IRS lets electric vehicle buyers claim to fail to trace back tax credit
The dealer used to have only 3 days to report the tax credit to the IRS. Now, they can now submit sales reports for any vehicle for sale in 2024 to claim points. The National Automobile Dealers Association lobbied the IRS to solve the problem with electric vehicle credit. The $7,500 federal electric vehicle tax credit has pushed many Americans to push electric, but the program isn't entirely smooth sailing. While credit can now be applied directly at the point of sale, some dealerships have been dragging their pace, leaving buyers high and dry without the promised discount. But, the good news: There is a solution at work. var adpushup = window.adpushup = window.adpushup || {que :()}; adpushup.que.push(function(){if(adpushup.config.platform!=="Desktop"){adpushup.triggerad("0f7e3106-c4d6-4db4-4db4-8135 c5088799a76a76a76f8") adpushup.triggerad("82503191-E1D1-435A-874F-9C78A2A54A2F"); Read: Dealer’s paperwork errors make buyers lose EV tax credits with IRS It turns out that while discounts are available at the time of purchase, dealers must join the program and use the portal to submit their electric vehicle sales…
Action by exporters and farmers to cut 20% onion export tax
Since the Indian government cuts the onion export tax by itself to 20% from April 1, 2025, if you are an exporter, merchant, supplier, supplier or farmer, and Eating without capital, experience or risk To get into a price-sensitive market right away, this is what you should do Instead of rushing to export onion: If you are looking for licensing or documentation assistance for import and export federal governments, please click here and contact our team. 1. Become a purchasing expert before exporting Changes during and after onion export Instead Export now, , , , , Contact Indian onion suppliers and growers. Build a Reliable network of farmers and businessmen Who can offer it at competitive prices. many Big buyers in the Gulf and Asia need trusted procurement partners Instead of a direct exporter. 2. Provide trade support services If you haven't exported yet, These services are first provided to established exporters and buyers: Procurement and Procurement - Find, verify…
Spanish Tourism Tax
As openism continues to put pressure on popular destinations, countries around the world are raising tourism taxes to control tourist numbers, support infrastructure and promote sustainable travel, and Spain now includes Spain. France, Thailand, Italy, the Netherlands, Greece, Portugal, New Zealand, Indonesia, Japan and now Spain – the public journey last year sparked widespread protests – adding new norms to travel expenses among those who impose higher taxes. From higher accommodation taxes in Europe to new admission fees in Asia and the Pacific, governments believe these measures will help curb wind and rain, protect the local environment and improve the visitor's experience. But for conferences and reward travelers, these rising costs mean that as global tourism landscapes change, there is a greater budget for going abroad. Visiting Ibiza, Mallorca and Menorca are more taxable From Spain Balearic Islandsincluding Ibiza, Mallorca and Menorca, they introduced them Sustainable Tourism Tax (ITS)which will rise from high season 4 euros per night ($4.36) to…
Maharashtra Budget 2025-26: Tax glut for premium electric vehicles
Maharashtra The Maharashtra government has revised the motor vehicle tax structure in the fiscal year 2025-26 budget. As part of the new measure, electric vehicles are at a price of Rs higher than Rs. Now, a 3 million tax will attract a 6% tax, while taxes on CNG and LPG-powered vehicles will also increase. Deputy Chief Minister Ajit Pawar also holds the financial portfolio, announcing the changes when the national budget was proposed. The revised tax structure is expected to charge income approximately Rs. 1.5 million. In addition, the cap on car tax has been raised from the Rs. 2 million to Rs. Rs 3 million, a move aimed at increasing the estimated Rs. 1.7 million. These changes suggest a change in Maharashtra’s tax policy on alternative fuel vehicles. While electric vehicles have been encouraged through subsidies and incentives in recent years, taxes on advanced power models are aligned with efforts to strengthen national revenue. Meanwhile, the additional burden on…
Tesla pushes 0 import tax in India
