MMAN Advocates’ Post

The government is likely to raise advance tax on the purchase of immovable properties by non-filers in the coming budget (2023-24). Sources told Business Recorder that the taxation of real estate was discussed during the ongoing meetings between the FBR and the International Monetary Fund (IMF) to increase advance withholding tax on non-filers for the purchase of immovable property. The FBR has imposed three percent tax on filers and 10.5 percent tax on non-filers during the current fiscal year, and it collected nearly Rs80 billion during this year. Read More: https://lnkd.in/dtUjnJVW #budget2024 #PakistanEconomy #brecordernews #FBR #nationaltaxservices #TaxConsultant #incometax

The federal government is mulling over increasing an advance tax on cash withdrawal by non-filers from banks in the upcoming FY budget 2024-25, ARY News reported on Wednesday quoting sources. According to sources, FBR proposed to increase the advance tax on cash withdrawals from 0.6 percent to 0.9 percent for non-filers in next year’s budget. The government had first imposed a 0.6 percent advance tax on non-filers’ is FY2023-24 budget. Sources said that if parliament approves this tax proposal, the FBR could collect over Rs. 15 billion annually in revenue from non-filers. Sources also added that FBR has also proposed to increase withholding tax on all sorts of vehicles, having engine capacity of 850cc or more.

According to sources, FBR proposed to increase the advance tax on cash withdrawals from 0.6 percent to 0.9 percent for non-filers in next year’s budget. The government had first imposed a 0.6 percent advance tax on non-filers’ is FY2023-24 budget. Tap the link for more www.karobartv.online 🔗 #FBR #CashWithdrawals #Budget2023_24 #TaxProposal

Quarter 3 Update: Fringe Benefit Tax and Deemed Interest Rate The Kenya Revenue Authority (KRA) has released the latest Fringe Benefit Tax (FBT) and deemed interest rates for the third quarter of 2024.  #CMAdvocatesllp #taxlaw #legalalert

From 6 April 2025, the current remittance basis of taxation for non-UK domiciled individuals will be abolished and replaced with a residence-based regime. Individuals who opt into the new regime will not pay UK tax on any foreign income and gains arising in their first four years of tax residence, provided they have been non-tax resident for the last ten years. Anyone who has been tax resident in the UK for more than four years will pay UK tax on their foreign income and gains. The government will also introduce the following transitional arrangements for existing non-UK domiciled individuals claiming the remittance basis: • an option to rebase the value of capital assets to 5 April 2019 • a temporary 50% exemption for the taxation of foreign income for the first year of the new regime (2025/26) • a two year Temporary Repatriation Facility to bring previously accrued foreign income and gains into the UK at a tax rate of 12%. The government will also reform Overseas Workday Relief for employment duties carried out overseas. Inheritance Tax (IHT) is currently a domicile-based system. The government announced the intention to move to a residence-based system, subject to consultation, but no changes to IHT will take effect before 6 April 2025.

"That is unbelievable. One has to work until June to pay for the taxes in this country before one actually even starts making any money. This takes away one's motivation to go to work." Michelle Ferreri As Canadians, we face a significant tax burden with multiple layers of taxation. From income tax to sales tax and the carbon tax, the financial pressure on individuals and businesses is substantial. It's crucial for us to stay informed and advocate for fair tax policies that balance the needs of the government with the well-being of its citizens. #Taxation #Canada #FinancialAwareness #TaxReform 🙄

Capital Gains Tax (CGT) is levied on gains that individuals or businesses make from selling property in Kenya. Taxpayers should take note of deductions & exemptions that apply to CGT in order to reduce their tax liability and maximise profits. Read more: https://lnkd.in/d7t42ePx . . . . . #capitalgains #capitalgainstax #DeductibleExpenses #deductible #exemption #newblog #newarticle #blog #blogpost #taxes #property #realtorlife #realestatelife #realestatetips #realestategoals #realestateadvice #realestate #propertymarket ##propertyforsale #propertyexpert #propertysearch #propertyinvestor #easter #eastersunday #easterweekend

- Small Business Corporation (SBC) tax is a type of income tax levied on companies registered as small business corporations in accordance with the Income Tax Act of South Africa. - It is designed to encourage and support small businesses, which play a vital role in the economy and job creation. - There are several benefits to being registered as an SBC, including a reduced tax rate.

Do you know selling property in Pakistan might get more expensive? FBR proposes ending tax relief on property sales, potentially raising taxes! Read More: https://lnkd.in/dHfbU7Xf #PakistanTax #PropertyTax #RealEstate #FBR #Budget2024

A question i get asked often Is it better to get taxed as individual or as a company in Cyprus ? The answer is always get taxed as a Company as you only pay 12.5% on the profits As an individual the starting tax rate is 20% and goes up to 35% Example : Trading Profits €100 000 as a company tax payable : €12500 Self employed : Trading profits as individuals €100 000 Tax payable: €35000 More information? You know what to do .