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The latest tax news from around the world, summarised and tagged for tax professionals. Updated twice daily.
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PIAF for continuation of remittance incentives for sustained forex inflows
The Pakistan Industrial and Farmers Association (PIAF) has called for the continuation of remittance incentive schemes to sustain foreign exchange…
Instead of Uniting the Left, California’s Billionaire Tax Measure Has Split Democratic Allies
A California ballot measure proposing a wealth tax targeting billionaires has created divisions among Democratic allies rather than unifying the…
Rauh & Jaros: It Failed in France. It Would Be a Disaster in California.
This article by Rauh and Jaros analyzes a wealth tax proposal in California, drawing comparisons to France's experience with a…
Rajkot ITAT Sets Aside Reassessment as Escaped Income Is Below INR 50 Lakh
The Rajkot Income Tax Appellate Tribunal (ITAT) set aside a tax reassessment order against a taxpayer after determining that the…
Even a 2-Day Delay Can Kill a Reassessment: Delhi High Court Draws a Strict Line on Section 148 Timelines
The Delhi High Court has ruled strictly on procedural timelines under Section 148 of the Income Tax Act, holding that…
Is Delay the End of a Tax Case? ITAT Says Justice Must Prevail Over Technicalities
India's Income Tax Appellate Tribunal (ITAT) has ruled that procedural delays should not automatically defeat a taxpayer's case when substantive…
What if Andy Burnham lowered the mansion tax threshold to £1.5m?
An analysis exploring the potential revenue and distributional impacts of lowering Andy Burnham's proposed mansion tax threshold from £2 million…
Employees working abroad
UK government guidance on tax and payroll obligations for employers with staff working abroad. Covers PAYE responsibilities, National Insurance contributions,…
Guidance: CWG2: further guide to PAYE and National Insurance contributions
CWG2 is HMRC's comprehensive technical guide for employers on operating PAYE and calculating National Insurance contributions in the UK. It…
42 States Don’t Tax Social Security. Here Are the 8 That Do
A breakdown of U.S. state-level taxation of Social Security benefits reveals that 42 states exempt such income from state personal…
The Structured Installment Sale: What CPAs Should Be Telling Business and Real Estate Clients Before They Close
This article advises CPAs on structured installment sales as a tax-efficient strategy for business and real estate clients prior to…
Form: Tell HMRC that Inheritance Tax is due on the 10 year anniversary of a trust — IHT100d
HMRC form IHT100d used to report Inheritance Tax due on the ten-year anniversary charge of a non-interest-in-possession trust (also known…
Trump Accounts Risk Missing Low-Income Families Buying In
Trump Accounts, proposed savings vehicles in recent U.S. tax legislation, risk failing to reach low-income families who may lack the…
Guidance: Agent update: Making Tax Digital for Income Tax
HMRC's agent update on Making Tax Digital for Income Tax (MTD IT) provides tax agents with guidance on preparing their…
Get ready for MTD: an agent toolkit
HMRC's MTD agent toolkit provides a structured resource to help tax agents prepare their clients for Making Tax Digital for…
Trusts, Settlements and Estates Manual
HMRC's Trusts, Settlements and Estates Manual is an official internal guidance resource covering the tax treatment of trusts, settlements, and…
How your State Pension is taxed
This UK government guidance explains how State Pension payments are subject to income tax. While the State Pension itself is…
Should Britain tax its citizens abroad?
This article examines the debate over whether the United Kingdom should adopt citizenship-based taxation (CBT), similar to the US model,…
Employee Tax Advantaged Share Scheme User Manual
HMRC's internal manual covering employee tax-advantaged share schemes in the UK. The manual provides detailed guidance on the tax treatment…
IRS adds online option, details for Kwong-related refund claims
The IRS has introduced an online filing option and additional procedural details for taxpayers seeking refund claims related to the…
IRS adds online option, details for Kwong-related refund claims
The IRS has introduced an online option and additional procedural details for taxpayers filing refund claims related to the Kwong…
NY Tax on Remote Work Again Withstands Professor’s Challenge
A New York court has again upheld the state's 'convenience of the employer' rule, rejecting a professor's challenge to New…
Short-Term Accommodation in a Residential Unit – VAT and PIT Treatment
This article explores the tax treatment of short-term accommodation rentals within residential units, covering both VAT and personal income tax…
TIGTA Made 91 Surprise Visits to IRS Taxpayer Assistance Centers. Here’s What Happened
The Treasury Inspector General for Tax Administration (TIGTA) conducted 91 unannounced inspections of IRS Taxpayer Assistance Centers (TACs) to evaluate…
Surat ITAT: Delay in Filing Form 10B Not a Valid Ground to Deny Section 11/12 Exemption
The Surat Income Tax Appellate Tribunal (ITAT) ruled that a delay in filing Form 10B cannot be used as a…
The New York Pied-à-Terre Tax: What You Should Know
New York's proposed pied-à-terre tax targets non-primary residential properties owned by non-residents, particularly high-value secondary homes in New York City.…
Don’t Let Form 16 Decide Your Tax Liability!
