#Corporate tax implementation services

[masarca]

Corporate Tax Implementation in UAE: What Every Business Should Know

The introduction of corporate tax implementation in UAE marks a significant shift for businesses operating in the country. The UAE government has implemented corporate tax to align with global tax standards and diversify its revenue sources. While the corporate tax structure is designed to support economic growth, businesses must be well-prepared to comply with the new regulations. We breaks down everything you need to know about corporate tax in the UAE and how corporate tax services in UAE can help you navigate this transition smoothly.

What is Corporate Tax Implementation in UAE?

The UAE has historically been known for its tax-free environment, attracting businesses from around the world. However, with the new corporate tax implementation in UAE, companies will now be required to pay tax on their profits. The corporate tax is set at a competitive rate, ensuring that the UAE remains an attractive destination for businesses, while also aligning with international tax standards.

The corporate tax applies to all businesses that exceed a certain profit threshold, and compliance is mandatory. Understanding the details and implications of this new tax regime is crucial for businesses of all sizes.

Why Corporate Tax Implementation is Essential

The introduction of corporate tax is part of the UAE's broader effort to diversify its economy and reduce reliance on oil revenues. By implementing corporate tax, the UAE ensures that its economy is sustainable and resilient in the face of global changes. Moreover, it fosters greater transparency in business operations, enhancing investor confidence and promoting growth.

How Corporate Tax Services in UAE Can Help

Navigating the complexities of corporate tax laws can be challenging, especially for businesses unfamiliar with tax compliance. Corporate tax services in UAE offer specialized expertise to ensure that businesses remain compliant while minimizing their tax liabilities. These services include tax planning, compliance audits, and strategic advice, helping businesses optimize their tax positions.

Professional tax firms like Masar Chartered Accountants provide comprehensive support, from understanding tax regulations to preparing and submitting accurate tax returns. This proactive approach ensures that businesses can focus on growth without worrying about tax penalties.

Corporate Tax Filing Services in Dubai: A Vital Service

For businesses based in Dubai, compliance with corporate tax laws requires timely and accurate filing of tax returns. Corporate tax filing services in Dubai help businesses meet their legal obligations by ensuring that all financial statements and tax returns are prepared in line with UAE regulations. These services also assist businesses in identifying tax-saving opportunities and avoiding common pitfalls that can lead to penalties.

Engaging professional tax filing services is essential for businesses looking to avoid errors in their filings and ensure compliance with the UAE’s corporate tax framework.

Conclusion

The corporate tax implementation in UAE signals a new era of business regulation that emphasizes transparency, compliance, and economic growth. With the help of corporate tax services in UAE, businesses can navigate this transition smoothly and ensure that they remain compliant with the new tax laws. Whether through expert guidance or corporate tax filing services in Dubai, businesses can leverage professional support to minimize their tax burden and maintain financial health.

[alzoradubaidotcom]

Why Every Business Needs a Tax Advisor in Dubai

Dubai, the crown jewel of the United Arab Emirates, is a haven for entrepreneurs and businesses of all sizes. With its thriving economy, free zones, and commitment to innovation, Dubai offers an unparalleled environment for growth. However, navigating the intricacies of tax regulations in this dynamic market can be a daunting task. This is where a qualified tax advisor in Dubai becomes an invaluable asset.

The Evolving Tax Landscape in Dubai

Dubai's tax system is constantly evolving, with new policies and procedures being introduced regularly. Keeping up with these changes can be time-consuming and complex, especially for businesses with limited resources. A tax advisor in Dubai stays abreast of the latest developments, ensuring your business complies with all relevant regulations. This includes understanding Value Added Tax (VAT) registration requirements, filing deadlines, and any potential tax exemptions your business may qualify for.

Benefits of Utilizing a Tax Advisor in Dubai

Hiring a tax advisor in Dubai offers a multitude of benefits that go beyond mere compliance. Here are some key reasons why every business in Dubai should consider partnering with a tax professional:

Tax Optimization: Tax advisors have a deep understanding of Dubai's tax code and can identify opportunities to minimize your tax burden while staying compliant. This can involve maximizing available deductions, utilizing free zone benefits, and implementing tax-saving strategies tailored to your specific business operations.

