WASHINGTON: US President Donald Trump took aim Thursday at Amazon, claiming the US online giant pays too little in taxes and hurts other retailers. "I have stated my concerns with Amazon long before the Election," Trump tweeted. "Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business!" The comments came a day after a report by the news site Axios that Trump was "obsessed" with Amazon, believing the tech giant fails to pay enough taxes and gets preferential treatment from the US Postal Service. The report said Trump's wealthy friends complain that Amazon is killing shopping malls and brick-and-mortar retailers. Trump has long been at odds with Amazon founder Jeff Bezos, a vocal opponent of the Republican in the 2016 election campaign. Bezos is also the owner of the Washington Post, a frequent target of Trump over its news … [Read more...] about Trump assails Amazon on taxes, retail competition
Claim 4 on taxes
THE centrepiece of Pakatan Harapan's (Pakatan) manifesto is its Alternative Budget 2018. Key proposals include eliminating the goods and services tax (GST) and reverting to the previous sales and services tax (SST), cutting wastage, reducing corruption as well as providing toll-free highways, free tertiary public education, affordable public transport and housing. Pakatan's alternative budget will trigger stronger consumer spending, generate greater business activity and both will in turn boost government revenue and result in a budget surplus of RM6 billion, Pakatan claims. As a sceptic of those who claim cutting taxes will accelerate economic growth and expand government revenue, I would describe Pakatan's alternative budget as the fiscal equivalent of the iconic advertising tagline: "Fly now, pay later". While Barisan Nasional (BN) ministers and other critics have described Pakatan's alternative budget as unrealistic, irresponsible and failing in substance, the opposition … [Read more...] about Pakatan budget: A replay of Reagan’s tax cut?
The Department of Special Investigation (DSI) said it will soon obtain the price lists of hundreds of supercars that were made in Italy and later sold in Thailand to assist with its probe into a series of suspected tax-dodging scams. Italian authorities are about to send the DSI one batch of price documents, deputy DSI chief Korrawat Panprapakorn said Wednesday. Investigators need information on the current market prices to help them examine whether they were imported legally for sale here. The department found earlier that importers of 336 cars from Italy and 1,074 British-made cars paid unusually low taxes, based on tax records. The discrepancy was estimated at 9 billion baht. This is part of a crackdowns into illegal luxury cars that began last year. As of November, the DSI has seized about 300 cars from showrooms across Bangkok, among other raids and measures taken since May. The Customs Department said it plans to claim 4.2 billion baht in import duties for 250 of the seized … [Read more...] about Supercar tax scandal nears climax as Italy plays ball
President Donald Trump signed the Republican tax bill into law at the end of December. 2018 tax brackets have been changed under the new law, and are in effect starting this year. There are still seven income tax brackets, but the ranges have been adjusted. The personal exemption has been eliminated, and the standard deduction has been increased. President Donald Trump signed the Republican tax bill into law at the end of December. The new legislation makes sweeping changes to the tax code for businesses and, on average, American taxpayers. The tax bill went into effect on January 1, and applies to income earned this year. However, the new tax brackets will not affect taxes paid on tax day 2018 – which falls on April 17 this year – as Americans file tax returns for income earned in 2017, under the previous income tax brackets and law. Here’s how the new tax plan will change … [Read more...] about Here’s how your tax bracket will change in 2018
Filing of individual tax returns for 2017 has already opened, but the process of filling out a return has changed significantly over the past few years because of major changes in the tax structure, as well as new standard allowances and deductions. With the amended Revenue Code, the income thresholds for tax filing obligations have changed. Previously, individuals were required to file a tax return if they earned a minimum income of 50,000 baht from employment. Under the new structure, the threshold is higher: single taxpayers only need to file their tax returns if they earn more than 100,000 baht a year; married taxpayers need file only if their income exceeds 200,000 baht and employment is their only source of income.Single taxpayers who earn income from employment as well as other sources of income, or who only have income that is not generated from employment, must file tax returns if the total income exceeds 60,000 baht, while the threshold is 120,000 baht for married … [Read more...] about Tax tips and tricks for the new code