Latest news with #taxrelief
Zawya
an hour ago
- Business
- Zawya
Final deadline to benefit from Egypt's 2025 tax relief is August 12: ETA chief
Egypt - Rasha Abdel Aal, Head of the Egyptian Tax Authority (ETA), has confirmed that 12 August 2025 is the final deadline for businesses to benefit from the relief incentives provided under Law No. 5 of 2025. She urged business owners to take prompt action, as the authority intensifies efforts to engage the business community and raise awareness of the new measures. 'Our engagement with the business community is based on the principle of partnership and mutual benefit, in line with the state's development goals and citizens' aspirations,' said Abdel Aal. She added that hundreds of awareness seminars—both in-person and online—have already been held across Egypt, and these efforts will continue to foster a tax-conscious, voluntarily compliant society. She emphasized that the tax relief measures are time-limited and called on businesses to seize the opportunity to settle outstanding obligations under favorable terms before the deadline. 'This is a chance to open a new chapter based on trust, cooperation, and mutual support,' she said. Abdel Aal also highlighted targeted support for small and micro enterprises under the simplified tax system, applicable to businesses with annual revenues under EGP 20m. These entities are subject to a proportional tax—starting at 0.4% for revenues below EGP 500,000 and up to 1.5% for those under EGP 20m. Additional incentives and exemptions are available under Law No. 6 of 2025, including free technical support and access to operational tools provided by the authority. Abou Zeid Abdel Rahman, Director of Customer Service at the Large Taxpayers Centre and Head of the Integrated Call Centre, explained that Law No. 5 of 2025 waives all penalties related to the submission or amendment of tax returns for the years 2020 to 2024. The law also enables the resolution of disputes from earlier tax periods—ending before 2020—through partial payment of assessed taxes. For businesses with audited accounts, full exemption from late payment interest and additional tax is granted upon payment of the original tax owed. Mohsen El-Gayar, Head of Customer Service for the Suez Canal cities, added that Law No. 7 of 2025, which amends parts of the Unified Tax Procedures Law, limits late payment interest and penalties to no more than the original tax due, regardless of the tax period. The law also allows reconciliation in procedural violations not involving tax liabilities—such as the failure to submit nil returns on time. He also announced enhancements to the Investor Support Unit, the launch of a Pre-Ruling Unit for consultations and feasibility reviews, and a 24/7 complaints unit to provide rapid resolution of taxpayer concerns. New sector-specific audit guidelines and investor-focused manuals are now available on the Egyptian Tax Authority's official website, offering clear information on obligations, entitlements, and incentives. Mohamed Abdel Aziz Amer, Head of the Badr Development Authority, commended the tax authority's outreach and awareness campaign, describing the reforms as a 'remarkable shift in tax policy thinking.' He urged investors in Badr City and beyond to capitalize on the available incentives to support long-term growth and expansion.
Yahoo
2 days ago
- Business
- Yahoo
Is a $4K Senior Bonus Better Than No Taxes on Social Security?
President Donald Trump touted a lot of ideas while he was campaigning for a second term and one of the proposals he consistently talked about was eliminating taxes on Social Security. It was a vow he made to the retirees, but now he could be reneging on his promise. Read More: Find Out: In the 'One, Big, Beautiful' tax bill there is no proposal for ending taxes on Social Security. Instead, there's a temporary $4,000 deduction. The bill offers a 'historic tax break' to Social Security recipients, 'fulfilling President Trump's campaign promise to deliver much-needed tax relief to our seniors,' White House assistant press secretary Elizabeth Huston said via email, CNBC reported. According to the outlet, the following stipulations would apply: Must be 65 or older The $4,000 deduction would be applicable for tax years 2025-2028 Single filers with more than $75,000 in modified adjusted gross income and married couples who file their taxes together who earn more than $150,000 would not qualify. While that is much different than completely getting rid of taxes on Social Security as promised, finance expert Andrew Lokenauth says it might be a better deal for many retirees. Here's why. For retirees who earn above the income guidelines, the $4,000 deduction won't be helpful, but it will provide financial relief for many older folks, according to Lokenauth. 'From my experience working with retirement planning, the $4,000 deduction is much better targeted to help lower and middle-income seniors.' He explained, 'I've seen how eliminating Social Security taxes primarily benefits wealthier retirees who have substantial other income, while doing nothing for the roughly 50% of seniors who already don't pay taxes on their benefits.' For example, if a retiree makes around $50,000 the $4,000 deduction would save them $500 annually in taxes. 'Not life changing but meaningful for many seniors managing fixed incomes,' Lokenauth said. Retirees in higher tax brackets will not notice a difference with their finances as a result of the $4,000 deduction. The impact will be felt according to income level. 