Reduced Risk of Errors: Even minor errors in tax filing can lead to significant penalties and potential audits. A tax advisor in Dubai can ensure your tax returns are accurate and filed on time, minimizing the risk of any unwanted surprises from the authorities.

Enhanced Efficiency: Tax advisors can handle all aspects of your tax affairs, freeing you and your team to focus on core business activities. This can save valuable time and resources, allowing you to dedicate your energy to driving growth and profitability.

Strategic Planning: A tax advisor in Dubai can play a crucial role in your business's long-term financial planning. They can help you assess the potential tax implications of strategic decisions, such as expanding into new markets or forming partnerships. This allows you to make informed choices that support your business objectives while minimizing any tax liabilities.

Finding the Right Tax Advisor in Dubai

With a vast pool of tax professionals in Dubai, choosing the right advisor can feel overwhelming. Look for a firm like Al Zora Accounting & Advisory Services, with experienced tax advisors who possess a deep understanding of Dubai's specific tax regulations. Consider their experience with businesses in your industry, their track record of client satisfaction, and the scope of services they offer.

Conclusion

Dubai's business landscape thrives on innovation and efficiency. By partnering with a qualified tax advisor in Dubai, you can gain peace of mind knowing your tax affairs are managed effectively. This allows you to focus your resources on what matters most – achieving success and building a thriving business in this dynamic market. Don't hesitate to contact Al Zora Accounting & Advisory Services to learn more about how our tax advisors can help your business navigate the complexities of Dubai's tax system.

[spkauditors]

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[justinspoliticalcorner]

Emily Singer at Daily Kos:

On Wednesday, Donald Trump nominated former Rep. Billy Long to chair the Internal Revenue Service, a Missouri Republican who tried to abolish the tax-collecting agency while serving in Congress. Long was a cosponsor of the Fair Tax Act, a bill that would abolish income taxes and instead implement a whopping 23% sales tax—a regressive tax that the Tax Policy Center said would lead to a tax increase on the middle class and a massive cut for the wealthiest Americans. The bill Long co-sponsored also sought to repeal the 16th Amendment to the Constitution, which gives Congress the power to create and collect income taxes, and ultimately would abolish the IRS entirely. The bill Long cosponsored tracks with the goals of Project 2025, the right-wing roadmap for Trump’s second term. Like the Fair Tax Act, Project 2025 calls for replacing individual and corporate income taxes with a consumption tax, which the Center for American Progress said would lead to a “$5,900 tax increase for the middle 20% of households and an average $2 million tax cut for the top 0.1%.” Long also was the cosponsor of a bill that would repeal the estate tax, which only kicks in for people who inherit more than $13.6 million—amounting to yet another giveaway to the mega rich.

Since leaving Congress in 2023, Long has been serving as a tax adviser to businesses, and has encouraged them to use a pandemic-era Employee Retention Tax Credit that's cost the government billions more than anticipated due to it being rife with fraud. Trump touted this work as a reason why he chose Long to lead the IRS. “Since leaving Congress, Billy has worked as a Business and Tax advisor, helping Small Businesses navigate the complexities of complying with the IRS Rules and Regulations,” Trump said in a Truth Social post. “I have known Billy since 2011 - He is an extremely hard worker, and respected by all, especially by those who know him in Congress. Taxpayers and the wonderful employees of the IRS will love having Billy at the helm. He is the consummate ‘people person,’ well respected on both sides of the aisle.” Democratic senators are already concerned about Long’s work helping businesses scam the government.

Former Missouri Congressman Billy Long has been picked by Donald Trump to lead the IRS with the intent to abolish the agency, a longtime calling card for the right.

[qqueenofhades]

There has GOT to be a way to dismantle this plan 2025 thing.....its freaking me the fuck out for all the reasons you've outlined but at this point it feels like people are SO disconnected from reality.....like grown adults around me are acting like they have a toddler's understanding of the economy, foreign affairs, etc. Im trying to gently challenge them and encourage them to actually read IN DETAIL the implications of all this stuff but its like. Ok the fascism....its in the room with us!!! I mean i suppose the main thing is to keep opposing it and trying to out-organize it for the next 10 yrs or so....wish the tech/journalism sector were more interested in preserving our sacred democracy!! Lol

Well, yeah. Of course there's a way to stop it: vote for Democrats en masse in 2024 and make sure the Republicans never have a chance to put it into action (at least for this electoral cycle, since they're not going to stop until they're beaten into the ground). So. Yeah. It's terrifying, but the task is clear and the same as it's always been.

