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☆ New Zealand's top PM contender wants to change central bank mandate, Ardern's policies
▼ + stars: | 2023-01-25 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

WELLINGTON, Jan 25 (Reuters) - New Zealand's main opposition party leader and top prime ministerial contender, Christopher Luxon, wants to change the central bank's mandate and reverse some of former leader Jacinda Ardern's polices if he is elected. Luxon's conservative, centre-right National Party is leading over the governing centre-left Labour Party in opinion polls. There is a general election set for October and with inflation tracking near three-decade highs the cost of living is the key election issue. Luxon said if elected prime minister, he would change the mandate of New Zealand's central bank to focus solely on inflation, provide tax relief and widen immigration settings in an effort to dampen price inflation. Critics say the dual focus has contributed to inflation tracking at near three-decade highs, which has led to aggressive interest rate increases.

☆ Alberta premier says province open to providing carbon capture tax credits
▼ + stars: | 2023-01-10 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

[1/2] A Shell employee walks past the company's new Quest Carbon Capture and Storage (CCS) facility in Fort Saskatchewan, Alberta, Canada, October 7, 2021. REUTERS/Todd KorolJan 10 (Reuters) - Canada's main oil-producing province Alberta is open to bolstering tax credits for carbon capture and storage (CCS) technology but also wants the federal government to increase financial support, Premier Danielle Smith said on Tuesday. Carbon capture and storage is seen as a key plank in global efforts to fight climate change by cutting emissions, and last April Ottawa unveiled tax credits designed to spur investment in the costly technology. Last week Liberal Prime Minister Justin Trudeau urged the province to use its budget surplus to boost the tax credits. "We are working towards the same goal...then we can figure out what portion comes from federal tax relief and what portion comes from provincial tax relief," Smith said.

☆ Why do I owe taxes this year? 6 reasons you may not get a refund
▼ + stars: | 2022-12-19 | by ( Jamie Johnson | Lisa Niser | Jamie Johnson Is A Kansas City-Based Personal Finance Writer Whose Work Has Been Featured On Several Of The Top Finance | ) www.businessinsider.com time to read: +10 min

Common reasons include underpaying quarterly taxes if you're self-employed or not updating your withholding as a W-2 employee. Let's look at six common reasons some people could owe money to the IRS. Editor's Rating 4.6/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 3.7/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Tax Slayer's website Learn more On Liberty Tax's website Learn more On H&R Block's website1. If you underpay your quarterly taxes — or fail to pay them — you could owe money at the end of the year. If you haven't paid any income taxes on the benefits you received, you may owe money when you file.

Car buyers are watching the clock tick down for the Inflation Reduction Act’s updated electric vehicle tax incentives to kick in. If you shop right nowState and federal EV incentives already exist. Their car was built in Tennessee and qualified for the full $7,500 federal tax credit, which they were able to combine with a Massachusetts EV tax exemption of $2,500, effectively knocking $10,000 off the price. Plus, caps on how many vehicles can qualify for existing tax incentives have kept some buyers on the sidelines. If you shop in 2024After next year, the IRA makes an important change to how consumers apply their tax credit.

☆ Britain's M&S warns of 'gathering storm' of higher costs and weak consumer
▼ + stars: | 2022-11-09 | by ( James Davey | ) www.reuters.com time to read: +3 min

SummarySummary Companies H1 profit down 24%Expects profit decline in full yearFacing higher labour, energy, currency costsLONDON, Nov 9 (Reuters) - British retailer Marks & Spencer (MKS.L) warned on Wednesday of a "gathering storm" of higher costs and pressure on household budgets, as it reiterated full-year profits would fall. Profits fell, despite an 8.5% rise in revenue to 5.54 billion pounds, due to higher costs. Prior to Wednesday's update, analysts were on average forecasting a profit before tax and adjusting items of 397 million pounds for the 2022-23 fiscal year, down from 523 million pounds in 2021-22. Marks & Spencer (M&S), whose shares have halved this year, said total food sales increased 5.6% in the first half, while clothing and home sales rose 14%. "Across all M&S markets it is highly likely that conditions will become more challenging in FY24," M&S said.

