UK Prime Minister Andy Burnham has unveiled his first major policy after taking office, announcing the removal of VAT on household electricity bills to help ease the cost of living crisis. The new government says the tax cut will provide financial relief to families while maintaining fiscal responsibility. Burnham also outlined plans for regional decentralization and promised further measures to reduce everyday living costs across the United Kingdom.

New UK Prime Minister Andy Burnham announces tax relief and cost of living measures

Bengaluru is considering a new parking policy that could offer significant property tax exemptions to owners of vacant land who make their plots available for public parking. The proposal, being developed by the Greater Bengaluru Authority and city traffic police, aims to increase off-street parking capacity while discouraging roadside parking through stricter rules and higher fees. Under the draft plan, eligible landowners could receive tax waivers for extended periods, potentially transforming unused urban spaces into parking hubs and easing traffic congestion across the city.


Bengaluru’s new parking policy offers tax relief for vacant landowners

In Munich, a significant demonstration unfolded on Sunday as thousands gathered to voice their concerns over the German government's fiscal policies. The protesters rallied for various economic reforms, with a unified call for more government aid directed towards small and medium-sized enterprises.

Tax relief demands take centre stage in Munich demonstration

Apple's clash with EU competition regulators comes to a head on Wednesday as Europe's second-highest court rules on whether it has to pay 13 billion euros ($15 billion) in Irish back taxes, a key part of the EU's crackdown against sweetheart tax deals.

In its order four years ago, the European Commission said Apple benefited from illegal state aid via two Irish tax rulings that artificially reduced its tax burden for over two decades - to as low as 0.005% in 2014.

Defeat for European Competition Commissioner Margrethe Vestager could weaken or delay pending cases against Ikea's and Nike's deals with the Netherlands, as well as Huhtamaki's agreement with Luxembourg.

Also read:&nbsp;<a href="/technology/apple-reportedly-paid-almost-1-billion-to-samsung-for-faltering-on-order-for-screens-313197" hreflang="en">Apple reportedly paid almost $1 billion to Samsung for faltering on order for screens</a>

Vestager, who has made the tax crackdown a centrepiece of her time in office, saw the same court last year overturn her demand for Starbucks to pay up to 30 million euros in Dutch back taxes. In another case, the court also threw out her ruling against a Belgian tax scheme for 39 multinationals.&nbsp;

The Apple dispute is seen by some analysts as a lose-lose situation for Ireland, which has appealed against the Commission's order alongside the iPhone maker.&nbsp;

While 14 billion euros - including interest - would go a long way to plugging the coronavirus-shaped hole in the state's finances, Dublin is seeking to protect a low tax regime that has attracted 250,000 multinational employers.

If Ireland's appeal succeeds, the government will be ridiculed by opposition parties for not taking the cash, which could cover at least half of a budget deficit forecast to balloon to as much as 10% of GDP this year.

Also read:&nbsp;<a href="/technology/apple-supplier-foxconn-to-invest-1-billion-in-india-sources-312563" hreflang="en">Apple supplier Foxconn to invest $1 billion in India: Sources</a>

Should Ireland lose, the government will be castigated by the same politicians for launching the appeal. A ruling in favour of the Commission could also raise questions about the application of Ireland's tax code at a sensitive time, when new global rules for taxing digital giants are being debated.

Defeat could also hurt Ireland's ability to attract investment, although the promotional blitz undertaken after the Commission's 2016 decision appears to have worked. The numbers employed by multinationals like Apple, Facebook and Google have grown by 25%, accounting for one in ten Irish workers.

For Apple, defeat would be a blow, but manageable given its cash holdings topped $190 billion at the end of its fiscal second quarter.&nbsp;

The cases are T-778/16 Ireland v Commission and T-892/16 Apple Sales International and Apple Operations Europe v Commission. The defeated side can appeal on points of law to the EU Court of Justice, Europe's highest court.

Apple's clash with EU competition regulators comes to a head on Wednesday as Europe's second-highest court rules on whether it has to pay 13 billion euros ($15 billion) in Irish back taxes, a key part of the EU's crackdown against sweetheart tax deals.