And yes: I too have noticed the media going especially deranged in the last few weeks, going all-in on the Biden Old!! narrative, floating insane "Democrats need a competitive primary/Biden should step aside/replace Harris" utter BS, trying to make Hunter's minor gun charges into the BUT HER EEEEEMAILS of 2024, fellating Trump and giving him free air time, and otherwise doing their absolute best in service to their corporate paymasters to hand power back to the Republicans. (Does Biden recently announcing that he wants to implement a 25% minimum tax for billionaires have anything to do with it? One suspects it does.)

However, despite this flurry of mendacious bullshit, it is still over a year until the election, we don't know what's going to happen, Trump is still indicted on 91 felonies, and when it comes to actual elections, the Democrats continue to significantly overperform 2020 margins. So let's hope that despite the BS the media is doing its level best to flood into the information sphere, people are actually aware of the stakes of this election and how it is literally democracy or fascism. Some days I am more confident than others. So. We will see.

[jewishbarbies]

random things I would do if elected president, in no particular order:

ban LED headlights nationwide, no exceptions

make it illegal to donate to a political campaign if yearly income is above 100k

forgive all student debt (college, medical school, law school, etc.)

ban PACs and super PACs

require a special license for pickup trucks of a certain size with a specific drivers test

mandatory yearly drivers tests for people over the age of 55

make it illegal for politicians to use all social media in an official capacity

install a free public railway that connects all major cities in all 50 states

give Hawaii back to indigenous Hawaiians along with a promise of monetary reparations and/or supplies for an agreed upon period of time

give Puerto Rico back to the Puerto Ricans with monetary incentives for american citizens who move back to the states

ban the purchase of single family homes by any corporate entity in all 50 states

create a care program for migrants and refugees with housing, food, and supplies along with free English classes and courses on their preferred job field (with credits applied if enrolling in college plus a more streamlined path to citizenship starting with a work/school visa) paid for by taxes they’re already going to be paying working here anyway

complete overhaul of the american prison system with an implementation of rehab and mental health facilities, community projects, education and job training with no sentence longer than the completion of these courses/treatments unless for high crimes and special cases

bring home economics, culinary, and finance courses to middle and high schools with specialized AP courses for fields like human/veterinary medicine, law, engineering, environmental science, etc.

create a federally funded program for college students who want to become teachers, including specialized classes, free tuition, and sign on bonuses when employed at your first school as a one time tax credit with proof of employment

run federally funded educational tours and classes with volunteer opportunities at all national parks, with $10 general admission at all parks

require cities with a population over 1k to allocate funds/resources for warming stations, homeless and women’s shelters within city limits and maintain them year round

ban all fireworks no exceptions nationwide

mandatory voting in state and federal elections

executive order to make it illegal for politicians to earn more than the average yearly salary in their state/county/district/etc. at all levels of government

mandatory college education requirements for running for political office

anti inflation laws preventing the selling of goods and services for more than double the cost nationwide

make food waste in the agriculture industries illegal with tax credits for donating unsellable but edible food to shelters, churches, charities, and food banks

increase indigenous sovereignty in all 50 states, with regulations to prevent price gauging and predatory sale prices of goods and services to reservations, and increased legal protections for recognized tribes

work with local tribes to create programs delivering food, water, medicine, and supplies to households on reservations that sign up, 1-2 times a month like a food bank

create a federal agency of environmental scientists, biologists, etc. that work with indigenous peoples and maintain/protect land and local ecosystems in all 50 states through any means necessary with cooperation of the indigenous people

create additional tax credits for families, people with disabilities, students of any kind, home buyers, and farmers/agricultural workers

free school lunches in all schools in all 50 states

this is a non exhaustive fantasy list, don’t take it seriously. I’ll probably add more things I think of later.

[cindylouwho-2]

Etsy Delays Canadian Regulatory Operating Fee For Shops It Failed to Notify

On August 14, Etsy sent the above email to some Canadian shop owners, admitting they failed to notify some of us - "a small group of sellers" - that the corporation introduced a 1.15% Regulatory Operating Fee for all Canadian shops that starts August 15. Sellers who received this email will not be subject to the fee until August 29th, and even got an apology!

