Category: Taxation

  • MIL-OSI: Coventry Responds to Baseless Lawsuit by Abacus Global Management, Inc.

    Source: GlobeNewswire (MIL-OSI)

    FORT WASHINGTON, Pa., July 02, 2025 (GLOBE NEWSWIRE) — Coventry, the leader and creator of the secondary market for life insurance, today released the following statement:

    “Abacus’s lawsuit is its latest misdirection and a transparent ploy designed to delay accountability and deflect attention from serious problems of Abacus’s own making,” said Alan Buerger, Coventry’s Chairman.

    Coventry continues to believe that Lapetus systematically underestimates life expectancies, which directly threatens investor returns. This belief is validated by expert analysis that concluded exactly that. The studies are available at https://www.coventry.com/research/. It is telling that Abacus’s lawsuit does not directly challenge this bottom line finding, just as it is telling that Lapetus is currently litigating to prevent the disclosure of information that could reflect upon the accuracy (or inaccuracy) of its estimates.

    Abacus’s complaint claims that none of its valuations for policies it owns depend on Lapetus’s life expectancy estimates. The complaint also states that Abacus does not use a life expectancy valuation model to value the policies on its balance sheet, instead using “market-based fair value accounting.”

    These claims contradict numerous statements Abacus has made in SEC filings, including that it “utilizes a multitude of inputs to determine the fair value of the policies it holds, which may include life expectancy reports generated by a company in which [Abacus] holds a minority ownership interest”, i.e., Lapetus, and that “[t]he valuation of the life insurance policies will vary depending on the dates of the related mortality estimates and the medical underwriting firms that provide the supporting information.”

    Similarly, a registration statement for Abacus’s new fund offering discloses that it will use Lapetus as its “primary life expectancy provider” and that Lapetus “provides the most conservative (i.e., longest) life expectancy predictions.” Contrary to what Abacus claims in its complaint, the registration statement is clear that “following acquisition” of a life insurance policy, the fund “expects to utilize Lapetus Solutions as its primary life expectancy provider” with respect to policy valuation. Abacus’s SEC filings belie the notion that it does not use life expectancies to value policies post-acquisition.

    Finally, and contrary to Abacus’s claims, Coventry had never heard of Morpheus Research before Morpheus published its initial short report on Abacus, titled “Abacus Global Management: This $740 Million SPAC Is Yet Another Life Settlements Accounting Scheme Manufacturing Fake Revenue By Systematically Underestimating When People Will Die,” and available at https://www.morpheus-research.com/.

    Coventry is confident in the strength and integrity of its position and equally confident that Abacus’s lawsuit has no merit.

    About Coventry

    Coventry is the leader and creator of the secondary market for life insurance. For more than 20 years, we have been driving the industry forward and expanding opportunities for life insurance policyowners. Coventry’s deep experience combined with a fierce commitment to consumer rights makes Coventry the clear market leader, a position we use to raise industry standards and expand consumer choice. To date, we have delivered more than $6 billion to policyowners who no longer have a need for their policies. To learn more about Coventry, please visit Coventry.com.

    The MIL Network

  • MIL-OSI Europe: Answer to a written question – Energy Taxation Directive – E-001936/2025(ASW)

    Source: European Parliament

    The Council approved and published on 20 June 2025 an Economic and Financial Affairs Council (Ecofin) report on tax issues[1] and a progress report on the Revision of the Energy Taxation Directive (ETD)[2], which include updated information on the status of the discussions on the Commission’s proposal to revise the ETD.

    As for concrete steps, the Commission presented on 26 February 2025 the action plan for Affordable Energy together with its Clean Industrial Deal[3]. Both communications call on Member States to complete the revision of the ETD.

    To that end, the Commission is continuing to provide support to the different Council Presidencies and to engage actively with Member States, notably in the discussions at the Council, to achieve the consensus required for the adoption of the revised Directive.

    • [1] 9960/25 FISC.
    • [2] 7819/25 FISC.
    • [3] https://energy.ec.europa.eu/strategy/affordable-energy_en.
    Last updated: 2 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Aviation safety and reporting systems – E-001567/2025(ASW)

    Source: European Parliament

    The Commission confirms that there is an ECCAIRS category for these types of occurrences under event type ‘Near Airborne Collision with Other Airborne Object’.

    Therefore, flight crews can fulfill the mandatory reporting obligations on any interference with the aircraft by any airborne object that could endanger the operation of the aircraft, as set out in Commission Implementing Regulation (EU) 2015/1018[1].

    The reporting of any other Unidentified Aerial Phenomena, which does not constitute a risk in terms of a potential airborne collision, can be reported under the provisions of the voluntary reporting systems established pursuant to Article 5 of Regulation (EU) No 376/2014[2] of the European Parliament and of the Council on the reporting, analysis and follow-up of occurrences in civil aviation.

