Treasurer Jim Chalmers had indicated ‘transitional’ proposed changes as Labor attempts to repair a ‘structurally flawed’ budgetFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastOnly applying changes to the CGT discount and negative gearing rules to new investments would “severely delay” desperately needed reforms required to repair a “structurally flawed” budget and boost the economy, Deloitte says.The consulting firm estimated that a policy which cut the 50% capital gains tax discount to 33% and abolished negative gearing would only generate $500m over the first four years of operation if existing investments were not included – an approach known as “grandfathering”. Continue reading...
Treasurer tells Commonwealth Bank podcast that he aims to ‘recognise the decisions that people have taken in the past’Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastExisting property investors look set to avoid paying more tax under Labor’s mooted changes to CGT in next month’s budget, after Jim Chalmers said he wanted to “make sure that we recognise the decisions that people have taken in the past” and flagged any reforms would not generate “a huge amount of revenue”.The treasurer is widely expected to modify the flat 50% tax discount on profits from the sale of assets held for more than one year, potentially returning to the pre-1999 model where capital gains are adjusted for inflation. Continue reading...
Report calls for tough action to combat ‘escalating and unsustainable burden’ of liver-related problems in EuropeGovernments in Europe should impose much higher taxes on alcohol and unhealthy food to tackle the continent’s 284,000 deaths a year from liver disease, experts say.Taxes on those products should rise sharply enough for the money raised to cover the huge costs they place on health services, the criminal justice system and social services. Continue reading...
The fuel crisis is seeing more voters keen to shift to renewable energy rather than stick with fossil fuelsGet our breaking news email, free app or daily news podcastA majority of Australians support taxing profits from gas exports and extending the cut to the fuel excise, according to the latest Guardian Essential poll, despite Anthony Albanese on Wednesday ruling out a new tax on existing gas export contracts.The poll also found the fuel crisis is seeing more voters keen to shift to renewable energy rather than stick with fossil fuels. Australians also say they’re already cutting back on travel, switching to public transport and reducing their use of aircon and heating amid the global fuel uncertainty. Continue reading...
Prime minister says the middle of a global fuel crisis is ‘the worst possible time to jeopardise’ Australia’s partnerships with Asian trading partnersThe prime minister, Anthony Albanese, has confirmed next month’s federal budget will not include a new tax on existing gas export contracts as he criticised the “populist” campaign calling for a levy on producers.As reported last week, Albanese was poised to reject pressure to introduce a 25% tax on gas exports amid concerns the intervention could alienate the same Asian trading partners Australia is relying on for supplies of diesel and petrol. Continue reading...
Proposal for a one-time 5% tax on billionaires in the state is opposed by Silicon Valley tech titans and Gavin NewsomProponents of a proposal to levy a one-time tax on California billionaires say they’ve gathered enough signatures to place the measure on the ballot in November.The campaign says it has collected more than 1.5m signatures, according to a statement. Continue reading...
Trade union criticises airline’s plan to halve passenger numbers to the city as ‘purely profit-oriented’ Ryanair is to shut its Berlin operating base and cut its winter schedule to the German capital in half, blaming its decision on soaring aviation taxes in the country.The Irish budget carrier said its relocation of seven aircraft to other centres would reduce its Berlin passenger numbers from 4.5 million to 2.2 million a year, with flights in and out of the city served from October by planes based at other airports. Continue reading...
David Pocock says prime minister – who is trying to shore up fuel supplies – is parroting industry talking pointsFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastLabor is poised to reject a growing push for a new 25% tax on gas exports in next month’s budget, prompting David Pocock to accuse the government of “caving in” to the gas industry.It’s understood the government has elected not to pursue a new tax on gas exports in the budget, prompted in part by the global oil crisis and Anthony Albanese’s diplomatic efforts in shoring up fuel supply from Asian allies by pledging reliable access to liquefied natural gas. Continue reading...
US president accuses UK of thinking it can ‘make an easy buck’ from US tech companies, weeks after warning that UK–US trade deal can be changedDonald Trump has threatened to impose tariffs on the UK if it does not drop its digital services tax on US social media firms.The digital services tax, introduced in 2020, imposes a 2% levy on the revenues of several major US tech companies. Continue reading...