We should expect a lot of complaints tomorrow as some Canadian sellers become aware of this fee increase for the first time. I have still not received any notification for my jewellery shop - no emails, no dashboard pop ups that some others have reported. (I even logged into my closed shop to check, and it also lacked a notification.) It's extremely unlikely I am the only one.

Given that Google and Amazon are implementing similar fees but are waiting until October, only delaying the fee for 14 days when Etsy admits responsibility for the lack of earlier notification seems quite unfair. Why does everyone else get 30 days warning, but "a small group" only gets 15 days, solely because Etsy screwed up?

What Is Going On?

If you missed my other reports and don't know what this is about, the Canadian Digital Services Tax Act now charges companies 3% on several different categories of digital income such as marketplace service revenue and advertising services revenue. 

Etsy is not charged 3% tax on sellers' gross income; they are being taxed on some of the fees they charge us. If the goal is to force Canadian sellers to cover the whole amount owed, it's not clear why the company is not just applying a 3% fee on our fees, instead of this much higher cash grab. My calculations show that 1.15% of my gross income on Etsy's platform is almost 3 times as much money as 3% of the fees I pay Etsy would be. It's also a 10% fee increase for me, and they still haven't told me they will will be doing this.

Remember, Etsy pays a lot of tax in the United States (see this financial report at page 105) but does not charge US sellers any extra amount to cover those taxes. Forcing sellers from other countries to pay more when Americans don't is just another way Etsy loves to keep commerce inhumane for its non-US shops.

[prolifeproliberty]

So the IRS put out their “Inflation Reduction Act Strategic Operating Plan” and there’s some…interesting things. See the link above for the PDF.

Page 78:

“We will regularly assess whether IRS enforcement actions, their application and enforcement-related services are disproportionately burdening or advantaging specific demographic populations, geographies or customer categories, and we will make real-time and regular adjustments to our approach. This will build on the work already started by the Department of the Treasury and the IRS Research, Applied Analytics and Statistics Division to examine the tax system as part of OMB’s Equitable Data Working Group.”

This is woke corporate speak for “we can decide at any time to come down harder on someone or let them off the hook based on our perception of their victim/oppressor status”

Obviously the IRS needs to be abolished anyway, but this is just one more grain of sand in the heap, especially as we head toward the FedNow implementation this summer.

[allthebrazilianpolitics]

Brazil’s tax reform journey: a long road, with further challenges ahead

Fernando Silva of Vertex provides a guide to the ambitious transformation of Brazil’s complicated tax landscape, and says careful navigation will be required to negotiate dual VAT and phased implementation

Brazil’s tax system has long been ranked among the most complicated and least efficient in the world. This frustrates citizens, domestic and foreign corporations, investors, and tax authorities alike, with multiple layers of taxation governed by overlapping and often conflicting sets of rules. But now that is changing. After 30 years of innumerous attempts, Brazil’s government is embarking on what is arguably the most ambitious tax transformation in the country’s history. 

The measure, passed in December 2023, sets up a more transparent tax system that simplifies an outdated collection process for the production and sale of goods and the provisioning of services. Removing complexity from tax terms, conditions, and rules alone could significantly improve Brazil’s business environment, increase productivity, and boost investments in the country.

But while Brazil’s tax reform promises long-term clarity, in the near term it will likely bring additional challenges. There will be a phase-in period of between seven and 10 years that will force companies and tax preparers to learn a new set of rules and comply with two different, and sometimes contradictory, systems. 

Continue reading.

[alzoradubaidotcom]

Dubai Corporate Tax Implementation for Businesses

Confused about the new UAE Corporate Tax affecting your Dubai business? This guide clarifies everything! Learn if your business is subject to the 9% tax rate, how the tax applies to different financial years, and the exemptions available. Ensure a smooth transition and make informed decisions for your Dubai operations.

[its-suanneschafer-author]

Project 2025: Chapter 1 is basically a civics lesson in the organization of the office of the President and his staff (i.e. the Chief of Staff, Deputy Chiefs of Staff, etc) with ideas as to how many of these offices can be consolidated and “yes” men to Project 2025 put into place.

