Browsing Tag

tax

Trump Halts Trade Negotiations with Canada Amid Concerns Over Tax on American Tech Companies

In a recent announcement, U.S. President Donald Trump declared an end to trade negotiations with Canada, a move he labeled as a response to new taxes affecting U.S. tech companies. He indicated that Ottawa would be informed of the updated tariff rates within a week. President Trump was specifically addressing Canada's digital services tax, which was introduced last year and is projected to generate approximately Can$5.9 billion (US$4.2 billion) over the next five years. As noted by the Computer & Communications…

Mali Seizes Control of Barrick Gold Mine Amid Tax Controversy

On a recent Monday, Judge Issa Aguibou Diallo made a pivotal ruling that has shifted the course of one of Africa's most precious mining assets. He instructed that Zoumana Makadji, a chartered accountant and former Malian Minister of Health, be appointed as a provisional administrator within 15 days. This critical move effectively places operational control of the mine into the hands of an external authority, prompting questions about the future of this vital resource. Dispute Over Taxation…

US House Endorses Trump’s Comprehensive Tax Reduction Package

The Republican-led U.S. House of Representatives has passed a significant tax relief and spending cuts bill championed by President Donald Trump. Critics have raised concerns that it could severely impact healthcare while significantly increasing the national debt. This legislation, which now heads to the Senate, reflects Trump's vision for a new "Golden Age." It proposes to scale back social safety net programs to facilitate a ten-year extension of the tax cuts initiated in 2017. In a post on Truth Social, Trump…

African Nations Dependent on Indonesian Palm Oil Face Price Rises Due to Tax Increase

Indonesia’s recent announcement to raise its export tax on crude palm oil (CPO) from 7.5% to 10% is stirring ripples across global markets. While this change is significant for many countries worldwide, the ramifications are particularly acute for Africa, which heavily relies on palm oil imports from Southeast Asia. For many African nations, the news of this new levy, set to take effect on May 17, 2025, poses a troubling scenario: heightened import costs. It’s a reality that can significantly affect local economies and…

Ghana’s Revenue Dips by GH¢7.1 Billion After Tax Cuts

Recent analysis paints a sobering picture for policy makers in Ghana. Projected reforms aimed at alleviating the financial stress on its populace and businesses are estimated to drain the nation's coffers, leading to a revenue loss somewhere between GH¢5.5 billion and GH¢7.1 billion. But what does this mean for the nation's economic blackboard? While many acknowledge potential advantages in the short term, such as tax reductions on pivotal goods and services for low-income households, Professor Boadi,…

Australian Government Aims to Win Over Voters with Unexpected Tax Reductions

Today, the Australian government has unveiled a series of new tax cuts and additional cost-of-living assistance, aiming to reconnect with dissatisfied voters while taking a bold step that will shift the budget back into deficit. Prime Minister Anthony Albanese's administration is gearing up for a crucial May election, currently finding itself in a tightly contested race against the conservative Coalition opposition. The stakes are high, and according to Albanese, “We must address the immediate concerns of everyday…

US Commerce Secretary Describes Ireland as His ‘Preferred Tax Haven’

The US Secretary of Commerce, Howard Lutnick, recently reignited controversy by labeling Ireland as his preferred "tax scam." This remark was made during an appearance on the business and technology podcast, All-In, where he passionately stated, "We're going to try and fix a whole bunch of these tax scams. Ireland is my favourite." Lutnick went on to express concerns about the significant presence of US multinational corporations in Ireland, particularly in the pharmaceutical and technology sectors. He claimed, "They have…

North Western State of Somalia Introduces Tax on Mobile Transactions to Increase Revenue

In the rugged yet dynamic cityscape of Hargeisa, a new chapter in taxation has recently unfolded. The North Western State of Somalia government, keen on broadening its financial horizons, has introduced a sales tax policy that intriguingly touches the pulse of everyday life: mobile money transactions. Once constrained to a select few businesses, this 5% sales tax now meticulously extends its reach over mobile phone airtime, internet data packages, and internet services for homes and offices. Such a decision is not…

Ghana Introduces Tax Breaks, Cheap Energy for 24/7 Economy

Imagine a world where businesses never sleep. The bustling streets of Accra are alive at midnight, factories hum with the rhythm of machinery well past dusk, and digital startups thrive in the quiet hours when most are asleep. This vision could soon become a reality in Ghana, as highlighted by Simon Madjie, the Acting Chief Executive of the Ghana Investment Promotion Centre (GIPC). Madjie, brimming with enthusiasm, spoke about the flagship policy that aims to revolutionize the Ghanaian economy. Dubbed the…

Somali Parliament Approves Tax Reforms and Youth Legislation

Mogadishu (AX) — Under the vibrant political canopy of Somalia, a noteworthy moment unfolded in the Somali Parliament on Monday. It was a day that saw the approval of two pivotal legislative acts: the Youth Justice Bill and the Income Tax Bill. These are not mere legislative formality; they are emblematic of a nation striving to break free from its past shackles and move towards a horizon marked by prosperity and fairness. Bihi Iman Igeh, the Minister of Finance, stood tall amid his peers as he commended the…

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