Presidential candidate Prabowo Subianto, who has been campaigning vigorously for social justice and more equality in income distribution and asset ownership, turns out to legally hold cultivation rights for more than 350,000 hectares of land for 35 years in Aceh and East Kalimantan. This finding, which was revealed in the second round of presidential debates recently, has prompted Indonesian Corruption Watch and several other civil society organizations to challenge incumbent President Joko “Jokowi” Widodo, Prabowo and their running mates to publicly reveal their annual tax returns to show their honesty. Next month happens to be the deadline for individual taxpayers to file their 2018 personal income tax returns (SPT) and both candidates also must file their 2018 SPT before March 31. The General Elections Commission has for the past five years required that all candidates running for presidential and regional head elections to submit copies of their SPT. However, the … [Read more...] about Jokowi, Prabowo challenged to reveal income tax returns
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Data released Friday from the Internal Revenue Service may not sit well with taxpayers, as average refunds were down 8.4 percent for the first week of the tax season compared to the same time last year. The average refund was $1,865 — down from the $2,035 average refund for the same period in 2018 — for the 16.04 million Americans who got an early start filing their returns. The figures only reflect one week, with the deadline looming on April 15. The IRS stated that there were 12.4 percent fewer tax returns received from 2018, as well as a 25.8 percent dip in the number of returns processed. "We have said people will be surprised, but how that comes out in the aggregate is to be seen," Kathy Pickering, executive director of H&R Block's Tax Institute, told USA Today. "Don't put too much into these initial numbers from the IRS, because the volume is down and it may be hard to parse out the tax reform impact from the shutdown impact." The government is coming off a record … [Read more...] about Trump Tax Plan: Early Federal Tax Returns Show Smaller Refunds In 2019 Compared To 2018
By Bruce Campion-Smith Ottawa Bureau Thu., Nov. 22, 2018 OTTAWA—Finance Minister Bill Morneau is defending his government’s big tax breaks to corporate Canada, saying that Ottawa had to act or risk losing business investment to the U.S. Confronting criticism that Wednesday’s economic update was too focussed on business priorities, Morneau said that ensuring Canada remains competitive in the face of big corporate tax cuts south of the border is critical to the country’s economy and job creation. But he said that the Liberal government is mindful that it has more work to do to address the needs of low-income and middle-class Canadians. “We know there is always more to do in that regard, but we can’t forget that, for a significant number of people, we’ve got to find the right jobs for the future,” Morneau told the Star. The federal Liberals used this week’s economic update to deliver tax changes to allow … [Read more...] about Finance Minister says corporate tax breaks needed to stop Canada losing business dollars to U.S.
Business JPMorgan Chase & Co , the biggest U.S. bank by assets, reported a 35 percent surge in quarterly profit on Friday, helped by higher interest rates for loans and lower taxes. 13 Apr 2018 07:05PM (Updated: 13 Apr 2018 07:15PM) Bookmark REUTERS: JPMorgan Chase & Co , the biggest U.S. bank by assets, reported a 35 percent surge in quarterly profit on Friday, helped by higher interest rates for loans and lower taxes.The bank's net income rose to US$8.71 billion, or US$2.37 per share, in the first quarter ended March 31 from US$6.45 billion, or US$1.65 per share, a year earlier. (https://bit.ly/2HyYbp9)Analysts had estimated earnings of US$2.28 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the numbers were comparable.Income tax expense was down 8.6 percent at US$2.56 billion as the U.S. corporate tax rate fell.Net interest income rose 9 percent to US$13.5 billion, driven by higher interest rates and increased lending."2018 is off … [Read more...] about JPMorgan profit jumps on higher interest rates, lower taxes
caption Buying a private jet could give you a tax deduction. source Photo courtesy of The Jet Business Private jets and planes come with luxurious amenities – and high price tags. The Republicans’ new tax bill included a change that allows rich people to purchase a private jet and write it off in full on their tax return. President Donald Trump has been called “the mascot of private jets.” Buying a private jet comes with a hefty price tag – but the Republicans’ new tax bill has made the extravagant purchase more appealing to some. Private jet buyers can now write off the full amount of their new plane’s cost on their tax return, which applies to both new and pre-owned aircraft. That’s due to a policy change within the Trump Administration’s 2017 Tax Cuts and Jobs Act that updated the US tax code to allow 100% bonus depreciation … [Read more...] about Trump’s new tax law means everybody may soon be buying private jets — here are the 7 go-to planes for the super-rich