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U.S. Treasury eyes corporate tax system as way to tackle climate change

3 Min Read
WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen and Deputy Secretary Wally Adeyemo met with environmental groups on Friday to discuss ways to leverage the corporate tax system to help address climate change, Treasury said in a statement.
FILE PHOTO: Janet Yellen speaks during a panel discussion at the American Economic Association/Allied Social Science Association 2019 meeting in Atlanta, Georgia, U.S., January 4, 2019. REUTERS/Christopher Aluka Berry/File Photo
Yellen discussed the importance of “using all the tools at our disposal, including the tax code, to drive toward net-zero emissions,” the statement said.
She noted that President Joe Biden’s proposed tax changes would begin to modernize how the United States treats the fossil fuel industry by removing subsidies that date back to the early 1900s, the statement said. ....

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Avoiding rental pitfalls

It’s actually a common misconception amongst landlords that they are not required to report their rental income, says Tricor Taxand executive director Thang Mee Lee.“Even if they are aware, some of them are not so well versed with the procedures, ” she tells StarBizWeek.
IT’S income tax season again.
For individuals who derive rental income from real property, it can certainly be a time of confusion and needless stress.
We’ve all heard the horror stories of individuals who fail or forget to file their taxes, only to be slapped with back-taxes so high that their only recourse is to have a one-on-one appointment with their family psychiatrist; or to make a run for the border and disappear forever. ....

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VAT comes into effect in line with economic goals of Oman

VAT comes into effect in line with economic goals of Oman ....

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Colombian government sends $6.4 billion tax reform plan to Congress

2 Min Read
BOGOTA, April 15 (Reuters) - Colombia’s government on Thursday formally proposed to Congress a $6.4 billion tax reform that would eliminate many deductions and increase duties on individuals and business.
The measure, considered key by financial markets and analysts to manage fiscal pressures caused by the coronavirus pandemic and maintain the country’s credit rating, seeks to boost tax collection by 23.4 trillion pesos ($6.38 billion) a year, equivalent to 2% of gross domestic product.
“It is moderate reform if we compare it internationally,” Finance Minister Alberto Carrasquilla said during a virtual presentation.
Some provisions of the reform package, which would largely come into force starting in 2022, have already come under fire from opposition lawmakers. It will face a difficult path to approval one year ahead of presidential and legislative elections. ....

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Biden White House's secret weapon on infrastructure: small businesses

5 Min Read
(Reuters) - The Biden administration is seeking to leverage a secret weapon in its bid to get corporate America to pay for a sweeping jobs and infrastructure package: the nation’s some 30 million small businesses.
FILE PHOTO: U.S. President Joe Biden holds first Cabinet meeting at the White House in Washington, U.S., April 1, 2021. REUTERS/Tom Brenner/File Photo/File Photo
The White House’s effort, previously unreported, seeks to harness the political popularity of small businesses and the current agitation among them over a tax structure many view as generous to larger, billion-dollar corporations like Walmart Inc and Amazon.com Inc over Main Street establishments. ....

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