56th GST Council Meet: New rates, revenue impact, and gains

My last post got me curious about how much tax is paid with the different tax brackets. I wanted to work out the effect of, say, adding 1p to the basic rate, 2p to the higher rate, and 5p to the additional rate of income tax. I couldn’t locate that data but I did find some official figures that dispel the myth that the ‘wealthy’ (in this case defined as higher earners) don’t pay their fare share of tax. A chart in this note from the House of Commons Library highlights that in the 2022/23 tax year (presumably the last year analysed to this level of detail?) the top 10% of income recipients receive 34.4% of total income but pay 60% of all income tax… https://lnkd.in/euviEYbN

The Federal Board of Revenue (FBR) has removed the ‘estimated fair market value’ column from the Income Tax Return Form 2025 on the directions of Prime Minister Shehbaz Sharif. Read more: https://lnkd.in/eZrfaUzu #NewsGuru #FBR #TaxReform #AssetValuation #Pakistan

💰 New Federal Income Tax Brackets Announced for 2026 The IRS just released the updated tax brackets and standard deductions for the 2026 tax year — and there are some notable inflation adjustments to be aware of. 📊 Standard Deduction Updates: + Single filers: $16,100 + Heads of household: $24,150 + Married couples filing jointly: $32,200 📈 Tax Brackets: There are still 7 tiers (10%–37%), but the income ranges for each have shifted to prevent inflation from bumping you into a higher bracket. 💡 Example: If you make $60,000 as a single filer, only the portion above $50,400 is taxed at 22% — not your entire income.

KRA has set the market & prescribed interest rates for Fringe Benefit Tax and Deemed Interest at 8% for October–December 2025. The withholding tax rate on deemed interest remains 15%, payable within 5 working days.

Turning from capital gains tax (CGT) to income tax (IT) measures, the Resolution Foundation proposals include: 1. Increase basic rate dividend tax. Currently, individuals pay income tax of 8.75% on dividends subject to basic rate tax. Proposed is an almost doubling of the tax rate to 16.5%. 2. Increase income tax by 2% on all income and on all tax brackets. To try and stay within the manifesto pledge of not raising income tax on working people, it’s proposed that Employee NICs for those working be reduced by 2%. For anyone receiving non-earning income such as rental income they would not benefit from the 2% NIC reduction. 3. Extend the individual personal allowance threshold freeze to 5 April 2030. The personal allowance is £12,570 meaning income up to this amount does not attract income tax. The personal allowance has been frozen for a number of years already and this would push out this extension. 4. Other areas that could impact individuals and businesses include increasing planned fuel duty, vehicle excise duty and broadening of UK emissions charges, reform of gambling duties and the introduction of a sugar and salt levy and scrap soft drinks levy. These have been labelled as taxing harms. #budget2025 #autumnbudget #taxplanning #financialplanning

The salaried class has paid the highest share of income tax this quarter, surpassing businesses. However, rising deductions and stricter tax slabs are putting pressure on monthly incomes, raising concerns about fairness in the tax system. Read more: https://lnkd.in/eSaAykM2 #theneutral #SalariedClass #IncomeTax #FBR #PakistanEconomy #TaxBurden #Budget2025 #Revenue

Ever wonder why property tax rates vary so much across U.S. cities? This report by the Lincoln Institute of Land Policy documents the wide range of property tax rates in over 100 US cities and helps explain why they vary so widely. High property tax rates usually reflect some combination of: 1️⃣Some cities rely more heavily on property taxes instead of sales or income taxes. 2️⃣Lower home values often mean higher tax rates to meet revenue needs. 3️⃣ Higher rates can also reflect local government spending for better public services. Read the complete report here: https://ow.ly/t7Bi50X7UAM

Small Business Taxes May Change as UK Government Faces Major Budget Shortfall: The UK government is facing a £22 billion gap in public finances before the next Budget, which could lead to tax changes affecting small businesses. Major personal taxes such as Income Tax, VAT, and National Insurance are expected to stay the same, but business tax reliefs and allowances might be reviewed to meet financial rules and deal with higher borrowing costs. Slower economic growth and extra spending have added pressure on government finances, and small business taxes are likely to be a key part of plans to keep the economy stable and encourage growth. #UKTax #SmallBusinessUK #BusinessBudget #TaxUpdate #UKEconomy #TaxRelief #BudgetPressure #MakingTaxDigital #HMRC #UKFinance #TaxCompliance #ICMAccountancy #BusinessGrowth #TaxPlanning #SmallBusinessSupport #TaxAdvice

HMRC has released its latest stats on Corporation Tax... And the numbers are climbing. In the 2024–25 financial year, receipts of all corporate taxes hit £97.2 Billion, an increase of £3.5 billion (4%) compared to the previous year. 🔍 What’s driving the increase? Post-pandemic economic recovery Rises in the main rate from April 2023 New corporate taxes and levies Read the full report 👉 https://ow.ly/e7K250X3qQ4