Japan has selected the kanji character for "tax" as its word of the year, reflecting a rising public apprehension about the cost of living and impending tax hikes.

The character, read as zei or mitsugi, was revealed at the Kiyomizu Buddhist temple in Kyoto by head priest Seihan Mori. Garnering 5,797 votes out of 147,878, it resonated with the public's sentiments, as reported by the Japan Kanji Aptitude Testing Foundation, organisers of the annual contest since 1995.

<h2>Second and third place contenders</h2>

Securing the second spot was sho/atsui, the character for "hot", symbolising concerns about Japan's scorching summer and the climate emergency.

The character for "war" (ikusa/tatakau) came in third, drawing attention to conflicts in Gaza and Ukraine.

<a href="https://www.wionews.com/world/exclusive-japan-considering-joining-indias-upi-payment-system-says-japanese-minister-kono-taro-593773">Also read |&nbsp;Exclusive | Japan considering joining India's UPI payment system, says Japanese Minister Kono Taro</a>

<h2>Lighter themes in top 10</h2>

While weighty topics dominated, characters inspired by lighter events, such as "tiger", "victory", and "ball", celebrated the Hanshin Tigers baseball team's triumph.

Despite the government's recent tax cuts, unease prevails over anticipated tax hikes, particularly to fund increased defence spending in response to regional military concerns. A new invoicing system adds to concerns for freelancers and self-employed people facing potential higher tax rates.

As the year of the rabbit comes to a close, a political storm brews over allegations of undisclosed payments within Prime Minister Fumio Kishida's party, sparking accusations of tax evasion. However, this scandal's impact on the word-of-the-year selection remains minimal.

The top 10 characters for 2023 also featured "zo/masu" or "increase," highlighting the struggle with rising prices outpacing wage growth.

Also watch |&nbsp;Japan set to declare recession after 71 straight months of growth

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/video-japan-set-to-declare-recession-after-71-straight-months-of-growth-315784/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

This marks the second time "taxation" has claimed the top spot, the first being in 2014 during a consumption (sales) tax increase from five to eight per cent.&nbsp;

While Japan has avoided severe inflation seen in other major economies, over 32,000 food products experienced price hikes throughout the year.&nbsp;

(With inputs from agencies)

Japan has selected the kanji character for "tax" as its word of the year, reflecting a rising public apprehension about the cost of living and impending tax hikes.

Japan has selected the kanji character for "tax" as its word of the year, reflecting a rising public apprehension about the cost of living and impending tax hikes. The character, read as zei or mitsugi, was revealed at the Kiyomizu Buddhist temple in Kyoto by head priest Seihan Mori. Garnering 5,797 votes out of 147,878, it resonated with the public's sentiments, as reported by the Japan Kanji Aptitude Testing Foundation, organisers of the annual contest since 1995. Second and third place contenders Securing the second spot was sho/atsui, the character for "hot", symbolising concerns about Japan's scorching summer and the climate emergency. The character for "war" (ikusa/tatakau) came in third, drawing attention to conflicts in Gaza and Ukraine. Also read | Exclusive | Japan considering joining India's UPI payment system, says Japanese Minister Kono Taro Lighter themes in top 10 While weighty topics dominated, characters inspired by lighter events, such as "tiger", "victory", and "ball", celebrated the Hanshin Tigers baseball team's triumph. Despite the government's recent tax cuts, unease prevails over anticipated tax hikes, particularly to fund increased defence spending in response to regional military concerns. A new invoicing system adds to concerns for freelancers and self-employed people facing potential higher tax rates. As the year of the rabbit comes to a close, a political storm brews over allegations of undisclosed payments within Prime Minister Fumio Kishida's party, sparking accusations of tax evasion. However, this scandal's impact on the word-of-the-year selection remains minimal. The top 10 characters for 2023 also featured "zo/masu" or "increase," highlighting the struggle with rising prices outpacing wage growth. Also watch | Japan set to declare recession after 71 straight months of growth This marks the second time "taxation" has claimed the top spot, the first being in 2014 during a consumption (sales) tax increase from five to eight per cent. While Japan has avoided severe inflation seen in other major economies, over 32,000 food products experienced price hikes throughout the year. (With inputs from agencies)

Japan picks ‘Zei’ as kanji of 2023 amid tax hikes, rising cost of living

New zealand has made a u-turn on one of its praise-worthy policies, the government will scrap its smoking ban to fund tax cuts.

New zealand makes U-turn on smoking, to fund tax cuts

According to reports, Swiggy and Zomato have been issued a demand notice for non-payment of GST on the delivery fee collected by the platforms from consumers. Are the delivery giants flouting tax laws?

Gravitas: Swiggy and Zomato facing tax troubles

Just days after her success at the Latin Grammys, Colombian pop Idol Shakira is set to go on trial in Barcelona on Monday. It is for allegedly cheating Spain's tax office out of 14.5 million euros.

The tax fraud against Shakira | Singer to go on trail in Spain

The finance ministry said Zambia's formal creditors and the IMF voiced concerns about an agreement to restructure $3 billion in Eurobonds announced last month. The ministry stated on friday that the government and bondholders' steering committee are discussing these concerns. The Bloomberg index of developing and frontier market sovereign credit's poorest performers included Zambia's $1.25 billion of notes due 2027. Campaigners like UK-based debt justice say private bondholders received too good a deal, citing IMF and government creditors led by China and France.

