taxation   2954

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Overhaul tax for the 21st century - Stuck in the past
Tax income, not payroll. Tax land, not property. Tax consumption, not production. Tax inheritance.
taxation  government  society 
12 hours ago by debrouwere
Is Dai a taxational loophole? : MakerDAO
Does anyone know whether putting ether into a smart contract would/should be considered a taxable event?
makerdao  taxation 
6 days ago by clehene
Income tax return filing deadline extended to August 31
Until last assessment year (AY) there was no penalty for filing belated income tax returns. However, this penalty is applicable from AY 2018-19. A new section 234F was inserted by the government in the Income Tax Act. As per this section, an individual would have to pay a fee of up to Rs 10,000 for filing income tax return after the due dates specified in section 139(1) of the Act.as per the amendments made in the Finance Act 2017, taxpayers are liable to pay a fee of Rs 5,000, if their tax return for the financial year 2017-18 is filed after the return filing deadline (i.e., July 31, 2018) but before December 31, 2018. The fee payable will increase to Rs 10,000, if the tax return is filed on or after January 1, 2019. However, if the total income of the taxpayer is less than Rs 5,00,000, the fee amount shall not exceed Rs 1,000.
taxation  dates 
19 days ago by thomas.kochi
If Ronaldo Can’t Beat Uruguay, the Least He Can Do Is Pay Taxes
The day of the Portugal-Spain match, Ronaldo, who plays for Real Madrid, had acknowledged evading 14.7 million euros (about $17.1 million) in taxes between 2011 and 2014. That’s enough to pay for 800 full-time Spanish primary-school teachers for one year or to treat 1,000 patients with breast cancer.And Ronaldo is far from an isolated case. In 2017, his archrival, Lionel Messi of Argentina — who plays for FC Barcelona — was given a 21-month prison sentence (which was changed to $2.5 million in fines) for the same crime...But as the cases of Ronaldo, Messi and many wealthy individuals caught in recent leaks such as the Panama Papers and Paradise Papers illustrate, tax evasion is pervasive among the rich, deserving athletes or idle rentiers alike. Why? Not because they are evil people or impervious to the consequences of their actions, but because they are wooed by a global tax evasion industry.
NYTimes  taxation  sports 
6 weeks ago by thomas.kochi
The Missing Profits of Nations
By combining new macroeconomic statistics on the activities of multinational companies with the national accounts of tax havens and the world’s other countries, we estimate that close to 40% of multinational profits are shifted to low-tax countries each year. Profit shifting is highest among U.S. multinationals; the tax revenue losses are largest for the European Union and developing countries. We show theoretically and empirically that in the current international tax system, tax authorities of high-tax countries do not have incentives to combat profit shifting to tax havens. They instead focus their enforcement effort on relocating profits booked in other high-tax places—in effect stealing revenue from each other. This policy failure can explain the persistence of profit shifting to low-tax countries despite the sizable costs involved for high-tax countries. We provide a new crosscountry database of GDP, corporate profits, trade balances, and factor shares corrected for profit shifting, showing that the global rise of the corporate capital share is significantly under-estimated.
zucman  finance  taxation  taxes 
7 weeks ago by chrismasters

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