Results for: Tax

With tax season approaching, the American Institute of CPAs (AICPA) is calling on the IRS to prepare for potential changes impacting cannabis businesses. The AICPA has submitted recommendations to the U.S. Treasury and IRS to clarify tax obligations for cannabis operators if marijuana is reclassified as a Schedule III substance, as recommended by the Department of Health and Human Services. This reclassification could allow cannabis businesses to deduct operating expenses currently restricted under Section 280E, potentially leading to significant tax relief.

Hong Kong is considering reducing taxes on spirits, particularly for premium brands, in an attempt to revitalize its nightlife and tourism industry, which has suffered significantly since the COVID-19 pandemic. This move aims to attract high-spending tourists and boost retail sales, particularly in the hospitality sector.

The European Court of Justice (ECJ) has ruled in favor of the European Commission, upholding a $14.4 billion tax bill against Apple. The decision reaffirms the EU’s commitment to combatting unfair tax practices by multinational corporations and ensures that Apple will have to pay back taxes to Ireland. This ruling is a major win for the EU’s antitrust chief and could have significant implications for global companies and their tax strategies within the EU.

Apple shares are declining in premarket trading after the European Union’s highest court upheld a 2016 decision requiring Ireland to recover billions in back taxes from Apple for receiving unlawful tax benefits. The court ruled that Apple’s exceptionally low tax rates in Ireland constituted an illegal subsidy.

The Indian government has cleared up confusion surrounding the requirement for a tax clearance certificate (TCC) for Indian citizens traveling abroad, confirming that only individuals in specific financial situations need to obtain one. This clarification aims to alleviate concerns in the tourism industry and ensure smooth travel operations.

India’s Finance Minister Nirmala Sitharaman has urged the Income Tax Department to simplify the tax process, enhance taxpayer services, ensure certainty, and minimize litigation. She emphasized the need for a more taxpayer-friendly approach, including simpler language in tax notices and correspondence.

Verdant Strategies, founded by industry veteran Rachel Wright, is a specialized accounting and financial services firm catering exclusively to cannabis businesses globally. Drawing on extensive experience from the mature California market, Verdant Strategies provides tailored solutions to address the unique challenges of the burgeoning cannabis industry, including complex tax codes, regulatory compliance, and banking restrictions.

Finance Minister Nirmala Sitharaman has announced changes to the Tax Deducted at Source (TDS) framework, impacting salaried individuals. These tweaks, effective from October 1, 2024, will influence disposable income and streamline tax processes. The changes affect TDS on salary income, property sales, rent payments, and TCS credits for minors.

The Indian Budget 2024 sparked mixed reactions on social media, with some applauding the abolition of Angel Tax while others criticized the increased taxes on Long-term Capital Gains (LTCG) and Short-term Capital Gains (STCG). The changes have ignited a debate about the impact on the middle class and the overall economy.

India’s Finance Minister, Nirmala Sitharaman, presented her seventh consecutive budget on Tuesday, introducing significant changes to the tax regime. This includes an increase in the standard deduction for salaried employees under the new tax regime and the unveiling of new tax slabs, aimed at simplifying the tax structure.