Zambia's $3 Billion bond revamp raises IMF concerns

The Kenyan shilling plummeted to a new all-time low against the dollar on friday as President William Ruto repeated intentions to prematurely redeem part of a 2 billion dollar Eurobond due in June, despite foreign exchange issues. The currency fell 1.3% last week to 154.43 shillings, the most since March 3. According to Bloomberg data, the currency has lost over 19% this year and may have its worst year since 2008.

Kenya's shilling sinks to a new record low

The European Union (EU) Tax Observatory has proposed in its report that a global minimum tax should be imposed on ultra-wealthy individuals to deter international tax evasion.

There are an estimated 2,500 billionaires with a combined wealth of $13 trillion.

The study by the observatory, part of the Paris School of Economics, states that if the governments start levying 2 per cent tax on billionaires, around $250 billion can be raised in a year.

<h2>Super-rich use loopholes to avoid paying taxes</h2>

The report says that the super-rich have been able to successfully use complex business structures for offshore tax evasion, while most people end up paying the taxes.

The research states that the automatic sharing of the wealthy's account information across more than 100 countries can significantly reduce offshore tax evasion.

The report said that billionaires avoid paying tax rates equal to 0 per cent or 0.5 per cent of their wealth "due to the frequent use of shell companies to avoid income taxation".

The study did highlight the agreement reached by 140 countries in 2021 to ensure companies pay at least 15 per cent in corporation tax, but the initiative, it said, had been "dramatically weakened" since then by a "growing list of loopholes".

<h2>Imposing tax can bring parity&nbsp;</h2>

Joseph Stiglitz, the Nobel Prize-winning American economist, in an introduction to the report, warned that unfairness in taxation poses a risk to democracy, reports BBC.

"If citizens don't believe that everyone is paying their fair share of taxes - and especially if they see the rich and rich corporations not paying their fair share - then they will begin to reject taxation.

Also read |&nbsp;<a href="https://www.wionews.com/world/german-diplomat-slammed-for-inspiring-hamas-to-launch-paragliding-style-attack-against-israel-650455">German diplomat slammed for ‘inspiring’ Hamas to launch paragliding-style attack against Israel</a>

"Why should they hand over their hard-earned money when the wealthy don't? This glaring tax disparity undermines the proper functioning of our democracy; it deepens inequality, weakens trust in our institutions, and erodes the social contract."

Quentin Parrinello, a senior policy adviser at the EU Tax Observatory, told the BBC that global billionaires "structure their wealth so it does not generate a lot of taxable income".

Also read |&nbsp;&nbsp;<a href="https://www.wionews.com/world/a-family-destroyed-16-year-old-british-teen-noiya-sharabi-confirmed-dead-in-tragic-hamas-attack-650157">A family destroyed: UK girl Noiya Sharabi confirmed dead in Hamas attack along with mom, sister</a>

He admitted that imposing a 2 per cent tax on billionaires may sound “utopian”, but "so was the idea of asking Swiss banks to exchange tax information with tax authorities 10 years ago and now this is a central provision of the fight against tax evasion".

(With inputs from agencies)

The European Union (EU) Tax Observatory has proposed in its report that a global minimum tax should be imposed on ultra-wealthy individuals to deter international tax evasion.

The European Union (EU) Tax Observatory has proposed in its report that a global minimum tax should be imposed on ultra-wealthy individuals to deter international tax evasion. There are an estimated 2,500 billionaires with a combined wealth of $13 trillion. The study by the observatory, part of the Paris School of Economics, states that if the governments start levying 2 per cent tax on billionaires, around $250 billion can be raised in a year. Super-rich use loopholes to avoid paying taxes The report says that the super-rich have been able to successfully use complex business structures for offshore tax evasion, while most people end up paying the taxes. The research states that the automatic sharing of the wealthy's account information across more than 100 countries can significantly reduce offshore tax evasion. The report said that billionaires avoid paying tax rates equal to 0 per cent or 0.5 per cent of their wealth "due to the frequent use of shell companies to avoid income taxation". The study did highlight the agreement reached by 140 countries in 2021 to ensure companies pay at least 15 per cent in corporation tax, but the initiative, it said, had been "dramatically weakened" since then by a "growing list of loopholes". Imposing tax can bring parity Joseph Stiglitz, the Nobel Prize-winning American economist, in an introduction to the report, warned that unfairness in taxation poses a risk to democracy, reports BBC. "If citizens don't believe that everyone is paying their fair share of taxes - and especially if they see the rich and rich corporations not paying their fair share - then they will begin to reject taxation. Also read | German diplomat slammed for ‘inspiring’ Hamas to launch paragliding-style attack against Israel "Why should they hand over their hard-earned money when the wealthy don't? This glaring tax disparity undermines the proper functioning of our democracy; it deepens inequality, weakens trust in our institutions, and erodes the social contract." Quentin Parrinello, a senior policy adviser at the EU Tax Observatory, told the BBC that global billionaires "structure their wealth so it does not generate a lot of taxable income". Also read | A family destroyed: UK girl Noiya Sharabi confirmed dead in Hamas attack along with mom, sister He admitted that imposing a 2 per cent tax on billionaires may sound “utopian”, but "so was the idea of asking Swiss banks to exchange tax information with tax authorities 10 years ago and now this is a central provision of the fight against tax evasion". (With inputs from agencies)

Impose 2% tax on super-rich to combat tax evasion, bring parity: EU Tax Observatory

According to the nation's top economics think tank, UK households will see an average annual tax hike of $4,282 by the time of the next election. This will be the largest increase in taxation during a parliament in records spanning more than 70 years.

Taxes will amount to about 37% of National Income by 2024: IFS

A Spanish prosecutor has lodged a second tax claim against Colombian singer Shakira, accusing her of defrauding the state of 6.6 million euros ($7.0 million) in 2018, according to a request to the investigating court seen on Tuesday.