    • [1] Articles 5(1) and (8) of Annex I, and Articles 1(1) and 3(3) of Annex III to Commission Implementing Regulation (EU) 2015/1018 of 29 June 2015 laying down a list classifying occurrences in civil aviation to be mandatorily reported according to Regulation (EU) No 376/2014 of the European Parliament and of the Council, OJ L 163, 30.6.2015, p. 1-17; ELI: http://data.europa.eu/eli/reg_impl/2015/1018/oj.
    • [2] Regulation (EU) No 376/2014 of the European Parliament and of the Council of 3 April 2014 on the reporting, analysis and follow-up of occurrences in civil aviation, amending Regulation (EU) No 996/2010 of the European Parliament and of the Council and repealing Directive 2003/42/EC of the European Parliament and of the Council and Commission Regulations (EC) No 1321/2007 and (EC) No 1330/2007, OJ L 122, 24.4.2014, p. 18; ELI: http://data.europa.eu/eli/reg/2014/376/2018-09-11.
    Last updated: 2 July 2025

    MIL OSI Europe News

  • MIL-OSI USA: Georgia Republicans Join Warnock in Bipartisan Fight to Save Jobs from Senate GOP Tax Bill

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Georgia Republicans Join Warnock in Bipartisan Fight to Save Jobs from Senate GOP Tax Bill


    Today, Republican members of the Georgia State Legislature urged Senate Finance Committee leadership to preserve solar deployment and manufacturing credits, per Axios

    Senator Reverend Warnock has been a fierce advocate for protecting manufacturing jobs in Georgia, which are at risk as the Senate GOP looks to fund a billionaire tax cut

    Senator Warnock released a report that found that repealing clean energy tax credits could cost Georgia up to 42,000 jobs

    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) was joined by 16 Georgia Republican state lawmakers in calling for the preservation of the Advanced Manufacturing Production Tax Credit (AMPTC) and solar deployment tax credits, which will help create thousands of Georgia jobs. The GOP letter states that protecting these tax credits, which were championed by Senator Warnock, will “secure America’s energy supply and promote Georgia’s manufacturing jobs and investments.”

    “I’m glad Georgia Republicans are joining my commonsense effort to protect Georgia jobs and pro-business tax credits from the GOP tax bill,” said Senator Reverend Warnock.“Cynical Washington politicians are trying to kill Georgia jobs, which overwhelmingly benefit rural and Republican districts, in order to fund a tax cut for billionaires. If Washington were serious about bringing American manufacturing back to the United States, they would listen to these GOP lawmakers.”

    The GOP letter follows the release of the Senator’s comprehensive report that found Georgia risks losing up to 42,000 good-paying jobs if Washington Republicans repeal the clean energy tax credits. Since the tax credit’s passage as part of the Inflation Reduction Act, clean energy jobs and investments exploded across the country, but nowhere was that growth more potent than in Georgia. In less than three years, 51 new projects in Georgia worth over $28 billion have been announced or boosted by the clean energy tax credits. According to the Senator’s report, in Georgia, nearly all the new investments and new jobs are in counties outside of the Atlanta region. Over 70 percent of the new investments and 83 percent of new jobs are in counties with median family incomes below the national median. More than 95 percent of the new jobs and investments are in counties where the percentage of people with a bachelor’s degree is below the national average.

    Last month, Senator Warnock returned to his hometown to continue his public pressure campaign urging Congressional Republicans to protect clean energy tax credits fueling an expected 42,000 Georgia clean energy jobs. He also authored an op-ed in the Atlanta Journal-Constitution, Georgia’s paper of record, making the case for protecting these good-paying jobs.

    MIL OSI USA News

  • MIL-OSI USA: Congressman Nick Langworthy Gives Remarks on House Floor in Support of the One Big Beautiful Bill Act

    Source: US Congressman Nick Langworthy (NY-23)

    WASHINGTON, D.C. – Today, Congressman Nick Langworthy gave remarks on the House Floor in support of H.R. 1, the One Big Beautiful Bill Act

     

    Watch the video here:

     

     

    “In just a short time, key provisions of the current tax code—provisions that helped power economic growth, create jobs, and lift take-home pay for millions of Americans— are set to expire. 

    “If we do nothing, we’re looking at the largest tax increase in a generation. Families will see their child tax credit slashed. Small businesses will lose vital expensing tools that make the difference in hiring new employees and staying open next year. Workers will see their paychecks shrink. And those who can least afford it—working parents, middle class families—will be the ones hit the hardest. 

    “Let’s be clear: this outcome, where the Tax Cuts and Jobs Act expires leading to colossal tax increases for the American people, is something my colleagues on the Left wholeheartedly support. 