☆ 3.5 million student-loan borrowers in California will get $1.3 billion in relief because the state won't tax Biden's debt cancellation, Gavin Newsom says
▼ + stars: | 2022-11-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Gavin Newsom asked the state to prep early to waive state taxes on student-debt relief. Some other states have already said Biden's student-loan relief will be subject to state taxes. "Californians who get student debt relief shouldn't be hit with taxes for it. This will provide up to $1.3 billion in tax relief for more than 3.5 million Californians," Newsom said in a statement. "We believe strongly that the lawsuits are entirely meritless, and that the debt relief plan is lawful and necessary," Cardona said.

☆ Jeremy Hunt set to outline 60 billion pounds in tax rises and spending cuts, the Guardian reports
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

Nov 6 (Reuters) - British finance minister Jeremy Hunt plans to set out on Nov. 17 up to 60 billion pounds ($67.82 billion) of tax rises and spending cuts, including at least 35 billion pounds ($39.56 billion) in cuts, the Guardian reported on Sunday. Citing a Whitehall source, the newspaper said the figures remained estimates and subject to change, but that Hunt had told staff he was looking for at least 50-60 billion pounds' worth of measures in his autumn statement. Responding to a Reuters request for comment, the Treasury said it does not comment on speculation around fiscal events. Early drafts of the statement to be delivered on Nov. 17 contain plans for up to 35 billion pounds of spending cuts and up to 25 billion pounds of tax rises, likely to include freezing income tax thresholds and targeting dividend tax relief, the Guardian report said. ($1 = 0.8847 pounds)Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.

☆ EXCLUSIVE Russia's finance ministry cuts 2023 taxable oil expectations
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +3 min

Of this, refining volumes were revised down by 56 million tonnes, or almost 20%, to 230.1 million tonnes from 286.1 million tonnes seen in previous forecast. Oil exports, eligible for exports duty, are expected at 178.2 million tonnes, down 19.4% from the earlier made projections. "The estimate for 2022 was reduced to 515 million tonnes, in 2023 to 490 million tonnes. In 2024-2025, the level of oil production will average about 500 million tonnes," it said. So far, Russian oil production, the third-largest after the United States and Saudi Arabia, has been resilient to sanctions, buoyed by rising sales to China and India. .

☆ BOJ, BoJo, Beijing and bond bounce
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +5 min

A surge in Japan's ailing yen from 32-year lows later on Friday, amid reports of out-of-hours Bank of Japan intervention in New York, saw a peak-to-trough drop in dollar/yen of almost 4%. There were wild swings again on Monday amid suspicion of further BoJ sales, even though officials refused to confirm the action. A weekend of political twists from Beijing to London only added to edgy market on Monday. China leadership China's Xi Jinping secured a precedent-breaking third leadership term on Sunday and introduced a top governing body stacked with loyalists. Hong Kong's Hang Seng index (.HSI) has now underperformed MSCI's broadest global stock index by almost 50% over two years.

☆ The IRS adjusted its income tax brackets for 2023—you might owe less in taxes next year
▼ + stars: | 2022-10-20 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

As part of its annual adjustments based on inflation, the IRS increased the income thresholds for its tax brackets by thousands of dollars. These changes are effective for the 2023 tax year. However, since the income floors for tax brackets have increased for 2023, you will pay less in taxes if your total income doesn't change between 2022 and 2023. Here's a simplified example: If your taxable income is $75,000 in 2022, you'll owe $12,117 in taxes. Here's a look at the updated tax bracket floors, compared to the 2022 tax year, for a single tax filer:

☆ After U-turn, Britain's economy still paying for Truss's growth plan
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +4 min

With the economy still paying a price for the now-shelved plan, we take a look at some of the main pain points in markets. While those have come down significantly, Britain's 10-year yield remain 45 basis points above levels before Sept. 23 and 30-year yields are some 55 bps higher . This highlights that even with the U-turn in Truss's economic policy, investors still demand a higher premium for holding British government debt. 4/ MORTGAGE FIXBritain's mortgage market was plunged into chaos by the growth plan, as the money markets that lenders rely on to price home loans bet on higher interest rates. Reuters Graphics5/ SUNKEN STOCKSUK blue-chip stocks are still 3% below where they were traded prior to Truss's plan.

