
- Wall Street Journal
Wall Street Stages a Weird Tax Bill Freakout
'Wall Street'—meaning, we think, a subset of analysts with too much free time—is staging a freakout about the One Big Beautiful Bill's tax provisions. Allow us to suggest they read the thing first. We have, and we can reassure you that it isn't an anti-investment, protectionist 'sledgehammer,' despite florid reports to the contrary. The latest odd panic concerns Section 899, which would create a retaliatory tax on nationals of countries that impose 'unfair foreign taxes' on American companies. Misunderstanding is now rife, but this isn't a catch-all protectionist provision. House tax writers are trying to deter foreign taxes arising from the global corporate-tax harmonization project devised by the Organization for Economic Cooperation and Development and endorsed by the Biden Administration. The OECD project includes a 'pillar one' excess-profits tax on large, mostly American companies especially in tech and pharma, and a 'pillar two' global minimum corporate-profits tax of 15%. Section 899 takes aim at governments that attempt to collect those taxes from U.S. companies—and only those taxes. The provision specifies that it applies to foreign taxes that implement an 'undertaxed profits rule' or a digital-services tax, both of which are hallmarks of the OECD plan. Section 899 applies up to a 20% surtax on U.S.-taxable income of companies and individuals from countries that impose the OECD taxes on U.S. firms.
Zawya
29-05-2025
- Business
- Zawya
FTA holds awareness workshop in Dubai on corporate tax rules highlighting penalty waiver for timely registration
Registrants seeking to benefit from the initiative to exempt from late registration fines for corporate tax are required to submit their returns within 7 months of the end of the first tax period Dubai: As part of its continuing campaign to raise awareness of corporate tax among business sectors and taxpayers, the Federal Tax Authority (FTA) held a workshop in Dubai today on 'Rules for Determining Income Subject to Corporate Tax'. This new workshop comes as part of FTA's efforts to inform and educate eligible taxpayers of their obligations and payment procedures, as well as to encourage an environment of voluntarily compliance with the corporate tax law, which came into effect two years ago. The FTA also announced that six more, in-person workshops are planned for the remainder of 2025, as the Authority's nationwide campaign gathers pace and is set to include a large number of events and workshops – via remote videoconferencing or in-person formats – in all seven of emirates that make up the UAE. The FTA further emphasised that the campaign is designed to address various tax topics, so as to disseminate knowledge of relevant legislation, requirements and procedures for a thorough understanding of corporate tax compliance. To date, the campaign has utilised tailored and targeted programmes to meet the needs of each of the key groups concerned. This ensures that taxpayers have straightforward access to all the relevant and necessary information. Additionally, the campaign seeks to support and encourage the business community to implement the corporate tax law efficiently and accurately. Today's workshop, held in Dubai, had a strong turnout and active participation from the attendees with approximately 940 representatives of businesses, several government entities and stakeholders present. As hosts of this in-person event, FTA representatives provided a comprehensive explanation of the general principles of corporate tax and the importance of voluntary compliance with tax legislation. Within the framework of the campaign, started in phases from 2024, the Federal Tax Authority (FTA) has regularly issued advisories to unregistered corporate taxpayers to expedite the submission of their corporate tax registration applications. Most recently, this includes an update to take advantage of the UAE Cabinet Decision to waive the administrative penalties resulting from the late submission of registration applications, within the specified legal period. Using the platform of the workshop, the FTA again took to opportunity to call on corporate taxpayers (or exempt persons required to register) who have registered for tax to benefit from the initiative to submit their tax returns (or annual declarations) within a period not exceeding seven months from the end of the registrant's first tax period. This is the stipulated period in order to qualify for the exemption from the penalty, in accordance with the Cabinet Decision. FTA representatives again clarified that to benefit from the exemption, taxpayers must file the tax return (or annual declaration) within a period not exceeding seven months from the end of the tax period. However, this only applies to the legal or natural person's first tax period (or the exempted person required to register), regardless of whether the due date of the first tax return (or the first annual declaration) is before or after