Tesla Model 3 Refresh Tesla has signed an agreement to build its first ever showroom at BKC (Bandra Kurla Complex) after it released about two dozen jobs in Mumbai, India. The development that led to the deal began with the recent visit of Indian Prime Minister Narendra Modi to the United States of America. Now, we will witness Tesla entering the Indian market through imported CBU vehicles. Tesla Showroom India - Where? The first ever showroom of the Indian Tesla company will be established in Maharashtra, the country's financial capital. Since February 16, 2025, Tesla has signed a five-year lease transaction in the Bandra Kurla complex in Mumbai, which lasts for five years. The first year value of the lease transaction was US$4,46,000 (approximately Rs 3.89), and rents grew steadily by 5% each year. In the five years of signing, the total cost of Tesla was US$2.5 million (approximately Rs 21.77). This new showroom will be located in the Maker…
Dealer’s paperwork errors cost buyers EV tax
Some dealers do not have paperwork property, and now owners relying on tax refunds are paying for it. Buyers across the United States are rejecting tax returns due to paperwork errors. Although the car qualifies for discounts, the dealer makes mistakes in paperwork. It is not clear how many buyers can get from tax discounts, but the IRS can provide a solution. Electric vehicles and plug-in hybrids promise energy savings and sometimes dealers. But while federal incentives help drive adoption, they can’t guarantee that they will last forever and may disappear soon. In 2024, many buyers placed these discounts in their purchase decisions, but later discovered that the dealership’s paperwork errors left them empty-handed. It seems that every year, taxes about electric vehicles become one degree or another. Of course, the same is true in 2024. Perhaps the biggest change is that buyers can get rebates when they purchase. However, for this, the dealer must register for the program and…
Volkswagen picks out a $1.4 billion tax dispute
Volkswagen tax dispute over import parts for $1.4 billion in "life and death" situation Volkswagen India and India’s tax authorities have legal disputes over tax demand. Indian authorities claim Volkswagen is the only automaker that classifies car imports as 12 years, evading $1.4 billion in taxes. If found guilty, German automakers will need to pay a $2.8 billion fine. Volkswagen is one of the many players in the Indian auto market and is part of the Volkswagen Audi Group, which owns several brands, such as Skoda, which operates under an Indian umbrella. As of now, this is also the country's highest import tax demand. Suspected of using secret plans According to Indian authorities, Volkswagen has used a secret plan to import auto parts in separate cargo to avoid discovery. These parts will be called "completely knocked down" and taxes are about 30% to 35%. The Indian tax authorities refuted Volkswagen by listing 10 automakers, namely Mercedes Benz, BMW, Hyundai, etc.,…
New Transportation Act Will Give Auto Workers 200% Tax
It will also roll back regulations and set viable fuel economy standards February 27, 2025, 18:30 The purpose of the Transportation Freedom Act is to "revitalize automobile manufacturing" in the United States. It calls on auto workers to get a 200% tax break despite regulations. The bill also calls for the revocation of regulations and the establishment of national standards. Congress continues to introduce automotive-themed legislation, the latest is the Transportation Freedom Act, which has already received support from many automakers. Its purpose is to roll back regulations while also providing some compelling benefits to auto workers. In a pager published by Ohio Senator Bernie Moreno, his office said the bill was a "supportive, pro-worker solution designed to revitalize fairness in automobile manufacturing and restore emission regulations." Although it focuses primarily on the latter, one of the most talked about is the tax relief for American auto workers 200%. More: Congressional Republicans want new electric vehicle road tax, using fake…
Congressional Republicans want electric car tax, using fake numbers
The female congresswoman's office claims the average F-150 weighs 3,000 pounds and has not even been closed Congressional Republicans have proposed a two-tier tax on electric vehicles. It will include a $1,000 fixed fee and a $550 fee for heavy-duty batteries separately. Documents supporting legislation are filled with false and misleading information. Congressional Republicans proposed legislation that would impose new taxes on them, and the war on electric vehicles continued. It is known as the "Fair Share" Act and it hopes to raise new fees to ensure EV owners pay for their infrastructure. As U.S. Senator Deb Fischer (R-NEB) explains, the gasoline tax helps support the Highway Trust Fund, which pays for the construction and maintenance of roads and bridges. Electric cars do not use gasoline or diesel, so they do not pay despite using the same roads and bridges. More: California believes drivers per mile are gasoline taxes due to electric vehicles While we have seen similar efforts at…
