Society condemns ‘special tax on legal profession’ | News

Government plans for a levy to fund the fight against financial crime amount to a ‘special tax on the legal profession’, the Law Society said today. In a strongly-worded response to a consultation on the economic crime levy announced by the chancellor earlier this year, Chancery Lane said any levy based on income would be especially harmful to the profession.

‘The legal profession is fully committed to supporting the fight against economic crime and takes anti-money laundering responsibilities very seriously,’ outgoing Law Society president Simon Davis said. ‘Law firms already play an important role in tackling money laundering, as demonstrated by the substantial costs and resources allocated by the profession to comply with its anti-money laundering (AML) and financial crime obligations.’

He noted that further increasing the cost of doing business would hit the international competitiveness of the legal sector and the willingness of law firms to invest in the

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Australia to Run Record Budget Deficit as Government Cuts Tax, Boosts Job Support | Investing News

By Sam Holmes and Colin Packham

SYDNEY (Reuters) – Australia pledged billions in tax cuts and measures to boost jobs on Tuesday to help pull the economy out of its historic COVID-19 slump in a budget that tips the country into its deepest deficit on record.

Prime Minister Scott Morrison’s conservative government has unleashed A$300 billion in emergency stimulus to prop up growth this year, having seen the coronavirus derail a previous promise to return the budget to surplus.

Treasurer Josh Frydenberg on Tuesday announced A$17.8 billion in personal tax cuts and A$5.2 billion in new programmes to boost employment in a recovery plan aimed at creating one million new jobs over the next four years.

Those measures are forecast to push the budget deficit out to a record A$213.7 billion, or 11% of gross domestic product, for the fiscal year ending June 30, 2021.

“There is no economic recovery

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Budget 2020: Federal government backflips as R&D tax incentive receives AU$2b boost

In handing down its 2020-21 Budget, the Australian government has opened its wallet to provide a AU$2 billion boost in additional research and development tax incentives (RDTI), touting that the amount will help businesses manage the economic impacts of the COVID-19 pandemic.

“Research and development, the adoption of digital technology, and affordable and reliable energy will be critical to Australia’s future economic prosperity,” Treasurer Josh Frydenberg said during his Budget speech.

The federal government detailed in its Budget documents that for small companies, with total annual turnovers of less than AU$20 million, the refundable R&D tax offset will be set at 18.5 percentage points above a company’s tax rate, and the AU$4 million cap on annual cash refunds will be canned.

Meanwhile, for larger firms, with annual turnovers of AU$20 million or more, the government said it will reduce the number of intensity tiers from three to two.

“This will

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Australia tips into record budget deficit as government cuts tax, boosts jobs support

SYDNEY (Reuters) – Australia pledged billions in tax cuts and measures to boost jobs on Tuesday to help pull the economy out of its historic COVID-19 slump in a budget that tips the country into its deepest deficit on record.

FILE PHOTO: Australian Prime Minister Scott Morrison speaks at Admiralty House in Sydney, Australia, February 28, 2020. REUTERS/Loren Elliott

Prime Minister Scott Morrison’s conservative government has unleashed A$300 billion in emergency stimulus to prop up growth this year, backpedalling on a previous promise to return the budget to surplus.

Treasurer Josh Frydenberg on Tuesday announced A$17.8 billion in personal tax cuts and A$5.2 billion in new programmes to boost employment in a recovery plan aimed at creating one million new jobs over the next four years.

Those measures are forecast to push the budget deficit out to a record A$213.7 billion, or 11% of gross domestic product, for the fiscal

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Indonesia Passes Law to Cut Corporate Tax, Simplify Labor Rules

(Bloomberg) — Indonesia has rushed the approval of a law aimed at creating jobs and attracting investments, a day before 2 million workers were set to protest against it.



a group of people walking down the street: Workers transport carts loaded with boxes at Tanah Abang market in Jakarta, Indonesia, on Tuesday, Aug. 4, 2020. Indonesia is scheduled to announce its second-quarter gross domestic product (GDP) figures on Aug. 5.


© Bloomberg
Workers transport carts loaded with boxes at Tanah Abang market in Jakarta, Indonesia, on Tuesday, Aug. 4, 2020. Indonesia is scheduled to announce its second-quarter gross domestic product (GDP) figures on Aug. 5.

