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Sanjay Malhotra, a 1990-batch IAS officer from the Rajasthan cadre, has been appointed as the new Governor of the Reserve Bank of India, succeeding Shaktikanta Das. With over 33 years of experience in various sectors, he will begin his three-year term on December 11, 2024, after previously serving as Revenue Secretary.
German lawyer Eckart Seith, a whistleblower in the cum-ex scandal, is on trial in Zurich for economic espionage and violations of the Banking Act. He is accused of obtaining and sharing internal documents from Bank J. Safra Sarasin with German investigators, amid tensions between Germany's tax evasion efforts and Swiss banking secrecy. Seith's case highlights the fallout from the controversial cum-ex transactions, which led to significant tax losses across Europe and were banned in both Germany and Switzerland.
Sixteen EU countries, led by the Netherlands, are urging the European Commission to revise the 2011 tobacco taxation law to include vaping products, which are currently not adequately regulated. The lack of uniformity in taxation and rules across member states is distorting the single market, prompting calls for urgent action. The update, initially due by the end of 2022, is seen as essential to address the evolving tobacco industry landscape and ensure fair competition.
The Czech Republic has enacted significant financial reforms to establish itself as a leading cryptocurrency hub, allowing crypto firms to open bank accounts without restrictions and introducing a three-year tax exemption for crypto investments. These measures aim to attract both domestic and international investors, enhancing the country's appeal in the digital finance sector. Deputy Speaker Jan Skopeček emphasized the need for a supportive legal framework to retain high-value businesses and maintain competitiveness in the evolving digital economy.
Ajit Pawar and his family have been cleared of benami property allegations by the Prevention of Benami Property Transactions Appellate Tribunal, which found insufficient evidence linking them to the alleged properties. Following this ruling, the Income Tax Department released assets worth over ₹1,000 crore that had been seized during 2021 raids. The case involved multiple properties, including land in Maharashtra, a flat in Delhi, and a resort in Goa.
Donald Trump’s transition team is considering canceling the U.S. Postal Service's contracts for electric delivery vehicles, aligning with his campaign promises to roll back Biden's climate initiatives. This includes a review of multi-billion dollar contracts with Oshkosh Corp and Ford for tens of thousands of electric trucks. The USPS, which received $3 billion for EVs as part of a climate bill, faces legal challenges in severing these contracts, but Trump's policies may test executive power limits.
The Czech Republic has passed legislation exempting capital gains tax on Bitcoin and other crypto assets held for over three years, effective from 2025. To qualify, individuals must ensure their total gross income from crypto sales does not exceed CZK 100,000, and the assets must not be part of business holdings. This move aligns with ongoing reforms in crypto taxation aimed at creating a more favorable environment for investors while adhering to EU regulations.
Mali's government continues to assert its claims against foreign mining companies, recently detaining employees of Barrick Gold Corp. amid disputes over back taxes. The country is demanding $500 million from Barrick, while Resolute Mining Ltd. has already paid $130 million of a $160 million settlement related to tax assessments.
German Chancellor Olaf Scholz faces scrutiny over his ties to the €36 billion "cum-ex" tax fraud scandal as he prepares for a parliamentary investigation. Critics question whether he adequately addressed allegations involving HSH Nordbank during his tenure as Hamburg's mayor, amid concerns about the effectiveness of ongoing investigations into financial crimes. The situation complicates Scholz's political standing ahead of the February election, with his coalition recently collapsing.
Tens of thousands of wealthy Americans are evading tax filings, exploiting a legal loophole that makes failing to file a return a misdemeanor, while filing false returns is a felony. Despite IRS efforts, only a fraction of high-income non-filers have complied, with significant revenue still uncollected. The Treasury proposes increasing penalties for chronic non-filers to enhance compliance and reduce the tax gap.

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