Despite the continuing government shutdown, taxpayers who requested an extension earlier this year from the IRS to file their return still have to meet the cutoff date. Taxpayers who needed more time to file their 2024 tax return earlier this year were able to request an extension from the IRS before the April 15 filing deadline that gave them until October 15 to get their return filed. While extensions give taxpayers extra time to file, they don't get extra time to pay what they owe and are required to ...

Group 1 - The article discusses the refund process for vehicle purchase tax when a vehicle is returned due to quality issues, highlighting the case of a customer named Xiao Ming who returned a vehicle and applied for a tax refund [2][3]. - According to the "Vehicle Purchase Tax Law of the People's Republic of China," taxpayers can apply for a refund of the vehicle purchase tax if they return a vehicle to the manufacturer or seller, with the refund amount based on the tax paid and reduced by 10% for each year since payment [3][4]. - The calculation formula for the refund amount is specified as: Refund Amount = Tax Paid × (1 - Years of Use × 10%), ensuring that the refund amount cannot be negative [4]. Group 2 - The article provides a reminder that the information shared is for educational purposes and not an official tax standard, encouraging readers to engage in learning and sharing experiences [8].

The South Korean tax agency has told crypto holders that officers will visit their homes to seize cold wallets if they fail to pay their tax bills. The South Korean newspaper Hankook Ilbo reported that the comments came from the National Tax Service (NTS) on October 9. A tax office in the South Korean city of Paju. (Source: Choi Gwang-mo ) South Korean Tax Agency: We Can Confiscate Your Cold Wallet Tax bodies around the country have already launched crackdowns on local tax evaders that hold crypto wall ...

Photo by BeInCrypto The continued US government shutdown is causing the Internal Revenue Service (IRS) to furlough nearly half its workforce. The agency also communicated that it significantly scaled back most operations. The IRS staff reductions will likely impact crypto tax services through reduced taxpayer assistance, mounting backlogs for disputes and audits, and delays in issuing new tax guidance. IRS Sends Staff Home The IRS announced in a notice today that it will furlough nearly 34,000 employees ...

Core Viewpoint - The overall requirement for tax reform in the "Hainan Free Trade Port Construction Overall Plan" is to implement zero tariffs, low tax rates, and simplified tax arrangements in a phased manner, ultimately forming a tax system with international competitiveness to support the construction of Hainan Free Trade Port [1] Tax Policy Measures - The Ministry of Finance has introduced several tax policies following the release of the overall plan, including duty-free shopping for outlying islands, zero tariffs on certain imported goods, and preferential corporate and personal income tax policies [1] - The current preferential policies for corporate income tax and personal income tax will continue to attract high-end talent and quality enterprises to settle in Hainan [1] - The range of "zero tariff" goods will be continuously expanded, with timely adjustments to the imported tax goods catalog [2] - The duty-free shopping policy for outlying islands will continue, with further optimization of policy arrangements to support Hainan in becoming an international tourism consumption center [3] - Research on tax policies for imported goods consumed by residents on the island will be actively conducted, allowing residents to purchase certain imported products tax-free [4] - The research on sales tax reform will be steadily advanced, involving the consolidation of multiple taxes such as value-added tax, consumption tax, vehicle purchase tax, urban maintenance and construction tax, and education fees, with a focus on simplifying the tax system [5]

Group 1 - The article discusses tax incentives for individual businesses and small micro-profit enterprises in Guangdong Province, aimed at supporting entrepreneurship among recent graduates and other key groups [3][5]. - For individual businesses, there is a tax deduction of up to 24,000 yuan per year for three years on various taxes, starting from the month of registration [3]. - From January 1, 2023, to December 31, 2027, individual businesses with annual taxable income not exceeding 2 million yuan will have their personal income tax halved on that portion [3]. Group 2 - Small micro-profit enterprises are defined as those with annual taxable income not exceeding 3 million yuan, fewer than 300 employees, and total assets not exceeding 50 million yuan [3]. - These small micro-profit enterprises will have 25% of their taxable income counted for tax purposes, and will be taxed at a rate of 20% from January 1, 2023, to December 31, 2027 [3].

Core Viewpoint - The article discusses the announcement by the Ministry of Finance and the State Taxation Administration regarding the reduction of the value-added tax (VAT) rate for small-scale taxpayers from 3% to 1% on taxable sales revenue [3]. Summary by Relevant Sections - The announcement specifies that small-scale taxpayers will now apply a reduced VAT rate of 1% instead of the previous 3% on their taxable sales revenue [3]. - In the electronic tax bureau, when maintaining project information for electronic invoices, the system defaults to a tax rate of 3%. However, when users select the project name, the system will automatically display the actual reduced tax rate of 1% [3].

Group 1 - The UK Chancellor of the Exchequer, Reeves, is considering the repeal of the decision to impose UK inheritance tax on global assets of non-UK residents [1]