By Laura Davison From Bloomberg News WASHINGTON—The Internal Revenue Service is under pressure from a large group of lawmakers to stop penalties and pause automated collections from taxpayers whose returns have been caught in a processing backlog. In a letter signed by at least 216 Republicans and Democrats from both the House and Senate, the…
Quebec Will Backtrack on Unvax Tax: Provincial Liberal Health Critic
Quebec’s Liberal party opposition says it believes the government’s plan to tax adults who refuse to get vaccinated against COVID-19 will soon be reversed. Liberal health critic Monsef Derraji says he expects the idea will be abandoned the same way the province backtracked on its plan to force health care workers to get vaccinated or…
More Than 1 Million Britons to Pay Higher Tax Rate by 2026, Says New Research
Over one million more people in the UK will pay the higher tax rate by 2026, according to new research. The analysis by the House of Commons Library—first published in The Daily Telegraph—says around 1.2 million additional workers will find their earnings going over the 40 percent tax threshold as a result of the government’s…
American Airlines Launches Rights Issue Plan to Protect $16.5 Billion Tax Benefit
American Airlines Group Inc. said on Wednesday it was seeking shareholder approval for a rights offering plan to avert any hostile takeovers and preserve a $16.5 billion tax benefit, as the industry grapples with the Omicron coronavirus variant. The No. 1 U.S. airline said it had cumulative U.S. federal net operating loss carryforwards exceeding $16.5…
EU Proposes Law to Implement OECD Deal on Minimum Global Corporate Tax
BRUSSELS—The European Commission proposed a law on Wednesday that would implement in Europe a global deal struck among the 20 biggest world economies (G20) on a minimum tax rate for companies. The Commission proposal includes a common set of rules on how to calculate the globally agreed 15 percent effective tax rate, so that it…
NTD Business Full Broadcast (Dec. 20)
The Top democrat in the Senate says they are still going to vote on President Biden’s social spending bill, even after Senator Joe Machin, who holds the key vote, says he won’t support it. Tesla CEO Elon Musk tweeting about his massive tax bill this year. How does it compare to other years? And why is it…
Federal Government Stays Mum as Manchin Says ‘No’ to Biden Bill With EV Tax Credits
December 19, 2021
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WASHINGTON—The Prime Minister’s Office isn’t saying anything about a key U.S. senator’s decision to put President Joe Biden’s controversial electric-vehicle incentives on ice. West Virginia Sen. Joe Manchin, a key Democratic vote in the evenly divided Senate, confirmed today that he’s a “No” on the $1.75-trillion Build Back Better bill. The legislation includes tax credits…
Ottawa Stays Mum as Manchin Says ‘No’ to Biden Bill With EV Tax Credits
December 19, 2021
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WASHINGTON—The Prime Minister’s Office isn’t saying anything about a key U.S. senator’s decision to put President Joe Biden’s controversial electric-vehicle incentives on ice. West Virginia Sen. Joe Manchin, a key Democratic vote in the evenly divided Senate, confirmed today that he’s a “No” on the $1.75-trillion Build Back Better bill. The legislation includes tax credits…
EU to Draft Texts on Global Corporate Minimum Tax Deal by Spring: Macron
PARIS—The European Union will draft texts by spring 2022 on the implementation of a global minimum corporate tax deal brokered this year, French President Emmanuel Macron said on Thursday. France assumes the rotating presidency of the European Council on Jan. 1. By Richard Lough and Kirsten Donovan
Loblaw Financial Wins Supreme Court Case Over Tax Treatment of Barbados Subsidiary
OTTAWA—The Supreme Court of Canada has sided with Loblaw Financial Holdings in a dispute over the tax treatment of a subsidiary the company ran in Barbados. In a 7-0 ruling today, the top court says Canadian provisions at issue in the case did not apply to the company, Glenhuron Bank Ltd., meaning tax on its…
US News
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