    “But Republicans in Congress and President Trump will not allow Democrats to stand in the way of the economic future of the American people. That’s why the legislation before us today makes the Tax Cuts and Jobs Act permanent, and brings historic tax relief to seniors, tipped workers, and those who work overtime.”

    ###

    MIL OSI USA News

  • MIL-OSI USA: Congresswoman Torres Fights to Protect Californians from Harmful Republican Cuts in the Big Ugly Bill By Introducing Key Amendments

    Source: United States House of Representatives – Congresswoman Norma Torres (35th District of California)

    July 02, 2025

    Washington, D.C. – Today, Congresswoman Norma Torres introduced critical amendments to the House Republican-led reconciliation package to protect Americans from the bill’s most harmful provisions and ensure policies that would serve working families.

    Trump and Republicans have loaded this package with measures that gut healthcare, nutrition assistance, and state tax relief programs—stripping essential support from millions of working families, seniors, and children across the country. In response, Congresswoman Torres introduced several amendments that would  protect California’s most vulnerable.

    “The American people are not bargaining chips for partisan politics,” said Congresswoman Torres. “This Republican mega-bill is nothing short of a targeted attack on working families, healthcare access, and basic nutrition programs. I fought to include amendments that defend Californians, especially those in the Inland Empire, from these reckless cuts.”

    The Amendments Congresswoman Torres is introducing include: 

    • Amendment  #1 – Removes the harmful provisions that (1) cut the Medicaid program, known as Medi-Cal in California, and (2) change the Affordable Care Act, protecting health care and lowering health insurance costs for tens of millions of Americans.

    • Amendment #2 – Removes the harmful provisions that cut SNAP benefits, known as CalFresh in California, that tens of millions of Americans rely on to put food on the table.

    • Amendment #3 – Eliminates the $10,000 cap on State and Local Tax (SALT) Deductions that unfairly penalizes Californians, removing the  cap on August 1, 2025.

    • Amendment #4 – Protects states from politically motivated federal funding cuts.

    • Amendment #5 – This amendment prohibits FEMA from canceling grants that have already been awarded, except in cases of fraud or noncompliance, and requires reporting to Congress if a cancellation occurs.

    • Amendment  #6 – This amendment prohibits ICE agents from using chemical irritants against Members of Congress and imposes criminal penalties for violations.

    • Amendment #7 – This amendment requires ICE agents to visibly display badges and present official identification during enforcement actions to prevent impersonation and ensure public accountability.

    • Amendment #8 – Prohibits the use of federal funds to deport non-citizen U.S. military veterans unless they have had access to legal counsel and a fair hearing before an immigration judge. It also requires the Department of Homeland Security to report to Congress within 180 days on the number of such veterans in removal proceedings, their case outcomes, and whether they had legal representation.

    “These amendments aren’t just policy—they’re personal,” Torres continued. “They reflect the lives and needs of the people I represent. I’ll continue fighting to make sure Congress protects—not punishes—the American people.”

    ###

    MIL OSI USA News

  • MIL-OSI Africa: International Monetary Fund (IMF) Staff Completes 2025 Article IV Mission with Nigeria


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    The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Nigeria.(1)

    The Nigerian authorities have implemented major reforms over the past two years which have improved macroeconomic stability and enhanced resilience. The authorities have removed costly fuel subsidies, stopped monetary financing of the fiscal deficit and improved the functioning of the foreign exchange market. Investor confidence has strengthened, helping Nigeria successfully tap the Eurobond market and leading to a resumption of portfolio inflows. At the same time, poverty and food insecurity have risen, and the government is now focused on raising growth.

    Growth accelerated to 3.4 percent in 2024, driven mainly by increased hydrocarbon output and vibrant services sector. Agriculture remained subdued, owing to security challenges and sliding productivity. Real GDP is expected to expand by 3.4 percent in 2025, supported by the new domestic refinery, higher oil production and robust services. Against a complex and uncertain external environment, medium-term growth is projected to hover around 3½ percent, supported by domestic reform gains.

    Gross and net international reserves increased in 2024, with a strong current account surplus and improved portfolio inflows. Reforms to the fx market and foreign exchange interventions have brought stability to the naira.

    Naira stabilization and improvements in food production brought inflation to 23.7 percent year-on-year in April 2025 from 31 percent annual average in 2024 in the backcasted rebased CPI index released by the Nigerian Bureau of Statistics. Inflation should decline further in the medium-term with continued tight macroeconomic policies and a projected easing of retail fuel prices.

    Fiscal performance improved in 2024. Revenues benefited from naira depreciation, enhanced revenue administration and higher grants, which more-than-offset rising interest and overheads spending.

    Downside risks have increased with heightened global uncertainty. A further decline in oil prices or increase in financing costs would adversely affect growth, fiscal and external positions, undermine financial stability and exacerbate exchange rate pressures. A deterioration of security could impact growth and food insecurity.

