Tag Archives: Tax

Running a Sideline Business? 5 Tax Issues You MUST Consider

Today, many people have a sideline business to make extra money, to test a business concept, or to just enjoy a different type of work. The gig economy, where self-employed individuals find freelance and other business opportunities through such online platforms as Uber, TaskRabbit and Upwork, is proving to be a good avenue for sideline businesses. But sideline businesses can be independent ... Read More »

Fearing tax raids, Agra jewellers shifting their excess stocks to bank lockers

With Goods and Services Tax (GST) becoming effective in July 2017, the gold jewellery business is one of the biggest sufferers as most of this business used to be transacted without any paperwork in the past. Jewellers were not in a habit of keeping a stock register and often, the stock available with them was significantly more than what they ... Read More »

‘Less tax, no input credit’ plan for small businesses may return soon

The composition scheme, which is applicable to specific categories of small businesses whose turnover is Rs 75 lakh and below and had been closed on August 16, may return soon. With just about a million taxpayers opting for the scheme, the goods and services tax (GST) Council will consider reopening the window in its meeting on Saturday in Hyderabad, giving another opportunity ... Read More »

Demonetisation benefits visible in IT enforcements, tax filings: Finance ministry

A day after the RBI’s report revealed that 99% of demonetised currency had come back into the banking system, the finance ministry on Thursday claimed that the note ban’s benefits were clearly visible in terms of a quantum jump in enforcement actions and growth in direct tax collections. “The government launched a concerted drive against black money with demonetisation being ... Read More »

95 Percent of Small Businesses Are Focused on Tax Relief, Survey Says

Tax relief is on top of U.S. small business owners’ wish lists. NWYC Q2 2017 Small Business Sentiment Index That’s according to the Q2 2017 Small Business Sentiment Index from National Write Your Congressman (NYWC). The survey found an overwhelming majority of small businesses (95 percent) saying they would like Congress to act on tax relief and simplification. Small Businesses Want the Government ... Read More »

How Trump’s tax proposal could impact his own business empire

The Trump administration unveiled their proposal to overhaul the tax code on April 26, outlining sharply lower tax rates but fewer tax breaks. (Video: Jenny Starrs/Photo: Jabin Botsford/The Washington Post) President Trump’s massive tax-cut proposal would slash taxes on hundreds of businesses he and his family own. The White House on Wednesday unveiled a proposal that would cut the top ... Read More »

Apple to appeal EU tax ruling this week, says it was a ‘convenient target’

Apple (AAPL.O) will launch a legal challenge this week to a record $14 billion EU tax demand, arguing that EU regulators ignored tax experts and corporate law and deliberately picked a method to maximize the penalty, senior executives said. Apple’s combative stand underlines its anger with the European Commission, which said on Aug. 30 the company’s Irish tax deal was ... Read More »

Amazon and Starbucks pay less tax than sausage stall, says Austria

Amazon and Starbucks pay less tax in Austria than a local sausage stall, the country’s Chancellor Christian Kern has said in a newspaper interview. “Every Viennese cafe, every sausage stand pays more tax in Austria than a multinational corporation,” Mr Kern told Der Standard. “That goes for Starbucks, Amazon and other companies,” he said. He added that EU countries with ... Read More »

EU hits Apple with 13 billion euro Irish tax demand

The European Commission ordered Apple Inc. to pay Ireland unpaid taxes of up to 13 billion euros (11 billion pounds) on Tuesday as it ruled the firm had received illegal state aid. Apple and Dublin said the U.S. company’s tax treatment was in line with Irish and European Union law and they would appeal the ruling, which is part of ... Read More »

Qatar to levy airport tax on passengers

Qatar’s government will levy a new airport tax on passengers from Tuesday, according to a circular to travel agents, as the country seeks new revenue streams amid falling oil prices. Every passenger leaving Qatar from Doha’s Hamad International Airport, including transit passengers, will be charged 35 riyals (7.10 pounds) for using airport facilities, Qatar Airways advised local travel agents in ... Read More »