Proceeds from high-premium unit-linked insurance schemes (ULIPs) have been made taxable to create a “level playing field” with mutual funds, official sources said on Monday. The Central Board of Direct Taxes (CBDT), which formulates policy for the Income Tax Department, had notified on January 18 the rules indicating the methodRead More →

Although the US economy is “dominated by service-oriented businesses”, most states currently only tax certain services, if any. That could change in 2022: legislation to tax services has been introduced in Indiana and Nebraska, and other states could follow suit. [From the Avalara blog.] Indiana sales tax would apply toRead More →

(The Center Square) — As more Americans move to lower-taxed Republican-led states, a new report from the Tax Foundation indicates that tax levels play a direct and indirect role as factors contributing to migration patterns. Taxes “often play an indirect role in contributing to an overall favorable economic environment. AndRead More →