Discover and read the best of Twitter Threads about #tax

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Strange headline @BBCNews, which doesn't line up much with the content

A short 🧵 with some notes on errors made in the article, and the evidence on what we do/don't know about #nondoms responding to #tax reform

#TaxTwitter
bbc.co.uk/news/uk-politi…
Have to say, my least fav. way to start 'evidence' part of an article is with an interested party. This one starts by citing one tax advisor, who says potential tax changes are first topic of conversatn with his clients. I mean, 🤯? What else would you talk to tax advisor abt??
Then this famous graph based on the drop in the number of non-doms

My excellent colleague @D_Burgherr has said everything that needs to be said about this already.
Read 19 tweets
We're breaking #Budget2023 down for you.

Sit back, relax, and have a great read! 👇
#AskKamra
1.

Infra gets boost:

- Highest ever capital outlay of Rs. 2.40 lakh crores for Railways

- 50-year interest-free loans to states one more year for infra spends
2.

Agri & Fisheries to benefit:

- Agricultural accelerator fund to promote agri-startups

- 10,000 bio-input resource centres in next 3 yrs to promote natural farming

- 6000 Cr outlay for Animal husbandry, dairy, and fisheries
Read 28 tweets
FWIW, here are my three takeaways from #JeremyHunt's interview in the Times:

1. Welcome emphasis on encouraging over-50s back to work. This is long overdue, and will need more than just exhortations and gimmicky 'MOT' schemes, but he seems to get this...

thetimes.co.uk/article/jeremy…
2. 'Putting sound money before Tory ideology' is a good line: if badly done, tax cuts could keep #inflation high and add to pressure on interest rates.

But still wrong to rule them out: well-targeted cuts could help with both demand and supply, boosting growth without inflation.
3. Prioritising cuts in business rather than personal taxes is not a bad idea: could do more for supply-side performance, with less risk of inflation.

The distinction between the two is blurred anyway: the burden of corporate taxation is ultimately borne by real people.

BUT...
Read 5 tweets
Whether a Person who opts to make a payment as per Section 129(1)(a) to get his Conveyance/Goods released (which were earlier detained and Seized U/s 129) is deprived of his right to file appeal U/s 107 against proceedings?

#tax #gst #caselaw
Kerala High Court held:
✅Voluntary payment does not deprive person of Appeal ✅ Whether or not a person opts to make payment U/s 129(1)(a) or provide security U/s 129(1)(c) it is the responsibility of the Officer to pass an Order U/s 129(3)
and upload Summary of Order/Demand in the Form MOV-07.

Title: Hindustan Steel and Cement vs Asstt. STO
Court: Kerala High Court
Citation: Writ Petition (C) No 17454/2022
Dated: 18-Jul-2022
Read 5 tweets
Supply of pencil with sharpener and eraser is not composite supply.

Supply of pencil with sharpener is not a composite supply but a mixed supply as per advance ruling.

#tax #GST #CaseLaws #COVID19
The ruling states that the applicant has used the word “accessory” along with sharpener and eraser which means they are not essential or integral to pencil but they are useful and therefore, they are not naturally bundled.
The AAR

notes that the argument of the applicant that these items are generally sold together in this industry is not acceptable because they are also sold independently and it is a marketing technique to increase sale of sharpener and eraser.
Read 5 tweets
The Correct answer is (D)
(1/3) A corporate tax is a tax levied on the profits of a company/firm, and is paid on a company’s taxable income. Corporate taxes are collected by the government as a source of income.
(2/3)These taxes are based on taxable income, after expenses have been deducted.
Corporation Tax is an appropriation out of profits from business, interest on securities and dividends of the company.
Read 4 tweets
🇸🇴 The #Somali Islamist group, #alShabaab, is the ‘largest, wealthiest and most deadly’ al-Qaeda affiliate remaining in the world.

🔴 Despite losing territory since 2011, the group has remained dominant, exerting control and power far beyond areas it physically controls.
💰 #AlShabaab’s continued resilience can largely be attributed to their checkpoint #taxation apparatus it has established throughout southern #Somalia.