    Executive Board Assessment (2)

    Executive Directors agreed with the thrust of the staff appraisal. They commended the authorities on the successful implementation of significant reforms during the past two years and welcomed the associated gains in macroeconomic stability and resilience. As these gains have yet to benefit all Nigerians, and with heightened economic uncertainty and significant downside risks, Directors emphasized the importance of agile policy making to safeguard and enhance macroeconomic stability, creating enabling conditions to boost growth, and reducing poverty.

    Directors agreed that the Central Bank of Nigeria is appropriately maintaining a tight monetary policy stance, which should continue until disinflation becomes entrenched. They welcomed the discontinuation of deficit monetization and ongoing efforts to strengthen central bank governance to set the institutional foundation for inflation targeting. Directors also welcomed steps taken by the authorities to build reserves and support market confidence and praised reforms to the foreign exchange market that supported price discovery and liquidity. They called for implementation of a robust foreign exchange intervention framework focused on containing excess volatility, stressing that the exchange rate is an important shock absorber. Directors also agreed with staff’s call to phase out existing capital flow management measures in a properly timed and sequenced manner.

    Directors called for a neutral fiscal stance to safeguard macroeconomic stabilization with priority given to investments that enhance growth. Directors also called for accelerating the delivery of cash transfers to assist the poor. They commended the authorities on advancing the tax reform bill, an important step towards enhancing revenue mobilization and creating fiscal space for development spending, while preserving debt sustainability.

    Directors recognized actions to strengthen the banking system, including the ongoing process of increasing banks’ minimum capital. They welcomed the authorities’ efforts to boost financial inclusion and promote capital market development, while emphasizing the importance of moving to a robust risk‑based supervision for mortgage and consumer lending schemes as well as the fintech and crypto sectors. Directors welcomed progress made in strengthening the AML/CFT framework and stressed the importance of resolving remaining weaknesses to exit the FATF grey list.

    To lift Nigeria’s growth outlook, improve food security, and reduce fragility, Directors highlighted the importance of tackling security, red tape, agricultural productivity, infrastructure gaps, including boosting electricity supply, as well as improved health and education spending, and making the economy more resilient to climate events. They noted that addressing structural impediments to private credit extension is also needed to support growth. Directors welcomed the IMF’s capacity development to support authorities’ reform efforts and agreed that enhancing data quality is critical for sound, data‑driven policymaking.

    Table 1. Nigeria: Selected Economic and Financial Indicators, 2023–26

    2023

    2024

    2025

    2026

    5/8/2025 13:03

    Act.

    Est.

    Proj.

    Proj.

     National income and prices

    Annual percentage change

    (unless otherwise specified)

    Real GDP (at 2010 market prices)

    2.9

    3.4

    3.4

    3.2

    Oil GDP

    -2.2

    5.5

    4.9

    2.3

    Non-oil GDP

    3.2

    3.3

    3.3

    3.3

    Non-oil non-agriculture GDP

    3.9

    4.1

    3.7

    3.7

    Production of crude oil (million barrels per day)

    1.5

    1.5

    1.7

    1.7

    Nominal GDP at market prices (trillions of naira)

    234

    277

    320

    367

    Nominal non-oil GDP (trillions of naira)

    221

    260

    303

    351

    Nominal GDP per capita (US$)

    1,597

    806

    836

    887

    GDP deflator

    12.6

    14.5

    11.4

    11.4

    Consumer price index (annual average)

    24.7

    31.4

    24.0

    23.0

    Consumer price index (end of period)

    28.9

    15.4

    23.0

    18.0

    Investment and savings

    Percent of GDP

    Gross national savings

    31.8

    39.6

    37.5

    37.7

    Public

    -0.1

    3.9

    2.2

    1.7

    Private

    31.9

    35.7

    35.3

    36.1

    Investment

    30.0

    30.4

    30.5

    33.1

    Public

    3.2

    4.8

    5.4

    5.5

    Private

    26.8

    25.6

    25.1

    27.6

    Consolidated government operations

    Percent of GDP

    Total revenues and grants

    9.8

    14.4

    14.2

    13.8

    Of which: oil and gas revenue

    3.3

    4.1

    5.1

    4.9

    Of which: non-oil revenue

    5.8

    9.2

    8.8

    8.8

    Total expenditure and net lending

    13.9

    17.1

    18.9

    18.7

    Overall balance

    -4.2

    -2.6

    -4.7

    -4.9

    Non-oil primary balance

    -4.9

    -4.9

    -7.2

    -6.9

    Public gross debt1

    48.7

    52.9

    52.0

    50.8

    Of which: FX denominated debt

    18.1

    25.5

    25.8

    24.8

    FGN interest payments (percent of FGN revenue)

