tax

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…

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…

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,…

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…

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…

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…

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…

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…

Dangote Group: Leading Taxpayer in Nigeria Picture this: It's a typical bustling day in Lagos, vibrant and full of life, when the airwaves crackle with news that's bigger than the city's iconic bridges—Dangote Industries Limited (DIL) and its subsidiaries have done it again. They’ve announced a staggering tax remittance exceeding N402.3 billion for the year 2024. This announcement secures their place as Nigeria's highest taxpayer. During a thoughtful gathering with senior media…

Mogadishu (AX) – With an air of both determination and urgency, Somali President Hassan Sheikh Mohamud stepped up to address the nation with a poignant message: taxes matter. In a country grappling with financial instability, his administration is poised to launch a far-reaching tax collection initiative in the days to come. The message was clear as he spoke to the people of Mogadishu on Monday. President Mohamud extended an appeal, perhaps even a plea, for cooperation, underscoring a fundamental tenet of civic duty—the…