Latest news with #IndividualIncomeTax
Observer
13-07-2025
- Business
- Observer
State Council concludes session, advances 14 draft laws
MUSCAT: Pursuant to the Royal Orders of His Majesty Sultan Haitham bin Tarik, the State Council adjourned its second regular session of the eighth term. Khalid bin Ahmed al Saadi, Secretary-General of the State Council, confirmed that this session had seen intense legislative activities with the State Council discussing 14 draft laws and amending several existing laws spanning various sectors including economy, education, health and technology. The discussion of the draft laws comes within the framework of the State Council's efforts to enhance the investment environment and improve social services. Al Saadi added: 'The State Council's standing committees have also seen remarkable activities holding several meetings, studying priority topics and making important recommendations that were submitted to the plenary sessions for discussion and decision-making. During the second regular session of the eighth term, the State Council held 8 plenary sessions, during which it discussed 18 topics, which constituted the official framework for exercising the council's legislative powers. During these sessions, the council discussed a number of draft laws including draft laws on Electronic Transactions, Public Health, Financial Law, Individual Income Tax and Regulating, Transferring and Transplanting Human Organs and Tissues'. Khalid bin Ahmed al Saadi, Secretary-General of the State Council Within the framework of constructive cooperation between the State Council and the Majlis Ash'shura, the two chambers held two joint sessions to discuss the articles of disagreements on a number of draft laws. The discussions resulted in full consensus on the disagreement clauses which resulted in the completion of the draft laws, he said. The State Council's office held 6 meetings during which it discussed sixty topics and took 45 decisions, mostly relating to plenary session arrangements, committee coordination, member proposals and the management of the council's administrative affairs, Al Saadi said. During the second regular session of the eighth term, the State Council's standing committees held 72 main meetings and 90 subcommittee meetings. The committees hosted 45 officials from the public and private sectors, he said. The State Council participated in a number of international meetings, most notably the meetings of the Gulf Legislative Councils, the Arab Parliament, the Union of Parliaments of Member States of the Organisation of Islamic Cooperation, the Inter-Parliamentary Union and the parliaments of neighbouring countries and regional organisations, Al Saadi concluded. — ONA
Zawya
01-07-2025
- Business
- Zawya
Oman: 11 income sources subject to new individual income tax
Muscat: The Official Gazette (Issue No. 1602) released on Monday has outlined key details of the new Individual Income Tax Law under Royal Decree No. 56/2025. While the law itself will come into effect on January 1, 2028, attention is now shifting to the practical implications — particularly the 11 sources of income that will be subject to taxation under the new framework. These categories, as defined in the law, form the basis for determining a person's gross income, with net earnings exceeding OMR 42,000 annually being taxable. Here's a breakdown of the income streams covered: 11 Taxable Sources of Income Under the Law 1. Salaries and Wages Includes basic pay, allowances, bonuses, in-kind benefits, and compensation for loss of income. Pensions are excluded. 2. Self-Employment Covers income from freelance or independent work. A 15% deduction applies for related expenses. 3. Leasing Earnings from renting real estate, equipment, or other assets. Also eligible for a 15% cost deduction. 4. Royalties Income from licensing or exploiting intellectual property, technical knowledge, or industrial equipment. 5. Interest Income from bank deposits, savings accounts, loans, and investment certificates. 6. Dividends and Capital Gains Includes profits from shares, bonds, sukuk, and disposal of these financial instruments. 7. Real Estate Asset Disposal Profits from selling properties are taxable, with exemptions for primary and secondary residences if declared to the Tax Authority. Transfers through inheritance, wills, or between spouses and first-degree relatives are not taxed. 8. Retirement Pensions and End-of-Service Benefits Includes all such payouts received by individuals, unless already excluded by a specific provision. 9. Awards and Prizes Monetary or in-kind winnings from licensed competitions, draws, or promotions. 10. Grants and Donations Any non-employment-related financial or in-kind gifts received from individuals or institutions. 11. Membership Rewards Payments for serving on boards or councils, including State Council, Shura Council, municipal councils, or boards of companies and associations. The law also provides specific exemptions and deductions for education, healthcare expenses, housing loans, and certain donations, allowing for a more balanced tax burden. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Time of India
09-05-2025
- Business
- Time of India
SAS debuts new, custom AI models to bust business bottlenecks
