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News on Medial
Blow to Tesla? Govt says not considering tax cuts or exemptions for EV imports
Inc42
·
1y ago
Medial
The Indian government has stated that there are currently no plans to provide tax cuts or exemptions for the import of electric vehicles (EVs). This announcement comes as Tesla is working to establish a manufacturing unit in India. Previously, there were reports of tax incentives being considered for automakers who commit to manufacturing EVs within the country. The move is aimed at attracting global EV manufacturers and stimulating competition in the Indian market. Tesla's CEO, Elon Musk, had criticized India's high import duties in the past but expressed excitement about the country's future recently.
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Thailand expects Tesla, Google, Microsoft to invest $5 billion: PM Srettha Thavisin
Economic Times
·
1y ago
Medial
Thailand's Prime Minister, Srettha Thavisin, anticipates a minimum investment of $5 billion from Tesla, Google, and Microsoft. The investments could include Tesla establishing an electric vehicle (EV) manufacturing facility, while Microsoft and Google explore data center investments. However, it's not clear if the $5 billion is a combined investment or separate contributions from each company. These investments are expected to boost Thailand's economy, which is currently projected to grow by 2.8% this year, primarily due to incentives and tax cuts aimed at the EV sector. Tesla, Google, and Microsoft have not yet commented on the matter.
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Govt considers cutting personal income tax to lift consumption
VCCircle
·
7m ago
Medial
The Indian government is considering reducing income tax for individuals earning up to 1.5 million rupees ($17,590) per year in a bid to stimulate consumption and provide relief to the middle class amidst an economic slowdown. The potential move could benefit millions of taxpayers, particularly those living in cities with high living costs. Currently, Indian taxpayers can choose between two tax systems, with the 2020 system offering lower rates but fewer exemptions. The government is yet to decide on the size of any cuts, with a decision expected closer to the budget announcement on February 1.
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Elon Musk apologizes after Piyush Goyal's visit to Tesla Fremont factory
Livemint
·
1y ago
Medial
Elon Musk, CEO of Tesla, apologizes to India's commerce minister, Piyush Goyal, for not being able to meet him during his visit to Tesla's factory in California. Musk expresses his gratitude for Goyal's visit and hopes to meet him in the future. Goyal praises India's contribution to Tesla's journey and states that the company is set to increase its imports from India. Speculation arises about tax concessions for Tesla to establish an EV manufacturing facility in India.
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No angel tax scrutiny for DPIIT-recognised startups: Govt
News 18
·
1y ago
Medial
Startups registered with DPIIT (Department for Promotion of Industry and Internal Trade) will not be subjected to assessment proceedings for angel tax amendments introduced in Budget 2023. The Budget widened the scope of angel tax to include foreign investments, but exemptions were provided for startups registered with DPIIT. In a circular, the CBDT (Central Board of Direct Taxes) stated that if a DPIIT-recognised startup is chosen for scrutiny regarding angel tax, the assessing officer will not verify the case and the startup's contention will be accepted. This provides much-needed clarity on the applicability of angel tax on registered startups.
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Tesla would likely be excluded from new California EV tax credits, governor's office says
Economic Times
·
8m ago
Medial
California's proposed state tax credits for electric vehicles (EVs) might not apply to Tesla cars if President-elect Donald Trump eliminates the federal tax credit for EV purchases. Governor Gavin Newsom's office stated that Tesla would not qualify under this scenario. The potential removal of the federal tax credit is being considered by Trump's transition team. Elon Musk, Tesla's CEO, who is an advisor to Trump, criticized the idea. Newsom plans to propose a new version of California's Clean Vehicle Rebate Program to compensate for the loss of federal support. The state, facing a $2 billion budget deficit, aims to have 80% of new vehicles sold in California be electric by 2035.
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Govt to rationalise TDS to ease compliance burden, says Sitharaman
Economic Times
·
6m ago
Medial
Finance Minister Nirmala Sitharaman announced plans to rationalize the TDS (Tax Deduction at Source) regime to ease compliance burdens, alongside income tax reforms. A new, streamlined Income Tax bill will be introduced, simplifying complex regulations. The government will raise the TCS limit on remittances from Rs 7 lakh to Rs 10 lakh and exempt additional goods for EV and mobile battery production from capital goods duties, reflecting broader efforts for governance and economic improvement.
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Half of British Firms Will Cut Jobs After Budget Tax Hikes, CBI Says
Livemint
·
8m ago
Medial
Nearly half of UK firms are considering job cuts in response to the Labour government's tax-raising budget, according to the Confederation of British Industry. Chancellor of the Exchequer Rachel Reeves announced tax increases of over £40 billion last month, mainly impacting national insurance contributions. Many companies were surprised by the scale of the tax hikes, causing reluctance to invest and expand. The CBI's CEO, Rain Newton-Smith, will call for tax reforms, simplified tax systems, increased technology adoption, and making occupational health tax-free to mitigate potential damage to businesses and the workforce.
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Quick commerce sector to benefit most from tax rebates as higher disposable income kicks in from May 2025: ICICI report
Economic Times
·
5m ago
Medial
The quick commerce sector is poised to benefit significantly from the income tax cuts announced in the Union Budget 2025, as projected by an ICICI Securities report. These tax rebates are expected to enhance disposable income from May 2025, driving consumption growth among middle-class consumers. Quick commerce, including on-demand food delivery, thrives on such consumption boosts. The new tax regime provides notable relief to middle-class taxpayers by increasing income thresholds for tax exemptions and reductions.
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Govt may hike exemption limit under new tax regime to Rs 5 lakh; relief unlikely for the rest
Money Control
·
1y ago
Medial
The Indian government is considering lowering personal income tax rates in an effort to boost consumption and address weaker levels of spending by the middle class. The proposed move would increase the income limit before tax is levied from INR 3 lakh to INR 5 lakh, leaving more disposable income in the hands of individuals. If implemented, it could result in a reduction in tax liability for certain income brackets, stimulating spending and investment. The government prioritizes tax rate cuts over increasing spending on subsidies and welfare schemes to avoid wastage and ensure benefits reach those who need them most.
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Car safety experts at NHTSA, which regulates Tesla, axed by DOGE
Arstechnica
·
4m ago
Medial
Job cuts at NHTSA, prompted by Elon Musk's Department of Government Efficiency, heavily impacted staff focused on self-driving technology, hindering oversight as Tesla pushes for its Full Self-Driving software. The dismissal of key personnel raises concerns over potential conflicts of interest, given Tesla's need for regulatory exemptions. The cuts could impede NHTSA's capacity to understand and regulate autonomous vehicles, affecting Tesla's plans for a driverless ride-hailing service and autonomous "cybercabs."
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