Trump’s tax plan could impact incident budgets, private
With tax breaks and new tariffs expiration in 2025, Donald Trump's second term could have a significant financial impact on the business event industry. Tommy Goodwin of the Exhibition and Conference Alliance (ECA) explained the endangered. Author: Casey Gale Any changes in tax treatment of private equity profits can "basically freeze" investments in the industry. (Adobe Stock) Many plans for Donald Trump’s second term as president are still in place, but the business activity industry can understand his first term and direct execution of orders and his commitments during his 2024 campaign. In December, Convene Tommy Goodwin, vice president of the Exhibition and Conference Alliance (ECA), asked Trump to break the expected impact on Trump and ECA's priority over the next four years of his term. Tommy Goodwin According to Goodwin, he and the ECA will keep a close eye on some key areas as the second Trump presidency unfolds. Here is what Goodwin shared about taxes: Trump's first administration…
Tesla’s latest auto manufacturer has mentioned the EU’s tax rate tariff
Tesla avoids some higher tariffs from competitors, but still unhappy go through Brad Anderson January 28, 2025, 08: 30 The European Union hit Tesla 3 times from China to Europe. A survey found that the Chinese government provided unfair subsidies for local brands. Tesla accounted for about 28 % of electric vehicles made from all China exported to Europe in 2023. In the documents submitted to the European courts, Tesla does not provide details about its arguments for tariffs. What we know is that the EU Second High Court will hear the case in about 18 months. Reading: BMW cooperates with Chinese electric vehicle manufacturers to fight for tariffs with the EU in court Tesla is one of the many auto manufacturers affected by the EU's tariffs on Chinese -made electric vehicles. However, the tariffs imposed on this are significantly smaller than the tariffs of its competitors. After more than a year of investigation, the European Union found that Chinese…
U.S. auto lobby warns Trump of chaos if electric vehicle tax credits
U.S. automakers prefer gradual reduction of $7,500 electric vehicle tax credit rather than sudden cuts go through Brad Anderson 16 hours ago NADA president worries about the impact of eliminating tax credits. John Bozzella, president of the Alliance for Automotive Innovation, said the United States is far behind China. Ford CEO Jim Farley said production credits are "critical" to the auto industry. The incoming Trump administration is poised to reshape industries across the U.S., and the auto industry is bracing for potential upheaval. One of the most pressing concerns is the expected elimination of the $7,500 federal tax credit for electric vehicles (EVs), a move industry leaders fear could cripple the local EV market. John Bozzella, head of the Alliance for Automotive Innovation, which represents nearly all major U.S. automakers except Tesla, has reached out to the government. Speaking at the Detroit Auto Show, Bozzella said he had sent a letter to Trump emphasizing the critical role the auto industry…
Goods and services tax on second-hand car sales increased to 18%
The Goods and Services Tax Council (GST Council) has announced an increase in the Goods and Services Tax (GST) rate on sales of second-hand cars, including electric vehicles (EVs), from 12% to 18%. The decision was taken at a recent meeting chaired by Finance Minister Nirmala Sitharaman to work out a uniform tax rate for all categories of vehicles. However, this change will not affect transactions between individuals. Private sales of second-hand cars will remain exempt from GST, providing relief to those dealing in personal vehicles. Under the revised structure, GST will only apply on the supplier's profit - the difference between the purchase price and sale price of the vehicle. If the vehicle is declared depreciated, it will be taxed on the depreciated value. This margin-based approach to taxation is designed to ensure that only the value added during resale is subject to GST, rather than the entire transaction value. Previously, 12% GST was applicable on all second-hand cars,…
Abolition of unfair tax policies, growing international travel,
