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Victims of AI-powered investment scams face a devastating second hit when tax authorities demand payment on stolen retirement funds. A new US bill aims to provide relief through deductions and penalty waivers.
Japan will reduce its consumption tax on food to just 1% from April 2025 for two years, marking the first cut since the levy's introduction in 1989. The measure aims to relieve cost-of-living pressures but raises concerns about Japan's already massive public debt.
Malaysia's government will prioritise increasing worker incomes over expanding the tax base, Economy Minister Akmal Nasrullah said, pushing back against OECD recommendations to introduce broader consumption taxes.
Philippine President Ferdinand Marcos has announced a comprehensive tax relief package during his 2026 State of the Nation Address, targeting workers and small businesses affected by global economic pressures stemming from Middle East instability.
Malaysia's Inland Revenue Board has launched a special amnesty programme allowing businesses to voluntarily correct e-Invoice submissions until December 31, 2027, without facing penalties. The initiative targets three categories of non-compliant taxpayers.