Shakira owes $7 Mln in second Spanish tax fraud case: Prosecutor

African nations have spoken in unison on climate change. The continent's first climate summit concluded on Wednesday, where the countries adopted the 'Nairobi declaration', which urges the world to revamp its climate financing methods and adopt a global carbon taxation regime.

African nations propose new taxes to finance climate action

China halved the stamp tax on stock trading on Monday, the&nbsp;latest move to bolster the faltering share market amid a slowdown in economic recovery.&nbsp;

In a short statement on Sunday, the finance ministry said it was lowering the 0.1 percent&nbsp;levy on stock trades "to energise the capital market and boost investor confidence".&nbsp;

Reuters quoted&nbsp;Xie Chen, a fund manager at Shanghai Jianwen Investment Management Co, as saying,&nbsp;"Such a policy will likely provide a short-term boost to the market but will have little long-term impact. The rebound could last only two to three days, or even less."

Along with the action by the finance ministry, the China Securities Regulatory Commission (CSRC) is implementing steps to boost market confidence in investing in publicly traded businesses.

The CSRC announced on Sunday that China will restrict the pace of initial public offerings (IPOs) and strictly control share reductions by significant owners. Meanwhile, the CSRC has reduced margin funding requirements in Chinese stock exchanges.

Late last month, China's authorities pledged to re-energize the world's second-largest stock market, which has been flailing as the post-pandemic recovery falters and a debt problem in the housing sector worsens.

Furthermore, Beijing has implemented a number of policies, including a smaller-than-expected reduction in a key lending benchmark last week. However, investors are calling for a more aggressive policy response, including huge government investment.

In the latest indicator of economic weakness, statistics released on Sunday revealed that earnings at China's industrial enterprises fell for the seventh month in a row, with poor demand pinching businesses.

Under the direction of the State Council, regulators, including the Ministry of Finance, submitted a draft proposal for a stamp duty reduction to the cabinet this month, according to sources familiar with the subject.

(Inputs from Reuters)

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China halved the stamp tax on stock trading on Monday, the latest move to bolster the faltering share market amid a slowdown in economic recovery. In a short statement on Sunday, the finance ministry said it was lowering the 0.

China halved the stamp tax on stock trading on Monday, the latest move to bolster the faltering share market amid a slowdown in economic recovery. In a short statement on Sunday, the finance ministry said it was lowering the 0.1 percent levy on stock trades "to energise the capital market and boost investor confidence". Reuters quoted Xie Chen, a fund manager at Shanghai Jianwen Investment Management Co, as saying, "Such a policy will likely provide a short-term boost to the market but will have little long-term impact. The rebound could last only two to three days, or even less." Along with the action by the finance ministry, the China Securities Regulatory Commission (CSRC) is implementing steps to boost market confidence in investing in publicly traded businesses. The CSRC announced on Sunday that China will restrict the pace of initial public offerings (IPOs) and strictly control share reductions by significant owners. Meanwhile, the CSRC has reduced margin funding requirements in Chinese stock exchanges. Late last month, China's authorities pledged to re-energize the world's second-largest stock market, which has been flailing as the post-pandemic recovery falters and a debt problem in the housing sector worsens. Furthermore, Beijing has implemented a number of policies, including a smaller-than-expected reduction in a key lending benchmark last week. However, investors are calling for a more aggressive policy response, including huge government investment. In the latest indicator of economic weakness, statistics released on Sunday revealed that earnings at China's industrial enterprises fell for the seventh month in a row, with poor demand pinching businesses. Under the direction of the State Council, regulators, including the Ministry of Finance, submitted a draft proposal for a stamp duty reduction to the cabinet this month, according to sources familiar with the subject. (Inputs from Reuters) WATCH WION LIVE HERE

China halves stock trade stamp duty in bid to revive slumping market

In a significant policy shift, the U.S. Internal Revenue Service (IRS) has announced the immediate cessation of its long-standing practice of unannounced taxpayer visits by agency revenue officers. The decision cited by Reuters, aimed at reducing public confusion and enhancing overall safety measures for both taxpayers and IRS employees, marks a major step in the ongoing efforts to reform IRS operations.

The policy change comes on the heels of the passage of the Inflation Reduction Act and the establishment of a new IRS strategic operating plan in April, signaling a broader overhaul of the agency's practices. IRS Commissioner Danny Werfel, who made the announcement, emphasised that the alteration would foster increased confidence in the tax administration process, describing it as a 'common-sense step.'

IRS rings the doorbell of change

Under the previous procedure, revenue officers would visit homes and businesses without prior notice to recover significant tax debts, often amounting to a median unpaid balance of $110,000. However, such unannounced visits have been the subject of mounting security concerns and anxiety among taxpayers, especially in the face of false and inflammatory rhetoric surrounding the IRS and its workforce.

Commissioner Werfel pointed out that advancements in technology and the availability of alternative means of communication have rendered unannounced visits unnecessary and even risky for both parties involved. Instead, revenue officers will now initiate contact through mailed appointment letters, known as 725-B, to schedule in-person meetings with taxpayers in most cases.

The National Treasury Employees Union (NTEU), representing IRS workers and employees in various federal agencies, has supported the policy change. CNBC cited NTEU's national president, Tony Reardon, who highlighted the mounting danger faced by IRS officers in recent years, partly due to hostile rhetoric and unfounded claims directed at the agency's employees. The NTEU believes that the transition to scheduled meetings will protect IRS officers and allow them to carry out their mission of helping taxpayers fulfill their lawful tax obligations effectively.

