Our Scans · (FS.6.04) Individual Tax Liabilities · Weekly Summary

• Thailand's revenue departments has released new guidelines which will see all income from abroad taxed as personal income tax regardless of whether it was earned income or savings. Thai Enquirer
• Entities with corporate partners will be able to reduce the base amount relative to the distributive shares allocated to partners who are not subject to Connecticut's personal income tax under Chapter 229. CBIA
• The UK's tax office has warned of a new set of scams designed to trick customers claiming tax credits into handing over their personal and financial information. Infosecurity Magazine
• Personal income tax revenue grew 12% to NT $36.9 billion and could increase further this month, when Taiwanese file income taxes for last year's salary and interest income, cash dividends and other compensation.
• The UAE finance ministry has clarified residency rules for implementation of corporate tax: non-resident persons will be liable to pay tax when they either have a permanent establishment in the Emirates or derive state-sourced income. Nasser Saidi & Associates
• In 2023, for the first time since 2020, Florida personal income is expected to grow faster than the taxes paid by Floridians to all levels of government. Florida TaxWatch
• Hitherto operating via a company has created the opportunity to draw income as dividends, free of NICs, and shelter profits at a corporation tax rate that is below the basic rate of income tax - rather than personal tax rates on earnings of up to 45% (47% in Scotland from 2023/24). Raymond James Investment Services
• Proposals to cut the personal income tax in North Carolina will further line the pockets of the already well off. NC Budget & Tax Center
• State Tax Rebates in South Carolina Beginning later this month and continuing into December, a significant percentage of personal state income taxes will be returned to South Carolina taxpayers. mynwmo.com
• Stealth increases in income tax and national insurance contributions are expected to be rolled out over the next few years by extending a freeze on personal tax allowances and thresholds. The Guardian
• The UK will be left as one of the least competitive nations on tax, coming in 33rd of 38 overall and ranking very low on business taxes, consumption taxes and personal taxes. The Centre for Policy Studies
• The bill enacted by Governor Reynolds will bring Iowa's personal income tax, which has a top rate of 8.53% today, down to a flat 3.9% over the next four years. Forbes
• ARKANSAS Gov. Asa Hutchinson plans to call a special session to cut income taxes, despite slashing personal and corporate income taxes late last year. ITEP
• The new tax cut means that 2.2 million Brits will be lifted out of personal tax altogether and 70% of UK workers will now pay less National Insurance, even after accounting for the Health and Social Care Levy. Institute of Financial Accountants
• There are realistic hurdles a digital tax bill would have to overcome before it could become law in Oregon, not least Oregon corporate tax, which is already on income from digital activities (including sales of personal information, advertising, and the like). The Law News Network
• Domestically in the United States, personal tax rates and vehicles are under increased scrutiny with changes expected in the second half of 2021. AdvisorAnalyst.com
• Higher corporate and personal taxes, combined with a reimposition of a much stronger regulatory regime, might slow the U.S. economic recovery and indirectly dampen Canada's post-COVID recovery. The Fraser Institute
• Beginning in January of 2024, Georgia's personal income tax is set to shift from a graduated system, where tax rates increase from 1 to 5.75% so that everyone pays their fair share, to a flat tax of 5.49%, where the wealthy benefit the most. Georgia Budget and Policy Institute
• On average across the 2022 to 2040 forecast period, government revenues due to offshore oil and natural gas activities in the Gulf of Mexico (excluding personal and corporate income taxes and property taxes) are projected to average over $7.4 billion per year. American Petroleum Institute
• No corporate tax will be levied on personal income from employment, real estate and other investments, or on any other income earned by individuals not arising from businesses or commercial activities licensed in, or permitted to be undertaken in, the UAE. JD Supra

Last updated: 16 April 2024