Spain’s government expects to raise $6.3 billion from its “windfall tax” on banks and energy companies. With those entities recording record earnings, the tax “is quite a manageable amount given the profit volume which, under no circumstances … can be considered confiscatory, but rather proportionate...
The Internal Revenue Service (IRS) has delayed implementing a lower threshold for the 1099-K form. In a Friday (Dec. 23) press release, the agency said that the lower $600 threshold amount at which third-party settlement organizations would have been required to report the tax year 2022 transactions on...
Following slow progress on international agreements, France has doubled down on its digital service tax. First announced in 2019 and implemented in 2020, the digital service tax (DST), which targets companies with €750 million ($790 million) in an annual global turnover and at least €25...
Gig workers and small business owners are reportedly using the payment service Zelle to avoid declaring taxable earnings to the IRS. While users of Zelle are required to declare their earnings, Zelle itself said it does not have to declare transactions made through the payment...
As British Prime Minister Rishi Sunak’s government attempts to move on from the short-lived Truss tenure, all signs point toward a major realignment of the British tax regime that will seek to plug a 60 billion pound ($68.7 billion) hole in the public finances. The...
In recent years, several African countries where mobile money transactions are a popular means of payments have introduced levies on digital transactions, much to the dismay of local consumers and small businesses hit the hardest. While those in favor of the electronic transaction levy (eLevy)...
As European economies seek shelter from inflation, governments across the continent are turning to windfall taxes — aimed at an industry that is perceived to have profited from a sudden increase in income — as a way to fund initiatives and alleviate some of the...
The Internal Revenue Service is set to pay billions in interest to tax filers as it struggles to process tax refunds. That’s according to a Monday (May 9) report from the Wall Street Journal, which noted that the IRS has raised the rates it pays...
This week marks the launch of Ghana’s “eLevy,” a 1.5% tax on all mobile money transactions higher than 100 Ghanaian cedis (about $13). But as the BBC reported Sunday (May 1), the tax — which applies to bank transfers and remittances as well — has...