    83.8

    41.1

    47.3

    49.2

    Money and credit

    Contribution to broad money growth
    (unless otherwise specified)

    Broad money (percent change; end of period)

    51.9

    42.7

    17.9

    22.3

    Net foreign assets

    10.5

    30.4

    2.1

    7.2

    Net domestic assets

    41.3

    12.3

    15.8

    15.1

         Of which: Claims on consolidated government

    20.1

    -11.9

    6.2

    4.1

    Credit to the private sector (y/y, percent)

    53.6

    30.1

    17.9

    18.2

    Velocity of broad money (ratio; end of period)

    2.7

    3.3

    2.2

    2.1

    External sector

    Annual percentage change

    (unless otherwise specified)

    Current account balance (percent of GDP)

    1.8

    9.2

    7.0

    4.6

    Exports of goods and services

    -12.8

    -4.5

    -6.0

    1.3

    Imports of goods and services

    -4.4

    -0.8

    -6.8

    8.4

    Terms of trade

    -6.1

    -0.6

    -7.4

    -3.3

    Price of Nigerian oil (US$ per barrel)

    82.3

    79.9

    67.7

    63.3

    External debt outstanding (US$ billions)2

    102.9

    102.2

    105.9

    110.2

    Gross international reserves (US$ billions, CBN definition)3

    33.2

    40.2

    36.4

    39.1

    Equivalent months of prospective imports of G&S

    5.4

    5.7

    7.5

    7.7

    Memorandum items:

      Implicit fuel subsidy (percent of GDP)

    0.8

    2.1

    0.0

    0.0

    Sources: Nigerian authorities; and IMF staff estimates and projections.

    1 Gross debt figures for the Federal Government and the public sector include overdrafts from the Central Bank of Nigeria (CBN).

    2 Includes both public and private sector.

    3 Based on the IMF definition, the gross international reserves were US$8 billion lower in December 2024.


    (1) Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. Staff hold separate annual discussions with the regional institutions responsible for common policies in four currency unions—the Euro Area, the Eastern Caribbean Currency Union, the Central African Economic and Monetary Union, and the West African Economic and Monetary Union. For each of the currency unions, staff teams visit the regional institutions responsible for common policies in the currency union, collects economic and financial information, and discusses with officials the currency union’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis of discussion by the Executive Board. Both staff’s discussions with the regional institutions and the Board discussion of the annual staff report will be considered an integral part of the Article IV consultation with each member. 

    (2) At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm. The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    Distributed by APO Group on behalf of International Monetary Fund (IMF).

    MIL OSI Africa

  • MIL-OSI USA: Senator Marshall Celebrates Senate Passage of President Trump’s Reconciliation Bill

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington – On Tuesday, U.S. Senator Roger Marshall, M.D. (R-Kansas), released the following statement after the Senate voted to pass the reconciliation bill, President Donald Trump’s signature piece of legislation, which will deliver on numerous key promises made to the American people.
    “President Trump promised more money in your pocket, a secure border, and a strong national defense, and today the Senate delivered,” said Senator Marshall. “The House should immediately take up the Republican reconciliation bill and get it to the President’s desk by July 4th. This is just the beginning of America’s great Golden Age.”
    Key wins from the reconciliation bill include:

    Delivering the largest tax cut for middle- and working-class Americans in history.
    Securing bigger paychecks, boosting the take-home pay for hardworking, typical families by over $10,000 a year.
    Renewing and expanding 45Z, which extends the tax credit and gives the ethanol industry the time and financial incentive to build up the infrastructure needed for the U.S. to be less reliant on foreign fuel, opens new markets for farmers, and increases ethanol production across the Midwest.
    Funding and resources to continue deporting illegal aliens, securing our border, and supporting law enforcement.
    Supporting our Border Patrol and ICE agents, including a $10,000 bonus annually over the next four years.
    Cutting taxes on tips, overtime, and social security.
    Providing much-needed reinforcements— hiring 10,000 new ICE personnel, 5,000 new Customs officers, and 3,000 new Border Patrol agents.
    Securing $12.5 billion to overhaul air traffic control, replacing obsolete technology dating back to the 1960s with modern systems that improve safety, speed, and efficiency.
    Updating the FAA’s deteriorating towers and radar systems, and upgrading telecommunications.

    Ending the weaponization of energy permitting and unlocking domestic oil, gas, and nuclear power, which will unleash American energy, drive down the cost of living, and restore energy independence.
    Rescinding billions of taxpayer dollars poured into the ‘Green New SCAM,’ ending handouts to special interests and radical climate activists.

