Latest news with #governmentrevenue
Bloomberg
26-06-2025
- Business
- Bloomberg
Nigeria's Tinubu Signs New Tax Law in Latest Step in Reform Push
Nigerian President Bola Tinubu has signed four new tax laws, marking the latest chapter in his push to reform the economy of Africa's most populous nation. The new rules, which overhaul some levies that date back to Nigeria's colonial era, are designed to boost government revenue as a share of gross domestic product from levels that rank it among the lowest in the world.
Daily Mail
18-06-2025
- Business
- Daily Mail
BREAKING NEWS Why Anthony Albanese could consider big changes to the GST
Anthony Albanese 's government could consider changes to the GST even though the Labor Party has long been opposed to increasing or tinkering with the consumption tax. Items like fresh fruit and vegetables, bread, cooking oil, meat and unflavoured milk were exempted from the 10 per cent GST under a political deal reached in 1999 between former Liberal prime minister John Howard's government and the Australian Democrats in the Senate. Labor had lost the 1998 election campaigning against the Coalition's proposed GST and voted against it in Parliament. But Treasurer Jim Chalmers has revealed he would be open-minded about expanding the base of the GST to raise more government revenue, ahead of a productivity-focused roundtable in August. This would mark the biggest change to the Goods and Services Tax since it debuted in July 2000, shortly before the Sydney Olympics. 'What I'm going to try and do - because I know the states will have a view on it, I'm going to try not to dismiss every idea that I know that people will bring to the roundtable,' he told the National Press Club in Canberra on Wednesday. 'I suspect the states will have a view about the GST - it's not a view that I've been attracted to historically but I'm going to try not to get in the process of shooting ideas between now and the roundtable. 'One of the ways that I am going to be inclusive and respectful in the lead-up to this roundtable is I suspect people will raise that question.' Chalmers declined to confirm that he had ruled out any changes to the GST, even though he's personally opposed to increasing or expanding it. 'I haven't changed my view on it. And again, it's a nice little, cheeky attempt to get a rule in, rule out in.' It's been a decade since state premiers called for an increase in the GST. That's when South Australian Labor leader Jay Weatherill and his New South Wales Liberal counterpart Mike Baird called for an increase in the rate. Funds raised from the GST are distributed to the states and territories via the Commonwealth Grants Commission. Former Liberal prime minister Tony Abbott backed their call in July 2015, but two months later, Malcolm Turnbull rolled him as leader. New Zealand in 2010 increased the GST to 15 per cent, up from 12.5 per cent. Australia's 10 per cent GST is among the lowest in the world with only the United Arab Emirates (five per cent) and Thailand (seven per cent), Taiwan (five per cent), Oman (five per cent) and Jersey in the Channel Islands (five per cent) having lower consumption tax rates.
Zawya
16-06-2025
- Business
- Zawya
GCC budget spending estimated at $542.1bln for 2025: GCC-STAT
MUSCAT: The Statistical Centre for the Cooperation Council for the Arab States of the Gulf (GCC-STAT) has estimated that government revenues in 2025 totalled US$487.8 billion, while expenditures reached US$542.1 billion, resulting in an estimated deficit of US$54.3 billion. According to data released by the Centre, government revenues in GCC countries are directly affected by global oil prices, as oil revenues constitute the largest share of financial resources. Countries follow a conservative approach in calculating the break-even oil price to estimate their general budgets, avoiding international economic fluctuations and variations in global oil prices. Government revenues are expected to remain relatively stable, as oil prices remain at moderate to high levels. Most GCC countries have also projected an increase in their spending in 2025 compared to their 2024 spending estimates. This increase is a determinant of growth in the GCC economies in general, and is directed towards completing infrastructure projects and stimulating growth in some economic sectors, to implement strategic development plans. Meanwhile, GCC countries plan to finance budget deficits by drawing on reserves and borrowing domestically and abroad.
Arabian Business
15-06-2025
- Business
- Arabian Business
GCC government spending to pass $542bn this year
GCC government revenues in 2025 totalled $487.8bn, while expenditures reached $542.1bn, resulting in an estimated deficit of $54.3bn, according to the Statistical Centre for the Cooperation Council for the Arab States of the Gulf. According to data released by the Centre, government revenues in GCC countries are directly affected by global oil prices, as oil revenues constitute the largest share of financial resources. Countries follow a conservative approach in calculating the break-even oil price to estimate their general budgets, avoiding international economic fluctuations and variations in global oil prices. GCC public spending Government revenues are expected to remain relatively stable, as oil prices remain at moderate to high levels. Most GCC countries have also projected an increase in their spending in 2025 compared to their 2024 spending estimates. This increase is a determinant of growth in the Gulf Cooperation Council economies in general, and is directed towards completing infrastructure projects and stimulating growth in some economic sectors, to implement strategic development plans. Meanwhile, Gulf countries plan to finance budget deficits by drawing on reserves and borrowing domestically and abroad.
New York Times
11-06-2025
- Business
- New York Times
The House's Policy Bill Would Lose Money. Could Trump's Tariffs Replace It?
Over the past few months, after President Trump imposed wave after wave of tariffs, companies began paying billions more to bring goods into the country. In May, the Treasury collected more than $22 billion in tariff payments, data released on Wednesday shows, a record high. Monthly government revenue from customs duties Source: U.S. Treasury Department By The New York Times The income figures are among the first concrete indicators of the costs imposed by Mr. Trump's trade policies. Although inflation data has yet to reflect price increases from tariffs, companies may soon pass at least part of those extra bills on to their customers. The rest could show up on their balance sheets in the form of narrower profit margins. The president has made the case that tariffs can generate income for the government while incentivizing manufacturers to build their products in America. But even May's haul remains a tiny share of the federal government's typical income. The vast majority comes from individual and corporate income taxes. Government revenue from … Source: U.S. Treasury Department Note: Revenues spike in April when most tax returns are filed. By The New York Times Nonetheless, House Republicans have argued that the tariff revenue will be enough to offset the projected losses from their huge tax and spending bill, which is currently being hashed out in the Senate. Estimated revenue impact of tariffs vs. tax cuts +$200 billion Many of the new tax cuts would expire by the start of 2029 Tariffs would start to offset the tax cuts in 2029 −200 Proposed tax cuts would lead to revenue losses at first, even taking into account tariff revenues −400 2026 2028 2030 2032 2034 +$200 billion Many of the new tax cuts would expire by the start of 2029 Tariffs would start to offset the tax cuts in 2029 −200 Proposed tax cuts would lead to revenue losses at first, even taking into account tariff revenues −400 2026 2027 2028 2029 2030 2031 2032 2033 2034 Source: Tax Foundation Note: Neither the budget nor the tariff revenue estimates incorporate increased borrowing costs incurred by higher deficits. By The New York Times Want all of The Times? Subscribe.
