Britain’s Finance Minister Rishi Sunak has rejected fresh calls for a one-off tax on North Sea oil and gas profits despite millions of households facing a record-breaking increase to energy bills and as oil giant Shell reports bumper annual earnings.
The Iranian National Tax Administration (INTA) estimated that tax evasions in the country can amount to around half of its revenues at around $4.5 billion as the government moves to crack down on tax cheats to offset revenue losses suffered because of US sanctions on crude sales in recent years.
Japan's new Prime Minister, Fumio Kishida, said on Sunday he won't seek to change the country's taxes on capital gains and dividends for now as he intends to pursue other steps for better wealth distribution, such as raising wages of medical workers.
China said the European Union's plan to impose the world's first carbon border tax will expand climate issues into trade in violation of international principles and hurt prospects for economic growth.
Finance chiefs of the G20 large economies endorsed a landmark move to stop multinationals shifting profits to low-tax havens at talks on Saturday where they also warned that coronavirus variants threaten the global economic recovery.
Ireland, the European home of tech giants like Apple and Google, is looking to reach a compromise over global taxation that recognizes “the role of legitimate tax competition,” the country’s finance minister told CNBC.
An economic expert defended a new law adopted in Iran that seeks to impose hefty taxes on empty properties as he insists home vacancy is costing the country dearly with nearly $200 billion worth of assets left outside of the productive cycle of the economy.
Lawmakers are bracing for a bitter fight over tax increases US President Biden is expected to propose in the coming days, which he says are necessary to pay for trillions in infrastructure and family support bills.