Chapter 2: Discusses the office of the President. Ironically, in spite of the current Supreme Court giving the President unlimited power and immunity, the bottom of page 43 quotes James Madison: “[t]he accumulation of all powers, legislative, executive, and judiciary, in the same hands, whether of one, a few, or many, and whether hereditary, self-appointed, or elective, may justly be pronounced the very definition of tyranny.” Yet it goes on to say the  President must have the “boldness to bend or break the bureaucracy to the presidential will and self-denial to use the bureaucratic machine.” 

Later, Project 2025 states that the “United States today faces an untenable fiscal situation and owes $31 trillion on a debt that is steadily increasing” yet refuses to admit that a substantial amount of that deficit falls to the hands of Trump and the GOP’s refusal to tax billionaires and corporations. (The ten-year cost of the legislation and executive actions President Trump signed into law was about $8.4 trillion with interest (27% of the $31 trillion.)

Page 51 states the “NSA should immediately evaluate and eliminate directorates that are not aligned with the President’s agenda and replace them with new directorates as appropriate that can drive implementation of the President’s signature national security priorities.” Yet their leader, Trump, had national security documents in unsafe conditions and hobnobs with Vladimir Putin and Kim Jong Un whose policies are in direct opposition of American ideals.

Page 60: Here are the first inklings of the GOP’s plans to restrict personal rights in the name of “returning rights to the individual”:

(1) “the woke agenda should be reversed and scrubbed from all policy manuals, guidance documents, and agendas.”

(2) “Abolishing the Gender Policy Council would eliminate central promotion of abortion (‘health services’); comprehensive sexuality education (‘education’); and the new woke gender ideology, which has as a principal tenet ‘gender affirming care’ and ‘sex-change’ surgeries on minors.” In essence, if you are not a heterosexual Christian male white supremacist, you are screwed.

#Project2025

#SayNOtoProject2025

#GOP

#Republicans

#HumanRights

#IndividualRights

#WomensRights

#USConstitution

#MAGAisNotAllThatGreat

[caspianlegalcenter]

Caspian Legal Center - Law Firm in Azerbaijan

Caspian Legal Center is one of the best law firms in Azerbaijan, located in the heart of Baku, established by professional lawyers and tax consultants. Our experts have extended experience at local large companies, law firms and public bodies such as the Ministry of Taxes, Central Bank and the Ministry of Economy. For more information about our team, visit People. We provide a wide range of legal, tax, accounting and immigration services and related Azerbaijani law consultancy. Alongside its trusted professionalism, our services are practical and prompt for very reasonable fees compared with other ranked law firms in Baku. We are proud to inform that our Legal Practice and Tax Practice have been ranked and recognized by various international ranking agencies and institutions separately, including Legal 500, IFLR 1000, Chambers & Partners, International Tax Review “Tax Firm of the Year” Award in CIS, ITR World Transfer Pricing and ITR World Tax. For more, visit About. As one of the top law firms in Azerbaijan, we have extended experience in business formation and legal entity set-up, corporate and commercial deals, contracts and transactions, immigration, employment, litigation, as well as excellence tax consultancy and accounting services competing with other international firms in Azerbaijan. For more, visit Services. We are an internationally ranked law firm in Azerbaijan, providing mentioned consulting services in very diverse industries, including oil and gas (particularly related to PSA-Product Sharing Agreements and Host Government Agreements), energy and natural resources, oil-gas, renewable energy, finance and banking, ICT, construction, hospitality, industrial manufacturing and machinery, agriculture and F&B; industry, education, professional services and retail industry. CLC is among the very few law firms in Azerbaijan which supports large foreign businesses, including several GLOBAL FORTUNE 500 companies, and other large multinational enterprises from about 40 countries representing diverse industries and well-known local companies. Last but not least, being distinct from law firms in Azerbaijan, we provide one-stop-shop practical support with our tax and accounting team, as complementary to legal services. Accounting implementation of tax services brings added value to our practice-based tax advisory.

[masllp]

Company Setup in India by Masllp: Simplifying Business Formation

India is emerging as one of the world’s fastest-growing economies, making it a hotspot for entrepreneurs and businesses looking to expand. Setting up a company in India can be incredibly rewarding, but navigating the legal, regulatory, and procedural complexities can be daunting. This is where Masllp, a trusted name in business consultancy, comes into play.

Masllp specializes in company setup in India, offering end-to-end solutions that simplify the process, save time, and ensure compliance with all legal requirements.

