Global Tax Reforms and Sanctions: A Comprehensive Review, 7 DEC

 Global Tax Reforms and Sanctions: A Comprehensive Review

The U.S. Supreme Court commenced hearings in Moore v United States, a critical case that raises concerns over the constitutionality of a mandatory repatriation tax imposed on U.S. shareholders in foreign corporations in 2017. This case could potentially influence future tax legislation controlling domestic and global capital markets. A verdict is expected in the spring of 2024.

Taliban’s Taxation and Afghanistan’s Economy

In Afghanistan, the Taliban regime is heavily dependent on taxes and an amplified export of natural resources to finance its first annual budget. As a result, Afghans are bracing themselves for an increased tax burden on various activities. This comes as the Taliban government is on a mission to collect revenue to fund its operations.

Significant Changes in Bangladesh’s Income Tax Act 2023

In Bangladesh, the newly passed Income Tax Act 2023 brings significant revisions for individuals, companies, and start-ups. The act integrates tax exemptions on salary, removes minimum tax for e-TIN holders, and introduces a ceiling on tax rebates. The changes extend to include tax surcharge, taxation on dividend income, and reporting of assets and liabilities.

Constitutionality of Taxing Foreign Income

Simultaneously, the U.S. Supreme Court is examining a lawsuit by a Washington couple challenging a one-time tax imposed in 2017. The couple contests the constitutionality of taxing income from shares in foreign corporations. The outcome of this case could have vast implications for the U.S. tax code.

Forex Update and Sanctions

This report also brings an update on the Iraqi Dinar to United States Dollar conversion. The currency rates are frequently updated, providing accurate conversions for those in need.

The U.K. government has announced 46 new sanctions targeting individuals and organisations supporting Russia’s illegal invasion of Ukraine. Concurrently, the U.S. Department of Justice has filed war crime charges against four Russian nationals accused of torturing and unlawfully confining a U.S. citizen. The U.S. has also proposed a new plan for the release of two Americans wrongfully detained in Russia.

https://bnn.network/bnn-newsroom/global-tax-reforms-and-sanctions-a-comprehensive-review/