    Background:

    Senator Marshall introduced legislation that was included in the bill text or inspired text in the legislation, including:

    TheOvertime Wages Tax Relief Act,whichcreates an income tax deduction for overtime wage earners, targeted to help lower and middle-income Americans, and defines overtime to include a wide range of workers such as law enforcement officers, nurses, trade workers, factory employees, and other eligible professions.
    TheFarmer First Fuel Incentives Actwould protect American farmers by restricting the eligibility of the 45Z Tax Credit to renewable fuels made only from domestically sourced feedstocks.
    The bill will prohibit taxpayer funding for gender transition procedures covered by Medicaid, Medicare, the Children’s Health Insurance Program, and the Affordable Care Act. The bill would also deny the medical expense tax deduction for gender transition procedures.

    MIL OSI USA News

  • MIL-OSI USA: Senator Marshall Celebrates Senate Passage of President Trump’s Reconciliation Bill

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington – On Tuesday, U.S. Senator Roger Marshall, M.D. (R-Kansas), released the following statement after the Senate voted to pass the reconciliation bill, President Donald Trump’s signature piece of legislation, which will deliver on numerous key promises made to the American people.
    “President Trump promised more money in your pocket, a secure border, and a strong national defense, and today the Senate delivered,” said Senator Marshall. “The House should immediately take up the Republican reconciliation bill and get it to the President’s desk by July 4th. This is just the beginning of America’s great Golden Age.”
    Key wins from the reconciliation bill include:

    Delivering the largest tax cut for middle- and working-class Americans in history.
    Securing bigger paychecks, boosting the take-home pay for hardworking, typical families by over $10,000 a year.
    Renewing and expanding 45Z, which extends the tax credit and gives the ethanol industry the time and financial incentive to build up the infrastructure needed for the U.S. to be less reliant on foreign fuel, opens new markets for farmers, and increases ethanol production across the Midwest.
    Funding and resources to continue deporting illegal aliens, securing our border, and supporting law enforcement.
    Supporting our Border Patrol and ICE agents, including a $10,000 bonus annually over the next four years.
    Cutting taxes on tips, overtime, and social security.
    Providing much-needed reinforcements— hiring 10,000 new ICE personnel, 5,000 new Customs officers, and 3,000 new Border Patrol agents.
    Securing $12.5 billion to overhaul air traffic control, replacing obsolete technology dating back to the 1960s with modern systems that improve safety, speed, and efficiency.
    Updating the FAA’s deteriorating towers and radar systems, and upgrading telecommunications.

    Ending the weaponization of energy permitting and unlocking domestic oil, gas, and nuclear power, which will unleash American energy, drive down the cost of living, and restore energy independence.
    Rescinding billions of taxpayer dollars poured into the ‘Green New SCAM,’ ending handouts to special interests and radical climate activists.

    Background:

    Senator Marshall introduced legislation that was included in the bill text or inspired text in the legislation, including:

    TheOvertime Wages Tax Relief Act,whichcreates an income tax deduction for overtime wage earners, targeted to help lower and middle-income Americans, and defines overtime to include a wide range of workers such as law enforcement officers, nurses, trade workers, factory employees, and other eligible professions.
    TheFarmer First Fuel Incentives Actwould protect American farmers by restricting the eligibility of the 45Z Tax Credit to renewable fuels made only from domestically sourced feedstocks.
    The bill will prohibit taxpayer funding for gender transition procedures covered by Medicaid, Medicare, the Children’s Health Insurance Program, and the Affordable Care Act. The bill would also deny the medical expense tax deduction for gender transition procedures.

    MIL OSI USA News

  • MIL-OSI Russia: IMF Staff Completes 2025 Article IV Mission with Nigeria

    Source: IMF – News in Russian

    July 2, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Nigeria.1

    The Nigerian authorities have implemented major reforms over the past two years which have improved macroeconomic stability and enhanced resilience. The authorities have removed costly fuel subsidies, stopped monetary financing of the fiscal deficit and improved the functioning of the foreign exchange market. Investor confidence has strengthened, helping Nigeria successfully tap the Eurobond market and leading to a resumption of portfolio inflows. At the same time, poverty and food insecurity have risen, and the government is now focused on raising growth.

    Growth accelerated to 3.4 percent in 2024, driven mainly by increased hydrocarbon output and vibrant services sector. Agriculture remained subdued, owing to security challenges and sliding productivity. Real GDP is expected to expand by 3.4 percent in 2025, supported by the new domestic refinery, higher oil production and robust services. Against a complex and uncertain external environment, medium-term growth is projected to hover around 3½ percent, supported by domestic reform gains.

    Gross and net international reserves increased in 2024, with a strong current account surplus and improved portfolio inflows. Reforms to the fx market and foreign exchange interventions have brought stability to the naira.

    Naira stabilization and improvements in food production brought inflation to 23.7 percent year-on-year in April 2025 from 31 percent annual average in 2024 in the backcasted rebased CPI index released by the Nigerian Bureau of Statistics. Inflation should decline further in the medium-term with continued tight macroeconomic policies and a projected easing of retail fuel prices.

