Latest news with #doubleTaxation
Yahoo
01-07-2025
- Business
- Yahoo
Michael Saylor and Senator Lummis send a hard-nosed response on 'double taxation'
Michael Saylor and Senator Lummis send a hard-nosed response on 'double taxation' originally appeared on TheStreet. Strategy's Michael Saylor and U.S. Senator Cynthia Lummis (R-WY) are actively seeking reform to what Saylor calls the "unfair" double taxation of Bitcoin miners and stakers. Lummis explained how the current tax regime creates a situation where miners suffer taxation twice for the same reward — once when they receive block rewards and again when they sell the rewards. Bitcoin mining is the process of using computing power to solve cryptographic puzzles in order to verify transactions and secure the Bitcoin network. Miners are taxed twice, once when they get new coins as a reward and again when they sell X, Lummis wrote, "For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it. It's time to stop this unfair tax treatment and ensure America is the world's Bitcoin and Crypto Superpower." Soon after, Saylor jumped into the conversation, saying, "We must end unfair taxes on BTC miners if America is going to be the world's Bitcoin Superpower." According to Cryptoquant, Bitcoin miners are earning the least they have in a year, but the majority still refuse to sell their coins. Miner income fell to $34 million on June 22, the lowest since April 20, as lower transaction fees and a lower Bitcoin price reduced revenues. The slump is attributed to declining Ordinal inscription activity, which had previously raised fees throughout the quarter. The firm's Miner Profit/Loss Sustainability score now classifies miners as "extremely underpaid." Michael Saylor and Senator Lummis send a hard-nosed response on 'double taxation' first appeared on TheStreet on Jun 30, 2025 This story was originally reported by TheStreet on Jun 30, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
24-06-2025
- Business
- Zawya
The Ministry of Finance publishes Mutual Agreement Procedure guidance for taxpayers
Abu Dhabi: The Ministry of Finance has issued Mutual Agreement Procedure ('MAP') guidance to provide clarity and guidance to taxpayers on the eligibility of MAP, the MAP process and the information required for a MAP claim. The Mutual Agreement Procedure provides taxpayers with the possibility to seek relief from (economic) double taxation, under the applicable double tax treaty. The MAP Guidance provides clarity to taxpayers on the scenarios where double taxation may occur such as a tax assessment resulting in a cross-border transfer pricing adjustment or the determination of the existence of a cross-border permanent establishment. The MAP guidance further clarifies the timelines in which taxpayers must make a MAP claim (typically within 3 years from when a taxpayer is aware that double taxation may occur) and confirms that rulings on tax matters issued by a UAE domestic judicial court or the Tax Dispute Resolution Committee may impact the scope of relief that the UAE Competent Authority can provide if such cases are submitted to MAP. Importantly, the MAP guidance outlines a detailed list of information that is required from taxpayers wishing to submit an eligible MAP claim and that the UAE Competent Authority will seek to resolve all MAP cases as soon as possible and within the best practice timelines prescribed by the Organization of Economic Cooperation and Development ('OECD'), subject to the timely submission of relevant information from taxpayers and the availability of the Competent Authority of the counterparty jurisdiction. Given the large tax treaty network that the UAE possesses, the MAP guidance is critical information for taxpayers to consider when seeking relief from double taxation to verify the eligibility of their MAP claim, before submission, and determine which jurisdiction should receive its MAP claim. The publishing of the MAP guidance will provide taxpayers direction on how to access the MAP process and thus benefit from the UAE's tax treaty network and ultimately seek to relieve instances of double taxation. The publication of the MAP guidance reaffirms the Ministry of Finance's commitment in ensuring certainty and transparency for UAE taxpayers.