Unannounced visits restricted to special cases

The new policy, however, does not entirely eliminate unannounced visits. The IRS clarified that extremely limited circumstances, such as the service of summonses and subpoenas or sensitive enforcement activities involving asset seizures, may still warrant such visits. However, these occurrences are expected to be minimal, numbering only a few hundred annually. In contrast, under the previous policy, tens of thousands of unannounced visits occurred annually.

By ending the routine practice of unannounced visits, the IRS aims to streamline its operations and allocate resources more efficiently. The additional funding provided by the Inflation Reduction Act will enable the agency to bolster staffing for compliance work, ensuring that revenue collection can be effectively carried out without resorting to stressful and potentially unsafe visits.

(With inputs from Agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a significant policy shift, the U.S. Internal Revenue Service (IRS) has announced the immediate cessation of its long-standing practice of unannounced taxpayer visits by agency revenue officers.

In a significant policy shift, the U.S. Internal Revenue Service (IRS) has announced the immediate cessation of its long-standing practice of unannounced taxpayer visits by agency revenue officers. The decision cited by Reuters, aimed at reducing public confusion and enhancing overall safety measures for both taxpayers and IRS employees, marks a major step in the ongoing efforts to reform IRS operations. The policy change comes on the heels of the passage of the Inflation Reduction Act and the establishment of a new IRS strategic operating plan in April, signaling a broader overhaul of the agency's practices. IRS Commissioner Danny Werfel, who made the announcement, emphasised that the alteration would foster increased confidence in the tax administration process, describing it as a 'common-sense step.' IRS rings the doorbell of change Under the previous procedure, revenue officers would visit homes and businesses without prior notice to recover significant tax debts, often amounting to a median unpaid balance of $110,000. However, such unannounced visits have been the subject of mounting security concerns and anxiety among taxpayers, especially in the face of false and inflammatory rhetoric surrounding the IRS and its workforce. Commissioner Werfel pointed out that advancements in technology and the availability of alternative means of communication have rendered unannounced visits unnecessary and even risky for both parties involved. Instead, revenue officers will now initiate contact through mailed appointment letters, known as 725-B, to schedule in-person meetings with taxpayers in most cases. The National Treasury Employees Union (NTEU), representing IRS workers and employees in various federal agencies, has supported the policy change. CNBC cited NTEU's national president, Tony Reardon, who highlighted the mounting danger faced by IRS officers in recent years, partly due to hostile rhetoric and unfounded claims directed at the agency's employees. The NTEU believes that the transition to scheduled meetings will protect IRS officers and allow them to carry out their mission of helping taxpayers fulfill their lawful tax obligations effectively. Unannounced visits restricted to special cases The new policy, however, does not entirely eliminate unannounced visits. The IRS clarified that extremely limited circumstances, such as the service of summonses and subpoenas or sensitive enforcement activities involving asset seizures, may still warrant such visits. However, these occurrences are expected to be minimal, numbering only a few hundred annually. In contrast, under the previous policy, tens of thousands of unannounced visits occurred annually. By ending the routine practice of unannounced visits, the IRS aims to streamline its operations and allocate resources more efficiently. The additional funding provided by the Inflation Reduction Act will enable the agency to bolster staffing for compliance work, ensuring that revenue collection can be effectively carried out without resorting to stressful and potentially unsafe visits. (With inputs from Agencies) WATCH WION LIVE HERE

From stealth mode to mailed letters: IRS reform to make tax collection safer

The Indian government is set to propose a new tax reform aimed at raising the share of taxes paid by multinational companies operating within its borders. The Indian government's proposal seeks to increase the taxes paid by these corporations in the countries where they operate and earn excess profits. This development could have a significant impact on the global corporate tax landscape, challenging outdated rules and aiming for a more equitable system.

India to push for higher taxes on multinational companies

the Indian government on Tuesday decided to impose 28 goods and services tax on online Indian gaming companies as well as in horse racing and also for casinos. After the announcement, the shares of the Indian gaming companies fell pretty drastically.

Indian gaming companies under tax radar

After working in the industry as a CA for quite some time and interacting with thousands of individuals in my journey, I realised most individuals start planning their taxes at the last minute. It leads them to last-minute hustle and bustle due to which the chances of not being able to save money in taxes get higher.

Efficient tax planning is a critical component of sound financial management, particularly for those well-versed in the intricacies of the financial domain. Taking a proactive approach to tax planning throughout the year can yield substantial benefits, enabling individuals to optimise their savings and ensure compliance with ever-evolving tax regulations.

Today, I will be telling you about the seven essential factors that you must keep in mind while strategizing your tax planning for the entire year.

By understanding these key considerations, you can navigate the complex landscape of tax planning with confidence and precision, thereby maximising your financial gains.

1. Estimate Your Income Tax Slab: Evaluate your income sources, including salary, interest incomes, and any other additional other sources of income, to estimate the tax bracket you fall into. By knowing your income tax slab, you can make informed decisions regarding tax-saving investments and strategies.

2. Identify Tax-Saving Investments that Resonate with Your Financial Goals: Tax-saving investments play a significant role in reducing your tax liability while aligning with your financial objectives. Explore various options such as Equity Linked Saving Schemes (ELSS), Public Provident Fund (PPF), Employee Provident Fund (EPF), National Pension System (NPS), and tax-saving fixed deposits . Consider factors such as risk tolerance, investment horizon, and expected returns to select investments that suit your needs.