Why Choose India for Your Business? Before diving into the details of setting up a company, let’s explore why India is an attractive destination for businesses:

Growing Economy: India’s economy is projected to grow rapidly, providing numerous opportunities for businesses in various sectors. Large Market: With a population of over 1.4 billion, India offers access to a vast consumer base. Favorable Policies: The Indian government has implemented pro-business policies, including tax incentives, ease of doing business reforms, and support for startups. Skilled Workforce: India boasts a highly skilled and cost-effective workforce, making it ideal for businesses in technology, manufacturing, and services. Masllp: Your Trusted Partner for Company Setup in India Masllp is a leading consultancy firm that assists businesses in establishing their presence in India. From startups to multinational corporations, Masllp offers tailored solutions to meet your specific needs.

Services Offered by Masllp Business Structure Advisory Masllp helps you choose the most suitable business structure, such as:

Private Limited Company Limited Liability Partnership (LLP) One Person Company (OPC) Branch Office, Liaison Office, or Subsidiary Company Registration Masllp handles the entire registration process, ensuring compliance with the Ministry of Corporate Affairs (MCA). Key services include:

Obtaining Digital Signature Certificates (DSC) and Director Identification Numbers (DIN) Name approval and filing of incorporation documents Issuance of Certificate of Incorporation Legal and Regulatory Compliance Setting up a company in India requires adherence to various legal requirements. Masllp ensures your business complies with:

Companies Act, 2013 Taxation laws (GST, Income Tax) Labor and employment laws Taxation and Accounting Support Masllp provides ongoing support with:

GST registration and filing Income tax filings Accounting and bookkeeping services Banking and Licensing Assistance Masllp assists in opening corporate bank accounts and obtaining necessary licenses or approvals for your business operations.

Post-Incorporation Support From drafting agreements to HR policies, Masllp provides all the support you need to ensure smooth operations after incorporation.

Benefits of Partnering with Masllp Expert Guidance: Masllp’s team of experts ensures a hassle-free setup, handling every aspect with precision. Time-Saving: With Masllp, you can focus on your core business while they take care of the formalities. Cost-Effective Solutions: Their services are designed to deliver maximum value without unnecessary expenses. Compliance Assurance: Avoid legal hassles with Masllp’s thorough knowledge of Indian laws and regulations. Steps to Set Up a Company in India with Masllp Initial Consultation: Discuss your business goals and requirements with the Masllp team. Business Structure Selection: Choose the appropriate business entity based on your objectives. Document Preparation: Masllp collects and prepares all necessary documents for registration. Company Registration: The team handles the incorporation process with the Ministry of Corporate Affairs. Compliance Setup: Get your tax registrations, bank accounts, and licenses in place. Operational Support: Start your operations with confidence, supported by Masllp’s expertise. Why Masllp is the Best Choice for Company Setup in India With a proven track record of assisting businesses across various industries, Masllp has earned its reputation as a trusted partner for company setup in India. Their personalized approach, industry knowledge, and commitment to excellence make them the ideal choice for entrepreneurs and established firms alike.

Ready to Start Your Business in India?

Let Masllp make your company setup journey seamless and efficient. From registration to compliance, their expert team ensures every detail is handled with care.

Contact Masllp today to kickstart your business in India!

[justinspoliticalcorner]

Judd Legum at Popular Information:

As president, Donald Trump's tax policy heavily favored corporations and the wealthy. Trump's signature tax legislation, the Tax Cuts and Jobs Act, overwhelmingly benefited those groups. 

But, as a presidential candidate, Trump campaigns as a populist. In his 2024 campaign, Trump is touting a proposal to end federal taxation on tips. He made the announcement last month in Nevada, a key battleground state with a large service industry that relies on tips.  "For those hotel workers and people that get tips, you’re going to be very happy, because when I get to office, we are going to not charge taxes on tips," Trump said. "We’re going to do that right away first thing in office because it’s been a point of contention for years and years and years, and you do a great job of service."  This week, Trump's proposal to end taxes on tips was one of 20 "promises" included in the official 2024 Republican Party platform: "LARGE TAX CUTS FOR WORKERS, AND NO TAX ON TIPS!" Trump's plan to end taxes on tips may help him politically with service industry workers. His campaign is urging people to write "Vote for Trump for NO TAX ON TIPS!" on their restaurant receipts.