This article cautions Indian taxpayers against relying solely on Form 16 — the employer-issued certificate of tax deducted at source…
Brauner: A Purpose-based Reform of Income Sourcing Rules
Professor Brauner proposes a purpose-based reform of U.S. income sourcing rules, which determine how cross-border income is allocated between jurisdictions…
The OBBBA’s Trump Accounts Open on July 4
The One Big Beautiful Bill Act (OBBBA) introduces 'Trump Accounts,' tax-advantaged savings accounts for children that opened on July 4,…
WSJ: Why a Couple Lost a $200,000 Tax Battle Over Their Horses
A couple lost a $200,000 tax battle involving their horses, highlighting IRS scrutiny of hobby loss deductions. The case likely…
37 ways Andy Burnham could raise £4.7bn
This article explores 37 potential tax-raising measures Andy Burnham, Mayor of Greater Manchester, could implement to generate £4.7 billion in…
Employment Income Manual
HMRC's Employment Income Manual is a comprehensive internal guidance resource covering the taxation of employment income in the UK. It…
MDDP Webinar: B2B Reclassification into Employment: Dispute, Penalties and Tax Impact (VAT & Personal) (July 15)
MDDP is hosting a webinar on July 15 examining the tax consequences of reclassifying B2B contractor relationships as employment arrangements.…
CBDT Condones Delay in Filing Form 10AB for 80G Approval Renewal
India's Central Board of Direct Taxes (CBDT) has issued a condonation order allowing taxpayers to file Form 10AB beyond the…
Inside the numbers: Pakistan hits 8.2 million active taxpayers
Pakistan has reached a milestone of 8.2 million active taxpayers, reflecting efforts by the Federal Board of Revenue (FBR) to…
After Newsom Couldn’t Stop It, California Braces for Billionaire Tax Brawl
California is preparing for a major political and legislative battle over a proposed 'billionaire tax' after Governor Gavin Newsom failed…
Bloomberg: North Carolina Targets Prediction Markets, Sports Betting Taxes
North Carolina is moving to expand its tax regime to cover prediction markets and sports betting revenues. The state is…
5.6 million taxpayers check their pay in the HMRC app an average of 18 times a year
HMRC reports that 5.6 million UK taxpayers use the HMRC mobile app to check their pay and tax details, averaging…
Famed Chef Hit With $1M Judgment In Boston Tax Case
A celebrated chef has been hit with a $1 million judgment in a Boston tax case, following legal proceedings related…
Accredited official statistics: Inheritance Tax liabilities statistics
HMRC is releasing accredited official statistics on Inheritance Tax (IHT) liabilities in the UK. These statistics provide data on the…
Silent Correction or Legislative Clarification? The Curious Case of “Person” vs “Persons” in the New Income Tax Act, 2025
This article examines a nuanced legislative drafting issue in India's new Income Tax Act, 2025, focusing on whether the use…
Can Section 69C Be Invoked Merely Because Purchases Are Alleged to Be Bogus?
This article analyzes whether Section 69C of India's Income Tax Act — which deals with unexplained expenditure — can be…
IRS Signals Preparations for Potential Kwong Refunds as July 10 Deadline Approaches
The IRS is signaling preparations for potential refunds related to the Kwong case, with a July 10 deadline approaching. The…
What 250 Years of Tax History Reveal About the US Tax Code
Drawing on 250 years of American fiscal history, this Tax Foundation piece examines the evolution of the US tax code…
Section 8
Section 8 of the UK Valuation Office Agency's Capital Gains and other taxes manual provides detailed technical guidance on specific…
Valuation Office - Capital Gains and other taxes manual
The UK Valuation Office Agency's Capital Gains and other taxes manual provides official HMRC guidance on property valuation methodologies used…
Pay tax on payments to foreign entertainers and sportspersons
UK HMRC guidance covering the tax obligations of payers making payments to foreign entertainers and sportspersons performing in the United…
How ITR Filing Software Cross-Checks AIS for AY 2026-27
Indian ITR filing software for Assessment Year 2026-27 now cross-checks data against the Annual Information Statement (AIS), a tax authority-generated…
Guidance: List of Individual Savings Account (ISA) managers approved by HMRC
HMRC publishes and maintains an official list of Individual Savings Account (ISA) managers approved to offer ISAs to UK savers.…
Assessment in the Name of a Deceased Person Is a Nullity: ITAT Allows Legal Ground Even If Not Raised Before CIT(A)
India's Income Tax Appellate Tribunal (ITAT) ruled that a tax assessment issued in the name of a deceased person is…
Financial costs
This UK HMRC toolkit guidance covers the tax treatment of financial costs, focusing on the distinction between capital and revenue…
General
This UK HMRC capital versus revenue expenditure toolkit provides general guidance on distinguishing capital from revenue costs for tax purposes.…
Legal and professional fees
This UK HMRC toolkit guidance addresses the tax treatment of legal and professional fees, helping determine whether such costs constitute…
FBR enforces Rs25,000 surcharge payment for individuals from July 1
Pakistan's Federal Board of Revenue (FBR) has begun enforcing a Rs25,000 surcharge on individual taxpayers effective July 1. The surcharge…
TaxStatus Launches New Capability That Turns Tax Records Into Planning Opportunities
TaxStatus has launched a new capability that converts tax records into actionable tax planning opportunities for CPA firms and their…
Some Republicans Join Missouri Democrats in Push Against Income Tax Phaseout
A bipartisan coalition in Missouri, including some Republicans joining Democrats, is pushing back against the state's planned income tax phaseout.…
Could Initiative to Kill Washington’s ‘Millionaires Tax’ Also Kill the State’s Capital Gains Tax?
