Latest news with #TaxAuthority
India.com
10 hours ago
- Business
- India.com
Iran Israel war: Israel makes shocking claims..., says faces loss of Rs 256801683000 due to...
Iran Israel war: Israel makes shocking claims..., says faces loss of Rs 256801683000 due to... The impact of the Iran-Israel war is going to be far-reaching. For the last 3 years, there has been a war going on between Ukraine and Russia as well. Europe is paying the price of this in the form of gas shortage. The cost of property damages from Iranian missile and drone attacks on Israel over the past 12 days is estimated to be around double the sum of claims stemming from the October 7 attack and all 615 days since. Israel launched a massive attack against Iranian nuclear sites earlier this month — killing top generals and sparking off nearly two weeks of war. Nearly a thousand people were killed amidst the clashes while countless others were injured. What is Israel's cost in war? According to the Bank of Israel, Israel's war-related costs from 2023 to 2025 could end up amounting to $55.6 billion, thereby costing Israel 10% of its economy. Due to Israel suspending Palestinian work permits, it recruited workers from India and Sri Lanka to fill the gaps. According to Israeli Finance Minister Bezalel Smotrich the total cost of war could be as high as $12 billion. The Finance Ministry estimate includes compensation of approximately 5 billion shekels that will be paid to businesses. The '12 day war' had also led to a near-shutdown of the Israeli economy with schools and businesses closed — except those designated as essential. The loss includes… Director general of Israel's Tax Authority, the country has incurred at least $3 billion in damage and the figure includes funds that will be needed to repair missile-hit buildings as well as compensation that will be paid to local businesses. Israeli authorities had previously said that more than 9,000 people had been displaced from their homes amid the strikes — with many residences damaged or destroyed by the Iranian attacks. The $3 billion estimate does not include the cost of replacing weapons and and defense systems used in the campaign. According to Israeli Finance Minister Bezalel Smotrich the total cost of war could be as high as $12 billion. The Finance Ministry estimate includes compensation of approximately 5 billion shekels that will be paid to businesses. The '12 day war' had also led to a near-shutdown of the Israeli economy with schools and businesses closed — except those designated as essential.
Time of India
a day ago
- Business
- Time of India
Israel suffered $3 billion damage in Iran airstrikes
Israel has estimated the cost of damages incurred during its 12-day war with Iran at $3 billion, with funds needed both to repair missile-hit buildings and pay compensation to local businesses. The calculations shared by the Israeli finance ministry and tax body this week indicate the extent to which Iran broke through Israel's defenses during nearly two weeks of rocket fire. "This is the greatest challenge we've faced - there has never been this amount of damage in Israel's history," Shay Aharonovich, the director general of Israel's Tax Authority who's in charge of paying out compensation, told reporters. The sum doesn't include the cost to Israel of replacing weapons and defence systems used in the campaign, which is likely to push the total figure much higher when assessments are complete. Finance minister Bezalel Smotrich told a press conference the total cost of war could be as high as $12 billion.
Yahoo
2 days ago
- Business
- Yahoo
Continuation of the customs adjustment process initiated by the Tax Authority
BOGOTA, Colombia, June 26, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, the "Company" or "Ecopetrol" and together with its subsidiaries, the "Ecopetrol Group") informs that on May 29, 2025, the Dirección de Impuestos y Aduanas Nacionales (the "Tax Authority") notified Refinería de Cartagena S.A.S. (the "Refinery") of two resolutions mandating the Refinery to conduct correction assessments in relation to customs import declarations for gasoline. In accordance with the Tax Authority's interpretation of the law, the Refinery owed approximately COP 1.0 trillion, plus estimated interests to date of COP 2.1 trillion, for the import of gasoline between 2022 and 2024. On June 26, 2025, the Refinery filed the corresponding motions for reconsideration against the aforementioned customs correction assessments. The official assessments notified by the Tax Authority to the Refinery reflect the continued differences in regulatory interpretation between the Tax Authority and the Ecopetrol Group—an issue that the Refinery has detailed in its motions for reconsideration. Considering that the Tax Authority has decided to apply its regulatory interpretation, Ecopetrol and the Refinery have been making VAT payments on gasoline and diesel imports at the 19% rate since January 2025. It is important to note that these VAT payments do not affect Ecopetrol's and the Refinery's rights to challenge the Tax Authority's interpretation at the appropriate time and before the relevant authorities. Ecopetrol and the Refinery reaffirm their commitment to fully comply with their customs and tax obligations and will respect the decisions issued in this matter by the competent authorities, as stated on May 6, 2025 in a communication published through this medium. Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the Company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. For more information, please contact: Head of Capital Markets Carolina Tovar Aragón Email: investors@ Head of Corporate Communications (Colombia)Marcela Ulloa Email: View original content to download multimedia: SOURCE Ecopetrol S.A.