'For seniors making under $75,000 individually or $150,000 jointly, that $4,000 deduction provides consistent, predictable tax relief of roughly $440-$880 depending on their tax bracket,' Lokenauth explained. Retired higher earners would save significantly from the elimination of Social Security taxes. 'I've worked with wealthy retirees who would save $5,000 annually from nixing Social Security taxes,' Lokenauth said. 'But here's the thing — they're not the ones who need the help most.' The $4,000 deduction is a far cry from getting rid of taxes on Social Security, but it will help offset some expenses for retirees.'I saw a middle-income client recently who'd save about $600 a year — enough to cover a few months of utilities or several weeks of groceries,' Lokenauth said. 'And because it's structured as a deduction rather than a credit, the benefit grows along with someone's tax bracket up to the phase-out thresholds.' For now, it looks like eliminating taxes on Social Security isn't an immediate priority, but the $4,000 bonus is in the bill and is far less expensive to implement. There's no comparison. 'I've looked at the budget implications, and this $4,000 deduction would cost about $200 billion over 10 years, while roughly 20% of eliminating Social Security benefit taxation would cost around $1 trillion,' Lokenauth added, 'Plus the deduction comes from general revenue rather than draining Social Security's already strained trust funds.'There are some positive aspects to the bonus proposal such as it works with either standard or itemized deductions, meaning more seniors can actually access the benefit. However, the time frame concerns Lokenauth. 'I've seen how temporary tax provisions create uncertainty. Congress really should make this permanent.'With that in mind, there is room for improvement, but Lokenauth said this is a more 'fiscally responsible approach that still delivers meaningful relief.' More From GOBankingRates 8 Common Mistakes Retirees Make With Their Social Security Checks Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on Is a $4K Senior Bonus Better Than No Taxes on Social Security?
Yahoo
3 days ago
- Business
- Yahoo
Florida Legislature reaches preliminary budget agreement
The Brief Legislative leaders in Florida say they've reached a budget deal that includes nearly $2 billion in tax relief. The agreement paves the way for lawmakers to negotiate full spending details next week. A final vote is expected by June 16, just in time for the July 1 fiscal deadline. TALLAHASSEE, Florida - The Florida Legislature has tentatively reached a budget agreement, Florida House speaker Daniel Perez told state leaders in a memo late Friday. What we know After weeks of stalled negotiations, Florida House Speaker Daniel Perez and Senate President Ben Albritton announced late Friday that they've agreed on a budget framework for the 2025–2026 fiscal year. By the numbers The $900 million plan eliminates the tax on commercial leases, a long-pursued priority for business groups, and includes $350 million in permanent sales-tax exemptions aimed at helping Florida families. It also allocates $250 million to debt reduction and $750 million to the state's rainy-day fund. What they're saying House Speaker Daniel Perez, R-Miami, and Senate President Ben Albritton, R-Wauchula, issued memos that indicated they expect to pass a budget for the 2025-2026 fiscal year on June 16. The memos came after weeks of behind-the-scenes talks aimed at trying to kick-start the conference negotiating process. "I appreciate everyone's patience during this unusual and protracted allocation process. I am pleased to inform you that we have reached an agreement with the Florida Senate," Speaker Perez said in the memo, adding that the budget conference would begin next week. "We will also be taking up a joint resolution to amend the Florida Constitution to raise the cap on the Budget Stabilization Fund (BSF) from 10% to 25% and require an annual payment ($750 million) into the BSF until the cap has been reached," he said. "In total, the framework set forth in these allocations provides for a fiscally responsible, balanced budget that reduces state spending, lowers per capita spending, and reduces the growth of state bureaucracy," Albritton wrote in his memo. "The budget authorizes early payoff of state debt, accounts for significant, broad-based tax relief, and builds on historic state reserves for emergencies," he added. The backstory The budget impasse stems from deep divisions between the House and Senate over how to cut taxes. The House initially pushed a $5 billion plan that would have slashed the state's sales-tax rate, while the Senate favored targeted tax holidays and commercial-lease tax reductions. Although leaders said on May 2 that they'd agreed to a $2.8 billion tax cut package, that tentative deal fell apart publicly when Perez accused Albritton of backing out. Albritton countered that senators felt a blanket sales-tax cut wouldn't be felt meaningfully by Floridians. Big picture view The delay in passing a budget highlights ongoing friction within Florida's Republican-led government, particularly when it comes to fiscal priorities. With a $117 billion proposed state budget, decisions around tax policy reflect competing visions of how best to ease the cost burden on residents and stimulate the economy. The current deal leans on more targeted tax relief, signaling a shift toward smaller-scale benefits rather than across-the-board cuts. Dig deeper Among the negotiated