Republicans in Congress have already introduced legislation to implement Trump's plan and end federal taxation of tips. Notably, the bill would only exempt tips from income taxes, and not payroll taxes, which represents the majority of federal taxes owed by low-income workers.  But the proposal, if it were ever implemented, could have a detrimental effect on most tipped workers. The primary beneficiaries would be people who own and operate hotels, restaurants, and other businesses that employ tipped workers — in other words, people like Trump. 

[...] First, many people who rely on tips earn so little money that they already pay no federal income taxes. For example, half of all servers earn $32,000 or less. A server with a family who earns $32,000 does not owe any federal income tax and, therefore, would not benefit at all from Trump's proposal.  The bigger issue is that the federal minimum wage for tipped workers is $2.13 an hour. The tipped minimum wage has not increased since 1991. Combined with tips, these workers are supposed to earn a minimum of $7.25 an hour. That is not close to a living wage in the United States in 2024.  As a result, seven states (Alaska, California, Minnesota, Montana, Nevada, Oregon, and Washington) have eliminated the tipped minimum wage and require all employers to pay their employees the same minimum wage regardless of whether they receive tips. The Biden Administration requires "federal contractors to pay tipped workers the same minimum wages as others." Major cities like New York and Chicago have recently implemented similar policies. Numerous other cities and states are considering following suit. 

Popular Information reports on Donald Trump's faux populist play to end federal taxation on tips. The catch is that this proposed change would apply only to income taxes and not payroll taxes, thereby benefitting the wealthy instead of the workers who rely on tips.

[elsa16744]

Why is ESG Intelligence Important to Companies? 

Human activities burden Earth’s biosphere, but ESG criteria can ensure that industries optimize their operations to reduce their adverse impact on ecological and socio-economic integrity. Investors have utilized the related business intelligence to screen stocks of ethical enterprises. Consumers want to avoid brands that employ child labor. This post will elaborate on why ESG intelligence has become important to companies. 

What is ESG Intelligence? 

ESG, or environmental, social, and governance, is an investment guidance and business performance auditing approach. It assesses how a commercial organization treats its stakeholders and consumes natural resources. At its core, you will discover statistical metrics from a sustainability perspective. So, ESG data providers gather and process data for compliance ratings and reports. 

Managers, investors, and government officers can understand a company’s impact on its workers, regional community, and biosphere before engaging in stock buying or business mergers. Since attracting investors and complying with regulatory guidelines is vital for modern corporations, ESG intelligence professionals have witnessed a rise in year-on-year demand. 

Simultaneously, high-net-worth individuals (HNWI) and financial institutions expect a business to work toward accomplishing the United Nations’ sustainable development goals. Given these dynamics, leaders require data-driven insights to enhance their compliance ratings. 

Components of ESG Intelligence 

The environmental considerations rate a firm based on waste disposal, plastic reduction, carbon emissions risks, pollution control, and biodiversity preservation. Other metrics include renewable energy adoption, green technology, and water consumption. 

Likewise, the social impact assessments check whether a company has an adequate diversity, equity, and inclusion (DEI) policy. Preventing workplace toxicity and eradicating child labor practices are often integral to the social reporting head of ESG services. 

Corporate governance concerns discouraging bribes and similar corruptive activities. Moreover, an organization must implement solid cybersecurity measures to mitigate corporate espionage and ransomware threats. Accounting transparency matters too. 

Why is ESG Intelligence Important to Companies? 

Reason 1 – Risk Management 

All three pillars of ESG reports, environmental, social, and governance, enable business owners to reduce their company’s exposure to the following risks. 

High greenhouse (GHG) emissions will attract regulatory penalties under pollution reduction directives. Besides, a commercial project can take longer if vital resources like water become polluted. Thankfully, the environmental pillar helps companies comply with the laws governing these situations. 

A toxic and discriminatory workplace environment often harms employees’ productivity, collaboration, creativity, and leadership skill development. Therefore, inefficiencies like reporting delays or emotional exhaustion can slow a project’s progress. ESG’s social metrics will mitigate the highlighted risks resulting from human behavior and multi-generational presumptions. 

Insurance fraud, money laundering, tax evasion, preferential treatment, hiding conflicts of interest, and corporate espionage are the governance risks you must address as soon as possible. These problems introduce accounting inconsistencies and data theft issues. You will also receive penalties according to your regional laws if data leaks or insider trading happens. 