☆ Argentina to give workers income tax relief from November
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Oct 16 (Reuters) - Argentina's Economy Minister Sergio Massa said on Sunday the government will give workers tax relief from November by raising the threshold at which income tax is charged, as the country battles with soaring inflation. "It will take effect from Nov. 1, it will be above 330,000 pesos ($2,176)," Massa said in an interview with Radio Rivadavia, referring to monthly income. The move should help alleviate the burden faced by workers, he added. "We've been working with companies of mass consumption," said Massa, saying the plan was to implement a broader and longer price program than the current one. ($1 = 151.6700 Argentine pesos)Register now for FREE unlimited access to Reuters.com RegisterReporting by Lucila Segal, editing by Deepa Babington and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Data from Bloomberg Economics shows that El Salvador tops its ranking of emerging market countries that are vulnerable to a debt default. Another survey by the institute found that 76 out of 100 small and medium-size enterprises in El Salvador do not accept bitcoin payments. But in 2022, recent data shows that only 1.6% of remittances were sent to El Salvador via digital wallets. Meanwhile, its other national currency, bitcoin, is revered for the fact that it, too, is impossible to mint out of thin air. "Bitcoin doesn't solve any of El Salvador's important economic problems," he added.

☆ China to defer fee payments for small firms- state media
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe skyline of the central business district is seen in the morning in Beijing, China August 21, 2019. REUTERS/StringerBEIJING, Sept 27 (Reuters) - China will postpone fee payments worth more than 53 billion yuan ($7.39 billion) by companies, mainly small firms, in the fourth quarter, state media quoted the cabinet as saying on Tuesday. The delayed payments of 14 administrative fees will help ease difficulties facing companies, especially small firms and self-employed businesses, the cabinet was quoted as saying after a regular meeting. Companies will be allowed to defer payments of some project quality deposits worth 63 billion yuan, the cabinet said. ($1 = 7.1720 Chinese yuan renminbi)Register now for FREE unlimited access to Reuters.com RegisterReporting by Kevin Yao and Beijing newsroom; Editing by Jon Boyle and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ If you file taxes in these 17 states, you could be getting an inflation-relief check from the government—here's who qualifies
▼ + stars: | 2022-09-21 | by ( Mike Winters | ) www.cnbc.com time to read: +12 min

Single tax filers qualify for funds up to $250, heads of household up to $375 and couples filing jointly up to $500. While most of the rebate checks from earlier this year have been mailed out already, the newer bonus checks are currently being processed. To receive the rebates, residents must file their 2020 and 2021 tax returns by Dec. 31, 2022. Charlie Baker announced that tax rebate checks will be sent to full-year residents who file a 2021 tax return on or before Oct. 17, 2022. No action is needed, as residents receive these payments automatically by direct deposit or check.

☆ Bonus cap scrap would be dubious Brexit dividend
▼ + stars: | 2022-09-15 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

A person points to the City of London financial district from a viewing platform in London, Britain, October 22, 2021. REUTERS/Hannah McKayLONDON, Sept 15 (Reuters Breakingviews) - UK finance minister Kwasi Kwarteng wants to make the City more competitive. That means UK banks and foreign ones operating in London might have to keep their compensation policies broadly the same to retain staff. Bringing the highly charged issue to the fore means Kwarteng might have less cover to push ahead with more meaningful changes, like getting rid of the bank levy. CONTEXT NEWSBritish finance minister Kwasi Kwarteng is seeking to scrap Britain’s cap on bankers’ bonuses, the Financial Times reported on Sept. 14.

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