    Fiscal performance improved in 2024. Revenues benefited from naira depreciation, enhanced revenue administration and higher grants, which more-than-offset rising interest and overheads spending.

    Downside risks have increased with heightened global uncertainty. A further decline in oil prices or increase in financing costs would adversely affect growth, fiscal and external positions, undermine financial stability and exacerbate exchange rate pressures. A deterioration of security could impact growth and food insecurity.

    Executive Board Assessment2

    Executive Directors agreed with the thrust of the staff appraisal. They commended the authorities on the successful implementation of significant reforms during the past two years and welcomed the associated gains in macroeconomic stability and resilience. As these gains have yet to benefit all Nigerians, and with heightened economic uncertainty and significant downside risks, Directors emphasized the importance of agile policy making to safeguard and enhance macroeconomic stability, creating enabling conditions to boost growth, and reducing poverty.

    Directors agreed that the Central Bank of Nigeria is appropriately maintaining a tight monetary policy stance, which should continue until disinflation becomes entrenched. They welcomed the discontinuation of deficit monetization and ongoing efforts to strengthen central bank governance to set the institutional foundation for inflation targeting. Directors also welcomed steps taken by the authorities to build reserves and support market confidence and praised reforms to the foreign exchange market that supported price discovery and liquidity. They called for implementation of a robust foreign exchange intervention framework focused on containing excess volatility, stressing that the exchange rate is an important shock absorber. Directors also agreed with staff’s call to phase out existing capital flow management measures in a properly timed and sequenced manner.

    Directors called for a neutral fiscal stance to safeguard macroeconomic stabilization with priority given to investments that enhance growth. Directors also called for accelerating the delivery of cash transfers to assist the poor. They commended the authorities on advancing the tax reform bill, an important step towards enhancing revenue mobilization and creating fiscal space for development spending, while preserving debt sustainability.

    Directors recognized actions to strengthen the banking system, including the ongoing process of increasing banks’ minimum capital. They welcomed the authorities’ efforts to boost financial inclusion and promote capital market development, while emphasizing the importance of moving to a robust risk‑based supervision for mortgage and consumer lending schemes as well as the fintech and crypto sectors. Directors welcomed progress made in strengthening the AML/CFT framework and stressed the importance of resolving remaining weaknesses to exit the FATF grey list.

    To lift Nigeria’s growth outlook, improve food security, and reduce fragility, Directors highlighted the importance of tackling security, red tape, agricultural productivity, infrastructure gaps, including boosting electricity supply, as well as improved health and education spending, and making the economy more resilient to climate events. They noted that addressing structural impediments to private credit extension is also needed to support growth. Directors welcomed the IMF’s capacity development to support authorities’ reform efforts and agreed that enhancing data quality is critical for sound, data‑driven policymaking.

    Table 1. Nigeria: Selected Economic and Financial Indicators, 2023–26

    2023

    2024

    2025

    2026

    5/8/2025 13:03

    Act.

    Est.

    Proj.

    Proj.

     National income and prices

    Annual percentage change

    (unless otherwise specified)

    Real GDP (at 2010 market prices)

    2.9

    3.4

    3.4

    3.2

    Oil GDP

    -2.2

    5.5

    4.9

    2.3

    Non-oil GDP

    3.2

    3.3

    3.3

    3.3

    Non-oil non-agriculture GDP

    3.9

    4.1

    3.7

    3.7

    Production of crude oil (million barrels per day)

    1.5

    1.5

    1.7

    1.7

    Nominal GDP at market prices (trillions of naira)

    234

    277

    320

    367

    Nominal non-oil GDP (trillions of naira)

    221

    260

    303

    351

    Nominal GDP per capita (US$)

    1,597

    806

    836

    887

    GDP deflator

    12.6

    14.5

    11.4

    11.4

    Consumer price index (annual average)

    24.7

    31.4

    24.0

    23.0

    Consumer price index (end of period)

    28.9

    15.4

    23.0

    18.0

    Investment and savings

    Percent of GDP

    Gross national savings

    31.8

    39.6

    37.5

    37.7

    Public

    -0.1

    3.9

    2.2

    1.7

    Private

    31.9

    35.7

    35.3

    36.1

    Investment

    30.0

    30.4

    30.5

    33.1

    Public

    3.2

    4.8

    5.4

    5.5

    Private

    26.8

    25.6

    25.1

    27.6

    Consolidated government operations

    Percent of GDP

    Total revenues and grants

    9.8

    14.4

    14.2

    13.8

    Of which: oil and gas revenue

    3.3

    4.1

    5.1

    4.9

    Of which: non-oil revenue

    5.8

    9.2

    8.8

    8.8

    Total expenditure and net lending

    13.9

    17.1

    18.9

    18.7

    Overall balance

    -4.2

    -2.6

    -4.7

    -4.9

    Non-oil primary balance

    -4.9

    -4.9

    -7.2

    -6.9

    Public gross debt1

    48.7

    52.9

    52.0

    50.8

    Of which: FX denominated debt

    18.1

    25.5

    25.8

    24.8

    FGN interest payments (percent of FGN revenue)