Apple's clash with EU competition regulators comes to a head on Wednesday as Europe's second-highest court rules on whether it has to pay 13 billion euros ($15 billion) in Irish back taxes, a key part of the EU's crackdown against sweetheart tax deals. In its order four years ago, the European Commission said Apple benefited from illegal state aid via two Irish tax rulings that artificially reduced its tax burden for over two decades - to as low as 0.005% in 2014. Defeat for European Competition Commissioner Margrethe Vestager could weaken or delay pending cases against Ikea's and Nike's deals with the Netherlands, as well as Huhtamaki's agreement with Luxembourg. Also read: Apple reportedly paid almost $1 billion to Samsung for faltering on order for screens Vestager, who has made the tax crackdown a centrepiece of her time in office, saw the same court last year overturn her demand for Starbucks to pay up to 30 million euros in Dutch back taxes. In another case, the court also threw out her ruling against a Belgian tax scheme for 39 multinationals. The Apple dispute is seen by some analysts as a lose-lose situation for Ireland, which has appealed against the Commission's order alongside the iPhone maker. While 14 billion euros - including interest - would go a long way to plugging the coronavirus-shaped hole in the state's finances, Dublin is seeking to protect a low tax regime that has attracted 250,000 multinational employers. If Ireland's appeal succeeds, the government will be ridiculed by opposition parties for not taking the cash, which could cover at least half of a budget deficit forecast to balloon to as much as 10% of GDP this year. Also read: Apple supplier Foxconn to invest $1 billion in India: Sources Should Ireland lose, the government will be castigated by the same politicians for launching the appeal. A ruling in favour of the Commission could also raise questions about the application of Ireland's tax code at a sensitive time, when new global rules for taxing digital giants are being debated. Defeat could also hurt Ireland's ability to attract investment, although the promotional blitz undertaken after the Commission's 2016 decision appears to have worked. The numbers employed by multinationals like Apple, Facebook and Google have grown by 25%, accounting for one in ten Irish workers. For Apple, defeat would be a blow, but manageable given its cash holdings topped $190 billion at the end of its fiscal second quarter. The cases are T-778/16 Ireland v Commission and T-892/16 Apple Sales International and Apple Operations Europe v Commission. The defeated side can appeal on points of law to the EU Court of Justice, Europe's highest court.

Crunch time for Apple in fight against $15 billion EU tax order

The federal cabinet has approved legislative changes to address a longstanding issue of tax concessions for Gwadar Port and Gwadar Free Zone.

The move came, earlier this week, just days before Prime Minister Imran Khan's departure for a three-day visit to China on Monday, where he would discuss with the Chinese leadership several affairs, including the China-Pakistan Economic Corridor and the Kashmir dispute, The Express Tribune reported.

The amendment made to settle the three-year-old issue with China came after a push from the National Development Council (NDC) that is chaired by the prime minister and Chief of Army Staff General Qamar Javed Bajwa is its member.The government is expected to promulgate a presidential ordinance to bring these legal changes as the National Assembly is currently not in session.

The new tax concessions will be limited to only the Gwadar zone as the government has been unable to finalise a tax incentive package for the prioritised Special Economic Zones (SEZs) that are being set up under the China-Pakistan Economic Corridor (CPEC).

"The federal cabinet has approved legislative changes to grant tax concessions to Gwadar Free Zone and Gwadar Port," said Khusro Bakhtiar, Federal Minister for Planning and Development.

"Coastal development is the government's top priority and focus will be on Gwadar's development, which will usher in a new era of galvanised economic activities in Pakistan," the minister added.

China is developing Gwadar Port as a strategic and commercial hub under its Belt and Road Initiative.

In February 2013, China Overseas Port Holding Company Limited (COPHCL) took over operations of the port from a Singaporean company.

The concession agreement included a tax holiday for both the operators of Gwadar Port and the businesses being set up there.

The cabinet approved income tax exemption for Gwadar Free Zone on the income of operating companies from port operations.

The income tax holiday was also extended to China Overseas Port Holding Company Pakistan Private Limited, Gwadar Marine Services, and Gwadar Free Zone Company.

