Tax reform News
Latest conceptually matching events and reports for Tax reform.
Proposed Inland Revenue Amendments Spark Controversy Over Criminalizing Tax Procedural Errors.
Sri Lanka’s proposed Inland Revenue (Amendment) Bill has ignited debate among legal experts and tax professionals over a provision that could turn minor administrative tax failures into criminal offenses, potentially bypassing traditional requirements for proof of fraudulent intent.
Sri Lanka Consolidates Financial Sector Levies: Clarifying the 20.5% VAT Update.
Deputy Minister Nishantha Jayaweera clarifies that the shift to a 20.5% VAT for financial institutions starting July 1, 2026, is a consolidation of existing 18% VAT and 2.5% SSCL, rather than a tax hike, aimed at simplifying administrative processes.
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Mapping the US Tax Burden: Which States Take the Biggest Bite Out of Personal Income?.
A recent analysis highlights the disparity in tax burdens across US states, revealing which regions impose the highest and lowest financial obligations relative to personal income.
The Tax Uncertainty Looming Over Prediction Market Profits.
As prediction markets like Kalshi and Polymarket surge in popularity, traders face a significant challenge: the lack of clear IRS guidance on how to report these earnings, leaving investors to choose between conflicting tax interpretations.
