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Thailand is set to impose taxes on all foreign goods sold through online platforms starting from January of next year. This move marks an end to the existing exemptions granted to low-value imports that are priced under 1500 baht (US$46.30). Creating a Fair…
Thailand will introduce a 45% tax on imported vintage cars in fiscal year 2026, a strategic move projected to boost government revenue by an additional THB1-2 billion (US$31.4-62.9 million) annually. The regulations accompanying this tax will restrict these…
In a proactive move to aid its beleaguered hospitality industry, Jakarta officials have unveiled a temporary tax reduction initiative for hotels and restaurants amid escalating costs and a dip in consumer demand. The new regulation introduces a hefty 50% tax…
In a robust defense of wealth and economic freedom, Bernard Arnault, the chairman and CEO of LVMH and France’s wealthiest individual, has vehemently criticized a proposed 2% tax targeting billionaires, labeling it a direct threat to the nation’s economic…
In the ever-evolving landscape of taxation, Vietnam’s Ministry of Finance has stirred the pot with a proposal to overhaul the Personal Income Tax Law, aiming to streamline tax brackets from seven down to five. While maintaining the maximum marginal rate at…
The Thai government is weighing a tax on physical gold trading as a strategy to temper the surging value of the baht, a move that could have significant repercussions for the country’s export and tourism sectors. Discussions are ongoing between the Bank of…
In a significant shift in U.S. trade policy, the Biden administration has announced that duty-free shipping for low-value commercial packages from all countries will be suspended effective August 29. This move, aimed at curbing the influx of fentanyl…
Cigarette tax in Indonesia will be increased by an average of 10 percent starting January 1 next year in a move to control the production and consumption of cigarettes in the country. Local media quoted Indonesian Finance Minister Sri Mulyani Indrawati as…
Vietnam’s National Assembly made headlines by greenlighting a significant increase in the special consumption tax on alcoholic beverages, lifting it from 65% to a staggering 90% by the year 2031. This bold initiative, revealed on Saturday, is part of a…
UBS Resolves Credit Suisse Tax Investigation with $510 Million Settlement The U.S. Department of Justice has concluded its protracted investigation into Credit Suisse’s tax practices, resulting in a settlement considerably lower than initial projections. In a…
The Thai Revenue Department has urged social media influencers and online sellers to file their annual income tax by the end of March to avoid fines and penalties. Director-General Pinsai Suraswadi expressed concern that many young earners, including…
Thailand expects to implement a global minimum corporate tax of 15% on multinational companies from January 2025, its finance minister said on Friday. The government will urgently issue a law on the tax collection, Pichai Chunhavajira said on a local…
Tax collection from online sellers rose 54% year-on-year in the first half to VND9.98 trillion (US$392 million) as the government cracks down on tax evasion by e-commerce sellers. Some 43,000 vendors and businesses aid taxes, with over 4,500 also paying fines…
The U.S.’s Internal Revenue Service estimates that the country’s millionaires and billionaires are evading over US$150 billion in taxes annually. Audits of taxpayers earning over $1 million a year have declined by more than 80% over the last decade despite a…
Family members of Samsung Electronics chairman Jay Y. Lee have sold 2.8 trillion won (US$2.12 billion) worth of shares in the company and its affiliates to pay inheritance taxes. The sale of about 29.8 million shares, or a 0.5% stake in Samsung Electronics,…
PepsiCo has been ordered by the Federal Court to pay royalty withholding tax and, in the alternative, diverted products tax (DPT), which would apply. The first time it has been considered in court, DPT is a new tool to ensure large global businesses operating…