3. Identify Investments that are Maturing in the Financial Year: Throughout the year, review your existing investments to identify those that are Maturing in the financial year. This includes fixed deposits, bonds, and other long-term investments. Some of these investments on maturity may attract capital gains, therefore, by keeping track of these investments, you can plan to reinvest the maturity proceeds wisely or use them for fulfilling financial goals or take steps to save tax wisely.

4. Review Your Tax Deducted at Source (TDS) to Claim a Refund: Regularly monitor the TDS deducted by your employer, financial institutions, or any other source. Cross-check the TDS deducted against the income earned and tax liabilities to ensure accuracy. In case excess TDS has been deducted, claim a refund by filing your income tax return. Regularly see that the TDS deducted has been deposited by the deductor to the government. Because if they don’t deposit this amount deducted then you won’t be able to claim a refund. Filing your returns accurately and promptly can help you avoid penalties and expedite the refund process.

5. Be Well-Documented to Claim Deductible Expenses: Maintaining proper documentation is crucial for claiming deductions on expenses such as medical bills, home loan interest, education expenses, and donations made to eligible charities. Keep track of invoices, receipts, and relevant documents to substantiate your claims during tax assessments. Being organised and thorough in maintaining records will simplify the tax filing process and prevent any potential issues with the tax authorities.

Bonus Tip

Since you all know that tax systems are ever-evolving and especially in the case of Indian tax laws, the government is constantly changing laws. For example, change in debt mutual funds as they were previously taxed based on holding period but now they are taxed according to the tax slab of the individuals.

Due to these changes in tax rules, your previous tax planning might become irrelevant and you have to plan your tax altogether again. If you miss out on any changes, your objective of saving money on tax will miss out as well.

Conclusion

It is important to understand the relevancy of tax planning and be continually aware of tax amendments not only because of efficiently saving your tax but also to avoid any penalties. Being proactive is much better than being reactive as being prepared in advance gives you time in coping with the challenges which are not in the case of reaction.

Moreover, the objective must be saving money on tax while achieving financial objectives, and tax saving shouldn’t be the sole objective of planning your taxes. All the investments made should be adherence to the path of financial goal

After working in the industry as a CA for quite some time and interacting with thousands of individuals in my journey, I realised most individuals start planning their taxes at the last minute.

After working in the industry as a CA for quite some time and interacting with thousands of individuals in my journey, I realised most individuals start planning their taxes at the last minute. It leads them to last-minute hustle and bustle due to which the chances of not being able to save money in taxes get higher. Efficient tax planning is a critical component of sound financial management, particularly for those well-versed in the intricacies of the financial domain. Taking a proactive approach to tax planning throughout the year can yield substantial benefits, enabling individuals to optimise their savings and ensure compliance with ever-evolving tax regulations. Today, I will be telling you about the seven essential factors that you must keep in mind while strategizing your tax planning for the entire year. By understanding these key considerations, you can navigate the complex landscape of tax planning with confidence and precision, thereby maximising your financial gains. 1. Estimate Your Income Tax Slab: Evaluate your income sources, including salary, interest incomes, and any other additional other sources of income, to estimate the tax bracket you fall into. By knowing your income tax slab, you can make informed decisions regarding tax-saving investments and strategies. 2. Identify Tax-Saving Investments that Resonate with Your Financial Goals: Tax-saving investments play a significant role in reducing your tax liability while aligning with your financial objectives. Explore various options such as Equity Linked Saving Schemes (ELSS), Public Provident Fund (PPF), Employee Provident Fund (EPF), National Pension System (NPS), and tax-saving fixed deposits . Consider factors such as risk tolerance, investment horizon, and expected returns to select investments that suit your needs. 3. Identify Investments that are Maturing in the Financial Year: Throughout the year, review your existing investments to identify those that are Maturing in the financial year. This includes fixed deposits, bonds, and other long-term investments. Some of these investments on maturity may attract capital gains, therefore, by keeping track of these investments, you can plan to reinvest the maturity proceeds wisely or use them for fulfilling financial goals or take steps to save tax wisely. 4. Review Your Tax Deducted at Source (TDS) to Claim a Refund: Regularly monitor the TDS deducted by your employer, financial institutions, or any other source. Cross-check the TDS deducted against the income earned and tax liabilities to ensure accuracy. In case excess TDS has been deducted, claim a refund by filing your income tax return. Regularly see that the TDS deducted has been deposited by the deductor to the government. Because if they don’t deposit this amount deducted then you won’t be able to claim a refund. Filing your returns accurately and promptly can help you avoid penalties and expedite the refund process. 5. Be Well-Documented to Claim Deductible Expenses: Maintaining proper documentation is crucial for claiming deductions on expenses such as medical bills, home loan interest, education expenses, and donations made to eligible charities. Keep track of invoices, receipts, and relevant documents to substantiate your claims during tax assessments. Being organised and thorough in maintaining records will simplify the tax filing process and prevent any potential issues with the tax authorities. Bonus Tip Since you all know that tax systems are ever-evolving and especially in the case of Indian tax laws, the government is constantly changing laws. For example, change in debt mutual funds as they were previously taxed based on holding period but now they are taxed according to the tax slab of the individuals. Due to these changes in tax rules, your previous tax planning might become irrelevant and you have to plan your tax altogether again. If you miss out on any changes, your objective of saving money on tax will miss out as well. Conclusion It is important to understand the relevancy of tax planning and be continually aware of tax amendments not only because of efficiently saving your tax but also to avoid any penalties. Being proactive is much better than being reactive as being prepared in advance gives you time in coping with the challenges which are not in the case of reaction. Moreover, the objective must be saving money on tax while achieving financial objectives, and tax saving shouldn’t be the sole objective of planning your taxes. All the investments made should be adherence to the path of financial goal

Want to save tax? Here are 5 tax planning mantras to know

Anti-government demonstrators in Kenya lit bonfires and barricaded major roads in the capital Friday as part of nationwide protests against the government’s plans to increase taxes. Police detained more than 20 protesters.