Listen to audio What do event professionals need? The Exhibition & Convention Alliance (ECA), which advocates for the U.S. business and professional events industry, has released its 2025 Hot Buttons in the form of its annual Public Policy Agenda to answer this question. The document concludes: “From tax laws that incentivize small businesses in our industry to policies that help the U.S. attract more international exhibitors and attendees, ECA strongly encourages policymakers to adopt these measures…that will strengthen our industry competitiveness and the ability to drive economic growth, support job creation, empower small businesses and help solve the most pressing social challenges of the future. priority Enhance competitiveness through growth-focused tax policy These include federal tax reform to promote growth through "competitive business tax rates," promote investment by maintaining the current tax treatment of private equity, safeguard the tax status of associations and association nonprofits, and expand 529 plans - tax-advantaged savings accounts , intended to be used for the…
Which electric vehicles are eligible for the 2025 tax credit? This is
Only 18 electric and plug-in hybrid vehicles will be eligible for federal tax credits by 2025, though we don't know how long it will last The new list of PHEVs and EVs eligible for federal tax credits includes 18 vehicles. New products for 2025 include the Tesla Cybertruck and Hyundai Ioniq 9. Models such as the VW ID.4, Nissan Leaf and Rivian R1T/R1S are no longer eligible. The new year is upon us, and the U.S. Department of Energy and the U.S. Environmental Protection Agency have released a new round of updates to the federal electric vehicle tax credit program. This year's headline? Tesla Cybertruck finally made it to the list of eligible vehicles. But don’t start celebrating just yet. The incoming Trump administration has indicated it may eliminate these incentives entirely. Not surprisingly, this looming uncertainty sparked a mad dash from buyers eager to lock in $7,500 in points before the opportunity disappeared. More: Tesla global sales drop for…
Can Tesla survive without the EV tax credit in 2025?
In a crazy new plan from California Governor Gavin Newsom, he plans to provide electric vehicle tax credits to residents, while President Trump plans to eliminate both the order and the tax credits. The new rules would provide a $7,500 tax credit for all electric vehicles except Tesla. This is crazy because they are the only American car company making electric cars in the state.[embed]https://www.youtube.com/watch?v=h4oa4W1UM8Y[/embed]Newsom appears to be pursuing a Democratic presidential bid in 2028, potentially against Republican ally and power figure Elon Musk. Musk cannot run for president but supports eliminating mandates and tax credits and has endorsed President Donald Trump.Newsom unveiled plans to offer rebates to electric vehicle buyers if President-elect Trump repeals federal subsidies. The governor said a program that California phased out in 2023 may be restarted in place of the $7,500 tax credit. This is just a sign of superiority.Newsom's office told Bloomberg News that the current proposal includes market share limits that would exclude…
FCCA warns against Mexico’s plan to tax cruise ship passengers
This article was updated following a meeting between the FCAA and Mexican government officials on Monday, December 9. In a move, Mexican lawmakers recently approved a measure to impose a $42 per person fee on every cruise ship passenger docking in the country. Florida-Caribbean Cruise Line Association (FCCA) would confuse travelers and could discourage investment in cruise ports and discourage port calls. Mexico's Senate has voted to eliminate a long-standing exemption from the country's immigration tax for cruise ship passengers. The exemption is in place because such tourists typically do not disembark, and if they do, they only stay in Mexico for a short period of time. This exemption is similar to that applicable to travelers transiting through Mexican airports to other international destinations. FCCA strongly rejects new tax proposals In a letter to newly elected Mexican President Dr. Claudia Sheinbaum, FCCA CEO Michele Paige said the new tax could impact “tens of thousands of " The impact is particularly…
Volkswagen India faces $1.4 billion tax evasion notice
Volkswagen India unit accused of misclassifying imported products, paying lower taxes The Indian government has issued a tax notice to Skoda Auto Volkswagen India, accusing it of evading taxes of $1.4 billion (Rs 11,858 crore) over the years. The case revolves around the classification of imported auto parts, with authorities claiming the company misclassified imported products to pay lower tariffs. accusation The notice, issued on September 30, accuses Volkswagen's Indian unit of importing almost complete unassembled cars, which usually attract import duties of 30-35% under completely dismantled car rules. Instead, the company allegedly declared these imported products as separate parts and paid much lower tariffs of 5-15%. The suspected tax evasion cases involve parts for models such as the Skoda Superb, Kodiaq and Volkswagen Tiguan, as well as parts for the Audi series of luxury sedans, including the A4 and Q5. Indian investigators allege that Volkswagen used multiple shipments to conceal the nature of the imports and avoid paying higher…