the implementation of the new decision. Today's workshop agenda covered a range of topics including how to determine income subject to corporate tax, as well as considerations that must be undertaken in the determination and calculation of tax due, the accounting standards applied for corporate tax purposes, the financial statements determined in accordance with the accounting standards applied by the taxpayer, and the basis of accounting accrual under which the taxpayer recognises income when it is earned and expenses when they are incurred. Other elements to be taken into account include the definition of financial assets and financial liabilities, the method of accounting for equity as defined in IFRS, the method of accounting in accordance with the accounting standards applied by the taxpayer, and the cost method of accounting. Information was also provided in relation to explaining the Corporate Tax Law and its associated decisions, requirements for compliance with the law, registration procedures through EmaraTax digital tax services platform, the criteria for determining taxable persons, applicable rates and tax periods, and the mechanism for applying the provisions of the Corporate Tax Law. The FTA continues to invite those subject to corporate tax to familiarise themselves with the Corporate Tax Law, executive decisions and guides related to the law through the Authority's website, by following the link: About Federal Tax Authority The Federal Tax Authority was established by Federal Decree-Law No. (13) of 2016 to help diversify the national economy and increase non-oil revenues in the UAE through the management and collection of federal taxes based on international best practices and standards, as well as to provide all means of support to enable taxpayers to comply with the tax laws and procedures. Since its inception in 2017, the FTA has been committed to cooperate with the competent authorities to establish a comprehensive and balanced system to make the UAE one of the first countries in the world to implement a fully electronic tax system that encourages voluntary compliance, with simple procedures based on the highest standards of transparency and accuracy – beginning from registration, to the submission of tax returns, to the payment of due taxes through the Authority's website:
Yahoo
29-05-2025
- Business
- Yahoo
CCAJP Blasts House Version of "Big Beautiful Bill" as a Big Ugly Blow to America's Small Businesses
Calls Out Congressional Neglect of Main Street, Urges Senate to Amend Bill to Include the TRUMP Jobs Act WASHINGTON, May 29, 2025 /PRNewswire/ -- The Coalition for Crowdfunding American Jobs and Prosperity (CCAJP) issued a scathing rebuke today of the House-passed "Big Beautiful Bill," calling it a massive giveaway to large corporations and the ultra-wealthy, while ignoring the urgent needs of America's small businesses. "The bill is nothing short of a betrayal of Main Street," said Brian Christie, Co-Chair of the Crowdfunding Professional Association (CfPA) and spokesperson for CCAJP. "It does nothing to help small businesses adapt or survive—and worse, it strengthens the position of their biggest competitors: bloated corporations with lobbyists and global supply chain insulation." Though the bill's supporters offer optimistic rhetoric, its substance favors entrenched interests. It includes permanent corporate tax breaks and expanded wealth transfer loopholes for the ultra-rich. Meanwhile, small businesses are left with a modest pass-through deduction and no support for real-world issues like supply chain shocks, trade unpredictability, and lack of capital access. At last week's EntreLeadership Summit, Ramsey Solutions founder Dave Ramsey denounced Washington's treatment of small businesses. "This idea that we love small business in Washington is an absolute load of horse manure," he said. "All I need is a predictable environment… it's the unpredictability that kills small business." Missed Opportunity: TRUMP Jobs Act CCAJP stressed that the House ignored a shovel-ready solution—the TRUMP Jobs Act—which offers a 50% tax credit for Reg CF investments. The bill could generate 1 million jobs a year and inject $120 billion in economic activity. "It's exactly the kind of grassroots policy we need," said Jenny Kassan, CfPA President. As the bill heads to the Senate, CCAJP is calling on Senators to act on their own words: "Small businesses are the backbone of our economy." – U.S. Senate Majority Leader John Thune (R-SD) "If Washington wants to talk about putting America first, they need to start by putting America's small businesses first," said Devin Thorpe, CEO of The SuperCrowd Inc. "Until then, this bill is nothing more than a big, beautiful sham." For more information about the Coalition for Crowdfunding American Jobs and Prosperity (CCAJP), visit This press release was issued through For further information, visit SOURCE Coalition for Crowdfunding American Jobs and Prosperity (CCAJP) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
