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Italy Begins Audit of Meta in Tax Case That Could Cost Facebook Parent $925 Million
Italy expects to take until the end of the year for an initial assessment of Facebook parent Meta in a tax case that could land the US company with a bill of around EUR 870 million ($925 million or roughly Rs. 7,611 crore) and prove a test case for the tech sector.
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EU Regulator Moves Top Court to Make Apple Pay Over $14 Billion in Back Taxes
EU competition regulators appealed to the bloc's highest court on Tuesday to override a lower tribunal and make Apple pay a record EUR 13 billion ($14.3 billion or roughly Rs. 1,18,450 crore) in Irish back taxes. The case, which has far-reaching implications for corporate tax bills, is the most high-profile of EU antitrust chief Margrethe Vestager'...
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Walmart Pays Most Of $1 Billion Tax Bill For Shifting PhonePe To India
US retail giant Walmart has paid the taxes arising from the shifting of the headquarters of PhonePe to India.
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Apple Gets $105 Million Tax Bill in Japan for Bulk Sale of iPhone to Tourists: Report
The Tokyo unit of US technology giant Apple has been reportedly slapped with USD 105 million (14 billion yen) in additional taxes over bulk duty-free sales of iPhone smartphones and other Apple devices to foreign visitors. The report said that the Tokyo Regional Taxation Bureau found Apple Japan's approximately USD 1,04,16,84,000 (140 billion yen) ...
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Automakers Struggle to Understand Whether New US Bill Allows EV Tax Credits for Customers
US automakers and dealers are still trying to figure out if the $430 billion (roughly Rs. 34,23,000 crore) climate, health care and tax bill that the US House of Representatives is set to vote on Friday will continue to let them offer $7,500 (roughly Rs. 5,97,000) tax credits to would-be buyers of electric vehicles (EVs).
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EU Says US Tax Credits for Electric Cars 'Discriminatory' Against Europeans
The European Union has been concerned by US moves to give tax credits to Americans for buying electric vehicles from a North American factory that installs US-made electric batteries. The EU has called this move “discriminatory” against European carmakers. The US Senate passed the said bill on Sunday.
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CHIPS Act Passed by US Senate to Boost Domestic Chip Manufacturing, Compete With China
The CHIPS Act was passed by the US Senate on Wednesday, with a rare bipartisan vote. The act is aimed at boosting companies in the US to compete with China, while attempting to reduce the ongoing component shortage affecting the industry. The CHIPS Act will provide for about $52 billion (roughly Rs. 4,14,754 crore) in government subsidies for US se...
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US May Exempt Crypto Transactions Under $50 From Taxes Under New Bipartisan Bill
A new bipartisan bill has been introduced in the US Senate that allows tax exemption for crypto transactions under $50 (roughly Rs. 4,000), done for personal uses like paying for goods and services. The name of this bill is the “Virtual Currency Tax Fairness Act”. The proposal aims to make the day-to-day use of cryptocurrencies easier for the p...
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Microsoft, Amazon Head and Other CEOs Urge US Congress to Pass China Competition Bill
Amazon, Microsoft, and Alphabet CEOs, among other heads, urged the US Congress to pass the China competition bill aimed at boosting US’s economic competitiveness against China.
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US Lawmakers' Dig At Elon Musk For Bragging About Paying $11 Billion In Taxes
Top US lawmakers, including Indian-American Congresswoman Pramila Jayapal, have criticised Elon Musk, the world's wealthiest man and Tesla Motors CEO Elon Musk for bragging about paying USD 11 billion in taxes.
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US Senator Cynthia Lummis Who Supports Bitcoin Plans to Introduce a Broad Crypto Bill in 2022
US Senator Cynthia Lummis plans to introduce a crypto bill next year that would radically alter the legislative and regulatory landscape for cryptocurrency in the US.
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US Treasury Aims To Quell Fears On Crypto Tax Rules
US Treasury Department is set to clarify that only cryptocurrency companies it considers brokers will need to comply with IRS reporting requirements.
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Sensex Loses Over 500 Points, Dragged By Metal, Banking Stocks
US stocks tumbled on Tuesday as concerns about the cost of infrastructure spending and potential tax hikes to pay for President Joe Biden's $1.9 trillion relief bill weighed on investors
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Sensex, Nifty Likely To Have A Cautious Opening
US stocks tumbled on Tuesday as concerns about the cost of infrastructure spending and potential tax hikes to pay for President Joe Biden's $1.9 trillion relief bill weighed on investors
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US Firms In India Not Ready To Pay New Digital Tax, Says Representative Body
The government in March said all foreign billings for digital services provided in the country would be taxed at 2 per cent from April 1
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Italy Begins Audit of Meta in Tax Case That Could Cost Facebook Parent $925 Million
Italy expects to take until the end of the year for an initial assessment of Facebook parent Meta in a tax case that could land the US company with a bill of around EUR 870 million ($925 million or roughly Rs. 7,611 crore) and prove a test case for the tech sector.