Exhibition and Convention Alliance releases 2025 tax reform
Submitted by Tommy Goodwin, Exhibition and Convention Alliance WASHINGTON, D.C. – With tax reform likely to be the top policy issue in Washington, D.C., next year, the Exhibition & Convention Alliance (ECA) has released its Tax reform priorities for the business and professional activities sector in 2025. “From driving growth and investment to helping us create new jobs, the tax law has a huge impact on our industry in the United States,” said Hervé Sedky, president, CEO and ECA board chairman of Emerald Holding Inc. Director. "The 2025 tax reform debate is an important opportunity for policymakers to increase the global competitiveness of American industry and ensure that we can continue to be a growth engine for small businesses and entrepreneurs across the country." By 2025, the business and professional events industry will employ more than 2.6 million Americans and drive more than $426 billion in spending nationwide. The industry also pays $51 billion in federal taxes and $79 billion…
California to reinstate EV rebate if Trump rolls back tax
Elon Musk calls Tesla potentially excluded from rebate program 'crazy' go through Brad Anderson 4 hours ago There are reports that the Trump team is pushing to eliminate the $7,500 federal electric vehicle tax credit. California officially ended its clean vehicle rebate program as early as 2023. Funding for California’s revised rebate program will come from the Greenhouse Gas Reduction Fund. California Governor Gavin Newsom announced that if President-elect Donald Trump proceeds to eliminate the federal electric vehicle tax credit, the state will reinstate its clean vehicle rebate program to enable local buyers to purchase electric vehicles. Surprisingly, Tesla, the state's main electric car maker, appears to be excluded from the rebate. As expected, the decision has sparked a backlash from Elon Musk. The Clean Vehicle Program was phased out in 2023, but during its operation, more than 594,000 vehicles were funded and more than 456 million gallons of fuel saved. It provides subsidies of up to $7,500 on ZEV…
Ford, GM, Stellantis, Toyota plead with Trump not to cut EV tax
Automakers that have invested billions in electric technology now fear they will lose competitiveness if the new administration abandons customer incentives go through Chris Chilton November 23, 2024 11:00 A group of leading automakers is urging the incoming Trump administration to preserve tax credits for electric vehicles. Ford, General Motors, Stellantis, Toyota, Volkswagen and others say they are concerned about the threat posed by subsidized electric vehicles from China. The companies also said they want to speed up the development of self-driving cars and cancel the autonomous emergency braking mandate in 2029. U.S. automakers have joined forces to ask Donald Trump not to eliminate electric vehicle tax credits when he takes office next January. Volkswagen, General Motors, Toyota Motor and other companies have invested tens of billions of dollars to develop electric vehicles and retrofit factories to produce them, fearing they will lose competitiveness if the incoming Republican administration eliminates the sweetener. In a Nov. 12 letter to Trump, the…
Is time running out for the $7,500 electric vehicle tax credit? expert
Automakers heavily invested in U.S. electric vehicle production are bracing for the impact of Trump's reforms. Elon Musk has previously supported repealing the tax credit. Some experts are warning electric car buyers to act quickly because the $7,500 tax credit could soon disappear. Will the much-touted electric vehicle tax credit of the Biden era disappear when President-elect Donald Trump occupies the Oval Office early next year? This is a looming question for consumers and automakers who rely heavily on these subsidies to accelerate the transition to electric vehicles. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP") { adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd("6a782b01-facb-45f3-a88f-ddf1b1f97657"); The Inflation Reduction Act (IRA) signed by President Joe Biden in 2022 provides a lifeline to the emerging electric vehicle market, providing federal tax credits through 2032. Buyers of new electric vehicles currently receive credits of up to $7,500, while buyers of used electric vehicles can claim up to $4,000. The program…
