Giving at year-end feels good because of both the emotional satisfaction of holiday giving and the tax benefits those gifts may unlock.
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Tag: tax
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3 year-end giving strategies for new tax laws
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When do Roth conversions make sense?
In this 14-minute podcast, Vanguard Wealth Planning Specialist Boris Wong discusses when Roth conversions make sense from a tax perspective.
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Are you investing tax efficiently?
In this episode, Joel and Maria answer listener questions about tax-efficient investing, and offer practical tips on how to structure your portfolio with tax-efficiency in mind.
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Learn how new U.S. tax law can affect deductions
In this 14-minute podcast, Vanguard Senior Tax and Wealth Planning Specialist Jackie Youssef tells advisors how the new tax law affects clients’ tax planning.
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Webcast replay: Maximizing year-end giving in an evolving tax environment
In this replay of a recent webcast, Vanguard experts discuss defining charitable goals and motivations, understanding the new tax laws, and philanthropy and long-term legacy planning.
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Making the maximum IRA contribution? Think Roth.
You may have heard the rule of thumb about contributing to traditional vs. Roth IRAs: If you expect your marginal tax rate to be higher in the future, a Roth contribution may make sense. But if you expect your marginal tax rate to be lower, it may be better to contribute to a traditional IRA.
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Oil Benchmark Slashed To $30 Per Barrel By Nigerian Government
The Nigerian Government on Wednesday proposed $30 per barrel of oil so as to work the 2020 national budget around that.
The announcement was made by the Minister of Finance, Zainab Ahmed, in Abuja.
Ahmed advised a review of the 2020 budget using a $30 per barrel price benchmark in favour of the previous $57.
She also said, “The privatisation proceeds will be cut by 50 per cent, based on the adverse economic outlook on sales of the Independent Power Projects and other assets.
“The Federal Government is working on Fiscal Stimulus Measures to provide fiscal relief for taxpayers and key economic sectors.
“We will incentivise employers to retain and recruit staff during the economic downturn.
“We will stimulate investment in critical infrastructure; review non-essential tax waivers to optimise revenues, and compliment monetary and trade interventions to respond to the crisis.”
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Water bill exemption, electricity bill discount in Sabah beginning April
KOTA KINABALU: Sabah people will be exempted from paying their water bills and will be given a 30% discount on electricity bills for three months beginning April, according to Chief Minister Datuk Seri Mohd Shafie Apdal.
He said the exemption and discount were part of the initiatives introduced under the Sabah Covid-19 aid package in an effort to ease the burden and cost of living of affected people in the state following the virus outbreak.
“It will benefit 335,000 domestic water users. In addition, the state will give a 28% discount on electricity bills for three months starting April, on top of the 2% provided by the federal government.
“The discount will involve the state government allocation of RM11.5 million a month or RM35.65 million over the three-month period, and it is expected that 512,000 consumers will benefit from this or equivalent to about 98% of electricity users in Sabah and Labuan,“ he told a press conference, here today.
Earlier, Mohd Shafie announced the RM670 million Sabah Covid-19 aid package comprising three categories namely assistance to frontliners and affected people as well as efforts to strengthen businesses and improve the quality of rural basic infrastructure.
Mohd Shafie said residents of the People’s Housing Programme in Sabah will also be exempted from paying rent for six months starting April, which involved an allocation of about RM21.1 million.
A total of 20,080 households or 110,400 people will benefit from it, he said.
Also included in the package is a 30% discount on quit rent collections for this year, which will benefit 232,774 individuals and 9,184 companies, among others.
However, Mohd Shafie said those who had paid the tax this year would be given rebates next year.
Hawkers are exempted from paying a licence fee by all district councils for this year, which will benefit 26,227 hawkers statewide and rebates will be given for 2021 to those who have paid for the licences this year, he added.
Mohd Shafie said RM30 million would be allocated for allowance payments of 10 months to Village Community Management Councils (MPKK), which will benefit 2,315 MPKK in Sabah. – Bernama
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Renewal of expiring road tax and driving licence exempted during MCO period
KUALA LUMPUR: Vehicle owners whose road tax or driving licence expires from today can breathe easy as the Transport Ministry has exempted their renewal until the movement control order (MCO) is lifted.
Transport Minister Datuk Seri Dr Wee Ka Siong said today the renewal exemption was applicable to driver’s licence, motor vehicle licence or road tax and vocational licences (GDL & PSV).
However, he said although the renewal of road tax is exempted, it is compulsory for the vehicles to have insurance coverage.
Wee said the renewal of expired road tax and driver’s licence will only be required to be done within 30 days after the MCO is declared over or called off.
“Prior to this, motorists were asked to renew their driving licence online. With this special exemption, we advise motorists to carry a copy of their motor insurance policy or e-cover note when they choose to drive during the MCO period. Those with an expired driving licence can still drive as long as the vehicle is covered with valid insurance,” he said.
Wee said the same exemptions are applicable to commercial vehicles and commercial vehicle drivers.
“With this exemption, the need for a health report for those who hold a Goods Driver’s Licence (GDL) and a Puspakom vehicle inspection approval for commercial vehicle owners no longer arises. They only need to ensure the vehicle is covered with motor insurance,” he said.
Wee said between today and March 31, the GDL validity of 2,753 commercial vehicle drivers will expire.
He said his ministry is aware of the setback faced by the public in the renewal of license and road tax during the MCO period and the decision to offer the exemptions were made after dicussions with relevant parties including the General Insurance Association of Malaysia (PIAM) and Takaful Malaysia.
“Most importantly, it is to ensure the supply chain of essential goods especially food for the masses is unaffected throughout the MCO period. I would like to advice drivers and their assistant drivers to be watchful of their health throughout the time they are carrying out their duties in the frontline. Your service is very meaningful to the people and country during these trying times.” he said.
He said those who wish to make enquiries or lodge complaint can do so at, email: aduan@mot.gov.my , or WhatsApp ke 0192907723.
Hotline : 1800-88-7723 (8am-8pm) or contact the National Security Council operations centre 03-88882010
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Pulau Pangkor closed to outsiders from tomorrow
LUMUT: Pulau Pangkor is closed to outsiders including tourists effective tomorrow until March 31 in line with the Movement Control Order (MCO) to curb the spread of Covid-19.
Manjung district officer, Zulhisham Ahmad Shukori said during the period, only Pulau Pangkor residents and government employees on duty are allowed to board the ferry to the tax-free island.
“Non-islanders are not allowed into Pangkor Island. The operation at Marina Island jetty has been closed since Saturday and only the jetty at Lumut is allowed to operate and it is only for island locals and the relevant government personnel involved,” he said when contacted, here today.
“We would like to thank the residents on the island for their cooperation. Nonetheless they are not encouraged to visit the mainland except on important and urgent business only,” he said. – Bernama
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