SAS INNOVATE , ORLANDO, In the latest wave of its $1 billion investment in industry solutions, data and AI leader SAS has debuted a new selection of AI models. Each model addresses a specific labor- and time intensive process that can drag business down. SAS' packaged models come either ready-to-go or intended to tailor and accelerate model training on customer data. All can quickly and easily integrate with the existing systems of organizations of all sizes. Inspired by guidelines from SAS' Data Ethics Practice, customers can rely on SAS' simple documentation to create models that deliver results that are easy to understand and explain. Users are equipped to take back their time and enjoy boosted productivity and return on investment, all while adhering to the highest standards of responsible innovation. The models, available now, include: • Cross-Industry: o AI-Driven Entity Resolution. o Document Analysis. • Health Care: o Medication Adherence Risk. • Manufacturing: o Strategic Supply Chain Optimization. • Public Sector: o Payment Integrity for Food Assistance. o Tax Compliance for Sales Tax. 'SAS Models are based on SAS' core assets, talent and intellectual property from its wealth of experience working with customers to solve industry problems,' said Kathy Lange, Research Director at IDC. 'Between their scalability and seamless integration with existing environments, SAS Models are a great option for those looking to accelerate time to production who might lack the expertise or time to build models from scratch.' A model portfolio on a roll and an agentic sneak preview As SAS continues to lead the future of AI for business , new models will be launched per evolving customer and market demand. Fresh offerings coming in 2025 will include: • Banking: o Fraud Decisioning for Payments and Card Models. • Health Care: o Payment Integrity for Health Care. • Manufacturing: o Worker Safety Monitoring. • Public Sector: o Tax Compliance for Individual Income Tax. As SAS redefines what's possible with pre-built AI innovation, the next chapter includes agentic counterparts to SAS' models, bringing even more autonomy to industry-specific offerings. It can take weeks or months for data scientists to create and fine-tune data lakes: essential repositories that can store, then crunch large amounts of raw customer data in its original format, then restructure and transform it to make it ready for models to use. SAS' answer to this issue: a pre-built AI agent that will automate complex data preparation tasks, helping models run in real time, with no manual data restructuring required. 'We believe the future of AI lies in agents that are not only intelligent but also responsible, ready-to-use and relevant,' said Udo Sglavo, VP of Applied AI and Modeling, R&D at SAS. 'Our new industry-specific models, built on decades of domain expertise and guided by our ethics-first approach, represent a bold step toward agentic AI: solutions that think with context, act with purpose and deliver real-world impact.' Today's announcement was made at SAS Innovate, the data and AI experience for business leaders, technical users and SAS Partners. This year's event is supported by our partner sponsors, including Microsoft, Intel and AWS.
Yahoo
13-03-2025
- Yahoo
Anderson man arrested on tax evasion charges
ANDERSON, S.C. (WSPA) – An Anderson man was arrested on Thursday and was charged with seven counts of tax evasion, according to the South Carolina Department of Revenue. John B. Rutledge, 60, had altered his W-2 forms, failed to report additional income, and created false on his state Individual Income Tax returns during the 2016 through 2022 tax years, according to the arrest warrants. The SCDOR said that Rutledge had underreported his income by more than $170,000, evading $34,000 in taxes. Rutledge is being held at the Anderson County Detention Center and is waiting for his bond hearing. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
03-03-2025
- Business
- Yahoo
How to check your state tax refund status
(NewsNation) — While the Internal Revenue Service has a one-stop shop for checking your tax refund status, each state has a different tool to determine your state income tax refund status. Each state also has a different estimated turnaround time for issuing a refund. Here are the websites for each state, according to tax preparation service ezTaxReturn. Also listed are estimated windows for when to expect your tax refund after filing. Nine states do not have state income tax. Tax season: How to file for free State How to check your refund status When will I get my tax return after filing? Alabama My Alabama Taxes 8 – 10 weeks Arizona Where's My Refund? Up to 10 days Arkansas ATAP Up to 21 business days California Where's My Refund? Up to 3 weeks for e-file, or 3 months for paper returns Colorado Revenue Online – State of Colorado Not specified Connecticut My ConneCT Revenue Services 10-12 weeks for paper returns Delaware Check Refund Status 10-12 weeks Georgia Check my Refund Status Within 6 weeks Hawaii Hawaii Tax Online 9-10 weeks for paper returns Idaho Welcome to State Tax Commission 7-8 weeks for e-file or 10-11 weeks for paper returns Illinois Illinois Department of Revenue Not Specified Indiana DOR: Check the Status of Your Refund At least 3 weeks for e-file, 12 weeks for paper returns Iowa Refund Status – Where's My Refund? Not Specified Kansas Kansas Department of Revenue Not Specified Kentucky Where's My Refund? 4-6 weeks for e-file, 10-14 weeks for paper returns Louisiana LaTAP 4-8 weeks Maine MRS – Refund Status Look Up Within 8 weeks Maryland Maryland Taxes 30 days Massachusetts MassTaxConnect Up to 11 weeks Michigan eServices Individual Income Tax 3-4 weeks for e-file Minnesota Where's My Refund? Not Specified Mississippi Individual Income Tax 10 weeks Missouri Obtaining the status of your tax return Not Specified Montana Where's My Refund? 2-18 weeks Nebraska Income Tax Refund Status A minimum of 30 days New Jersey Check the Status of Your New Jersey Income Tax Refund A minimum of 4 weeks for e-file New Mexico Where Is My Refund? : Individuals 6-8 weeks New York Check your refund status online 24/7! Not Specified North Carolina Refund Inquiry Selection 3-6 weeks North Dakota North Dakota Taxpayer Access Point Not Specified Ohio Check My Refund Status Not Specified Oklahoma Oklahoma Tax Commission 14-21 days Oregon Revenue Online Not Specified Pennsylvania Where's My Refund? 8-10 weeks Rhode Island Taxation Refund Status 10-15 business days South Carolina Refunds 6-8 weeks Utah Where's My Refund? 120 days Vermont Check Your Return or Refund Status 6-8 weeks Virginia Individual Online Account 4-8 weeks Washington, D.C. MyTax DC Up to 8 weeks West Virginia MyTaxes Within 21 days Wisconsin DOR Where's My Refund – It's Refund 123 Less than 12 weeks Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