FoI data reveals that 438 people with criminal convictions were given licences in Wolverhampton, UK’s ‘taxi capital’More than 150 people convicted of violent crimes were granted taxi licences last year by Wolverhampton city council, dubbed the UK’s “taxi capital”, data has revealed.The Guardian obtained data via a freedom of information request that revealed 438 people with criminal convictions were last year granted taxi and private hire driver licences by the West Midlands local authority – which has issued far more taxi licences than any other authority. Continue reading...
Survey by global economic forum shows ‘tax wedge’ in Britain increased to 32.4% of income in 2025Business live – latest updatesTaxes on workers in Britain rose at the fastest rate among the world’s richest economies last year, according to the Organisation for Economic Cooperation and Development.With Labour under pressure on the economy amid the Iran war, the OECD said a key measure of the total tax paid by workers and their employers rose by the most in the 38-member club of rich nations in 2025. Continue reading...
Brussels will relax state aid rules to allow member countries to offer ‘targeted and temporary’ supportEurope live – latest updatesThe EU will cut electricity taxes and provide consumers with fresh incentives to ditch fuel-burning cars and boilers, the European Commission has announced, as the Iran war energy crisis speeds a shift to a clean economy.The plan, which foresees tweaking rules so that electricity is taxed less than oil and gas, aims to bring down bills while encouraging the move away from polluting devices that prolong reliance on foreign fuels. Continue reading...
Shell Australia says campaign needed to ‘counter-balance’ claims by levy advocates – but Ed Husic urges industry ‘do not spend millions defending the indefensible’The gas giants are mounting a multi-million dollar advertising campaign to fight against a new export tax, prompting Labor MP Ed Husic to accuse the industry of “defending the indefensible”.Shell Australia is among half-a-dozen oil and gas companies contributing around $1m to an Australian Energy Producers (AEP) campaign that attempts to justify the amount of tax the industry pays, a parliamentary inquiry heard on Wednesday. Continue reading...
Ministers also asked to alter compensation rights and suspend emissions trading scheme amid Middle East warAirlines are lobbying the UK government to relax environmental and noise rules, modify passenger rights and cut taxes on flying, as they prepare for higher costs and a possible shortage of jet fuel because of the war in the Middle East.A list of policy requests submitted to ministers and the aviation regulator includes suspending the emissions trading scheme and relaxing limits on night flights, it has emerged. Continue reading...
HMRC confirms it will fight London tax tribunal’s finding that it has been overcharging for years under the lawEV charging shake-up looks to help UK households solve off-street parking problemThe UK’s tax authorities have decided to fight against a ruling that would cut VAT across all public electric car chargers, despite a judge finding they have been overcharging for years under the law.Charge My Street, a not-for-profit charging company, last month argued successfully that VAT should have been charged at 5%, rather than 20%, in a case at a London tax tribunal that could have a significant impact on electric car drivers’ costs. HM Revenue and Customs on Tuesday confirmed it will appeal against the ruling. Continue reading...
ACT independent David Pocock is calling for a 25% tax on gas exports to fund welfare and housing. Follow today’s news liveGet our breaking news email, free app or daily news podcastLabor should use the proceeds of limiting tax concessions for property investors and a crackdown on gas export profits to fund welfare increases and build housing, charities and social service groups say.Ahead of next month’s federal budget, the Albanese government is under pressure to wind back negative gearing rules and the 50% capital gains tax discount for property investments, and to tax more of the profits from soaring commodity exports, pushed up by the global energy shock.People on the lowest incomes are skipping meals, delaying medical care and rationing energy just to get by.Frontline services are operating at capacity, facing growing demand and increasingly complex needs. Current policy settings are not meeting the needs of our communities – it’s clear that significant and sustained public investment is essential. Continue reading...
Deputy leader ran shell companies that reportedly did not pay tax on profits from 2020 to 2022, during which time his firm donated £1.1m to partyRichard Tice allegedly failed to pay almost £100,000 in corporation tax to the benefit of his investment company, which in turn made donations to Reform UK, it has been reported.In response to the report in the Sunday Times, the deputy leader of Reform UK posted a lengthy statement on X, in which he said: “A long career with multiple businesses is bound to feature some errors. Naturally I am always happy to put things right and if numbers need rechecking, of course I will pay what is owed – be that more or less.” Continue reading...