-
EU Regulator Moves Top Court to Make Apple Pay Over $14 Billion in Back Taxes
EU competition regulators appealed to the bloc's highest court on Tuesday to override a lower tribunal and make Apple pay a record EUR 13 billion ($14.3 billion or roughly Rs. 1,18,450 crore) in Irish back taxes. The case, which has far-reaching implications for corporate tax bills, is the most high-profile of EU antitrust chief Margrethe Vestager'...
-
Walmart Pays Most Of $1 Billion Tax Bill For Shifting PhonePe To India
US retail giant Walmart has paid the taxes arising from the shifting of the headquarters of PhonePe to India.
-
Apple Gets $105 Million Tax Bill in Japan for Bulk Sale of iPhone to Tourists: Report
The Tokyo unit of US technology giant Apple has been reportedly slapped with USD 105 million (14 billion yen) in additional taxes over bulk duty-free sales of iPhone smartphones and other Apple devices to foreign visitors. The report said that the Tokyo Regional Taxation Bureau found Apple Japan's approximately USD 1,04,16,84,000 (140 billion yen) ...
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Automakers Struggle to Understand Whether New US Bill Allows EV Tax Credits for Customers
US automakers and dealers are still trying to figure out if the $430 billion (roughly Rs. 34,23,000 crore) climate, health care and tax bill that the US House of Representatives is set to vote on Friday will continue to let them offer $7,500 (roughly Rs. 5,97,000) tax credits to would-be buyers of electric vehicles (EVs).
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EU Says US Tax Credits for Electric Cars 'Discriminatory' Against Europeans
The European Union has been concerned by US moves to give tax credits to Americans for buying electric vehicles from a North American factory that installs US-made electric batteries. The EU has called this move “discriminatory” against European carmakers. The US Senate passed the said bill on Sunday.
-
CHIPS Act Passed by US Senate to Boost Domestic Chip Manufacturing, Compete With China
The CHIPS Act was passed by the US Senate on Wednesday, with a rare bipartisan vote. The act is aimed at boosting companies in the US to compete with China, while attempting to reduce the ongoing component shortage affecting the industry. The CHIPS Act will provide for about $52 billion (roughly Rs. 4,14,754 crore) in government subsidies for US se...
-
US May Exempt Crypto Transactions Under $50 From Taxes Under New Bipartisan Bill
A new bipartisan bill has been introduced in the US Senate that allows tax exemption for crypto transactions under $50 (roughly Rs. 4,000), done for personal uses like paying for goods and services. The name of this bill is the “Virtual Currency Tax Fairness Act”. The proposal aims to make the day-to-day use of cryptocurrencies easier for the p...
-
Microsoft, Amazon Head and Other CEOs Urge US Congress to Pass China Competition Bill
Amazon, Microsoft, and Alphabet CEOs, among other heads, urged the US Congress to pass the China competition bill aimed at boosting US’s economic competitiveness against China.
-
US Lawmakers' Dig At Elon Musk For Bragging About Paying $11 Billion In Taxes
Top US lawmakers, including Indian-American Congresswoman Pramila Jayapal, have criticised Elon Musk, the world's wealthiest man and Tesla Motors CEO Elon Musk for bragging about paying USD 11 billion in taxes.
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US Senator Cynthia Lummis Who Supports Bitcoin Plans to Introduce a Broad Crypto Bill in 2022
US Senator Cynthia Lummis plans to introduce a crypto bill next year that would radically alter the legislative and regulatory landscape for cryptocurrency in the US.
-
US Treasury Aims To Quell Fears On Crypto Tax Rules
US Treasury Department is set to clarify that only cryptocurrency companies it considers brokers will need to comply with IRS reporting requirements.
-
Sensex Loses Over 500 Points, Dragged By Metal, Banking Stocks
US stocks tumbled on Tuesday as concerns about the cost of infrastructure spending and potential tax hikes to pay for President Joe Biden's $1.9 trillion relief bill weighed on investors
-
Sensex, Nifty Likely To Have A Cautious Opening
US stocks tumbled on Tuesday as concerns about the cost of infrastructure spending and potential tax hikes to pay for President Joe Biden's $1.9 trillion relief bill weighed on investors
-
US Firms In India Not Ready To Pay New Digital Tax, Says Representative Body
The government in March said all foreign billings for digital services provided in the country would be taxed at 2 per cent from April 1