The cabinet also approved sales tax and federal excise duty exemptions on the import of machinery, equipment, and material either for use in Gwadar Free Zone or for export, subject to the condition that all such imports were made by investors of the free zone.

It approved tax exemptions for the businesses to be established in the Gwadar Free Zone area for a period of 23 years with effect from July 2016 on their packaging, distribution, stuffing and de-stuffing, CFS, container yard, warehousing including cool and cold rooms, transhipments, labelling, light-end assembly, re-assembly, imports, exports and their value addition, and all related commercial activities.

The federal cabinet has approved legislative changes to address a longstanding issue of tax concessions for Gwadar Port and Gwadar Free Zone. The move came, earlier this week, just days before Prime Minister Imran Khan's departure for a three-day visit to China on Monday, where he would discuss with the Chinese leadership several affairs, including the China-Pakistan Economic Corridor and the Kashmir dispute, The Express Tribune reported.

The federal cabinet has approved legislative changes to address a longstanding issue of tax concessions for Gwadar Port and Gwadar Free Zone. The move came, earlier this week, just days before Prime Minister Imran Khan's departure for a three-day visit to China on Monday, where he would discuss with the Chinese leadership several affairs, including the China-Pakistan Economic Corridor and the Kashmir dispute, The Express Tribune reported. The amendment made to settle the three-year-old issue with China came after a push from the National Development Council (NDC) that is chaired by the prime minister and Chief of Army Staff General Qamar Javed Bajwa is its member.The government is expected to promulgate a presidential ordinance to bring these legal changes as the National Assembly is currently not in session. The new tax concessions will be limited to only the Gwadar zone as the government has been unable to finalise a tax incentive package for the prioritised Special Economic Zones (SEZs) that are being set up under the China-Pakistan Economic Corridor (CPEC). "The federal cabinet has approved legislative changes to grant tax concessions to Gwadar Free Zone and Gwadar Port," said Khusro Bakhtiar, Federal Minister for Planning and Development. "Coastal development is the government's top priority and focus will be on Gwadar's development, which will usher in a new era of galvanised economic activities in Pakistan," the minister added. China is developing Gwadar Port as a strategic and commercial hub under its Belt and Road Initiative. In February 2013, China Overseas Port Holding Company Limited (COPHCL) took over operations of the port from a Singaporean company. The concession agreement included a tax holiday for both the operators of Gwadar Port and the businesses being set up there. The cabinet approved income tax exemption for Gwadar Free Zone on the income of operating companies from port operations. The income tax holiday was also extended to China Overseas Port Holding Company Pakistan Private Limited, Gwadar Marine Services, and Gwadar Free Zone Company. The cabinet also approved sales tax and federal excise duty exemptions on the import of machinery, equipment, and material either for use in Gwadar Free Zone or for export, subject to the condition that all such imports were made by investors of the free zone. It approved tax exemptions for the businesses to be established in the Gwadar Free Zone area for a period of 23 years with effect from July 2016 on their packaging, distribution, stuffing and de-stuffing, CFS, container yard, warehousing including cool and cold rooms, transhipments, labelling, light-end assembly, re-assembly, imports, exports and their value addition, and all related commercial activities.

Pakistan approves tax relief for Gwadar port

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Gravitas: Government pump-primes the Economy: Ushers in Corporate tax cuts

President Vladimir Putin offered a raft of financial sweeteners on Wednesday to hard-pressed Russians after opinion polls showed trust in him has fallen to a 13-year low and almost half the population believe the country is on the wrong track.

In his annual speech to the Russian political elite, Putin set out how he planned to raise people's living standards and boost healthcare and education, promising he would find extra money to back the pledges.

Among his promises: More money for pensioners, mortgage and tax relief for families, and financial incentives for women to have more children.

Putin also laid out deadlines to close huge and sometimes apparently spontaneous landfill sites that have become a political score for the Kremlin and angered many Russians who have seen them spring up near their homes, polluting the air.

"You can't deceive people. They keenly feel hypocrisy, disrespect and any injustice. Bureaucratic red tape is of little interest to them," Putin told lawmakers and regional leaders.

"For people what's important is what has actually been done and how it improves their lives and their families' lives. We need to change the situation for the better now."

