News That Matters

Tag: budget

House version of defense budget provides funding to remove Confederate names from bases

House version of defense budget provides funding to remove Confederate names from bases

Business
July 8 (UPI) -- A provision in the House version of the $ 694.6 billion defense budget includes $ 1 million to rename U.S. Army facilities named after Confederate leaders. The bill by the Democratic-led House Appropriations Committee calls for an account in the Fiscal Year 2021 defense bill dedicated to "expenses for the renaming of Army installations, facilities, roads and streets named after Confederate leaders and officers" within one year, a text released on Tuesday read. It noted that the Army, with 10 bases named after military officers of the Confederate States of America, has "the preponderance of the entities to change." Advertisement The Senate version of the bill also includes funding for name changes, but with a three-year time limit. Among the most prominent bases being consi...
China’s 2020 military budget growth is 6.6 percent, a decline from 2019

China’s 2020 military budget growth is 6.6 percent, a decline from 2019

Business
May 22 (UPI) -- China announced Friday a 6.6 percent increase in its $ 178 billion defense budget, down from last year's increase of 7.5 percent. The announcement was made at the opening of the National People's Congress, the country's national legislature. Despite the slowing of the defense budget's growth, the lowest increase in years, it remains the world's second-largest defense budget, behind that of the United States at $ 738 billion. China's defense budget remains below 2 percent of its GDP, while that of the United States is 3.4 percent. Wei Dongxu, a Beijing-based military analyst, told the Global Times, a publication of the Chinese Communist Party, on Friday that the budget ensures that China's military programs remain unaffected by the COVID-19 virus and can go on as scheduled...
Budget 2020: VAT on e-books and newspapers scrapped

Budget 2020: VAT on e-books and newspapers scrapped

Technology
Chancellor Rishi Sunak has announced the 20% tax on e-books and online newspapers, magazines and journals will be abolished on 1 December.But the BBC has learned that it will not apply to audiobooks, something that the Royal National Institute said was "disappointing".A letter calling for the tax to be axed was signed by more than 600 authors and presented to Parliament in October.Physical books and periodicals are already exempt. Media playback is unsupported on your device In October 2018, the EU allowed member states drop sales taxes on electronic publications and many countries have already made the changes."The government expects the publishing industry, including e-booksellers, ...
New debt ETF proposed in Budget 2020; should you invest?

New debt ETF proposed in Budget 2020; should you invest?

Finance
The Finance Minister proposed to deepen the bond market in budget 2020 speech. Nirmala Sitharaman in her speech today announced to float a new debt ETF comprising primarily of government securities. She said the first bond ETF launched recently was a great success. “Debt-based exchange traded fund (ETF) recently put out by the government was a big success. Government proposes to extend this by floating a new debt ETF consisting primarily of government securities. This will give retail investor access to government security as much as giving an attractive investment for pension funds and long-term investors,” the Finance Minister said in her budget speech. The cabinet gave the approval to launch Bharat Bond Exchange Traded Fund or Bharat Bond ETF in December 2019. Bharat Bond ETF was the fi
Relaxation, clarification on capital gains tax needed in Budget 2020: EY

Relaxation, clarification on capital gains tax needed in Budget 2020: EY

Finance
By Shalini JainWith the annual budget around the corner, the expectations of individual tax payers are high. Given the recent reduction in corporate tax rates, the individual tax payers expect reduction in tax rates and relaxations coming their way as well. Long-term capital gains on sale of equity shares and units of equity-oriented funds The recent years have seen changes in capital gains taxation which has increased the tax burden of individual tax payers. For instance, the long-term capital gains (LTCG) exceeding Rs 1 lakh on sale of equity shares and units of equity-oriented funds on which Securities Transaction Tax (STT) is paid, which were earlier tax exempt, were brought to tax at 10% for transfers made on or after April 1, 2018. To encourage small tax payers to invest in the stoc...