An Income Tax Appellate Tribunal (ITAT) ruling in Chennai has granted a Public Sector Undertaking (PSU) employee full tax exemption on his leave encashment, setting a precedent for parity with government employees.
Australia's Prime Minister Anthony Albanese has announced expanded capital gains tax (CGT) exemptions for small businesses, including startups and testamentary trusts. The government increased the turnover threshold to $10 million, making the exemption "substantially broader and significantly more generous" in response to industry criticism.
Australia will provide "generous" capital gains tax exemptions for nearly all small businesses, with exemptions for startups and testamentary trusts. The annual turnover threshold for concessions will rise to $10m, benefiting 98% of businesses.
India is expanding its tax exemption to gasoline containing 22% to 30% ethanol, aiming to reduce its heavy reliance on imported crude oil amid ongoing Middle East conflicts and disruptions to key shipping routes like the Strait of Hormuz. This move supports the government's strategy to enhance energy security, promote cleaner energy, and boost farmer incomes.
Fuel prices remained unchanged across major Indian cities on June 11, 2026, as a new excise duty exemption on higher ethanol-blended petrol (E22-E30) does not affect standard fuel prices for consumers.
A House hearing on six GOP crypto tax bills exposed a lack of bipartisan consensus, with Democrats questioning exemptions for staking and mining rewards and industry leaders pushing for broader tax relief on everyday crypto payments.
India's government and RBI introduced measures to attract foreign portfolio investors and non-resident funds into government bonds and bank deposits, including tax exemptions and risk mitigation strategies, leading to a significant rupee gain.
India is set to eliminate capital gains tax on foreign portfolio investors' holdings in government securities to attract overseas investment and cushion its economy from the Middle East crisis. The move, cleared by the Union Cabinet, aims to counter significant foreign capital outflows and rupee depreciation.
Mumbai ITAT ruled a man can claim tax exemption on Rs 5 crore land sale profit, even with a belated ITR filing. He used gains to buy a new property before filing, making CGAS deposit unnecessary.
FIFA has reached an understanding with the US Treasury allowing all 48 teams at the 2026 World Cup to apply for federal tax exemption on their tournament earnings. The breakthrough resolves months of concern that 30 nations without double taxation agreements with the US would face significant tax burdens, potentially losing over 20% of their earnings. While federal taxes (up to 37% for individuals, 21% for corporate entities) will now be exempt, state and city taxes remain unresolved, creating a "postcode lottery" where a team's final liability depends on where matches are played. The tournament begins June 11, 2026.
FIFA is in advanced talks with the US Treasury to secure federal tax exemptions for all 48 World Cup national teams under section 501(c)(3) of the internal revenue code. After months of lobbying involving Donald Trump's World Cup taskforce, FIFA has received an undertaking that applications are likely to be granted if proper procedures are followed. While state and city taxes will still apply, the exemption could save national associations millions and ease concerns about tournament costs.
South Korea's Cabinet approved revisions to exempt multiple-home owners from higher capital gains taxes if they file for sales permits by May 9. The grace period for owners in designated speculative areas, mostly in the wider capital region, will end as scheduled but those who apply for land transaction permits by the deadline will avoid the heavier taxation. The maximum tax rate of up to 75% will resume after nearly four years since being postponed under the previous Yoon administration.