The parliament agreed to pass the omnibus bill on jobs in a plenary meeting on Monday. That’s one day before labor unions were planning to stage a national three-day strike across 300 cities to reject it. The parliament was previously set to hold its plenary meeting on Oct. 8.

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The law that seeks to simplify and revise more than 70 existing regulations will overhaul the country’s labor rules, make it easier for companies to secure permits and ease foreign ownership rules. Its passage means

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Argentina farm body says grains tax cuts not enough, lambastes government

Adds context

BUENOS AIRES, Oct 2 (Reuters)Argentina’s main farm association said on Friday that government measures to cut export taxes on grains were inadequate and failed to address issues facing local farmers amid a grave economic crisis and strict capital controls.

The center-left government said on Thursday it would reduce the export levy on soybeans, soymeal and soyoil by 3 percentage points to 30% to stimulate stalled sales and bring in much-needed foreign currency.

Farmers in Argentina, the world’s top exporter of processed soy, have held back on selling their soy harvests, a concern for the government as foreign currency reserves dwindle amid the coronavirus pandemic and low confidence in the peso as the country heads for its third straight year of recession.

Argentina is also just emerging from a sovereign default after restructuring over $100 billion in foreign currency debt.

The

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Britons Would Pay More Tax for a Fairer, More Equal Society Post-COVID-19: Poll

By Emma Batha

LONDON, Sept 30 (Thomson Reuters Foundation) — Britons would be happy to pay higher taxes for a fairer, more caring and gender-equal society as the coronavirus pandemic transforms people’s views about the world they want to live in, economists said on Wednesday.

In a major report to be presented to parliamentarians, regional governments, and business leaders, they laid out a radical roadmap for building a “caring economy” that puts people and the planet first.

“This is an idea whose time has come,” said Mary-Ann Stephenson, director of feminist think-tank the Women’s Budget Group, which published the report.

“People don’t want to return to business as usual. We’re calling for a fundamental change in the way we approach the economy. It’s about a vision for doing things differently,” she told the Thomson Reuters Foundation.

At the heart of the new economy is a recognition of society’s reliance on

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Changing tax law may have made home trust unnecessary

Dear Liz: I was told my father’s house did not qualify for a step-up in tax basis at his death because he had put the house in a qualified personal residence trust (QPRT). With your recent column mentioning the step-up when a home is inherited, I’m wondering if I paid unnecessary taxes.

Answer: In at least one sense, you may have.

Qualified personal residence trusts were a popular technique when the estate tax exemption limit was much lower. (Currently the limit is $11.58 million per person, but 20 years ago it was $675,000.) Putting a home in this kind of trust essentially froze its value for estate tax purposes while allowing the person who created the trust to continue living there for a certain length of time. At the end of that period, ownership of the home was transferred to the heirs and the person who created the trust had

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Britons would pay more tax for a fairer society as COVID-19 exposes inequality

LONDON (Thomson Reuters Foundation) – Britons would be happy to pay higher taxes for a fairer, more caring and gender-equal society as the coronavirus pandemic transforms people’s views about the world they want to live in, economists said on Wednesday.

In a major report to be presented to parliamentarians, regional governments and business leaders, they laid out a radical roadmap for building a “caring economy” that puts people and the planet first.

“This is an idea whose time has come,” said Mary-Ann Stephenson, director of feminist think-tank the Women’s Budget Group which published the report.

“People don’t want to return to business as usual. We’re calling for a fundamental change in the way we approach the economy. It’s about a vision for doing things differently,” she told the Thomson Reuters Foundation.

At the heart of the new economy is a recognition of society’s reliance on paid and unpaid care work

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Britons would pay more tax for a fairer society as COVID-19 …

By Emma Batha

LONDON, Sept 30 (Thomson Reuters Foundation) – Britons would be happy to pay higher taxes for a fairer, more caring and gender-equal society as the coronavirus pandemic transforms people’s views about the world they want to live in, economists said on Wednesday.

In a major report to be presented to parliamentarians, regional governments and business leaders, they laid out a radical roadmap for building a “caring economy” that puts people and the planet first.

“This is an idea whose time has come,” said Mary-Ann Stephenson, director of feminist think-tank the Women’s Budget Group which published the report.

“People don’t want to return to business as usual. We’re calling for a fundamental change in the way we approach the economy. It’s about a vision for doing things differently,” she told the Thomson Reuters Foundation.

At the heart of the new economy is a recognition of society’s reliance on

Read More