Tax

Incoming prime minister says he doesn’t want to ‘create new divisions’ as Mahmood is tipped to be chancellorAndy Burnham has signalled that he will not increase wealth taxes immediately after becoming prime minister, easing concerns among the business community but limiting his economic room for manoeuvre.He said on Wednesday he did not want to “create new divisions” with his tax policy, in comments that allies said were a sign that he did not intend to raise money by taxing wealth. Continue reading...

Catholic Schools NSW’s alleged donations to Liberal party show the need to ensure public money is spent for approved purposes, expert saysFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastAn education funding expert says alleged donations by Catholic Schools NSW to the Liberal party, under investigation by the state corruption watchdog, show governments need to check taxpayer funding was “being spent according to its purposes” and not funnelled into political donations.The Independent Commission Against Corruption (Icac) is investigating allegations that political donations were made by Catholic Schools NSW “in amounts that were not declared and exceeded applicable donation caps”. Continue reading...

The head of Reform UK refused the security, which was a similar level to that received by the leader of the opposition, because he considered it inadequate Continue reading...

• Over three dozen California state legislators sent a formal letter to Governor Gavin Newsom and state leaders warning that the film and TV tax credit program is under threat. • The legislators are urging government officials to protect the incentives that attract entertainment productions to the state. • This program is critical for maintaining California's competitive edge against other states and countries that offer aggressive tax breaks to lure studios.

Economists including Jim O’Neill write an open letter calling for a single levy to replace six major taxesProminent economists including Andy Burnham ally Jim O’Neill, are urging him to pursue radical tax and spending reform, to “unlock the gridlock that plagues the country”.O’Neill joins Jonathan Portes, economics professor at Kings College London, and Danny Sriskandarajah, chief executive of the New Economics Foundation, in calling for bold action in an open letter. Continue reading...

• The Lee Jae Myung administration plans to establish a new investment fund financed by a tax windfall generated from the semiconductor industry boom. • The fund will be used to drive growth in the AI era, targeting strategic projects that leverage South Korea's existing strengths in digital transformation and industrialization. • This initiative aims to replicate the economic success of previous decades, where investments in highways and broadband infrastructure powered the nation's rapid development.

• The CDU/CSU-SPD coalition has agreed to a comprehensive package of tax, labor, and pension reforms following seven hours of intensive negotiations. • Led by Friedrich Merz, the reforms include significant tax cuts, a pension system overhaul, and updated regulations regarding sick leave. • These measures are designed to revitalize Germany's struggling economy and strategically counter the political rise of far-right parties.