Latest news with #taxbase
Bloomberg
2 days ago
- Business
- Bloomberg
Why Rachel Reeves Should Resist a UK Wealth Tax
It's impractical, it's self-defeating, and it would make Britain's already narrow tax base even more fragile. Welcome to the award-winning Money Distilled newsletter. I'm John Stepek. Every week day I look at the biggest stories in markets and economics, and explain what it all means for your money. You might — just might — already be aware of this, but the UK's public finances are in a sorry state. New figures out today showed that public borrowing was higher than analysts surveyed by Bloomberg had expected in June.
Arab News
14-07-2025
- Business
- Arab News
Pakistan to launch tomorrow simplified digital tax returns for salaried class
ISLAMABAD: Pakistan's Federal Board of Revenue (FBR) will launch tomorrow, Tuesday, simplified digital tax returns for salaried individuals, according to Prime Minister Shehbaz Sharif's office, amid Islamabad's efforts to expand the national tax base. The statement came after a meeting Sharif presided over to review progress on tax reforms which are part of his government agenda to stabilize the South Asian economy. Officials informed the prime minister that digital, concize and user-friendly tax returns will also be available for taxpayers of other classes from July 30, along with Urdu-language returns for the salaried class. 'A third-party validation should be ensured for the transparency of all FBR reforms,' the prime minister was quoted as saying by his office. 'Public awareness campaign should be launched regarding the ease of filing tax returns so that more and more people file returns under the new system.' In June, Pakistan set a record-high tax collection target of Rs14.13 trillion ($47.4 billion) as it unveiled federal budget for fiscal year 2025-26. The target represents a 9 percent increase compared to the outgoing fiscal year's target. Sharif said increasing the tax base and reducing the burden on the poor were his government's top priorities, praising the FBR for the implementation of an artificial intelligence-based tax assessment system. 'The prime minister directed provision of special facilities to small and medium-sized businesses to join the digital invoicing system,' his office said. Pakistan's policy reforms, also required under a $7 billion International Monetary Fund (IMF), have helped restore macroeconomic stability and rebuild investor confidence in the government, despite persistent external challenges, according to IMF country representative Mahir Binici. He, however, cautioned that 'elevated trade tensions, geopolitical fragmentation, and weakening global cooperation continue to generate exceptional uncertainty and weigh on the global economic outlook,' underlining the urgent need for prudent and forward-looking policy actions. 'Structural reforms remain central to Pakistan's long-term economic sustainability, particularly reforms that strengthen tax equity, improve the business climate, and encourage private-sector-led investment,' Binici said during a guest lecture at an Islamabad-based think tank last week.
Bloomberg
30-06-2025
- Business
- Bloomberg
Irish Government Must Widen Tax Base, Central Bank Warns
Ireland should broaden its tax base to ensure its budget protects long-term fiscal stability, the Central Bank of Ireland warned. 'The need to reduce the risks to the public finances from an excessively narrow tax base has become more immediate, given the reliance on corporate tax receipts from an excessively narrow tax base from a small number of multinational enterprises, which may be more vulnerable in light of geoeconomic fragmentation,' Governor Gabriel Makhlouf wrote in a pre-budget letter to the Irish government.
Malay Mail
20-06-2025
- Business
- Malay Mail
‘We collect taxes to return them to the people': PM justifies SST expansion, says Malaysians to benefit through welfare aid
PUTRAJAYA, June 20 — Prime Minister Datuk Seri Anwar Ibrahim has today assured the public that his administration's fiscal reform will not compromise the welfare of the majority. Speaking to Finance Ministry staff, he said that broadening the tax base by expanding the Sales and Services Tax (SST) will instead allow Putrajaya to enhance its assistance and services for Malaysians. 'In Malaysia, subsidies are given to everyone, even foreigners, those who don't pay taxes, and the wealthy earning RM1 million a month receive electricity subsidies,' he said in his speech at the Finance Ministry monthly assembly here. 'What we're doing now is removing those subsidies, making them pay the actual cost while allowing Tenaga Nasional Berhad to earn a reasonable profit. Through this, we save RM4 billion. 'And what is that RM4 billion for? It goes to the schools and hospitals,' he added. Anwar cited targeted aid initiatives such as the Rahmah Cash Aid (STR) and Sumbangan Asas Rahmah (SARA) as key examples of how public funds are being channelled back to those who need them most. 'What are we collecting billions in taxes for? As everyone knows, the total allocation for STR and SARA amounts to RM13 billion and benefits nine million people. 'So this is our reasoning, we collect these taxes and return them to the people,' he said. Anwar also said that the Ministries of Education and Health have received increased allocations in the current budget as part of efforts to enhance the country's education and healthcare systems. 'That's why in deciding on this matter, we need to look at it from a macro perspective. If we look at past budgets, there were some good elements, but the significant increase in allocations for health and education reflects our priorities,' he said. Earlier this month, the Ministry of Finance announced the implementation of revised SST rates and expanded scope of the Service Tax effective July 1, 2025 to strengthen the country's fiscal position by increasing revenue and broadening the tax base. However, the announcement has since faced criticism from various quarters, with calls to delay its implementation over concerns that it could worsen the cost of living and place additional pressure on small businesses amid fragile economic conditions.
Malay Mail
20-06-2025
- Business
- Malay Mail
‘We collect taxes to return them to the people': PM justifies SST expansion, says Malaysians to benefit through welfare benefits
PUTRAJAYA, June 20 — Prime Minister Datuk Seri Anwar Ibrahim has today assured the public that his administration's fiscal reform will not compromise the welfare of the majority. Speaking to Finance Ministry staff, he said that broadening the tax base by expanding the Sales and Services Tax (SST) will instead allow Putrajaya to enhance its assistance and services for Malaysians. 'In Malaysia, subsidies are given to everyone, even foreigners, those who don't pay taxes, and the wealthy earning RM1 million a month receive electricity subsidies,' he said in his speech at the Finance Ministry monthly assembly here. 'What we're doing now is removing those subsidies, making them pay the actual cost while allowing Tenaga Nasional Berhad to earn a reasonable profit. Through this, we save RM4 billion. 'And what is that RM4 billion for? It goes to the schools and hospitals,' he added. Anwar cited targeted aid initiatives such as the Rahmah Cash Aid (STR) and Sumbangan Asas Rahmah (SARA) as key examples of how public funds are being channelled back to those who need them most. 'What are we collecting billions in taxes for? As everyone knows, the total allocation for STR and SARA amounts to RM13 billion and benefits nine million people. 'So this is our reasoning, we collect these taxes and return them to the people,' he said. Anwar also said that the Ministries of Education and Health have received increased allocations in the current budget as part of efforts to enhance the country's education and healthcare systems. 'That's why in deciding on this matter, we need to look at it from a macro perspective. If we look at past budgets, there were some good elements, but the significant increase in allocations for health and education reflects our priorities,' he said. Earlier this month, the Ministry of Finance announced the implementation of revised SST rates and expanded scope of the Service Tax effective July 1, 2025 to strengthen the country's fiscal position by increasing revenue and broadening the tax base. However, the announcement has since faced criticism from various quarters, with calls to delay its implementation over concerns that it could worsen the cost of living and place additional pressure on small businesses amid fragile economic conditions.
