CORE’s Post

The drafters of the finance bills tend to be so smart. Introduce two proposals on similar item then drop one as planned when the heat is unbearable but retain the intended one. Mind games! GoK removed VAT on banking products and transactions but carefully retained the proposed increase of excise duties from 15% to 20% per transaction. Mattress banking looming. Also,some big banks do 'intelligent stealing'. This where hidden cyber subscriptions that can't be unsubscribed easily. Use of smart system 'stealing' from customers accounts but in very minute denominations (undetectable easily). GoK dropped 2.5% motorvehicle circulation tax but carefully retained VAT on insurance commissions and agent fees.I know GoK needs taxes to sustain its expenses and contain the ballooning debt. BUT introducing taxes on insurance services that is at 2.3%,lower than Africa's average of 3.4%. Taxing such sector is crippling it. Banking transactions are supposed to be VAT exempt globally. This is in realization of financial inclusion. Almost 60% of Africa is unbanked because the bureaucracy and expenses involved in opening and maintaining a bank account. Now,when mobile phones were bridging the gap of unbanked adult population,by allowing them to use the simpler mobile accounts...the GoK again introduces eco levy. Our President's economic advisors are not guiding him well. Unemployment rate is at 5.6% in Kenya,majority being the youths are are more than 20 million. Education has also because so expensive that most students can't afford. Why should we rennovate state house with KES 1 billion?Why should spouses of our leaders have such huge budgets?Why should we rennovate houses with rennovation expenes more than the building costs?Why spend KES 18 billion on travels?A politician wearing suis worth over KES 2m? Wrist watches over KES 10m?Traveling in private jets over KES 200m for a single trip?Why donate over KES 50m per month by a single politician?WHAT justifications do you give for taxing bread? We have budged for CORRUPTION that is over KES 2 billion per day?Let the GoK seal those graft loop holes and then increase taxes. I'm NOT against increasing taxes. I'm against the timing,the prevailing economic conditions,the macroeconomic factors,the unemployment crisis,the inflation,high lending rates by commercial banks,the untackled pending bills that is over KES 1 trillion in both national government and counties. Let the GoK address these problems first then add taxes accordingly. BUT for now... #Rejectfinancebill2024 #nomoretaxes #paypendingbills

Did you know: Small Savings Accounts are managed by the Department of Economic Affairs, Ministry of Finance. Currently, 9 types of small savings schemes of the government are available. These include Recurring Deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samman Saving Certificate, Kisan Vikas Patra, National Savings Certificate (NSC) and Senior Citizen Savings Scheme (SCSS). What's your favourite to balance the overall risk of your assets?

According to a new report, in Q2, Canadians did a better job of keeping up with #debts thanks to receding interest rates and tax refunds. #economy #wednesday

How Much PAG IBIG Contribution For OFW? https://lnkd.in/dtdurdHS

Hi TaxHubNetwork, Did you know that a Time to pay agreement populary known as TPA is an engagement agreement between the Zambia Revenue Authority (ZRA) and a taxpayer. It's a written agreement that allows a taxpayer to settle their liability in monthly installments. One of the requirements for this is that the taxpayer is mandated to settle 30% of the total outstanding principal liability following an indication of how much will be paid per month. This is a huge relief to a taxpayer as it helps them to manage their operational costs without choking their cash flows and also prevents a worst case scenario where Zambia Revenue Authority (ZRA) would request for a garnish of a taxpayers account . I know you might not know what garnishing is, but lets talk about that later because this will make you forget to apply for the TPA😂, now that you know what TPA is, can you please go and write that letter before you start regretting why you didn't 🙈 . "Until next time,keep optimizing your taxes ❗ 💪 " #TaxHubNetwork #TheAccountantsCorner #FredrickSakalaII

