US President Joe Biden and Vice President Kamala Harris on Monday released their tax returns, according to which in 2020, she had an income of more than USD 1 million as compared to his USD 607,336.

The President and the first lady, Jill, a teacher, filed their income tax return jointly and reported federal adjusted gross income of USD 607,336, down from USD 985,223 in 2019.

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The first couple paid USD 157,414 in federal income tax and their 2020 effective federal income tax rate is 25.9 per cent, the White House said.

On the other hand, the Vice President and second gentleman Doug Emhoff reported federal adjusted gross income of USD 1,695,225.

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They paid USD 621,893 in federal income tax, amounting to a 2020 effective federal income tax rate of 36.7 per cent. They also paid USD 125,004 in California income tax.

The second gentleman paid USD 56,997 in District of Columbia income tax. They contributed USD 27,006 to charity in 2020.

According to the White House, the President and the first lady also reported donating USD 30,704 or about 5.1 per cent of their total income&nbsp;to 10 different charities.

The largest reported gift to charity was USD 10,000 to the Beau Biden Foundation, a public charity dedicated to ensuring that all children are free from the threat of abuse.

The President and the first lady also released their Delaware income tax return and reported paying USD 28,794 in Delaware income tax.

The first lady also released her Virginia income tax return and reported paying USD 443 in Virginia income tax.

As required by law, the President and Vice President also released their public financial disclosure reports.

The Ethics in Government Act of 1978 requires high-level federal officials to publicly disclose their personal financial interests.

The public filing system serves to prevent financial conflicts of interest by providing for a systematic review of the finances of government officials.

"Those finances are set forth in annual disclosures, which are reviewed and certified by the independent Office of Government Ethics. Neither the President nor the Vice President have any conflicts of interest," the White House said.

US President Joe Biden and Vice President Kamala Harris on Monday released their tax returns, according to which in 2020, she had an income of more than USD 1 million as compared to his USD 607,336.

US President Joe Biden and Vice President Kamala Harris on Monday released their tax returns, according to which in 2020, she had an income of more than USD 1 million as compared to his USD 607,336. The President and the first lady, Jill, a teacher, filed their income tax return jointly and reported federal adjusted gross income of USD 607,336, down from USD 985,223 in 2019. Also read- Under pressure, Biden works for ceasefire in Israel-Gaza violence The first couple paid USD 157,414 in federal income tax and their 2020 effective federal income tax rate is 25.9 per cent, the White House said. On the other hand, the Vice President and second gentleman Doug Emhoff reported federal adjusted gross income of USD 1,695,225. Also read- Venmo account of Biden discovered in less than 10 minutes: Report They paid USD 621,893 in federal income tax, amounting to a 2020 effective federal income tax rate of 36.7 per cent. They also paid USD 125,004 in California income tax. The second gentleman paid USD 56,997 in District of Columbia income tax. They contributed USD 27,006 to charity in 2020. According to the White House, the President and the first lady also reported donating USD 30,704 or about 5.1 per cent of their total income to 10 different charities. The largest reported gift to charity was USD 10,000 to the Beau Biden Foundation, a public charity dedicated to ensuring that all children are free from the threat of abuse. The President and the first lady also released their Delaware income tax return and reported paying USD 28,794 in Delaware income tax. The first lady also released her Virginia income tax return and reported paying USD 443 in Virginia income tax. As required by law, the President and Vice President also released their public financial disclosure reports. The Ethics in Government Act of 1978 requires high-level federal officials to publicly disclose their personal financial interests. The public filing system serves to prevent financial conflicts of interest by providing for a systematic review of the finances of government officials. "Those finances are set forth in annual disclosures, which are reviewed and certified by the independent Office of Government Ethics. Neither the President nor the Vice President have any conflicts of interest," the White House said.

Biden reports drop in income, releases tax returns

The technology giants of the United States evading almost $2.8bn tax a year in developing countries by using the flaws in the global tax rules, said the ActionAid International in a report.

Big US technology companies like Facebook, Google and Microsoft have been blamed for neglecting to pay a considerable lot of taxes in small and poor nations where governments are attempting to give even essential medical care or instruction to their residents. 
 
The aid charity said its research showed that the developing nations with the highest "tax gaps" from Google, Facebook and Microsoft are India, Indonesia, Brazil, Nigeria and Bangladesh.

ActionAid is a global federation working for anti-poverty and anti-injustice projects around the world.

As per the research of ActionAid International, the huge amount lost from the 'tax gap' could have been used to pay for more than 700,000 new teachers or 850,000 primary school teachers.

“Little is known about how much tax these companies are currently paying in developing countries, as they are still not required to publicly disclose this information,” ActionAid said.&nbsp;

“This research shows, however, that billions could be at stake in the long-overdue reform of international corporate taxation – enough to transform underfunded health and education systems in some of the world’s poorest countries.”

(With inputs from agencies)

The technology giants of the United States evading almost $2.8bn tax a year in developing countries by using the flaws in the global tax rules, said the ActionAid International in a report.