The group categorizes its #tax system into four streams:
🚚 Transit
📦 Goods
🌾 Agricultural produce
🐐 Livestock
⚠️ Despite the group’s #checkpoints and #tax officials routinely targeted by government and international forces, #AlShabaab can easily adapt by relocating those checkpoints and replacing the tax collectors.
Read 4 tweets
The "Global Unified Target" essentially means that the average global Joe should be at the carbon impact level of the average Indonesian. I wonder if this is also valid for the House-of-Lords committee members that came up with this report? 📰👉
committees.parliament.uk/publications/3…
"Departments from across government should use the full range of policy levers—incl. regulatory & financial (dis)incentives, development & adaptation of physical & choice environments, and communication & engagement—to enable changes to the most impactful climate [..] behaviours"
“COVID messaging on the first lockdown across society shows what a successful public communications campaign looks like for behaviour change.”
Read 6 tweets
#CostOfLivingCrisis #Austerity #ThereIsNoBlackHole #ToryLies
We’re going to have austerity on the basis of some very dubious accounting for the national debt
~ Richard Murphy
taxresearch.org.uk/Blog/2022/11/1…
#ToryEconomics #SunakHasNoMandate #FudgeIt #budget
/2 The UK’s #nationaldebt is a strange figure. For example, to most people's surprise it includes all our notes and coins, as well as premium bonds. But much more worrying is the fact that a significant part of it is created by what I think to be dubious #Accounting . A thread…
/3 The way the national debt is calculated makes a massive difference when it comes to calculating so-called ‘#fiscalblackhole s’,which are the supposed reason why we need to have #austerity and #tax rises now. But some of the accounting for this debt is dubious to say the least.
Read 9 tweets
1/ With a potential @FTX_Official insolvency becoming very likely, some people already accepted their holdings on FTX to be lost. Sadly writing them off mentally will not count as a #tax offset - but there is a way... 🧵
2/ To harvest losses and lower potential taxable gains, they first have to be realized. This means those assets with pending losses need to be disposed of, either by selling them for FIAT or swapping them into another asset.
3/ As long as that did not happen, even if access to the funds is lost, there is still a legal claim to get them back. This means those losses are not realized yet and a lawsuit against FTX might possibly last years and heed no outcome.
Read 7 tweets
ATED is an obscure tax, that almost no non-specialists have heard of. The fact it exists is a policy failure, and the fact people are paying it is even more of a failure. Therefore we should raise it. taxpolicy.org.uk/2022/11/04/ated

#tax #ATED
We all pay stamp duty when we buy a house. But there’s a well-known trick: have your house owned by a company – a special purpose company that does absolutely nothing else (often called “enveloping”). Then you sell the shares in the company, and the buyer pays no stamp duty.
This was revealed to an incredulous world in the early 2010s. In a sane world, the “loophole” would’ve been closed by simply applying stamp duty to the sale of the shares...
Read 13 tweets
Having $30T of #debt (us gov) means each 1% increase ultimately adds $300b to the yearly interest expense. So ~3.3% rise in rates adds $1T of interest. US Gov already runs >$1T and when they trigger another recession it will be $2T in a hurry as #tax revenue falls
#Powell and the #fomc are bullshit boogeymen to people that understand the reality of the situation. They will print and print and print, because they must. Trillions of new dollars flooding into the real economy each year. The fomc will continue to grow its balance sheet
Ignore the noise and short term vol when these guys speak. Empty words. They are in a box and we all know what they will do to avoid bank failures and cascading debt defaults. They are cruelly shaking the tree and punishing the most vulnerable amongst us.
Read 5 tweets
@MarinSanna #Polish trucks carried heavy foreign #warmachines on #Helsinki Ring I Oct 15 at 8:02 am
- According to a reader, there were six Polish trucks in the queue and they were heading east. The caravan that attracted attention was not known to the Helsinki police
www-iltalehti-fi.translate.goog/kotimaa/a/b06e…
Read 18 tweets
Thread 🧵 on NRE NRO Accounts

✅ What is NRE NRO A/c
✅ What’s the Difference
✅ Types of NRO NRE A/c
✅ Taxability on NRO NRE A/c
✅ Who can Open/Operate
✅ How to Utilise these accounts
✅ Investment’s through NRO NRE
✅ Repatriation of Funds

Let’s begin 👇🏻
Q. What is NRE NRO Accounts ?

Literal meaning -

NRE: Non- Residential External

NRO: Non- Resident Ordinary

Both accounts are opened by NRI’s in India 🇮🇳 which are in INR denominations.

#NRI #NRO #NRE
Q. What’s the difference between NRE & NRO?

Basic Difference:

NRE account opened by NRI to park their “Foreign Earnings”

NRO account opened by NRI to manage “Income earned in India” 🇮🇳
Read 17 tweets
It is with mixed emotions that I share some personal news: after 15 years at #OECD, I have decided to step down as Director of @OECDtax. This is the outcome of a long reflection and I feel privileged to have served this unique Organisation & its members for so many years.
2/ I have been incredibly lucky to be in the most exciting place to witness & facilitate the fundamental, once in a century changes to the int'l #tax system. The deal last Oct was the culmination of more than a decade of hard work to introduce a tax regulation of globalisation.
3/What we have built together is here to last. Pillar Two will soon be implemented globally and Pillar One will set the architecture of the tax system. A page was turned last October.
Read 8 tweets
228/sc #Supply #Chain #Diversification: #USA needs to urgently shift the labor intensive & medium tech parts of its defence supply chains from 🇨🇳 to 🇮🇳 with the collateral benefit of getting more defence orders under #Atman #Nirbhar production; #GOI must ensure #EODB/#EORC
230/sc #Supply #Chain #Diversification . Note that Vietnam is a competitor in location of consumer digital products supply chains. (Reason & solution in next tweet)
Read 28 tweets
The Nomad Scam ⚠️

A Thread 🧵 by and Airline Pilot 🛩 with a 37,000ft view ⛅️
Don’t go burning that Passport just yet 🔥