Trump reportedly wants to eliminate $7,500 electric vehicle tax credit and
A new report suggests President Trump will try to eliminate the $7,500 electric vehicle tax credit when he returns to the White House next year. Tesla, whose CEO Elon Musk is a big supporter of Trump, is said to support the move. Eliminating the tax credit could have a devastating impact on electric vehicle sales, automakers and autoworkers. President-elect Trump is preparing to return to the White House, which means big changes for the auto industry after years of a government-backed electric vehicle push. While specific details remain unclear, it appears the incoming administration wants to end the $7,500 federal tax credit. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP") { adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd(" 6a782b01-facb-45f3-a88f-ddf1b1f97657"); } }); Reuters cited two people familiar with the matter as saying that Trump's transition team aims to eliminate the electric vehicle tax credit as part of a larger tax reform plan. Tesla is said to support…
Tax restructuring: How business asset disposal relief is changing
The potential abolition of Business Asset Disposal Relief (BADR) and changes to Capital Gains Tax (CGT) could have a significant impact on the UK events and exhibitions industry, particularly in relation to mergers and acquisitions (M&A). While the changes remain speculative, two industry experts provide insights into how deal structures, valuations and the broader M&A landscape are changing.Impact on M&A volume and deal structureConnor Agnew, managing director and head of UK corporate finance at Collingwood, said the immediate impact of scrapping BADR on deal volumes was likely to be limited. Agnew said the £100,000 cap on tax relief under BADR would be less relevant for larger deals, which are common in the events industry. However, he stressed that a significant increase in capital gains tax, which could be as high as 39%, could have a bigger impact.bigger deal: Agnew believes that in large transactions, the relief brought by BADR is relatively small, while deal complexity and valuation have a greater…
Trump will only give tax breaks to U.S.-made cars
Donald Trump has promised to give American car buyers tax breaks, but only if they buy American-made cars. Cars made in Europe or Asia will not be eligible for aid, but cars built in the United States by foreign-owned automakers may be eligible. Trump believes allowing buyers to deduct auto loan interest from their federal tax bills will boost domestic auto production. Kamala Harris has won the support of the United Auto Workers union in her bid to become the first female president of the United States, but her rival Donald Trump is trying to woo car buyers by offering financial benefits. And not just building cars. However, there is a problem. Under Trump's proposal, only U.S.-made cars, trucks and SUVs would be eligible for tax breaks. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP"){ adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd(" 6a782b01-facb-45f3-a88f-ddf1b1f97657"); } }); Trump plans to let car buyers deduct auto loan interest from…
Delhi Congestion Tax Scheme – Aims to reduce traffic and
The Delhi government is preparing to introduce a congestion tax as part of its efforts to tackle the city's worsening traffic and pollution problems. With rapid urbanization and increasing number of vehicles on the roads, traffic congestion has become a serious problem in major metropolitan areas such as Delhi, Mumbai and Bangalore. Not only does congestion lead to traffic delays and long commutes, it also significantly contributes to air pollution, which has become a major problem in the capital.congestion chargingIn response to this issue, the Delhi government is formulating a congestion pricing policy that aims to reduce traffic during peak hours by charging drivers to use specific roads or routes in high-demand areas. The move is not just about raising revenue, but also about encouraging the use of public transport and alternative, less congested routes. The authorities hope to smooth traffic and improve air quality by implementing congestion charging.The pilot phase targets key entry pointsThe pilot scheme is planned to…
Trump says he’ll make car loan interest tax deductible