While I fully support Srettha Thavisin in his commercial development activities the Digital Wallet Handout Scheme leaves much to be desired and if Legislation is applied in the literal form it would also be deemed illegal. While he is the Prime Minister he doesn't have to be concerned too much. However, when he leaves office and his adversaries take over he could well be charged in a very similar way to the Rice Pledging Scheme scenario. Business Development and Interior Affairs go in tandem which he is well equipped to lead as he can "Spin Plates" too. That said. Nothing has changed in North East Thailand in the last 23 years and the houses still look marginally the same as the ones that came out of Sherwood Forest during the Robin Hood era. Lao Khao sales are still static, if not improved and while Yaba sales have decreased slightly it is still a pandemic in North East Thailand. Through drug use, malnutrition and a lack of education, the Zombified inhabitants of Isaan's lives haven't improved over the last 20+ years that any metric could analyse unfortunately. Borrowing money from budgets already allocated to the BAAC's that were already destined to help poor farmers will not assist either. While it might be asthetically pleasing, most economists can see through Botox these days. Instead of fueling a culture of "Hot Money" the Government-of-the-day should look to the future and allocate reserves to invest in a Sovereign Wealth Fund to invest in Foreign Financial Markets to generate a stable dividend to start paying all Thai Citizens a UBI after a 10 Year period of calculous. This will then give them the equivalent of what the Government-of-the-day are trying to deliver now, but in the future that conforms to current legalities. This would be Srettha Thavisin's true legacy. #thailand #wealth #digitalwallet #illegal #SovereignWealthFund #UniversalBasicIncome

Country is my Gulshan, God Hafiz of the people A sad person’s post on social media is in the form of a plea in which the victim says that I have been sent a monthly electricity bill of Rs.30,000 including taxes of Rs.11,000. Including electricity and gas, we buy any food items and daily use items from the market. It is taxed by the government and it is officially alleged that the people do not pay taxes. The Federal Finance Minister termed pension as a huge burden and said that countries run on taxes and not on charity. He has also emphasized on the change in tax culture. According to the news of Daily Express, the government’s expenses are not decreasing and in the ECC meeting, the additional salaries announced by the former and current prime ministers for the government employees were also approved. The government has approved Rs 162.5 million for further renovation of the Prime Minister’s House despite the dire economic conditions of the country, while the PTI-KP government, which is indebted to hundreds of billions, has also increased the perks of its ministers. And the minister who was being given seventy thousand rupees for the monthly rent of the house will now get two lakh rupees while other privileges have also been increased. It is being told on social media that the people are being cheated continuously for 50 years and the claimant rulers of the state of Medina have not fulfilled any promises made to the people or given any relief to the people. The debt burden on the country has been continuously increased which not only the people have taken but also the child of the country coming into the world is being born in debt. The loans taken for the country have not been spent on the people so far, they are being spent on the luxuries of all the rulers and the salaries of the government employees. The rulers are constantly increasing their privileges and the rulers who ask for charity from others are living lavishly. Billions of rupees have been spent unnecessarily on their houses. It can be seen that we have also taken loans and the prime minister of a indebted country like Pakistan is seen traveling lavishly in a protocol of dozens of expensive vehicles. Every child in the country owes two and a half lakh rupees and the Prime Minister had announced austerity while the bureaucracy of the debt-ridden country continues to be pampered by the government, which has also been objected to by the IMF. The salaries of PM House Officers are already high but they have been given five additional salaries just to please them but no government has money to give relief to the people but burdened with debt, high inflation and the most expensive electricity. People who buy gas, petroleum products have been deprived of relief for decades. The people are already bearing the burden of the IMF loans which they have not taken but the governments, the people are taking loans from themselves for the education and health of their children and mee...