If you’ve spent any time doing deep dives in #fintwit or on YouTube, you’ve likely come across a few people offering you the service of separating you from your money and your US citizenship.
The prominent players in this space use some kind of take on the words #nomad & #Sovereign They boast lavish lifestyles in Banana Republics were you can escape the regime of the United States Government and its tax code.
Read 17 tweets
bit.ly/3c29b2d
Over two decades ago, in a most unjust and technically unsound and illegal decision, @AAI_Official expanded @mlrairport . We warned of disastrous consequences. None listened. All the way to @DGCAIndia , Karnataka High Court and also Supreme Court. /1
This is what happened: bit.ly/3QVkEiO

Despite this disaster, the #airport has turned into a major international hub. And thanks to @narendramodi, it has been gifted to @gautam_adani 's Adani Group. /2
Like several other #ports, airports and public #infrastructure have been.

The lack of #transparency of such transfers notwithstanding, it is now immensely disturbing that Gautam Adani gets to decide and impose #UDF. /3
Read 10 tweets
On the issue of the 87,000 new #IRS agents to be hired to audit everyday Americans…Why is it that foreign investors into American companies (public and private) PAY NO CAPITAL GAINS TAX WHATSOEVER. When a Saudi Arabian Sheikh or a Chinese billionaire trades stocks or invests 1/4
In Uber, or Apple, or Space-X…they mint billions and go home without ever paying a single US tax dollar. Something is horribly wrong with a system that taxes, audits,and demands compliance with its own citizens but gives foreign investors a FREE PASS. Imagine the tax revenue 2/4
Just waiting to be harvested by taxing the Saudi Sovereign Wealth Fund, SoftBank, China Investment Corporation,China’s State Administration of Foreign Exchange (SAFE), and many others that are currently enjoying a free ride in our capital markets. It’s time to pay. @LHSummers 3/4
Read 4 tweets
¿Compras en #Amazon u otras tiendas virtuales?
En este hilo te voy a explicar con obtener un REEMBOLSO del dinero que pagaste en impuestos.
#tax #taxrefund #cashback #refund #taxexempt
Abro 🧵 👇👇👇👇
Si NO eres residente de USA y compras en Amazon (aplica para otras tiendas como Walmart, Bestbuy, etc) puedes aplicar al Tax-Exempt alegando que al no ser residente, no pagas impuestos en ese país.
Y si lo haces bien, te van a devolver los $33.73 q cobraron en este ejemplo:
Hacerlo es muy sencillo:
1.- Vas a ir a tus ordenes en Amazon e imprimir el PDF de la orden (invoice).
Read 9 tweets
Expect lots of warnings today from #TeamRishi about the cost of higher interest rates as the Bank of England (#BoE) hikes.

Three counters...

1. The #tax cuts proposed by #LizTruss are unlikely to have any significant impact on #inflation (they could even help to reduce it)...
2. It's #TeamRishi that's playing at 'fairytale economics' if they think the current ultra-low level of interest rates is normal, healthy or sustainable (most economists agree that fiscal policy is too tight - largely due to #Rishi's tax hikes - and monetary policy is too loose)
3. It is at least right to worry that rising short-term interest rates will add to the cost of public debt. But this simply strengthens the case for the government to lengthen the maturity of borrowing to lock in low rates - as #LizTruss has proposed!

#trussonomics
Read 3 tweets
🧵While it’s popular these days for Republicans to bash the #Manchin-Schumer proposal, look closer and there are things that pro-energy conservatives should like in the deal. Specifically:
1. #Drilling: significant increases in onshore and offshore drilling.

2. #Renewables: wind and solar subsidies/tax credits are contingent upon the granting of drilling permits (protecting against a Biden Admin "bait & switch").

3. #Nuclear: funding for nuclear investments.
4. #Carbon: funding & rules for carbon capture—allowing firms to keep current power plants open longer—giving the US a longer runway to reach its "energy transition" goals.

5. #Batteries: requires high levels of local material in production—curbing incentives to build in China.
Read 7 tweets
The speeches about the capital that millionaires contribute in taxes and how much the poor and the middle class receive from this forced generosity, are a whole literary genre … 🙄 the millionaire factory of #myths 🙄
What's more, this genre is cultivated above all by those from below, as the principle of the genius of propaganda Edward Bernays says: “you should never say that what you want to sell is good, but make others say it”.
That the poor and the workers (oh! excuse the redundancy) defend the rich as kind donors, is the direct result of such a publicity strategy and, as Bernays himself knew, it is not just a massive inoculation but an exploitation of the weaknesses of the consumer, as is the desire
Read 20 tweets
Yes Bank is only a few quarters away from turning a new leaf.
Here is the thread why? 🧵
(1/6)
#yesbank
Yes Bank reported a 50.17 percent year-on-year (YoY) rise in profit after tax (PAT) at Rs 310.63 crore compared with Rs 206.84 crore in the same quarter last year.
(2/6)
#tax
The bank had clocked a net profit of Rs 207 crore in the year-ago period
To get an NPA Relief, YES Bank struck a deal with JC Flowers ARC, which could give the much-needed facelift for its books.
(3/6)
Read 6 tweets

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