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Colombia tax reform to target high-earners, says incoming agency head
BOGOTA, July 14 (Reuters) – A tax reform proposed by Colombia’s President-elect Gustavo Petro will raise $10.9 billion annually by using a progressive income tax, the elimination of enterprise exemptions, and tackling evasion, his incoming tax agency head said on Thursday. Petro, a leftist who will take office subsequent thirty day period on guarantees of generous social systems, this 7 days named 38-12 months-aged economics professor Luis Carlos Reyes to head the DIAN tax and customs agency. Reyes will be tasked with employing the 50-trillion-peso reform need to it go congress, wherever Petro has built a broad coalition of leftist functions and the centrist Liberals. Register now for Free of…
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Japan: The Ministry of Justice’s recent notice to tech giants may affect tax and business planning in Japan for all overseas businesses
In brief The Ministry of Justice and the Ministry of Internal Affairs and Communications have recently approached certain foreign companies (in particular tech companies) and issued notices requiring that the company make a registration in Japan under the Companies Act. In this article, we comment on this issue and provide our perspectives on the Japanese Companies Act, tax and other related laws and regulations such as the Telecommunications Business Act. Although registration as a foreign company under the Companies Act itself is fairly straightforward, registered companies are subject to certain continuous obligations under the Companies Act, such as publication of financial statements and updating their registration. Registration may also have…
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US small-business owners face tax headaches on top of COVID woes | Tax News
Smaller firms that have been buffeted by the pandemic, inflation and shipping woes have a different obstacle to insert to their plate: taxes. Tax year can be complex for all people, but as the April 18 submitting deadline looms, modest-small business proprietors, contractors, business people and some others facial area a raft of at any time-modifying policies and regulations. Furthermore, numerous are dealing with delayed returns and refunds from prior tax durations. The Internal Revenue Support has warned of a backlog and suggests additional delays are to be expected. “It’s even worse this calendar year than final calendar year,” said Gene Marks, proprietor of The Marks Group, a compact business…
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Use an SUV or pickup truck for your small business? Take advantage of these generous tax breaks
Did you add a vehicle for use in your little small business past yr? Or possibly this year? The 2017 Tax Cuts and Work opportunities Act (TCJA) incorporated super-favorable 1st-12 months depreciation breaks for autos utilized for business enterprise. People federal money tax breaks are nevertheless on the textbooks, and I assume they’ve not gotten all the consideration they should have. So you should read this for the scoop. Generous depreciation allowances for passenger autos For both of those new and employed passenger vehicles that are made use of above 50{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} for enterprise, the TCJA drastically and forever elevated the so-referred to as luxury automobile depreciation allowances. For autos that…
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In the News: New Tax Rule and Last Chance Business Grant Opportunities
We’re off and functioning in 2022 and heaps of business proprietors across The usa are hoping this year’s better than the very last two. But as we begin the new 12 months, we’re finding out of a new tax rule small organization house owners, entrepreneurs, and freelancers will need to know. If your organization sells on well-known web pages like Etsy, ebay, and some others, you are going to want to pay notice to this new tax rule. Here’s a report we filed earlier this 7 days on it: Don’t Overlook This New Tax Rule for Little Small business in 2022 Also in the information this 7 days, we know…
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There’s a new tax rule for US small business owners. What to make of it? | US small business
A new tax rule will effects millions of small companies in 2022. You can thank a single tiny transform buried in the American Rescue Prepare Act of 2021. Let us suppose you’re a smaller business proprietor or freelancer, and you get paid out from a electronic payment company like PayPal, Venmo, Zelle, Funds Application or any 3rd-occasion settlement service provider that’s accepting credit rating playing cards on your behalf and putting funds into your lender account. If these payments had been for merchandise and companies that you marketed to customers, it was previously up to you to make positive you had been reporting that cash flow on your tax return.…
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