Donald Trump says he will make car loan interest tax deductible. Specific details are scarce, but it is believed the program will mimic the mortgage interest deduction. If implemented, the move could save borrowers money and encourage sales. The 2024 presidential election will go down in history as a time when we saw last-minute troop withdrawals, two assassination attempts, and a plethora of bizarre events. While the substance has largely been set aside, Donald Trump recently raised an interesting idea while speaking at the Economic Club of Detroit. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP"){ adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd(" 6a782b01-facb-45f3-a88f-ddf1b1f97657"); } }); In a speech that lasted nearly two hours, the former president said he would make auto loan interest tax deductible. Trump did not reveal specifics, but it sounds similar to the home mortgage interest deduction that has been around for more than a century. MORE: Trump now threatens 200% tariffs…
ICYMI: G7 releases guidance on preventing tax evasion
The United States, Canada, France, Germany, Italy, Japan, the United Kingdom and the European Union (G7) have issued joint industry guidance on preventing the evasion of export controls and sanctions to Russia.The goal of this guidance is to protect common high-priority checklist items from misappropriation, prevent reputational damage, and reduce liability risk. The guidance is designed to assist industry in complying with multilateral export controls and sanctions and identifying evolving tax evasion practices in Russia.The guidance outlines three priority areas: higher-risk items being diverted to Russia, red flag indicators of potential tax evasion, and best practices for addressing red flags.1. Common High Priority List (CHPL)The European Union, Japan, the United Kingdom and the United States have developed CHPL to identify higher-risk items illegally transferred to Russia. Projects include:integrated circuitnavigation instrumentdigital cameratransistorsignal generatormilling machinePlease view the full CHPL here.2. Red Flag IndicatorsThe G7 identified the following red flags for potential export controls and sanctions evasion:Sudden changes in business activities after February…
Karnataka plans tax breaks, incentives for hybrid vehicles
Karnataka plans to boost sales in clean mobility segment with this initiativeKarnataka, one of the leading states in India in the adoption of electric vehicles, is gearing up to roll out a comprehensive policy to promote clean transportation. The state's new policy draft shows plans to significantly reduce taxes on hybrid vehicles and provide financial incentives to companies engaged in the clean mobility industry, including manufacturers of electric vehicles and their parts.The proposed move marks a significant shift from India's current emphasis on all-electric vehicles to include hybrids. The development could benefit carmakers such as Toyota, which has been lobbying for greater support for hybrid technology in India. Karnataka's move could make it the second state after Uttar Pradesh to provide tax breaks for hybrid vehicles. The policy proposes to remove road tax and registration fees for hybrid cars priced below Rs. 25 lakh, currently a tax of 13% to 18% is levied.The driving force behind hybrid carsWhile India has…
300,000 electric cars apply for $2 billion in tax breaks, and you can help
Under the old system, EV buyers would only receive the credit after filing their tax return the following year. go through Brad Anderson 10 hours ago New electric vehicles in the United States are eligible for tax credits of up to $7,500, while used electric vehicles can receive tax credits of up to $4,000. The United States has provided generous credits to about 300,000 electric vehicles this year. The vast majority of EV buyers transfer their points to the dealer immediately. The United States has provided more than $2 billion worth of tax credits to electric car buyers this year, most of which are redeemed at the time of purchase. While the credit is good news for consumers, newly released data does show how much it's costing the federal government and taxpayers. Tax credits of up to $7,500 have been provided to more than 250,000 new electric vehicles since Jan. 1, while an additional 50,000 are eligible for rebates of…
Big tax cut or cheated? unveiling
Introduction: Capturing readers’ needs Tax season fears? you are not alone. As the deadline approaches, many people feel anxious about paperwork, deductions, and potential audits. This is a stressful time and finding the right help can make all the difference. Enter TaxSavingExperts.com, a service that promises to simplify your tax preparation and maximize your savings. One user noted, "I've saved thousands of dollars thanks to their expert advice!" But is TaxSavingExperts.com the real deal, or just another tax hype machine? Let’s take a closer look. In-depth review of TaxSavingExperts.com Services provided TaxSavingExperts.com offers a comprehensive range of services designed to meet every tax situation: Tax preparation: Professionally prepare federal and state tax returns to ensure accuracy and compliance. Tax Optimization: Strategies tailored to reduce taxable income and maximize deductions, especially for self-employed individuals and small businesses. Audit support: Provides assistance during audits to help clients navigate the complexities of Internal Revenue Service (IRS) inquiries. Unique products for different tax situations…