Reason 2 – Investor Relations (IR) 

Transparent disclosures can make or break the relationship between corporate leaders and investors. With the help of ESG intelligence, it becomes easier to make qualitative and manipulation-free “financial materiality” reports. Therefore, managers can successfully execute the deal negotiations with little to no resistance. 

You want to retain the present investors and attract more patrons to raise funds. These resources will help you to augment your company’s expansion and market penetration. However, nourishing mutually beneficial investor relations is easier said than done. 

For example, some sustainability investors will prioritize enterprises with an ESG score of above 80. Others will refuse to engage with your brand if one of the suppliers has documented records of employing child labor. Instead of being unaware of these issues, you can identify them and mitigate the associated risks using ESG intelligence and insights. 

Reason 3 – Consumer Demand 

Consider the following cases. 

Customers wanted plastic-free product packaging, and e-commerce platforms listened to their demand. And today’s direct home deliveries contribute to public awareness of how petroleum-derived synthetic coating materials threaten the environment. 

The availability of recharging facilities and rising gas prices have made electric vehicles (EVs) more attractive to consumers. Previously, the demand for EVs had existed only in the metropolitan areas. However, the EV industry expects continuous growth as electricity reaches more semi-urban and rural regions. 

Businesses and investors care about consumer demand. Remember, they cannot force consumers into buying a product or service. And a healthy competitive industry has at least three players. Therefore, customers can choose which branded items they want to consume. 

Consumer demand is one of the driving factors that made ESG intelligence crucial in many industries. If nobody was searching for electric vehicles on the web or everybody had demanded plastic packaging, businesses would never switch their attitudes toward the concerns discussed above. 

Conclusion 

Data governance has become a popular topic due to the privacy laws in the EU, the US, Brazil, and other nations. Meanwhile, child labor is still prevalent in specific developing and underdeveloped regions. Also, the climate crisis has endangered the future of agricultural occupations. 

Deforestation, illiteracy, carbon emissions, identity theft, insider trading, discrimination, on-site accidents, corruption, and gender gap threaten the well-being of future generations. The world requires immediate and coordinated actions to resolve these issues. 

Therefore, ESG intelligence is important to companies, consumers, investors, and governments. Properly acquiring and analyzing it is possible if these stakeholders leverage the right tools, relevant benchmarks, and expert data partners. 

[humanrightsupdates]

Kenya/IMF: Align Economic Reform with Rights

(Nairobi) – The Kenyan government and International Monetary Fund should work together to ensure that the IMF program and its implementation align with human rights, Human Rights Watch said today. The focus should be on progressive revenue generation and accountability over public funds.

Following the recent nationwide protests, President William Ruto declined to sign Finance Bill 2024, which included regressive tax measures that risked undermining rights. Any alternative measures should relieve economic pressures by addressing the root causes of protesters’ anger.

“The widespread outrage sparked by proposed taxes on goods like sanitary pads and cooking oil in a country where corporate tax evasion is endemic should be a wake-up call to the Kenyan government and the IMF that they cannot sacrifice rights in the name of economic recovery,” said Sarah Saadoun, senior researcher on poverty and inequality at Human Rights Watch. “Economic sustainability can only be achieved with a new social contract that raises revenues fairly, manages them responsibly, and funds services and programs that allow everyone to realize their rights.”

Finance Bill 2024, in the context of an IMF program with Kenya, was expected to raise US$2.7 billion in additional revenues in the upcoming fiscal year, in part to meet IMF targets. The bill included several new tax provisions, such as removing exemptions from certain food items and a mobile money transfer tax, that would increase the cost of essential goods and services and fall heaviest on Kenyans with lower and middle incomes, as well as already marginalized groups such as women.

The IMF program was approved in 2021 to support Kenya’s response to the Covid-19 pandemic and global inflation, as well as devastating cycles of droughts and floods made worse by climate change. An increase in interest rates has also forced the government to spend upward of half its tax revenues to service debt.

The Kenyan government has other options to raise revenue progressively and enhance trust in the government, Human Rights Watch said. Kenya’s tax-to-GDP ratio is around 15 percent, which is the minimum threshold according to the World Bank for a viable state and economic stability.