Country is my Gulshan, God Hafiz of the people A sad person’s post on social media is in the form of a plea in which the victim says that I have been sent a monthly electricity bill of Rs.30,000 including taxes of Rs.11,000. Including electricity and gas, we buy any food items and daily use items from the market. It is taxed by the government and it is officially alleged that the people do not pay taxes. The Federal Finance Minister termed pension as a huge burden and said that countries run on taxes and not on charity. He has also emphasized on the change in tax culture. According to the news of Daily Express, the government’s expenses are not decreasing and in the ECC meeting, the additional salaries announced by the former and current prime ministers for the government employees were also approved. The government has approved Rs 162.5 million for further renovation of the Prime Minister’s House despite the dire economic conditions of the country, while the PTI-KP government, which is indebted to hundreds of billions, has also increased the perks of its ministers. And the minister who was being given seventy thousand rupees for the monthly rent of the house will now get two lakh rupees while other privileges have also been increased. It is being told on social media that the people are being cheated continuously for 50 years and the claimant rulers of the state of Medina have not fulfilled any promises made to the people or given any relief to the people. The debt burden on the country has been continuously increased which not only the people have taken but also the child of the country coming into the world is being born in debt. The loans taken for the country have not been spent on the people so far, they are being spent on the luxuries of all the rulers and the salaries of the government employees. The rulers are constantly increasing their privileges and the rulers who ask for charity from others are living lavishly. Billions of rupees have been spent unnecessarily on their houses. It can be seen that we have also taken loans and the prime minister of a indebted country like Pakistan is seen traveling lavishly in a protocol of dozens of expensive vehicles. Every child in the country owes two and a half lakh rupees and the Prime Minister had announced austerity while the bureaucracy of the debt-ridden country continues to be pampered by the government, which has also been objected to by the IMF. The salaries of PM House Officers are already high but they have been given five additional salaries just to please them but no government has money to give relief to the people but burdened with debt, high inflation and the most expensive electricity. People who buy gas, petroleum products have been deprived of relief for decades. The people are already bearing the burden of the IMF loans which they have not taken but the governments, the people are taking loans from themselves for the education and health of their children and mee...

Uganda Revenue Authority (URA) is set to waive penalties issued during the enforcement of the Electronic Fiscal Receipting and Invoicing System (EFRIS), Commissioner General John Musinguzi Rujoki has revealed. Musinguzi made the revelation today while appearing on the “Kalisoliso” program on #CBS888FM in Mengo. “We are going to waive penalties for those traders who were using EFRIS for the first time and did not know how to use the system. We will invite them to Sendaula Hall at Nakawa to be taught how to use the system,” he said. The Uganda Revenue Authority (URA) boss encouraged traders to continue using EFRIS, reiterating that it is available on various platforms. “We have the EFRIS mobile app for smartphones, which can be downloaded from the Play Store or App Store. We also have the EFD machine at a cost of UGX1.1 million, a computer app, and the system-to-system where we integrate a taxpayer’s system into URA’s system.” John Musinguzi Rujoki further elaborated that while EFRIS is mandatory for VAT-registered taxpayers, small businesses can also use it to supply goods to VAT-registered businesses. “The law states that a person should register for VAT if their total turnover is above UGX 150 million and should use EFRIS. But a trader who does not meet the threshold can voluntarily use EFRIS,” he clarified. He also highlighted the benefits of using EFRIS, including transparency, assessment of the right tax, stock management, and determination of refund. Recently, traders went up in arms over the implementation of EFRIS and related penalties which culminated in the May 7th meeting with President Museveni. During the meeting, the President directed URA to waive penalties that had been issued to traders and upheld the usage of EFRIS. He also called on the URA to sensitize traders on the system. #KakasaWithEFRiS #IBuildUganda

Where is the “public interest” for the Government acting on behalf of NZ taxpayers putting Du Val into statutory management. 1.     Du Val is not systemic and does not threaten the overall health of the NZ banking system. 2.     Investors and lenders should have to take a haircut for inappropriately assessing risk. 3.     FMA was too late to the party. They should have been more active when Du Val were soliciting for money and they were issuing pretty poor financial disclosure statements.   4.     What about all the young people who have lost billions in value on the over inflated houses they bought when the RBNZ was letting quantitative easing bloat the market. Do we taxpayers bail them out too!! 5.     Contractors should have better managed their credit risk to Du Val. Many in the construction industry have been doing so. Are we bailing them out too. Looks like a knee jerk reaction by the Government. The issue is that there will be more collapses because of the excessively tight monetary policy the RBNZ was/ is running.   Is the Government going to bail everyone out. Absolutely wrong signal by the Government. I thought they were a free market espouser. Seems not. There should not be any Government/ taxpayers money passed across to any of the players in this debacle.