Chancellor aims to curb rising household bills as she consults on reforms to weaken link between gas and electricity pricesRachel Reeves is poised to raise the government’s windfall tax on low-carbon electricity generators to help to limit UK household energy bills, the Guardian understands.The chancellor is ready to hike the levy introduced in 2022 to target the excess profits made by the owners of older renewable energy and nuclear plants as electricity market prices soared after Russia’s full-scale invasion of Ukraine. Continue reading...
Republicans had hoped that Trump’s 2025 tax cuts would be at the forefront of voters’ minds, but many have reportedly not noticed a differenceSign up for the Breaking News US emailHello and welcome to the US politics live blog.It is Tax Day and Republicans are ramping up their efforts to highlight last year’s sweeping tax cuts and turn them into political capital.Eric Swalwell officially resigned from Congress amid the threat of an expulsion vote and other misconduct allegations he has denied. A special election to fill his vacant seat will be held 18 August. At a Los Angeles press conference this morning, Lonna Drewes accused Swalwell of drugging and raping her in 2018, telling reporters she “did not consent to any sexual activity.”The House still needs to pass a bill to fund several Department of Homeland Security (DHS) subagencies, like the Transportation Security Administration (TSA) and the Coast Guard, amid a record-breaking partial government shutdown. The Senate advanced measure that remedies this funding lapse, but doesn’t include money for Immigration and Customs Enforcement (ICE) and border patrol, has stalled in the lower chamber.Meanwhile, House Democrats on Tuesday proposed creating a commission that would work with JD Vance to remove Donald Trump from office under the 25th amendment, should they determine he is no longer fit to serve. The measure, introduced by Jamie Raskin, the top Democrat on the House judiciary committee, follows a series of statements from Trump, including his recent warning that Iran’s “whole civilization will die” if it did not capitulate to his demands, and a social media post that depicted him as Jesus Christ.Donald Trump has said that talks with Iran could resume in Pakistan over next two days, according to an interview with the New York Post. “You should stay there, really, because something could be happening over the next two days, and we’re more inclined to go there,” Trump was quoted as saying.The US state department said Tuesday that Israel and Lebanon have agreed to launch direct negotiations at a mutually agreed-upon time and place. The state department “expressed hope” that the meeting between Israel and Lebanon would “lead to peace agreement”.The Senate will hold its confirmation hearing for Kevin Warsh, the president’s pick to fill the vacant seat of Federal Reserve chair, next week, on 21 April. Both Republicans and Democrats on the Senate Banking Committee are expected to probe Warsh about his wealth and ties to convicted sex offender Jeffrey Epstein, as well as his views on the Fed’s independence.The justice department has asked a federal appeals court to throw out the seditious conspiracy convictions of several leaders of the Proud Boys and Oath Keepers, who were involved in the January 6 attack on the US Capitol. In a court filing today, the department asked the US Court of Appeals for the District of Columbia Circuit to vacate the convictions – a step further than moves Donald Trump made to commute the leaders’ prison sentences last January when he granted clemency to all defendants charged in the attack. Continue reading...
Former Treasury secretary says a tax rate was ‘socially optimal’ in submission to a new parliamentary inquiryFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe former Treasury secretary Ken Henry says “self-serving” claims from gas giants about the risks of a windfall profits and export taxes should be ignored by the Albanese government as it weighs up the intervention ahead of next month’s federal budget.In a submission to a new parliamentary inquiry examining the gas taxation regime, Henry made the case for a 100% windfall profit tax as he rejected the assertion that any changes would heighten perceptions of Australia as a sovereign risk and freeze investment in new projects. Continue reading...
Labor is under pressure to impose a new 25% export tax amid soaring prices from the global fuel shockGet our breaking news email, free app or daily news podcastThe bosses of resources giants including Santos, Woodside, Chevron and Shell could be compelled to face an inquiry into export tax settings, as the Greens ramp up pressure on Labor ahead of the budget.The chief executives of the companies, along with the bosses of gas exporters Inpex and ConocoPhillips, have been requested to give evidence to a Greens-led inquiry sitting in Canberra and Perth later this month. Under Senate rules, they could be compelled to attend if they choose not to give evidence voluntarily. Continue reading...
