Tag Archive for: tax

Tax notices to IT cos: Govt decides to set up dispute resolution body

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ISLAMABAD: The government has decided to constitute a high-powered dispute resolution committee to resolve the issue of tax notices issued to the IT companies and resolution of outstanding tax-related matters of the IT sector.

Sources told Business Recorder that the decision has been taken during the last meeting of the Ministry of Information Technology, which was attended by the finance minister and federal minister for IT and Telecom for reviewing proposals for increasing IT export remittances in the country.

The meeting reviewed the foreign exchange regime for the IT companies. The meeting decided that the definition of the IT and IT-enabled services would be broadened. The revision and expansion of the definition of the IT/ITES sector would be done after seeking feedback of the IT sector.

The new definition of the IT and IT-enabled services has been drafted by the Pakistan Software Export Board (PSEB) in the light of feedback from the Pakistan Software House Association. The meeting also decided that a high-powered dispute resolution committee would be constituted. The committee would comprise the Federal Board of Revenue (FBR), MOIT, PSEB, and PASHA.

Massive incentives approved for IT, telecom sector: Amin

The proposed definition of the IT and IT-enabled Services: Information Technology Services (IT Services) and Information Technology Services (IT-enabled Services) include but not limited to IT consulting, software consulting, software design, software development, software product licensing, software customization, software implementation, quality assurance & testing, software support and maintenance, IT assessment and roadmap development, system support, system assembly, system integration, system designing and architecture, system analysis, system development, system operation, system maintenance, system up-gradation and modification, data warehousing or management, data storage services, data entry operations. data processing, data mining, data analytics. database management, online database access and retrieval, data migration or transfer, disaster recovery planning and management, business continuity planning and management, system security or protection, cyber…

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Tax Phish Swims Past Google Workspace Email Security – Threatpost

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Tax Phish Swims Past Google Workspace Email Security  Threatpost

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Hackers Targeting Digitally Connected Consumers This Tax Season

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Consumers’ Digital-First Lifestyle Opens Them to Potential Risks

Consumers have faced a lot of change over the past year with the shift to a digital-first lifestyle, and tax season is no exception. McAfee’s 2021 Consumer Security Mindset study revealed that while roughly 2 out of 3 Americans (63%) plan to do their taxes online in 2021, 12% of Americans will be doing them online for the first time. With the increase in activities online, consumers are potentially exposed to more digital risks and threats, and it is crucial that they understand how to stay safe online.

According to the IRS, Criminal Investigation identified $2.3 billion in tax fraud schemes during FY2020. Hackers target tax payers every year, but the increase in online filings due to COVID-19 in 2020 presented an even greater opportunity, as scams related to coronavirus tax relief such as Economic Impact Payments, have now earned a spot on the IRS “Dirty Dozen” tax scam list. Also relatively new to the list are social media attacks – thanks to the rapid development and adoption of social media platforms in recent years. Social media attacks involve scammers harvesting information from social media profiles, then using that data to impersonate someone you know to gain access to accounts, funds and more.

Other common attacks include email phishing attacks, phone calls posing as IRS agents, and robocalls that threaten jail time. Taking advantage of the current environment, many phishing attacks are now leveraging keywords such as “coronavirus,” “COVID-19” and “stimulus.” Additional tax scams can be harder to spot, such as when a hacker secures someone else’s Social Security number (SSN) and begins exploiting this sensitive information on the dark web and facilitating fraudulent tax returns. The IRS has warned about scams related to SSN, where scammers claim to be able to suspend or cancel the victim’s SSN, hoping that fear will get consumers to return robocall voicemails.

Consumers can do their part this tax season to protect their personal information and keep their finances secure:

  • Beware of phishing attempts. Phishing is a common tactic hackers leverage during tax season, so double-check…

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Tax hikes are back on the agenda in Sacramento – Daily Breeze

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With 1 million signatures in and several potential challengers, the recall drive against Gov. Gavin Newsom may be causing him to reconsider some of his more progressive policy positions. In his recently unveiled $4.5-billion stimulus program, he offered — get this — tax relief, not tax hikes.

The so-called “Equitable Recovery for California Businesses and Jobs” plan includes $575 million for small business grants, $777.5 million in tax credits to businesses that hire or retain employees, some sales-tax exemptions and $600 checks to low-income Californians.

Of course, it also contains the usual slop like $1.5 billion in subsidies to buy electric vehicles but, nonetheless, we take victories where we can get them in Taxifornia.

Newsom’s September pledge to oppose new taxes was fairly explicit: “In a global, mobile economy, now is not the time for the kind of state tax increases on income we saw proposed at the end of this legislative session and I will not sign such proposals into law.” The irony is not lost on us that the governor said this while also endorsing Prop. 15, the failed $12 billion tax hike — and latest attempt at gutting Proposition 13 — on the November ballot. But his remarks did provide a bit of assurance to the state’s job creators.

On the other hand, there is no such hesitancy to push tax increases in the California Legislature. Proposing a “tax increase du jour” is in the DNA of Democratic legislators. Here are just a few of the bills causing anxiety among those Californians who want to keep at least some of the money they earn.

Assembly Bill 65 by Assemblyman Evan Low would create a California Universal Basic Income. It is like AB2712 presented last legislative session, which proposed to raise the necessary money either through a value-added tax, raising corporate taxes or implementing a tax on services.

Assembly Bill 71 by Assembly members Luz Rivas and David Chiu creates a $2.4 billion homeless fund. The devil’s in the details, however, and the bill suggests the money could come from increases in income tax rates on individuals making over $1 million, increasing corporate income taxes, and collecting taxes on increases in the value of…

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