A Washington State ballot initiative aimed at repealing the new high-earner 'millionaires tax' may have broader legal implications, potentially threatening…
SALT Round-Up—Current Developments in Key Jurisdictions
This article provides a roundup of current state and local tax (SALT) developments across key U.S. jurisdictions, covering legislative, administrative,…
Tell HMRC about beneficial owners at a disproportionate risk of harm
HMRC guidance instructs trustees and others on how to report beneficial owners who face a disproportionate risk of harm if…
Register a trust
HMRC provides step-by-step guidance on how to register a trust with the Trust Registration Service (TRS). Trustees of registrable trusts…
Check if you need to register a trust
HMRC guidance helps trustees determine whether their trust must be registered with the UK Trust Registration Service (TRS). Following expansion…
Bankman et al: Home Production and the Income Tax
Academic paper by Bankman et al. examines the treatment of home production under the income tax system. The study explores…
Can Penalty for Concealment Survive If Income Declared in Return Filed Under Section 148 Is Accepted? ITAT Chennai Says No
The Income Tax Appellate Tribunal (ITAT) Chennai ruled that a penalty for concealment of income cannot survive when the income…
How to Use Online Challan Correction Facility on IT Portal
This article provides a step-by-step guide on using the online challan correction facility available on India's Income Tax Portal. It…
Buyback Proceeds Now Taxable as Dividend: How to Report it in Your ITR
India has changed the tax treatment of share buyback proceeds, now taxing them as dividends in the hands of shareholders…
Capital Gains Manual
HMRC's Capital Gains Manual provides comprehensive guidance on the taxation of capital gains in the UK. It covers the rules…
International treaty: Sweden: tax treaties
This publication covers the tax treaty arrangements between the United Kingdom and Sweden. Double taxation agreements between the two countries…
Undergraduate Student Receives Income Tax Summons Over Rs 20.98 Crore Transactions, Alleges PAN-Aadhaar Misuse by Shell Company
An undergraduate student in India received an income tax summons related to Rs 20.98 crore in financial transactions linked to…
Income Tax Act, 2025 Replaces “May” with “Shall”: Has the Assessing Officer Lost His Discretion?
India's Income Tax Act, 2025 has replaced the word 'may' with 'shall' in provisions governing Assessing Officers, raising significant questions…
Has the Income-tax Act, 2025 Changed the Law on Capital Gains Exemption for Depreciable Assets?
India's Income Tax Act, 2025 has prompted analysis of whether it alters the established legal position on capital gains exemption…
HC Upholds MCX Circular Fixing Negative Due Date Rate for Crude Oil
A High Court has upheld a Multi Commodity Exchange (MCX) circular that fixed a negative due date rate for crude…
Appeal Is Not a Mere Formality: ITAT Mumbai Reminds Authorities to Determine the Correct Tax Liability
The Income Tax Appellate Tribunal (ITAT) Mumbai has issued a significant ruling emphasizing that tax appeals are not mere procedural…
HC Holds Time-Barred Assessment Cannot Sustain Penalty Under Section 271(1)(c)
An Indian High Court has ruled that a time-barred tax assessment cannot serve as the basis for levying a penalty…
ITAT Upholds Pass-Through Taxation for Revocable Securitisation Trust Under Income Tax Act
India's Income Tax Appellate Tribunal (ITAT) has upheld pass-through taxation treatment for a revocable securitisation trust under the Income Tax…
ITAT Remands Section 50C Addition After Finding Breach of Natural Justice
India's Income Tax Appellate Tribunal (ITAT) has remanded a Section 50C addition back for fresh adjudication after determining that the…
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