Gulf Insider
2 days ago
- Business
- Gulf Insider
Oman Announces 5% Income Tax: Everything You Need to Know
Oman will introduce the Gulf region's first personal income tax on high earners starting January 1, 2028, marking a historic shift in its fiscal strategy. The personal income tax (PIT) for high earners marks a major shift in Oman's fiscal policy as part of the broader Vision 2040 agenda to diversify national income and ensure long-term financial sustainability. The Personal Income Tax Law, issued by Royal Decree No. 56/2025, comprises 76 articles across 16 chapters. It imposes a 5 per cent tax on the taxable income of individuals whose gross annual income exceeds OR42,000 ($109,100), derived from income categories defined in the legislation. The law will officially come into force at the start of 2028. Effective Date: January 2028 Threshold: Income above OR42,000 ($109,100) annually Tax Rate: 5 per cent Exemptions: 99 per cent of citizens, plus deductions for key social needs Purpose: Fiscal sustainability, economic diversification, social equity Impact: Minimal GDP effect, no expected impact on foreign investment Dr. Said Mohammed Al Saqri, Minister of Economy, said: 'The tax serves as a new revenue stream to diversify public income sources and mitigate risks associated with reliance on oil as the primary revenue source. 'It will help maintain current levels of social and service spending while preserving Oman's achievements in financial and economic stability under 'Oman Vision 2040' and its first executive phase, the Tenth Five-Year Plan (2021-2025).' According to Oman's Tax Authority, the exemption threshold was determined after a comprehensive economic and social impact study based on income data from multiple government bodies. As a result, approximately 99 per cent of Omani citizens will not be affected by the tax. To address social equity, the law includes deductions for education, healthcare, housing, zakat, donations, and inheritance, among others. Karima Mubarak Al Saadi, Director of the Personal Income Tax Project, confirmed that all necessary preparations and requirements for implementing the tax have been completed. The Tax Authority confirmed the development of a digital tax declaration system integrated with other government entities to promote voluntary compliance. The executive regulations of the law will be issued within one year of its publication in the Official Gazette. Currently, 68 per cent to 85 per cent of Oman's income is derived from oil and gas, depending on global prices. While prices have been favourable recently, the government warns of long-term volatility. The PIT law seeks to secure sustainable funding and mitigate reliance on hydrocarbons. Dr. Said Mohammed Al Saqri, explained that the (PIT) is a fiscal tool adopted by most countries worldwide as a key revenue source to fund state-provided services. More than 190 countries impose this tax, and in many, income taxes constitute the largest component of total tax revenues at federal and local levels, financing public goods and services. He noted that implementing the tax in Oman will yield significant economic benefits, supporting income diversification strategies and long-term fiscal stability as a pillar of economic growth. He added that the foreign investment is expected to remain unaffected, as the tax applies to individuals—not corporate entities—and Oman's rates remain competitive globally, the minister concluded. The 2025 national budget allocates more than OR5bn ($13bn) to essential services: Education: 39 per cent Healthcare: 24 per cent Social Protection: 28 per cent The Social Protection Fund currently supports over 2 million beneficiaries monthly, with PIT revenue expected to further strengthen the program. Also read: Oman Expands Plastic Bag Ban To Retail And Food Sectors In Third Phase Of National Plan
Arabian Post
4 days ago
- Business
- Arabian Post
Oman Embarks on Gulf-First Income Tax for Top Earners
Arabian Post Staff -Dubai Oman will become the first Gulf Cooperation Council nation to impose a personal income tax, mandating a 5 per cent levy on individuals whose gross annual income exceeds OMR 42,000 from 1 January 2028, under Royal Decree No 56/2025. The newly enacted law, spanning 76 articles across 16 chapters, represents a historic policy shift aimed at diversifying the Sultanate's revenue sources beyond hydrocarbons. The Tax Authority has confirmed that this threshold renders roughly 99 per cent of the populace exempt, targeting only the top one per cent of earners. The fairness-driven approach includes deductions for education, healthcare, primary housing, zakat, charitable donations and inheritance, signalling a progressive and socially aware stance. ADVERTISEMENT Finance Minister Said bin Mohammed Al‑Saqri framed the move as integral to bolstering fiscal sustainability, shielding the Sultanate from oil revenue fluctuations, and advancing Oman Vision 2040. The authority anticipates non-oil revenue will rise to 15 per cent of GDP by 2030 and 18 per cent by 2040, marking a significant realignment of economic priorities. Preparations are well underway. Karima Mubarak Al Saadi, director of the Personal Income Tax Project, noted that the tax infrastructure—including electronic filing systems integrated with government databases—and regulatory frameworks have been established. Executive regulations are expected within a year of publication in the Official Gazette, ensuring sufficient lead‑time for implementation. International observers see the move as part of a broader Gulf fiscal transformation. Thomas Vanhee of Aurifer Middle East Tax Consultancy commented that Oman's decision may anticipate IMF guidance encouraging Gulf states to broaden revenue bases. While income tax may challenge the region's historic appeal to expatriates, Gulf nations including the UAE and Saudi Arabia have already introduced VAT and corporate taxes, signalling an irreversible shift. Analysts emphasise that the low flat rate and high exemption point strike a balance between revenue generation and retaining competitiveness. Oil revenue accounts for up to 85 per cent of Oman's public income, and this reform is expected to reinforce fiscal buffers while maintaining social equity. Economic research by Gulf‑based think‑tanks confirms that the tax's fiscal impact is modest, contributing under 1 per cent of GDP initially, but holds strategic value in funding non-hydrocarbon sectors such as education, healthcare, housing and social safety nets. For investors, the tax signals enhanced fiscal resilience and potential stability in public financing. Despite the progressive rollout and social safeguard measures, policy challenges remain. The effective administration of personal income tax will demand efficiency, public awareness and compliance. Authorities appear to have addressed this proactively, expanding staff training and preparing guidance materials for both individuals and businesses.
