Tax law
The newly introduced tax reform bills, spearheaded by the Presidential Fiscal Policy and Tax Reforms Committee, chaired by Mr. Taiwo Oyedele, are reshaping the Nigerian financial landscape, with the banking sector at its core. The reforms aim to broaden the tax net and enhance government revenue, placing significant operational and
Tax law
The Nigerian government has introduced new tax laws that exempt low-income earners from paying personal income tax. This move is part of President Bola Tinubu's efforts to promote economic inclusivity and equity. The reforms also include investment initiatives from Dangote Petroleum Refinery, aimed at reducing fuel distribution costs
Tax law
The Income Tax Appellate Tribunal, Cochin Bench, has issued an order allowing a co-operative society, Chingoli Service Co-op. Bank Ltd., to claim deduction under Section 80P of the Income Tax Act. The society, which is classified as a primary agricultural credit co-operative society, was engaged in the business of accepting
Tax law
The Income Tax Appellate Tribunal (ITAT) Cochin Bench has dismissed the appeal filed by The Aroor Central Service Co-op. Bank Ltd. against the order of the National Faceless Appeal Centre (NFAC), Delhi for Assessment Years (AY) 2017-18 and 2021-22. The ITAT held that the delay in filing the appeal was
Tax law
Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) has extended its tax amnesty initiative, offering relief to eligible taxpayers and canceling fines and exemptions from penalties until December 31, 2025. The initiative covers various taxes, including corporate income tax, withholding tax, value-added tax, excise tax, and real estate
Tax law
Taxpayers opting for the old tax regime must now provide supporting details for deductions like 80C, 80D, and HRA in the Excel utility, with Aadhaar verification now mandatory for new PAN cards. Those with long-term capital gains below é 1.25 lakh can file under ITR-1, and business income under
Tax law
The Ghana Revenue Authority (GRA) is set to implement key policies aimed at boosting domestic revenue drive for the government. These policies, including the Modified Taxation Scheme, VAT on Real estate, and VAT on Non-Life Insurance, are expected to be implemented from July 1, 2025. The Modified Taxation Scheme introduces
Tax law
Thousands of Pakistani residents who have invested heavily in Dubai and UAE real estate are now being identified through immigration data, sparking a crackdown under income tax and anti-money laundering laws. The Federal Investigation Agency (FIA) has access to immigration data that can determine whether property investments have been declared
Tax law
The Inland Revenue Board of Malaysia (LHDN) has announced that it will no longer accept the two percent tax deduction for resident individuals who have passed away, effective August 1. This decision aligns with the definition of an "individual" under Section 2 of the Income Tax Act 1967,
Legislative bills
The sprawling 940-page bill, driven by Republican priorities, aims to provide tax breaks, spending cuts, and new money for national defense and deportations. President Donald Trump has urged lawmakers to deliver the bill by July 4th, while Democrats vehemently oppose it. The legislation's focal point is tax cuts,
Public finance
The National Assembly in Pakistan has approved the Rs17.57 trillion federal budget for the fiscal year 2025-26, amid opposition calls for public consultation. The Finance Bill 2025, sponsored by Finance Minister Mohammad Aurangzeb, was passed with certain amendments, paving the way for tax reforms, revenue measures, and government spending
Legislative bills
The Republican Party under Trump has been promoting a regressive agenda that benefits the wealthy at the expense of the working class. This policy package, known as the "One Big Beautiful Bill," is dressed up as a populist effort, but it is, in fact, the most regressive policy
