Public finance
The Pakistani government has made significant adjustments to the income tax slabs for salaried individuals in the 2025-26 federal budget, effective from July 2025. The revised structure aims to redistribute the tax burden more equitably by imposing higher rates on upper-income earners. This move is expected to provide substantial relief
Public finance
The Pakistani government, under the leadership of Federal Finance Minister Muhammad Aurangzeb, has taken a significant step towards simplifying the income tax system by introducing a new, user-friendly income tax return form. Starting July 1, 2025, the existing 800-Colum return form will be replaced with a simplified version that requires
Legislative bills
The National Assembly's Standing Committee on Finance and Revenue deferred discussions on the government-sponsored Income Tax (Second Amendment) Bill, 2025, due to the absence of the Federal Board of Revenue (FBR) chairman. Committee Chairman Syed Naveed Qamar rebuked the explanation, stating that the FBR chairman's absence
Legislative bills
Senator Jacky Rosen, a leading advocate for workers' rights, has successfully passed her bipartisan No Tax on Tips Act in the Senate. The bill, which Rosen championed through unanimous consent, aims to exempt tipped wages from federal income tax. As the bill now heads to the U.S. House
Legislative bills
A contentious debate surrounding the "One Big, Beautiful Bill" has reached a fever pitch in the House, as President Donald Trump secured a crucial vote in the House Rules Committee. Despite fierce opposition from members of the House Freedom Caucus, including Reps. Chip Roy of Texas and Ralph
Legislative bills
The Trump administration's reconciliation bill, crafted by House Republicans, aims to boost spending on border security and national defense, extend income tax cuts, and reduce federal funding for Medicaid, food stamps, and clean energy programs. The bill is expected to face significant changes in the Senate, but its
Legislative bills
The House Committee on Ways and Means has advanced a tax bill as part of the budget reconciliation legislation, which includes provisions affecting the municipal and clean energy markets. Notably, the proposed legislation maintains the exclusion of interest from gross income for federal income tax purposes for municipal bonds. The
Legislative bills
U.S. Senators Peter Welch (D-Vt.), Ashley Moody (R-Fla.), and Tammy Baldwin (D-Wis.) have introduced the Tax Relief for Victims of Crimes, Scams, and Disasters Act, a bipartisan legislation aimed at providing relief to those who have been victims of fraud, scams, thefts, accidents, and other personal casualty losses. The
Legislative bills
United States Senators Tammy Baldwin (D-WI), Ashley Moody (R-FL), and Peter Welch (D-VT) have introduced legislation to provide relief to victims of fraud, scams, thefts, accidents, and other personal casualty losses. The Tax Relief for Victims of Crimes, Scams, and Disasters Act reinstates the tax deduction for personal casualty and
Legislative bills
House Republicans' sweeping tax bill, proposed to reshape the nation's tax code, would extend the 2017 tax cuts and finance the government's immigration crackdown, but it also includes provisions that would disqualify U.S.-born children from the tax break and create complications for some
Legislative bills
The Louisiana Senate has advanced a bill to create an individual income tax credit for homeowners who install a fortified roof, which is built with improved techniques and materials designed to prevent leaks and withstand hurricane-force winds. The tax credit, up to $10,000, will help cover out-of-pocket expenses for
Legislative bills
The Nigerian Senate's Committee on Finance led by Senator Sani Musa has removed the family income tax from the 2025 Tax Reform Bills in a bid to avoid controversy. The decision was taken after a public hearing and a retreat where over 76 organizations, including the Ulamas, Christian
