Latest news with #incometax
CBC
3 days ago
- Politics
- CBC
Alberta Next panel's first town hall was held last night, here's why people showed up
Red Deer was the location for the Alberta Next panel's first town hall. The topics up for discussion throughout the summer include the pros and cons of a provincial police service, a provincial pension plan, and whether Alberta should take over income tax collection from Ottawa. Hundreds showed up to take part.
Fox News
4 days ago
- Fox News
California tax expert admits role in illegal alien's multimillion-dollar fraud scheme
A California tax preparer pleaded guilty Monday to helping an illegal immigrant file fraudulent federal income tax returns that claimed $25 million in refunds, the Justice Department said. Victor Cruz, 40, of Bakersfield, helped Miguel Martinez, a Mexican national who was in the United States illegally, carry out the scheme from November 2019 through June 2023, prosecutors said. Martinez allegedly used stolen identities to create fake businesses and report phony wage and withholding information for the businesses to the Internal Revenue Service (IRS). He then allegedly submitted hundreds of income tax returns using the stolen identities while claiming that they worked for the fake businesses and were owed tax refunds based on the phony information. Cruz prepared and filed more than 500 of the fraudulent tax returns, authorities said. In exchange, Cruz received thousands of dollars in fees from Martinez in exchange for his services. The IRS actually paid out $2.3 million of the $25 million in refunds that were claimed. Martinez has pleaded guilty for his role in the scheme and was sentenced to six years in prison. Cruz is scheduled to be sentenced on Nov. 17, 2025. He faces up to 10 years in prison and a $250,000 fine.
Yahoo
5 days ago
- Business
- Yahoo
UK highest income tax rate payers surpass one million
The number of UK taxpayers paying the highest income tax rate has reached 1.14 million in the 2024-25 tax year, according to UHY Hacker Young. It marks a 24% increase from the 923,000 recorded in the 2023-24 tax year. The number of 'additional rate' taxpayers, paying 45% tax, is expected to rise to 1.23 million this year. During the past five years, the number of taxpayers paying the 45% rate has surged by 163%, rising from 433,000 in the 2020-21 tax year. Neela Chauhan, partner at UHY Hacker Young, attributes this increase to 'fiscal drag,' where inflation gradually moves more taxpayers into higher tax brackets, often referred to as a stealth tax. People with earnings of more than £125,140 ($170,416) are required to pay the income tax at the additional rate of 45%. Chauhan said: 'The sharp jump in the number of people having to pay the highest rate of tax is worrying as its not caused by people who are becoming genuinely wealthier. Rather it is due to the Chancellor deciding to freeze thresholds. Though it might seem equitable for higher earners to be paying more tax, there are real concerns over the impacts of placing an ever higher tax burden on high earners. 'Increasing the tax burden too high could push these individuals to leave the country or deter talented individuals from moving to this country. There are concerns that there is a 'brain drain' already taking place due to the Government's non-doms policies.' Recently, Donald Parbrook, a senior tax partner at Azets, called on Chancellor Rachel Reeves to reconsider proposals from the Office of Tax Simplification to address the UK's complex tax system. The aim is to enhance revenue without harming business confidence or deterring investment, with the Autumn 2025 Budget as a potential platform. In response to economic changes, including trade uncertainties and fiscal tightening, the Chancellor is expected to propose significant tax reforms. These may involve revisiting earlier adjustments to inheritance tax, pension rules, and National Insurance, as public finances remain under pressure and new revenue sources are sought. "UK highest income tax rate payers surpass one million " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
Reuters
5 days ago
- Business
- Reuters
Indonesia to require e-commerce platforms to collect tax on sellers
JAKARTA, July 14 (Reuters) - Indonesia's finance ministry will require e-commerce platforms to collect and pass on an income tax on sales made by small- and medium-sized sellers, according to new regulations published on Monday. Platforms that meet certain criteria must withhold and pass on a 0.5% tax on sales made by sellers with an annual turnover of between 500 million rupiah to 4.8 billion rupiah ($30,800 to $296,000). They must also share the sellers' information with tax authorities. The ministry will notify a platform if it meets the criteria, which will be based on site traffic and total transaction value over the past 12 months. While the directive is effective immediately, platforms will be given a month to comply. Reuters reported exclusively last month on the plan to impose the tax. The tax office has said the rules are intended to tackle the "shadow economy". Indonesia's e-commerce association idEA has said its members would comply, but expressed concern over the implementation timeline, with the regulation set to impact millions of sellers. Indonesia's main e-commerce operators include ByteDance's TikTok Shop and Tokopedia ( opens new tab, Sea Limited's (SE.N), opens new tab Shopee, the Alibaba-backed ( opens new tab Lazada, Blibli ( opens new tab and Bukalapak ( opens new tab. Southeast Asia's largest economy has a booming e-commerce industry, with last year's estimated gross merchandise value of $65 billion expected to grow to $150 billion by 2030, according to a report by Google, Singapore state investor Temasek and consultancy Bain & Co. ($1 = 16,240 rupiah)
Yahoo
5 days ago
- Business
- Yahoo
Indonesia to require e-commerce platforms to collect tax on sellers
JAKARTA (Reuters) -Indonesia's finance ministry will require e-commerce platforms to collect and pass on an income tax on sales made by small- and medium-sized sellers, according to new regulations published on Monday. Reuters reported exclusively last month on the plan to impose the tax. 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