Kenya: Police clash with anti-tax hike protesters, dozens arrested

Where taxes need to be paid, taxes need to be saved. Some forms of income attract lower taxes than others. Some income is tax-free. Some income is fully taxable. Other incomes fall between these two extremes. Tax planning is critical to save money and accomplishing your financial goals. It is crucial to plan your finances strategically to optimise tax savings and maximise your take-home income.

Tax planning also helps you to achieve your financial goals by reducing your tax liability and freeing up more money to invest. This can help you to build a stronger financial foundation and to build more assets for the future.

Old Vs. New Tax Regime

New tax regime is default tax regime whereas the older tax will be available to those who specifically opt for it. The new tax regime does not offer as many deductions and exemptions as the old tax regime. For most people under Rs. 7.5 lakh, it makes sense to opt for new tax regime and pay no tax.

Assess the Latest Tax Slabs and Rates

By knowing the applicable rates, you can structure your income and investments accordingly.

For example, the Finance Minister Nirmala Sitharaman announced in this year’s budget that under the new tax regime the rebate for income tax has been increased to Rs.7 lakh from the earlier limit of up to Rs.5 lakh. Other changes were also introduced under the tax slab for the new tax regime too. Apart from that surcharge rate on income of Rs.5 crore and above has been decreased from 37% to 25%. You must know the implementation of these changes on your income and tax liabilities.

Leverage Tax Deductions and Exemptions

Take full advantage of the available tax deductions and exemptions under the Income Tax Act. Consider popular deductions such as Section 80C (for investments in instruments like PPF, EPF, and tax-saving mutual funds), Section 80D (for health insurance premiums), and Section 24(b) (for home loan interest). Identify the maximum allowable limits and invest accordingly to optimise your tax savings.

Explore Tax-Saving Investments

Opt for tax-saving financial instruments such as the Public Provident Fund (PPF), Sukanya Samridhi Yojana (SSY), Senior Citizens Savings Scheme (SCSS), Life and Health Insurance, Tax Saving Mutual Funds etc. These investments not only offer tax benefits under Section 80C but also provide an opportunity for long-term wealth creation. Consider the lock-in periods, returns, and risks associated with each investment option to make informed decisions.

Consider Equity-Linked Savings Scheme (ELSS)

ELSS is a tax-saving mutual fund that offers the potential for capital appreciation along with tax benefits under Section 80C. By investing in ELSS, you can potentially save taxes and participate in the growth of the equity market. However, be mindful of the risks involved and consult with a financial advisor to align your investments with your risk appetite.

Avail Home Loan Benefits

If you have a home loan, ensure you utilize the tax benefits associated with it. Claim deductions on the principal amount (Section 80C) and interest paid (Section 24(b)). Additionally, if you are a first-time homebuyer, you may be eligible for an additional deduction under Section 80EEA. Analyse the tax implications and consult a tax professional to make the most of these provisions.

You can save Rs 1.5 lakh under Section 80C for the principal payment of your home loan, and on interest you can claim Rs 2 lakh under section 24B. Additional Rs 50,000 can be saved if the loan amount is Rs 35 lakh or less.

On stamp duty you can claim Rs 1.5 lakh under 80C and under 80EEA another Rs 1.5 lakh if the loan is taken between April 1 2019 to 31 March 2022.

Plan for Long-Term Capital Gains

When dealing with capital gains, be mindful of the holding periods to determine whether they are short-term or long-term. Long-term capital gains on equity investments may be taxed differently. Consider strategies such as tax harvesting or investing in tax-efficient mutual funds to minimise your tax liability.

Effective tax planning is essential for savings and increasing take-home income. By understanding the latest tax slabs, leveraging deductions, exploring tax-saving investments, and utilising home loan benefits, individuals can effectively save income tax and channel those savings towards their financial goals.

Adhil Shetty is the CEO of&nbsp;Bankbazaar.com

Where taxes need to be paid, taxes need to be saved. Some forms of income attract lower taxes than others. Some income is tax-free. Some income is fully taxable.

