India and the UK will implement their Comprehensive Economic and Trade Agreement (CETA) from July 15, aiming to expand market access, reduce tariffs, and deepen cooperation. The pact is expected to open a market worth over $500 billion for Indian exporters and includes provisions for the automotive and spirits sectors.
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.
UK Labour figures Andy Burnham and Wes Streeting are considering a wealth tax on the super-rich, inspired by economist Gabriel Zucman's proposals. The tax aims to address growing inequality, with Zucman advocating a 2% levy on assets over $100 million, even for those who leave the country.
UK ministers are considering dropping some planned steel tariffs after manufacturers warned of significantly increased costs. The government aims to balance protecting domestic producers with ensuring secure supply, while also addressing similar EU measures.
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.
The Italian Constitutional Court's ruling allows IMU tax benefits for both homes of a married couple. Effective use, not just registration, is key. Reductions also apply to properties loaned to close family, historic buildings, and unusable properties.
Taiwan's AI-powered traffic enforcement system is under review after drivers were ticketed for yielding to ambulances. The Ministry of Transportation stated that human review excludes over 23,000 such cases annually, and AI is being enhanced to improve accuracy and reduce erroneous fines.
US official Rubio stated that the Treasury Department decides on ending sanctions exemptions for Russian oil, depending on circumstances. This comes amid pressure from senators to halt sales and tighten economic bans on Russia.
Police commissioner Donna Jones is leading calls for a review of religious exemptions for carrying knives after Henry Nowak, 18, was murdered by Vickrum Digwa in Southampton. Digwa, who falsely accused Nowak of racism, carried a "Sikh dagger".
A UK police commissioner is demanding a review of religious exemptions for carrying knives after an 18-year-old student was murdered by a man carrying a "Sikh dagger". The victim's family and Sikh community leaders also condemned the act, urging against community division.
India's central government is reviewing toll exemption rules for national highways, potentially ending fee-free crossings for senior government officials. A committee recommended changes, promoting FASTag Annual Passes as an alternative.
India's Union Budget 2024 introduced new capital gains tax rules for property sales, effective July 23, 2024. Long-term gains now face a 12.5% tax without indexation, though residents and HUFs can opt for the old 20% with indexation if beneficial. Short-term gains remain unchanged.
SEC Commissioner Hester Peirce tempered expectations for a broad "innovation exemption" for tokenized stock trading, stating any such relief would be "limited in scope." Her comments follow a Bloomberg report suggesting the SEC is considering allowing only tokens with the same benefits as common stock, like voting rights and dividends, to avoid market fragmentation and risks.
The Calcutta High Court refused to interfere with the West Bengal government's notification restricting the slaughter of bulls, cows, and buffaloes ahead of Bakr Eid, stating it complied with earlier court directions. The court noted the Supreme Court's view that cow sacrifice is not mandatory in Islam.
Israeli Knesset votes 110-0 to advance dissolution bill, potentially triggering early elections within 90 days amid coalition tensions over military exemptions for ultra-Orthodox communities, complicating Netanyahu's standing.
Indian Railways faces increased electricity costs following a Supreme Court ruling. The court declared the national transporter a "consumer" under the Electricity Act, making it liable for cross-subsidy and additional surcharges on open access power. This decision impacts the railways' operating ratio and power procurement expenses, overturning previous exemptions.
Sports Ministry has reaffirmed its policy of a blanket ban on bilateral sporting ties with Pakistan, with no Indian teams participating in Pakistan and vice-versa. However, exemptions remain for multi-nation events like the Olympics and Asian Games. The ministry also aims to simplify visa processes to position India as a preferred international sports hosting destination.
Sports Ministry has reaffirmed its policy of a blanket ban on bilateral sporting ties with Pakistan, with no Indian teams participating in Pakistan and vice-versa. However, exemptions remain for multi-nation events like the Olympics and Asian Games. The ministry also aims to simplify visa processes to position India as a preferred international sports hosting destination.
India's leather and footwear sector is grappling with a 40-60% surge in input costs due to the Middle East crisis. The industry is petitioning the government for import duty exemptions on critical raw materials, machinery, and components to mitigate these rising expenses.
The Conservative Party has announced plans to reform the household benefit cap, requiring all working-age adults who can work to do at least 16 hours per week to be exempt from the limit. Currently, receiving benefits like Personal Independence Payment automatically exempts households from the cap. The proposals would deliver at least £1bn of savings annually, with 111,000 households currently affected and 2.3 million claiming above the cap due to exemptions.
The Conservative Party has announced plans to reform the household benefit cap, ending the automatic exemption for recipients of benefits like Personal Independence Payment (PIP). Under the proposals, households would only be exempt if all able adults work at least 16 hours per week. The changes would deliver at least £1bn of savings annually, with 2.3 million households currently claiming above the cap due to exemptions.
The Conservatives have announced plans to reform the household benefit cap, requiring all work-capable adults to work at least 16 hours weekly to be exempt from the limit. The proposals would remove the automatic exemption for households receiving disability benefits like Personal Independence Payment, instead providing a specific top-up for exempting benefits. The party claims the changes would save at least £1bn annually, with 111,000 households currently affected by the cap and over 2.3 million claiming above it due to exemptions.
