Latest National taxes News

UK cuts taxes, boosts spending, accelerating pound's slide

Sep. 23, 2022 13:29 PM EDT

LONDON (AP) — The United Kingdom's new government outlined plans Friday to cut taxes and boost spending in an effort to bolster the faltering economy, but the high-risk moves sparked concerns that increased public borrowing will worsen a cost-of-living crisis and sent the British pound on its...

US Sen. Warnock: Electric car tax credit needs 'flexibility'

Sep. 23, 2022 10:50 AM EDT

SAVANNAH, Ga. (AP) — U.S. Sen. Raphael Warnock urged the U.S. Treasury secretary Friday to use “maximum flexibility” in implementing a revised tax credit for Americans buying electric vehicles, a perk that Hyundai stands to lose as the automaker invests billions of dollars to open its first...

Spain plans tax hike for millionaires to help those in need

Sep. 23, 2022 08:22 AM EDT

MADRID (AP) — Spain’s Socialist-led coalition government is planning a temporary higher tax rate on the richest 1% of the country from next year, in addition to its windfall taxes on large energy companies and banks. “We are proposing a redistribution of the effort, among those...

UK government announces income tax rates will fall next year as part of moves to bolster economy

Sep. 23, 2022 05:11 AM EDT
LONDON (AP) — UK government announces income tax rates will fall next year as part of moves to bolster economy.

UK government scraps corporate tax hike, lifts cap on bankers’ bonuses in contentious bid to boost faltering economy

Sep. 23, 2022 04:58 AM EDT
LONDON (AP) — UK government scraps corporate tax hike, lifts cap on bankers’ bonuses in contentious bid to boost faltering economy.

UK's Truss says she'll slash taxes despite economic crisis

Sep. 20, 2022 11:35 AM EDT

NEW YORK (AP) — U.K. Prime Minister Liz Truss said Tuesday that she’s ready to make “unpopular decisions” such as boosting bonuses for wealthy bankers in order to get the country's sluggish economy growing. Speaking before an emergency government budget statement on Friday,...

Spain cuts natural gas sales tax to help people with costs

Sep. 20, 2022 08:58 AM EDT

MADRID (AP) — Spain will temporarily slash sales tax on natural gas from 21% to 5% to help consumers face rising energy costs this winter as Russia has cut back gas exports to Europe amid the war in Ukraine. Terera Ribera, Spain’s minister charged with energy policy, said Tuesday...

Dubai court orders man to pay $1.25B to Denmark in tax case

Sep. 16, 2022 07:01 AM EDT

DUBAI, United Arab Emirates (AP) — A British man accused by Denmark of masterminding a $1.7 billion tax fraud has been ordered by a Dubai court to pay Copenhagen's tax authority $1.25 billion, court filings seen Friday show, just days after another Dubai court rejected an extradition order for...

Yellen calls for modernized IRS at Maryland field office

Sep. 15, 2022 13:50 PM EDT

NEW CARROLLTON, Md. (AP) — Treasury Secretary Janet Yellen laid out her vision for a modernized, responsive, tech-savvy tax collection agency equipped to manage 21st century challenges at an IRS office in New Carrollton, Maryland, on Thursday. Yellen said the agency plans to hire...

Germany urges firms to make tax-free payments to employees

Sep. 15, 2022 10:58 AM EDT

BERLIN (AP) — The German government is urging companies to make a one-off payment to their employees of up to 3,000 euros (dollars) as a way of addressing the impact of rising prices while preventing a spiral of inflation in Europe’s biggest economy. Chancellor Olaf Scholz said...