Where taxes need to be paid, taxes need to be saved. Some forms of income attract lower taxes than others. Some income is tax-free. Some income is fully taxable. Other incomes fall between these two extremes. Tax planning is critical to save money and accomplishing your financial goals. It is crucial to plan your finances strategically to optimise tax savings and maximise your take-home income. Tax planning also helps you to achieve your financial goals by reducing your tax liability and freeing up more money to invest. This can help you to build a stronger financial foundation and to build more assets for the future. Old Vs. New Tax Regime New tax regime is default tax regime whereas the older tax will be available to those who specifically opt for it. The new tax regime does not offer as many deductions and exemptions as the old tax regime. For most people under Rs. 7.5 lakh, it makes sense to opt for new tax regime and pay no tax. Assess the Latest Tax Slabs and Rates By knowing the applicable rates, you can structure your income and investments accordingly. For example, the Finance Minister Nirmala Sitharaman announced in this year’s budget that under the new tax regime the rebate for income tax has been increased to Rs.7 lakh from the earlier limit of up to Rs.5 lakh. Other changes were also introduced under the tax slab for the new tax regime too. Apart from that surcharge rate on income of Rs.5 crore and above has been decreased from 37% to 25%. You must know the implementation of these changes on your income and tax liabilities. Leverage Tax Deductions and Exemptions Take full advantage of the available tax deductions and exemptions under the Income Tax Act. Consider popular deductions such as Section 80C (for investments in instruments like PPF, EPF, and tax-saving mutual funds), Section 80D (for health insurance premiums), and Section 24(b) (for home loan interest). Identify the maximum allowable limits and invest accordingly to optimise your tax savings. Explore Tax-Saving Investments Opt for tax-saving financial instruments such as the Public Provident Fund (PPF), Sukanya Samridhi Yojana (SSY), Senior Citizens Savings Scheme (SCSS), Life and Health Insurance, Tax Saving Mutual Funds etc. These investments not only offer tax benefits under Section 80C but also provide an opportunity for long-term wealth creation. Consider the lock-in periods, returns, and risks associated with each investment option to make informed decisions. Consider Equity-Linked Savings Scheme (ELSS) ELSS is a tax-saving mutual fund that offers the potential for capital appreciation along with tax benefits under Section 80C. By investing in ELSS, you can potentially save taxes and participate in the growth of the equity market. However, be mindful of the risks involved and consult with a financial advisor to align your investments with your risk appetite. Avail Home Loan Benefits If you have a home loan, ensure you utilize the tax benefits associated with it. Claim deductions on the principal amount (Section 80C) and interest paid (Section 24(b)). Additionally, if you are a first-time homebuyer, you may be eligible for an additional deduction under Section 80EEA. Analyse the tax implications and consult a tax professional to make the most of these provisions. You can save Rs 1.5 lakh under Section 80C for the principal payment of your home loan, and on interest you can claim Rs 2 lakh under section 24B. Additional Rs 50,000 can be saved if the loan amount is Rs 35 lakh or less. On stamp duty you can claim Rs 1.5 lakh under 80C and under 80EEA another Rs 1.5 lakh if the loan is taken between April 1 2019 to 31 March 2022. Plan for Long-Term Capital Gains When dealing with capital gains, be mindful of the holding periods to determine whether they are short-term or long-term. Long-term capital gains on equity investments may be taxed differently. Consider strategies such as tax harvesting or investing in tax-efficient mutual funds to minimise your tax liability. Effective tax planning is essential for savings and increasing take-home income. By understanding the latest tax slabs, leveraging deductions, exploring tax-saving investments, and utilising home loan benefits, individuals can effectively save income tax and channel those savings towards their financial goals. Adhil Shetty is the CEO of Bankbazaar.com

It's tax time now: How to plan for a tension-free life

The voters in Switzerland extended their overwhelming support to increasing the global minimum tax rate to 15 per cent for multinational corporations, as 79 per cent of people voted in favour, showed projections published shortly after polls ended. The polls were carried out by gfs.bern institute. 
 
The vote will permit an amendment to the constitution so that the country can join an international agreement, mooted by the Organisation for Economic Co-operation and Development (OECD), for imposing 15 per cent of the global minimum tax rate for multinational corporations. 
 
The plan is to introduce the new rate on all Swiss-based companies which have a turnover above €750 million ($818mn). Until now, some of the lowest corporate tax rates across the world have been imposed by many of the country's 26 cantons, for which they gave reason for the need to attract more businesses in the face of high location costs and wages. 
 
The government of Switzerland has estimated that the revenue generated from the supplementary tax would amount to between 1.0 and 2.5 billion Swiss francs in the first year.

ALSO READ |&nbsp;<a href="https://www.wionews.com/entertainment/rammstein-fans-sex-assault-protesters-face-off-at-swiss-concert-605650">Rammstein fans, sex assault protesters face off at Swiss concert</a>

<h2 lang="en-US">Swiss voters back net-zero climate law</h2>

The people in Switzerland, keeping in mind the drastic impact of global warming on their rapidly melting glaciers, on Sunday supported a new climate bill which is aimed at taking the country towards carbon neutrality by 2050, as per the early estimates. 
 
The gfs.bern institute's initial projections showed that 58 per cent of Swiss people voted yes in the referendum on the new law. If the law comes into force, the country will need to cut down its dependence on imported gas and oil and scale up the use and development of greener and homegrown alternatives. 
 
In the opinion polls held recently, strong but slipping support was indicated for the climate bill amid a campaign around economic ruin and electricity shortages, which was infused with anxiety and driven by the populist right-wing Swiss People's Party (SVP). 
 
The supporters had stated the "Federal Act on Climate Protection Targets, Innovation and Strengthening Energy Security" is required to ensure energy security.

WATCH |&nbsp;Switzerland: Women stage 'feminist strike,' a scream for equality

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They added that it will help address the issues arising from climate change which has been highlighted by the drastic melting of glaciers in the Swiss Alps, resulting in it losing a third of its ice volume between 2001 and 2022. 
 
Around three-quarters of its energy is imported by Switzerland as all the oil and natural gas consumed by the people come from abroad. Initially, climate activists wanted to place a total ban on all gas and oil consumption in Switzerland by 2050. 
 
You can&nbsp;now write for&nbsp;wionews.com&nbsp;and be a part of the community. Share your stories and opinions with us&nbsp;<a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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The voters in Switzerland extended their overwhelming support to increasing the global minimum tax rate to 15 per cent for multinational corporations, as 79 per cent of people voted in favour, showed projections published shortly after polls ended.