agreements that Speaker Perez noted in his memo: $2.25 billion in recurring revenue reductions Elimination of the business rent tax ($900 million) Permanent sales tax exemptions ($350 million) $250 million in debt reduction The Florida House will convene on Thursday, June 5 at 9 a.m. The House Budget will convene that same day in the afternoon. Florida Gov. Ron DeSantis unveiled his budget proposal in February and tasked the Florida Legislature to take it up quickly. However, state lawmakers had to extend their talks as they were unable to reach an agreement. Among Gov. DeSantis' budget wishes: Repeal of the state's business rent tax Creation of a new venture capital tax credit program, funded at $100 million A 14-day back-to-school sales tax holiday on school supplies, clothing, and computers Two 14-day disaster preparedness sales tax holidays on hurricane supplies A one-month summer sales tax holiday on outdoor recreation items A 7-day tool time sales tax holiday on tools Second Amendment sales tax holiday between Memorial Day and Fourth of July on ammunition, firearms, and accessories A two-month boating fuel tax holiday on gas A year-long exemption of the mortgage tax A 2-year delay of the natural gas fuel tax set to start Jan. 1, 2026 What we don't know The memos released by legislative leaders did not specify which items will be covered by the $350 million in sales-tax exemptions. They also omitted any reference to the property-tax relief that Gov. Ron DeSantis had previously championed. The lack of detail leaves questions about how the exemptions will be structured and which families or income brackets may benefit most. What's next Conference committees will start meeting on Tuesday to negotiate details of the different parts of the budget, such as education, healthcare and criminal justice. Unresolved issues will go Thursday to House Budget Chairman Lawrence McClure, R-Dover, and Senate Appropriations Chairman Ed Hooper, R-Trinity, for further negotiations. The fiscal year will start July 1, which, if a budget passes June 16, will give Gov. Ron DeSantis two weeks to use his line-item veto authority. STAY CONNECTED WITH FOX 35 ORLANDO: Download the FOX Local app for breaking news alerts, the latest news headlines Download the FOX 35 Storm Team Weather app for weather alerts & radar Sign up for FOX 35's daily newsletter for the latest morning headlines FOX Local:Stream FOX 35 newscasts, FOX 35 News+, Central Florida Eats on your smart TV The Source House Speaker Daniel Perez issued a statement late Friday, May 30. Gov. Ron DeSantis unveiled his budget goals in February 2025.
Yahoo
3 days ago
- Business
- Yahoo
Legislature's property-tax panel sets work plan
PIERRE, S.D. (KELO) — The special panel that will look at cutting South Dakota property taxes has decided to search for ways to reduce spending by public schools and state, county and local governments, as well as seeking new revenue sources and making state government responsible for a larger share of K-12 funding. State committee discusses possible SNAP cuts The Legislature's Comprehensive Property Tax Task Force set that plan Friday during a free-flowing teleconference that saw Republican Sen. Chris Karr chosen as chair and Republican Rep. Jon Hansen as vice chair. They were prime sponsors of the resolution establishing the panel. 'Before the session started we knew there was growing concern by our citizens of South Dakota,' Karr said. He said achieving 'meaningful tax relief for South Dakotans' would be one of the bigger issues for the 2026 Legislature. 'I believe there is a solution,' Karr said. 'I think we can do better.' The 16 legislators will split into three work groups — five lawmakers for schools, six for local governments and five for state government — and be assigned based in part on their preferences. Five public meetings are planned, starting on June 25 in Sioux Falls and followed July 17 in Rapid City and August 13 in Aberdeen. The final two will be in Pierre on September 23 and October 22. 'Everything needs to be on the table. We need to stay as broad as possible,' Republican Sen. Taffy Howard said, including tax-increment financing districts, optouts, spending cuts, and state government taking on more K-12 aid. Property-tax relief for homeowners is being emphasized by Hansen, who's running for governor in 2026. Republican Gov. Larry Rhoden, who worked with a group of legislators and got a property tax measure passed in the 2025 session, hasn't said yet whether he'll be a candidate. Representing Rhoden's administration as non-voting members on the panel are state Finance Commissioner Jim Terwilliger and former legislator Kirk Chaffee, a retired Meade County director of equalization. Terwilliger will be part of the state government work group, while Chaffee will be on the local government group. Howard, who traveled to Aberdeen earlier this week where she introduced Republican gubernatorial candidate Toby Doeden at his campaign announcement, said the task force should aim high. She posed a goal that she admitted might be 'pie in the sky.' 'Ideally,' she asked, 'what if we could eliminate property taxes on homeowners?' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CBC
3 days ago
- Business
- CBC
Soda, juice, and other sugar-sweetened beverages will get cheaper on July 1
The sweet taste of tax relief is coming to Newfoundland and Labrador. The sugar-sweetened beverage tax has been a sticky issue in provincial politics. Now, government says the tax will be gone on July 1st.