Ferrari chairman’s assets seized in tax fraud investigation
Ferrari chairman John Elkann is one of five people whose assets have been seized by an Italian judge in an ongoing investigation into alleged tax fraud by his family. Reuters Elkann, who also serves as chairman of automotive group Stellantis, and his two siblings are accused of failing to pay taxes in Italy on assets worth nearly 75 million euros ($123 million) they inherited in 2019 following the death of their grandmother, Marella Caracciolo. Ms Caracciolo is the wife of Fiat boss Gianni Agnelli, who built the brand founded by his grandfather into an industrial giant in the 1960s and became the parent company of Ferrari. Hundreds of new car deals available through Automotive Expert Act now. Let the experts work for you and reap the rewards. Browse now. John Elkann According to the news outlet, there is currently a dispute between the Elkann siblings (John, Lapo and Ginevra) and their mother, Margherita Agnelli, over the death of Gianni Agnelli…
A guide to the tax impacts of 2024
India introduced GST in 2017, which had a huge impact on the automotive industry. The selling price of a new car has changed dramatically. GST is a single indirect tax that replaced multiple taxes such as excise duty, value-added tax and central sales tax, simplifying the tax structure and directly affecting the final cost of a vehicle. Understanding Goods and Services Tax (GST) Before discussing the impact of GST on the price of new cars, let’s first have a brief understanding of what GST is. GST refers to the consumption tax levied on the supply of goods and services in India. Goods and services have a floating tax rate under GST. This depends on the type of goods and services. In the case of car prices, it depends on many factors. Such as the engine capacity, length of the car, and the type of fuel used. Also read: The Ultimate Guide: Buying a New Car 2024 GST rates for automobiles…
Canada to impose 100% additional tax on Chinese electric vehicles
Canada imposes high taxes on Chinese electric vehicles to protect its auto industry Canada has announced plans to impose an additional 100% tax on Chinese electric vehicles, which would be added to the current 6.1% import tariff. The move is aimed at protecting the country's automotive industry, which employs more than 125,000 people. Canadian officials said the move was necessary because Chinese companies benefited from "unfair, non-market policies and practices." In response to China-made electric cars being the latest nightmare, Canada’s Department of Finance announced a series of “level playing field measures.” The biggest of these is a 100% surcharge on all Chinese-made electric cars effective October 1. The tax will be in addition to the current 6.1% import tariff on certain electric and hybrid "passenger cars, trucks, buses and delivery vans." In addition, the government announced plans to impose a 25% surcharge on steel and aluminum products imported from China starting October 15. Additional surcharges may be imposed as…
Understand the basics of customs tax refund
By Shawna Karajic, Export Solutions Inc. Duty Drawback is probably the most underutilized drawback program of the U.S. Customs. Most companies tend to seek to save on duty on the front end when importing goods into the U.S. With Duty Drawback, you can get a full refund of duty on the back end. It's a bit like filing your personal taxes. Throughout the year you pay taxes on every paycheck you receive. Then, when it's time to file your taxes, you look for all the deductions that can help reduce your tax liability. If you're lucky enough, you'll get a big payout from Uncle Sam. The tax refund process is similar. What is a tax refund? According to U.S. Customs, “Drawback is a refund of certain duties, internal taxes, and certain fees imposed when goods are imported and refunded when goods are exported or destroyed.” The duty rebate is not new. It is one of the oldest programs in the…
Explore the latest exhibition information and industry trends at ASAP Expo Magazine. Your one-stop platform, bringing together global exhibition highlights, industry trends and in-depth analysis, to help companies accurately connect with the market and seize business opportunities.
