Income tax
Pension savings provide a valuable opportunity to boost retirement savings through tax relief, with higher-rate taxpayers particularly benefiting from this arrangement. For instance, on an annual income of £65,000, placing £10,000 into a pension through salary sacrifice allows the entire £10,000 to go in as a contribution,
Income tax
The Social Security Administration is sending emails to millions of recipients stating that federal income taxes on most benefits will be eliminated under a recently passed tax and spending bill. However, policy experts say this message is misleading and could confuse or mislead recipients about the new policy. The bill
Income tax
The recent proposal, dubbed the "Big, Beautiful Bill," seeks to provide a significant tax break for older Americans, specifically those who pay taxes on their Social Security income. However, experts have pointed out that the break excludes the poorest seniors and those in the top income bracket. The
Income tax
Salaried individuals have surpassed exporters and retailers in contributing to the national tax collection for direct taxes, as per a recent news report. The Federal Board of Revenue (FBR) collected a record Rs545 billion in income tax from salaried individuals in FY2024-25, exceeding the combined tax collected from exporters and
Income tax
The Government of Canada has announced measures to secure small businesses the full financial benefit of the Canada Carbon Rebate for Small Businesses. Effective June 30, 2025, the Minister of Finance and National Revenue, the Honourable Francois-Philippe Champagne, introduced draft legislation to ensure that all Canada Carbon Rebates for Small
Income tax
Auditor-General Karen Hogan is planning to launch an audit of the Canada Border Services Agency's (CBSA) new system for collecting duties and taxes from commercial importers, known as the Assessment and Revenue Management (CARM) system. The system, which has been in development for over a decade, aims to
Income tax
Ghana's tax system is plagued by distortions, with multiple levies and taxes creating compliance and revenue challenges. Mr. Seth Terkper, Advisor on the Economy to the President, has proposed a simplified tax system, including a Value Added Tax (VAT) that would consolidate the country's four main
Income tax
Starting July 1, 2025, middle-class Canadians will see a 15% reduction in their marginal personal income tax rate, with maximum tax savings of $420 per person and $840 per couple in 2026. This measure will result in Canadians saving over $27 billion over five years, starting in 2025-26. The reduction
Income tax
The National Board of Revenue (NBR) has introduced a 2.0% advance income tax (AIT) on the import of 150 items, including essential goods and capital machinery, under the tax-deduction-at-source rules 2025. The measure is expected to increase the cost of imports for manufacturers and potentially disrupt supply chains. Business
Income tax
The US Senate passed President Donald Trump's tax bill, extending tax cuts from his first term and slashing $1 trillion from Medicaid and other health programs. The bill, which would leave at least 17 million Americans without insurance, will now head back to the House for final approval.
Income tax
As the new tax year starts, there are a few key changes that you need to be aware of, despite the overall tax landscape remaining relatively unchanged. One significant change is the increase in Capital Gains Tax rates, which affected basic rate taxpayers from October 30, 2024. The rates now
Income tax
As the leader of the Scottish Labour party, Anas Sarwar has committed to not raising income tax if he becomes the First Minister, despite warnings of challenging fiscal circumstances ahead. Instead, Sarwar aims to reduce the tax burden on Scots through a managed, balanced approach that prioritizes growth and reforms