The voters in Switzerland extended their overwhelming support to increasing the global minimum tax rate to 15 per cent for multinational corporations, as 79 per cent of people voted in favour, showed projections published shortly after polls ended. The polls were carried out by gfs.bern institute. The vote will permit an amendment to the constitution so that the country can join an international agreement, mooted by the Organisation for Economic Co-operation and Development (OECD), for imposing 15 per cent of the global minimum tax rate for multinational corporations. The plan is to introduce the new rate on all Swiss-based companies which have a turnover above €750 million ($818mn). Until now, some of the lowest corporate tax rates across the world have been imposed by many of the country's 26 cantons, for which they gave reason for the need to attract more businesses in the face of high location costs and wages. The government of Switzerland has estimated that the revenue generated from the supplementary tax would amount to between 1.0 and 2.5 billion Swiss francs in the first year. ALSO READ | Rammstein fans, sex assault protesters face off at Swiss concert Swiss voters back net-zero climate law The people in Switzerland, keeping in mind the drastic impact of global warming on their rapidly melting glaciers, on Sunday supported a new climate bill which is aimed at taking the country towards carbon neutrality by 2050, as per the early estimates. The gfs.bern institute's initial projections showed that 58 per cent of Swiss people voted yes in the referendum on the new law. If the law comes into force, the country will need to cut down its dependence on imported gas and oil and scale up the use and development of greener and homegrown alternatives. In the opinion polls held recently, strong but slipping support was indicated for the climate bill amid a campaign around economic ruin and electricity shortages, which was infused with anxiety and driven by the populist right-wing Swiss People's Party (SVP). The supporters had stated the "Federal Act on Climate Protection Targets, Innovation and Strengthening Energy Security" is required to ensure energy security. WATCH | Switzerland: Women stage 'feminist strike,' a scream for equality They added that it will help address the issues arising from climate change which has been highlighted by the drastic melting of glaciers in the Swiss Alps, resulting in it losing a third of its ice volume between 2001 and 2022. Around three-quarters of its energy is imported by Switzerland as all the oil and natural gas consumed by the people come from abroad. Initially, climate activists wanted to place a total ban on all gas and oil consumption in Switzerland by 2050. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Switzerland: People vote for 15 per cent tax rate hike for multinationals

Dhaka South City Corporation will levy a tax on multiple marriages. Men will have to pay up to $467 for polygamy. This is a progressive step for a Muslim majority like Bangladesh but is the tax deterrent enough? Molly Gambhir reports.

Gravitas: Dhaka to impose tax on multiple marriages

President Ruto seeks to raise taxes in the run-up to Kenya’s 2022 polls, economic issues, particularly public debt, and joblessness took centre stage. The Kenya Kwanza team led by William Ruto suggested that Kenya had over-borrowed, a habit they pledged to stop. The proposals in the 2023 finance bill, some of which were rejected by the previous parliaments, paint a picture of a government keen on giving its revenue authority stronger teeth to bite while making it expensive to appeal tax demands in the event of a dispute.

Kenyans brace for higher taxes as new finance bill targets petrol, beauty products

President Ruto seeks to raise taxes in the run-up to Kenya’s 2022 polls, economic issues, particularly public debt, and joblessness, took centre stage. The Kenya kwanza team led by William Ruto suggested that Kenya had over-borrowed, a habit they pledged to stop. The proposals in the 2023 finance bill, some of which were rejected by the previous parliaments, paint a picture of a government that is keen on giving its revenue authority stronger teeth to bite while making it expensive to appeal tax demands in the event of a dispute.

President Ruto seeks to raise taxes

The Indian government has provided some respite to the crude oil industry. The government has slashed windfall gains tax on domestic crude oil to nil from Rs 3,500 per tonne. The government also halved the tax on diesel exports to 50 paise per litre. The levies on the export of aviation turbine fuel (ATF) and petrol continue to be nil.

Why has India slashed the windfall tax on crude oil to zero?

Labour leader Keir Starmer published the details after Rishi Sunak released his on Wednesday, following months of political pressure. Tax details show that the labour leader is dependent on his parliamentary income.

UK: Labour leader Keir Starmer reveals how much tax he paid after Sunak

Rishi Sunak paid more than £1.2m in UK tax over the last three years, details of the prime minister's financial affairs show. The UK tax was paid on earnings of more than £4.7m from income and a US-based investment fund.

UK PM Rishi Sunak paid over £1.2m in UK tax since 2019

British PM Rishi Sunak has revealed his tax details, but the statement has a few grey areas. Sunak's wife still hasn't published her tax statement. Why is the UK PM's wife not revealing her taxes? Is Sunak trying to deceive his own people? Molly Gambhir reports.

Gravitas: UK PM Sunak reveals personal tax details

Keir Starmer's tax returns reveal he paid higher rate than Sunak

Rishi Sunak has made nearly $1.2 million tax over the past three years thanks mostly to gains from his US investment fund, according to tax details that have been published.

UK PM Rishi Sunak publishes long-awaited personal tax details

British Foreign Secretary James Cleverly raised the issue of Income Tax department searches on BBC offices in Delhi and Mumbai in bilateral talks with External Affairs Minister (EAM) S. Jaishankar on Wednesday.

UK raises BBC's Tax searches with Jaishankar

BBC offices in India have been raided by tax department officials, just weeks after the release of a documentary critical of the prime minister, Narendra Modi, which was later blocked by the government.

'Tax-evasion' investigation on BBC

A team of officials from the Income Tax Department conducted survey operations at the offices of the BBC in Delhi and Mumbai in connection with alleged tax evasion and irregularities.

BBC India Raid: I-T Department conducts 'survey operations' for alleged tax evasion

5 days after the tremors, the anger of Turkish citizens is growing against their leader. Turkiye reportedly collected billions in earthquake tax. Turkish citizens are asking: Where did the money go?

Gravitas: Did Turkey misuse Earthquake tax?

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