Putin also spoke of a new arms race with the United States, something that could potentially reduce funds available for social spending if it continues to escalate.

But for now, Putin said Russia was well able to afford to spend heavily on lifting people's quality of life. He said the country's foreign currency reserves covered the entirety of its external debt obligations for the first time and forecast the economy would be growing by over 3 per cent by 2021.

"...We can now invest and focus colossal, at least for our country, colossal financial resources on (Russia's) development. Nobody handed them to us, we did not borrow them - these funds were created by millions of our citizens. They (the funds) should be used to increase Russia's wealth and the wellbeing of Russian families."

Oil revenues mean Russia is not short of money. Its budget surplus this year is projected to be 1.932 trillion roubles ($29.3 billion) or 1.8 per cent of gross domestic product. Russia's foreign exchange reserves stand at $478 billion, the fifth largest in the world.

But if Putin had to scale back social spending plans to fund a wider arms race, that could further dent his ratings.

In power as either president or prime minister since 1999, Putin was re-elected last year by a landslide to another six-year presidential term. He is not under immediate political pressure and enjoys an approval rating of around 60 per cent.

But his rating used to be nearly 90 per cent and an opinion poll in January showed public trust in him had fallen to its lowest level in 13 years, while another survey showed this month that the number of Russians viewing the country as moving in the wrong direction was at its highest since 2006.

Pollsters attribute the souring mood to people fed up with six consecutive years of falling real incomes and unpopular government moves to raise the retirement age and hike value-added tax.

President Vladimir Putin offered a raft of financial sweeteners on Wednesday to hard-pressed Russians after opinion polls showed trust in him has fallen to a 13-year low and almost half the population believe the country is on the wrong track.

President Vladimir Putin offered a raft of financial sweeteners on Wednesday to hard-pressed Russians after opinion polls showed trust in him has fallen to a 13-year low and almost half the population believe the country is on the wrong track. In his annual speech to the Russian political elite, Putin set out how he planned to raise people's living standards and boost healthcare and education, promising he would find extra money to back the pledges. Among his promises: More money for pensioners, mortgage and tax relief for families, and financial incentives for women to have more children. Putin also laid out deadlines to close huge and sometimes apparently spontaneous landfill sites that have become a political score for the Kremlin and angered many Russians who have seen them spring up near their homes, polluting the air. "You can't deceive people. They keenly feel hypocrisy, disrespect and any injustice. Bureaucratic red tape is of little interest to them," Putin told lawmakers and regional leaders. "For people what's important is what has actually been done and how it improves their lives and their families' lives. We need to change the situation for the better now." Putin also spoke of a new arms race with the United States, something that could potentially reduce funds available for social spending if it continues to escalate. But for now, Putin said Russia was well able to afford to spend heavily on lifting people's quality of life. He said the country's foreign currency reserves covered the entirety of its external debt obligations for the first time and forecast the economy would be growing by over 3 per cent by 2021. "...We can now invest and focus colossal, at least for our country, colossal financial resources on (Russia's) development. Nobody handed them to us, we did not borrow them - these funds were created by millions of our citizens. They (the funds) should be used to increase Russia's wealth and the wellbeing of Russian families." Oil revenues mean Russia is not short of money. Its budget surplus this year is projected to be 1.932 trillion roubles ($29.3 billion) or 1.8 per cent of gross domestic product. Russia's foreign exchange reserves stand at $478 billion, the fifth largest in the world. But if Putin had to scale back social spending plans to fund a wider arms race, that could further dent his ratings. In power as either president or prime minister since 1999, Putin was re-elected last year by a landslide to another six-year presidential term. He is not under immediate political pressure and enjoys an approval rating of around 60 per cent. But his rating used to be nearly 90 per cent and an opinion poll in January showed public trust in him had fallen to its lowest level in 13 years, while another survey showed this month that the number of Russians viewing the country as moving in the wrong direction was at its highest since 2006. Pollsters attribute the souring mood to people fed up with six consecutive years of falling real incomes and unpopular government moves to raise the retirement age and hike value-added tax.

Putin, faced with ratings slump, offers Russians financial sweeteners

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