Latest news with #taxexemptions
LBCI
2 hours ago
- Business
- LBCI
Urgent draft law referred to Lebanese Parliament granting tax relief to war-affected citizens
An urgent draft law has been referred to Parliament aiming to provide tax and fee exemptions for individuals affected by the Israeli war on Lebanon. The proposed legislation includes measures to suspend deadlines related to tax obligations and rights, offering relief to those who sustained damage during the conflict.
Reuters
a day ago
- Business
- Reuters
Brazil plans to cut tax breaks, curb education spending in fiscal package, say sources
BRASILIA, June 4 (Reuters) - Brazil's government is negotiating a package of fiscal measures with congressional leaders that includes cuts to tax exemptions and limits on the growth of transfers to an education fund, according to sources familiar with the talks. After initially signaling the measures would be unveiled on Tuesday, Finance Minister Fernando Haddad said they would be disclosed only after further discussions with party leaders on Sunday. First reported by local newspaper Valor Economico and confirmed by three government sources who requested anonymity, the package is being prepared as an alternative to the controversial hike in the financial transactions tax (IOF) announced last week, which drew broad backlash from lawmakers and business sectors. The plan focuses heavily on reducing tax benefits, a longstanding target of President Luiz Inacio Lula da Silva's leftist administration, said three sources. His economic team often criticizes the volume of tax exemptions that weaken public revenues, though previous attempts to roll them back have seen limited success in Congress. That includes a payroll tax break for companies, which remains in place without due compensation. One of the sources said the new package includes a proposed constitutional amendment that would establish rules to curb growth in transfers to the Fund for the Development of Basic Education. A similar initiative in last year's fiscal package was watered down by Congress, which blocked efforts to redirect more of the fund's resources to full-time education spending. The new measures aim to create fiscal space for the government to revise the recent IOF tax decree, which increased rates on a range of credit, foreign exchange, and pension transactions.
Zawya
21-05-2025
- Business
- Zawya
Egyptian Tax Authority denies plans for additional hikes in tax rates
Arab Finance: The Egyptian Tax Authority (ETA) confirms no intentions to raise tax rates or revoke existing exemptions on essential food commodities, according to a statement by Ministry of Finance. The authority is keen on maintaining the current tax policy framework while attracting further investment. It also denied plans for new hikes in income tax or the standard rate of the value-added tax (VAT). Finally, ETA called on all media outlets to ensure accuracy and to consult official and verified sources before publishing or circulating any information related to tax policy. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
09-05-2025
- Business
- Zawya
Government (Gov't) Tightening Abused Exemptions Regime — Deputy Finance Minister Tells South Sudan Delegation
Deputy Minister for Finance, Thomas Ampem Nyarko, has underscored the government's commitment to tightening loopholes within Ghana's tax exemptions regime, describing it as a major source of revenue loss for the country. He made the remarks when he met with a delegation from the South Sudan Revenue Authority, led by the institution's Deputy Commissioner, who are in Ghana to understudy the country's tax exemptions framework. Hon. Ampem Nyarko explained that with dwindling aid and grants, it has become even more critical for Ghana to look inward and maximize domestic revenue mobilization. 'We are not getting the aid and grants we used to get, and it's important that we look within to make sure we can raise enough,' he stated. He noted that while tax exemptions themselves are not inherently bad, as they can be necessary policy tools to attract investment and support key sectors, the real problem has been the persistent abuse of the system over the years. 'Our exemptions regime has been abused, and so we are doing a lot to tighten it up. Government has taken steps to close loopholes and improve transparency around how exemptions are granted and managed,' the Deputy Minister emphasized. On their part, the visiting delegation from South Sudan said they chose to come to Ghana because of the positive reports they have received about the country's ongoing reforms in tax exemptions. They noted that the insights gained from their engagements would be invaluable as South Sudan drafts its own tax exemptions policy framework. Distributed by APO Group on behalf of Ministry of Finance - Republic of Ghana.