The technology giants of the United States evading almost $2.8bn tax a year in developing countries by using the flaws in the global tax rules, said the ActionAid International in a report. Big US technology companies like Facebook, Google and Microsoft have been blamed for neglecting to pay a considerable lot of taxes in small and poor nations where governments are attempting to give even essential medical care or instruction to their residents. The aid charity said its research showed that the developing nations with the highest "tax gaps" from Google, Facebook and Microsoft are India, Indonesia, Brazil, Nigeria and Bangladesh. ActionAid is a global federation working for anti-poverty and anti-injustice projects around the world. As per the research of ActionAid International, the huge amount lost from the 'tax gap' could have been used to pay for more than 700,000 new teachers or 850,000 primary school teachers. “Little is known about how much tax these companies are currently paying in developing countries, as they are still not required to publicly disclose this information,” ActionAid said. “This research shows, however, that billions could be at stake in the long-overdue reform of international corporate taxation – enough to transform underfunded health and education systems in some of the world’s poorest countries.” (With inputs from agencies)

Facebook, Google and Microsoft avoiding $3bn in tax in poorer nations

Finance minister Nirmala Sitharaman announced a big rollback on taxation asserting&nbsp;that there would be no surcharge on long and short term capital gain.

Addressing a press conference, the finance minister said GST returns will be simplified even further. Sitharaman added that there would be no&nbsp;surcharge for FPI and domestic investors in the market.&nbsp;"All pending GST refunds due to MSMEs till now shall be paid within 30 days from today," the finance minister informed.

The minister said that Angel&nbsp;tax provisions for startups will be removed.

"Tax assessment will become faceless and random." "It is wrong to say the government is harassing taxpayers," she said. The minister said 1400 prosecutions were withdrawn and sixteen offences have been moved to "monetary penalty".

"BS4 vehicles purchased up to March 2020 will all remain operational for their entire period of registration," the finance minister added.

"Banks have now decided to pass on any rate cut through MCLR reduction to benefit all borrowers. This will result in reduced EMIs for housing loans, vehicles and other retail loans, by directly linking repo rates to the interest rates," the finance minister.

"CSR violation is not a criminal offence," the finance minister said.&nbsp;

I-T notices will be through a centralised system,&nbsp;Sitharaman added.

India's finance minister said the global growth rate is forecast at 3.2 per cent, asserting that global demand is weak at the present.

"Just to give you briefly a picture of what is happening globally. The current projected global GDP growth is of about 3.2 per cent and probably is going to be even revised downwards," the finance minister said.

Sitharaman said that surcharge on capital gains has been withdrawn.

"India is in a better position," Sitharaman said.

Sitharaman said the situation global trade was volatile while emphasising that reforms was&nbsp;a continues endeavour of the government.

"I had consultation with industry representatives, India's position is in a comfortable zone," she added. The government is responsive to the situation the ground, the finance minister assured the nation.

Finance minister Nirmala Sitharaman announced a big rollback on taxation asserting that there would be no surcharge on long and short term capital gain. Addressing a press conference, the finance minister said GST returns will be simplified even further.

Finance minister Nirmala Sitharaman announced a big rollback on taxation asserting that there would be no surcharge on long and short term capital gain. Addressing a press conference, the finance minister said GST returns will be simplified even further. Sitharaman added that there would be no surcharge for FPI and domestic investors in the market. "All pending GST refunds due to MSMEs till now shall be paid within 30 days from today," the finance minister informed. The minister said that Angel tax provisions for startups will be removed. "Tax assessment will become faceless and random." "It is wrong to say the government is harassing taxpayers," she said. The minister said 1400 prosecutions were withdrawn and sixteen offences have been moved to "monetary penalty". "BS4 vehicles purchased up to March 2020 will all remain operational for their entire period of registration," the finance minister added. "Banks have now decided to pass on any rate cut through MCLR reduction to benefit all borrowers. This will result in reduced EMIs for housing loans, vehicles and other retail loans, by directly linking repo rates to the interest rates," the finance minister. "CSR violation is not a criminal offence," the finance minister said. I-T notices will be through a centralised system, Sitharaman added. India's finance minister said the global growth rate is forecast at 3.2 per cent, asserting that global demand is weak at the present. "Just to give you briefly a picture of what is happening globally. The current projected global GDP growth is of about 3.2 per cent and probably is going to be even revised downwards," the finance minister said. Sitharaman said that surcharge on capital gains has been withdrawn. "India is in a better position," Sitharaman said. Sitharaman said the situation global trade was volatile while emphasising that reforms was a continues endeavour of the government. "I had consultation with industry representatives, India's position is in a comfortable zone," she added. The government is responsive to the situation the ground, the finance minister assured the nation.

Angel tax provisions for startups and investors withdrawn: Nirmala Sitharaman

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Biden reports drop in income, releases tax returns

Facebook, Google and Microsoft avoiding $3bn in tax in poorer nations

Angel tax provisions for startups and investors withdrawn: Nirmala Sitharaman