Income tax
The Government of Alberta has announced a historic $8.3 billion surplus for the 2024-25 fiscal year, setting a solid foundation for the province's economic stability in uncertain times ahead. The surplus is largely due to higher-than-expected resource revenues, corporate and personal income tax revenue, and impressive investment
Income tax
The Government of Vietnam has officially announced that e-commerce platforms will begin withholding and paying value-added tax (VAT) and personal income tax (PIT) on behalf of individual sellers starting July 1, as per Decree No. 117/2025/ND-CP. This move aims to enhance the efficiency of tax collection from the
Income tax
Pakistan's tax revenue growth has seen a significant decline despite an increase in the number of income tax return filers in the tax year 2024. The Auditor General of Pakistan's (AGP) report reveals a 76% jump in the number of filers but only a 30% growth
Income tax
The National Assembly recently passed a revised version of the proposed federal budget for 2025-26, incorporating significant improvements and amending the original draft presented by Finance Minister Aurangzeb Khan in June. The revised budget addresses some long-standing concerns of the middle class, introduces checks on tax authorities, and boosts allocations
Income tax
The historic preservation tax credit in Ohio has been a crucial component in revitalizing older buildings throughout the state, particularly in Northeast Ohio. However, after 20 years of operation, the program is under threat due to a proposed change in the state budget by Senate Republicans. The amendment, if approved,
Income tax
Western Midstream Partners, LP has announced that its 2024 Schedule K-3, reflecting items of international tax relevance, is now available online for unitholders who require this information for their tax return filings. A limited number of unitholders, primarily foreign unitholders, unitholders computing a foreign tax credit, and certain corporate and/
Income tax
Delays in obtaining probate are a growing concern for executors and families as the administration of estates becomes increasingly complex. New inheritance tax legislation, set to come into force in 2027, will impose income tax on beneficiaries, causing further complications. The current process of passing on defined contribution pensions tax-free
Public finance
Rachel Reeves, the Chancellor, is under mounting pressure to freeze income tax thresholds in the upcoming autumn Budget to fill a £40 billion black hole. This decision comes after a series of policy reversals by Sir Keir Starmer, which have increased public spending by approximately £4 billion. The freeze would
Public finance
The revised income tax slabs in Pakistan's federal budget for fiscal year 2025-26 have been unveiled, providing insights into the country's taxation policies. As per the revised slabs, individuals earning up to Rs600,000 per year will be exempted from income tax, while those earning between
Public finance
The recent federal budget for 2025-26 presents a complex picture of economic restraint and social responsibility. With a total outlay of Rs 17.57 trillion, the government aims to provide relief for citizens while addressing economic reform challenges. The budget includes notable features such as the reduction in income tax
Public finance
The government's focus on revitalizing the property sector through tax reductions has been welcomed by Bilal Waqar Khan, former President of the Sukkur Chamber of Commerce and Industry (SCCI). Khan expressed optimism that these incentives would encourage overseas Pakistanis to invest in the country's real estate
Public finance
The Pakistan government has unveiled sweeping tax reforms in the federal budget 2025-26, aiming to balance sectoral relief, expand tax scope, and achieve equitable burden-sharing. The reforms offer tax cuts of up to 80% for low-income salaried individuals while limiting relief for higher earners to just 3%. A new 5%