The Independent
07-05-2025
- Business
- The Independent
Starmer brands criticism of UK-India trade deal ‘incoherent nonsense'
Sir Keir Starmer dismissed opposition criticism of tax exemptions in the UK- India trade deal as 'incoherent nonsense' as he insisted the agreement was a 'huge win' for Britons. The Prime Minister defended the arrangement, which will allow some Indian workers transferred to Britain to temporarily avoid paying social security in this country and vice versa, following attacks from the Tories and Reform UK. Speaking in the Commons, Sir Keir said similar reciprocal agreements exist between the UK and 50 countries and challenged opponents to say whether they would also 'tear up' those pacts on the same grounds. Conservative leader Kemi Badenoch and Reform leader Nigel Farage have both claimed the double contributions convention amounts to 'two-tier' tax following the rise in employer national insurance contributions for UK firms. The provision temporarily exempts some Indian workers transferred to Britain and some UK workers sent to India from paying social security contributions in the destination country. During Prime Minister's Questions on Wednesday, Sir Keir said: 'The criticism on the double taxation is incoherent nonsense. It's a benefit to working people. It's in the agreements that we've already got with 50 other countries. 'And if the member for Clacton (Mr Farage) or the Leader of the Opposition is seriously suggesting that they're going to tear up agreements with 50 other countries create a massive hole in our economy, they should get up, and they should say so.' He said the deal, which is the biggest trade agreement since Brexit, was a 'huge win' for the UK. Ministers say the long-coveted pact will add £4.8 billion a year to the economy by 2040, with dramatic reductions to levies on scotch whisky, car and other exports from Britain. Under the terms of the deal, UK staff in India would remain subject to national insurance, but be exempt from Indian levies, while Indian staff in the UK would continue to pay into their own system and not Britain's, for three years. Business Secretary Jonathan Reynolds dismissed suggestions that the deal would undercut British workers as he faced questions from broadcasters earlier on Wednesday. He pointed to similar deals with the EU, the US, Canada and Japan, saying that the previous Conservative government signed a similar deal exempting Chilean workers from national insurance for five years. Seconding Indian staff to the UK will also involve additional costs such as the immigration health surcharge and relocation costs, Mr Reynolds said. He added that the overall impact of the deal would mean more tax revenue for the Treasury, and said he expected more UK workers to be seconded to India as a result of British companies gaining access to Indian government procurement contracts. Speaking to Sky News, he added: 'This is not a tangible issue. This is the Conservatives – and Reform – unable to accept that this Labour Government has done what they couldn't do and get this deal across the line.' Mr Reynolds also dismissed reports that the Home Office had not been informed about the terms of the deal until shortly before it was announced, saying it was 'absolute nonsense reporting'. The deal includes some easing of rules on 'business mobility' for temporary visitors and up to 1,800 chefs, yoga instructors and musicians providing contracted services. Downing Street was unable to provide estimates of how the deal may impact immigration or tax-take in Britain. The Prime Minister's official spokesman said: 'We don't do individual line-by-line assessments on free trade deals.' He said the UK and India have not agreed the 'final details' of their social security deal and that the Office for Budget Responsibility (OBR) would provide a fiscal assessment once the agreement was ratified. The deal, which has lowered tariffs on UK exports including whisky, gin and cars as well as imports of clothing from India, is estimated to add '£4.8 billion to GDP per year' from 2040. But the Tories have seized on the national insurance contribution (NICs) exemptions as what they claim amounts to an 'astonishing betrayal of British workers' by rewarding overseas labour. Shadow business minister Dame Harriett Baldwin told MPs the arrangement would be 'subsidising Indian labour while undercutting British workers'. 'A double contribution convention will come at a significant cost to the British taxpayer and to British businesses,' she told the Commons on Tuesday. Reform UK leader Nigel Farage described the deal as 'truly appalling', adding: 'This Government doesn't give a damn about working people. The Labour Party has this time in a big, big way betrayed working Britain.'