Zawya
02-06-2025
- Business
- Zawya
Qatar, Kuwait sign agreement on double taxation avoidance
Kuwait: The State of Qatar, represented by the Ministry of Finance, and the State of Kuwait, represented by the Ministry of Finance, signed on Sunday an agreement on the avoidance of double taxation on income and the prevention of tax evasion and avoidance. The agreement was signed by the Minister of Finance HE Ali bin Ahmed Al Kuwari, representing the Qatari side, and the Minister of Finance and Minister of State for Economic Affairs and Investment of the State of Kuwait HE Engineer Noura Sulaiman Al Fozan, representing the Kuwaiti side. On this occasion, HE Ali bin Ahmed Al Kuwari emphasized the importance and effectiveness of the agreement, stating: "This agreement will contribute to supporting international standards of transparency through the exchange of verified financial information, as part of both countries' commitment to strengthening coordination and cooperation in tax matters and economic relations.' The agreement aims to establish a legal framework for tax treaties between the two countries to eliminate all instances of double taxation. It also seeks to enhance commercial cooperation, broaden investment opportunities for government entities and individuals, combat tax evasion, and support neutrality and fairness in the treatment of taxpayers. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
CBS News
17-05-2025
- Business
- CBS News
Downtown Miami homeowners slam Development Authority over spending in new ad
A group of downtown homeowners is calling for a separation from the Miami Downtown Development Authority, accusing the agency of wasteful spending and releasing a new online ad to pressure city leaders to put the issue on the ballot. "We want the divorce (from Miami DDA) and the reason we want the divorce is we have this condo crisis and we're being double taxed," said TJ Sabo, one of several critics featured in the campaign. Homeowners push back on DDA funding The controversy centers on how the DDA spends its budget, particularly its investments in entertainment and sports partnerships. Property owners in downtown Miami, Brickell, and Edgewater fund 58% of the agency's budget, on top of the standard taxes paid by other Miami residents. "Look at what they're spending money on," said Kristen Browde, a downtown homeowner. "You're like excuse me?" "It's double taxation," said Jens Klapatsh, another homeowner. "It feels like we're being taken advantage of," added Laura Okamura. James Torres, president of a local neighborhood alliance, released the online ad Friday, targeting recent DDA expenses such as giving hundreds of thousands of dollars to FC Barcelona for opening offices downtown and nearly $200,000 to support college football events tied to next year's national championship in South Florida. DDA defends budget priorities Miami DDA board member Gary Ressler, who chairs the agency's Quality of Life Committee and owns a business downtown, defended the spending. "Nobody likes to pay taxes," Ressler said. "But the fact is that the investment is brought back to the streets to the residents in a very efficient way." Of the $12 million in the agency's budget last fiscal year, $7 million went toward quality-of-life initiatives such as public safety, homelessness efforts, and keeping downtown clean, according to Ressler. Ressler also argued that sports investments attract attention and revenue that benefit the community. "If you think back to when LeBron James came to Miami, he came to downtown Miami," Ressler said. "But you remember the message was he was going to South Beach. That's not the message anymore. I think downtown is a more viable, relatable neighborhood that hopefully will succeed greatly in the future." But critics like Sabo remain unconvinced. "When you pay $450,000 to an organization that's worth over $5 billion dollars or $100,000 to (UFC which is) worth over $11 billion, my gut instinct is it does nothing for them and it was really not part of their decision to choose Miami," Sabo said. "It took money out of other people's lives that were supposed to be improved by this."
The Independent
07-05-2025
- Business
- The Independent
The right's attack on the India trade deal is opportunistic, envious fakery
The India-UK trade agreement is a good deal that will promote growth by a small amount – every little helps – but it is being attacked by the Conservatives, Reform and the right-wing press in a welter of hypocritical opportunism. The deal's critics know perfectly well that it contains a sensible tax measure that will not increase the number of visas issued to Indians, but they have seized on the chance to put 'national insurance contributions' and 'cut' in the same sentence to pretend that this is favourable tax treatment for immigrants. It is no such thing. The deal includes a clause that will extend protection from being taxed twice for Indian workers temporarily posted to the UK and for British workers temporarily posted to India. These arrangements to prevent 'double taxation' are standard and already exist between Britain and many other countries. Indeed, one already exists between Britain and India, but it allows only one year of protection; that will now be increased to three years. It means that Indian workers on short-term contracts who are posted to the UK and who continue to pay social security contributions in India will be exempt from paying national insurance contributions here for up to three years. And vice versa. It does not mean that more Indian workers will come to Britain because the visa regime is unchanged. It does not mean that Indians will be treated more favourably than British workers because they will still be paying the equivalent of national insurance contributions at home. It is a good deal for the taxpayer because it will make the UK more attractive to highly paid Indians who will pay more tax here as a result. Kemi Badenoch knows all this, because she was trade secretary 10 months ago, leading the British negotiations on the deal. She says that she refused to agree to this tax change, which she would have done only on the grounds that it could look bad if it were misrepresented by political opponents. Nigel Farage may not be so well versed in the detail but he too knows that the deal is a reasonable one. He also sees an opportunity, and the incentive structure of current politics means that he cannot allow Badenoch to outflank him. As for Badenoch and Farage's cheerleaders in the press, they also know exactly what they are doing, but the temptations of headlines of 'tax cuts for immigrants' are too strong to resist. One of the reasons that Badenoch and Farage advocated leaving the European Union was so that Britain could negotiate its own free-trade deals with countries around the world. Yet when the Labour government succeeds in a complex negotiation that protects the British national interest, especially on the sensitive subject of visa numbers, they pretend it is something it is not. 'I think what frustrates them is we've done a deal that they couldn't deliver on,' Jonathan Reynolds, the trade secretary, said this morning. Reynolds can be faulted, possibly, for failing to prepare the ground with the British media; he appeared to have been taken by surprise by Narendra Modi, the Indian prime minister, suddenly announcing on Tuesday that the deal was done. The attacks on 'two-tier tax' were already all around the world on social media before the Labour Party's rebuttal machine had got its boots on. The bottom line is that this is a good deal and its critics ought to be ashamed of themselves. Are Badenoch and Farage now going to demand to scrap double taxation agreements with 50 other countries? Of course not. They ought to join principled free-trade Brexiteers such as Daniel Hannan, the Tory peer, in welcoming the deal. He said on Tuesday: 'A comprehensive deal in goods and services is a win-win. A pity to see so much misinformation about it tonight.' Then they should congratulate Keir Starmer and Jonathan Reynolds on securing a trade deal with the US, which according to the Financial Times might be announced this week, and then another with the EU, which will be unveiled at a summit at Lancaster House in two weeks' time.