Report says company did not pay tens of thousands in tax on dividends given to Reform UK deputy leader and trustRichard Tice’s company has been accused of breaking the law by allegedly failing to pay tens of thousands of pounds in tax on dividends that were paid to him and his offshore trust.Reform UK’s multimillionaire deputy leader is alleged to have received at least £91,000 in excess payments as a result, the Sunday Times reported. Dan Neidle of Tax Policy Associates – whose analysis was cited by the newspaper – said that further analysis suggested that the total in tax that should have been paid by Tice’s company was about £120,000. Continue reading...
Exclusive: US state is targeting corporate heavyweights in the UK with subsidies and incentives Y’all Street: Bullish Dallas aims to steal New York’s crownThe US state of Texas is putting UK businesses in its crosshairs with the launch this month of a dedicated London office to lure jobs and investment to the low-tax Lone Star State.Texas recently secured approval for the new site, adding to a growing list of international offices from which it can try to draw corporate heavyweights across its borders. Continue reading...
Credit can be used to offset future bills as full-year losses at UK division widen to £41.3m and it adds 92 storesStarbucks’s UK retail arm received a £13.7m corporation tax credit last year, even as its sales increased 6% and it added more than 90 stores.The credit, which can be used to offset future tax bills, comes after losses widened to £41.3m in the 12 months to the end of September – almost matching the £40m it paid in royalty and licence fees to its parent company. Continue reading...
Energy minister Chris Bowen says 3.4% of Australia’s service stations had no diesel, as of Monday, after wholesale prices surgedTrack Australia’s fuel prices, service station outages and shipments in chartsGet our breaking news email, free app or daily news podcastDiesel users in Australia are not enjoying the same relief as unleaded customers, with one in 30 service stations still entirely out of diesel and prices rising again after an initial slump last week.But while the energy minister, Chris Bowen, urged Australians not to participate in a social media trend where people claim to be filling up their fuel tanks with cooking oil, he said the government was keen to support the development of biofuels like biodiesel from fats and vegetable oils. Continue reading...
Levy on inherited farms and family businesses worth £2.5m or more comes into force 6 AprilA new inheritance tax regime for UK farms and family businesses comes into force on Monday and will present “significant challenges” for those affected, according to accountants.In October 2024 the government announced plans to levy inheritance tax on farms – prompting an outcry in many quarters. Continue reading...
Distressed riders who were stranded for hours say Apollo Go customer service agents offered ‘useless platitudes’A “system malfunction” has caused several self-driving robotaxis to stall in the middle of the road in China, police have confirmed, after distressed riders were stranded for hours.Local authorities in the central Chinese city of Wuhan said they began receiving calls “one after another” on Tuesday night from riders reporting that autonomous vehicles operated by the Chinese internet company Baidu had frozen. Continue reading...
More than 100 of the Baidu driverless vehicles stopped running because of a system malfunctionSome robotaxi passengers were left stranded in the middle of fast-moving traffic in a major Chinese city after their driverless vehicles stopped running, according to police and media reports on Wednesday.A preliminary investigation indicates more than 100 robotaxis came to a halt because of a “system malfunction”, police in the city of Wuhan said in a statement, without elaborating. No injuries were reported. Continue reading...
• Recent federal tax legislation and policy changes now require parents to have a valid Social Security number (SSN) to claim Child Tax Credit (CTC), Additional Child Tax Credit (ACTC), and Earned Income Tax Credit (EITC).
• Undocumented parents who file taxes with an Individual Taxpayer Identification Number (ITIN) can no longer claim these credits even if their children are U.S. citizens, significantly reducing tax relief for mixed-status families.
• Federal policies enacted in 2025 expanded the range of programs treated as "federal public benefits" subject to immigration-status eligibility restrictions, including Head Start, community health center services, and Title X family planning services.
• U.S. Treasury Secretary Scott Bessent announced that 2026 tax filing season refunds are up more than 10% nationwide compared to last year, with working Americans poised for immediate take-home pay increases via withholding changes.
• The gains stem from broader economic policies under President Trump, including Trump Accounts to expand benefits from the vibrant economy to more citizens.
• This reflects efforts to return money to American workers, families, and businesses, ushering in a new era of growth amid strong IRS performance.
