Tax

Congress passes tax overhaul in triumph for Trump

Washington - Muslimchronicle

Congress gave its final approval to a sweeping Republican tax cut plan Wednesday, handing Donald Trump his first major legislative victory nearly a year into his presidency. The House passed the $1.5 trillion plan largely along party lines, 224 to 201, in a re-vote held for procedural reasons hours after the bill cleared the Senate. The bill is expected toRead more

Trump hails 'historic victory' on tax reform

Washington - Muslimchronicle

US President Donald Trump on Wednesday hailed the imminent adoption of a sweeping Republican tax cut plan as a "victory" for the country. "We had a historic victory for the American people," Trump said, as the House of Representatives was poised to give final congressional approval to the plan. source: AlarabiyaRead more

Top U.S. Senate Republican aims for tax bill by year-end

Washington - Muslimchronicle

The top U.S. Senate Republican says he believes Congress can pass tax legislation by year-end, and he and other leaders are not abandoning the goal of a revenue-neutral bill. "We intend to accomplish that between now and the end of the year," Senate Majority Leader Mitch McConnell said on "Fox News Sunday." However, Republicans, who control both the Senate andRead more

US deficit grows 13.6% in 2017, now 3.5% of GDP

Washington - Muslimchronicle

The US budget deficit grew to $666 billion in fiscal year 2017, up 13.6 percent from the year before, according to official data released Friday. The deficit now accounts for 3.5 percent of gross domestic product, up from 3.2 percent in 2016. "Growth in spending outpaced growth in tax receipts for the second year in a row as a resultRead more

Swiss 'tax spy' ready to confess in German trial

London - Muslimchronicle

A Swiss man accused of spying on German officials who were hunting tax cheats signalled at the opening of his trial in Frankfurt Wednesday that he was ready to confess. Daniel Moser, 54, was arrested in the German business capital in April on espionage charges after he compiled information on officials tasked by the state of North Rhine-Westphalia with ferretingRead more

Turkey extends corporation tax hike to all companies

Ankara - Muslimchronicle

A Turkish parliamentary commission agreed on Friday to extend a planned 2 percentage point tax rise to all corporations instead of just financial institutions. Friday’s proposal was one of several changes to tax plans which aim to address a public backlash against proposals put forward last month while still allowing expenditure to grow. The government is seeking more revenues forRead more

India's tax department fastens belt to add 12.5 million new tax filers this fiscal

New Delhi - Muslimchronicle

The Income Tax Department has been tasked to add 12.5 million new return filers in the current financial year as part of the government's plan to widen the tax base in the country. The Central Board of Direct Taxes (CBDT), that makes policy decisions for the I-T department, has directed the taxman to undertake "focused efforts to significantly increase theRead more

Trump Administration releases framework on tax reform, calls for big tax cuts

Washington - Muslimchronicle

The Donald Trump Administration, together with U.S. Congress Republicans on Wednesday released a unified framework for tax code reform, which will cut tax rates for businesses and individuals while lacks details on how to consolidate fiscal position in face of big tax cuts. Under the framework, individuals will see tax rates reduced from current seven tax brackets to three brackets:Read more

Trump promising huge tax cut; focus on taxes vs health care

New Jersey - Muslimchronicle

President Donald Trump is promising “the largest tax cut in the history of our country” that will slash rates for the middle class and corporations to spark economic growth and jobs. Trump says his “primary focus” is the tax overhaul rather than last-ditch efforts to bring a repeal of the Obama health care program. The health care legislation brought forwardRead more

Excise Tax awareness workshop by Ajman Chamber

Ajman - Musimchronicle

The Ajman Chamber of Commerce and Industry has organised a workshop in cooperation with the UAE Federal Tax Authority, FTA, to familiarise the business community in the emirate with the forthcoming Excise Tax as well as relevant mandatory registration procedures. "The Chamber is totally committed to supporting all efforts aimed at ensuring the enforcement of the new tax system in harmonyRead more