    83.8

    41.1

    47.3

    49.2

    Money and credit

    Contribution to broad money growth
    (unless otherwise specified)

    Broad money (percent change; end of period)

    51.9

    42.7

    17.9

    22.3

    Net foreign assets

    10.5

    30.4

    2.1

    7.2

    Net domestic assets

    41.3

    12.3

    15.8

    15.1

         Of which: Claims on consolidated government

    20.1

    -11.9

    6.2

    4.1

    Credit to the private sector (y/y, percent)

    53.6

    30.1

    17.9

    18.2

    Velocity of broad money (ratio; end of period)

    2.7

    3.3

    2.2

    2.1

    External sector

    Annual percentage change

    (unless otherwise specified)

    Current account balance (percent of GDP)

    1.8

    9.2

    7.0

    4.6

    Exports of goods and services

    -12.8

    -4.5

    -6.0

    1.3

    Imports of goods and services

    -4.4

    -0.8

    -6.8

    8.4

    Terms of trade

    -6.1

    -0.6

    -7.4

    -3.3

    Price of Nigerian oil (US$ per barrel)

    82.3

    79.9

    67.7

    63.3

    External debt outstanding (US$ billions)2

    102.9

    102.2

    105.9

    110.2

    Gross international reserves (US$ billions, CBN definition)3

    33.2

    40.2

    36.4

    39.1

    Equivalent months of prospective imports of G&S

    5.4

    5.7

    7.5

    7.7

    Memorandum items:

      Implicit fuel subsidy (percent of GDP)

    0.8

    2.1

    0.0

    0.0

    Sources: Nigerian authorities; and IMF staff estimates and projections.

    1 Gross debt figures for the Federal Government and the public sector include overdrafts from the Central Bank of Nigeria (CBN).

                                           

    2 Includes both public and private sector.

                                           

    3 Based on the IMF definition, the gross international reserves were US$8 billion

     lower in December 2024.

                                                               

    1 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. Staff hold separate annual discussions with the regional institutions responsible for common policies in four currency unions—the Euro Area, the Eastern Caribbean Currency Union, the Central African Economic and Monetary Union, and the West African Economic and Monetary Union. For each of the currency unions, staff teams visit the regional institutions responsible for common policies in the currency union, collects economic and financial information, and discusses with officials the currency union’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis of discussion by the Executive Board. Both staff’s discussions with the regional institutions and the Board discussion of the annual staff report will be considered an integral part of the Article IV consultation with each member.

    2 At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm. The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Julie Ziegler

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/07/01/pr-25231-nigeria-imf-staff-completes-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI USA: CT DEEP Releases New Wildlife Action Plan with Support from UConn’s CAHNR

    Source: US State of Connecticut

    A group of researchers in the Department of Natural Resources and the Environment provided critical support for the Connecticut Department of Energy and Environmental Protection (DEEP)’s latest Wildlife Action Plan.

    The UConn team was led by College of Agriculture, Health and Natural Resources (CAHNR) faculty Chadwick Rittenhouse, associate professor in residence and associate department head; Tracy Rittenhouse, associate professor; and Ph.D. student Kathryn Bischoff ‘22 (CAHNR).

    This is the third Wildlife Action Plan that Connecticut, along with every other U.S. state, has released. The first report was released in 2005 following a federal requirement that states create a plan for wildlife conservation every 10 years. The plans identify animal species of greatest conservation need, their habitats, and the challenges they face. By identifying these priorities, states can better direct conservation, policy, and research. Funding for this planning effort was provided in part by State and Tribal Wildlife Grants, a program providing funding to states for biodiversity conservation.

    The Belted Kingfisher is one of over 1,000 species identified in the 2025 Connecticut Wildlife Action Plan as a Species of Greatest Conservation Need (SGCN). SGCN include plants, invertebrates, fish, amphibians, reptiles, birds, and mammals. (Paul J. Fusco/CT DEEP Wildlife Division)

    A draft of the plan was released last week and is open for public comment until July 27.

    During the public comment period, anyone can provide feedback on the list of species and habitats in need of conservation, the types of actions they would be most interested in taking in their community, or any other part of the plan.

    “That public review is a very important part of wildlife management and conservation,” Tracy Rittenhouse says. “There’s a long, long list of potential actions that can be taken, and hopefully some of those actions resonate with different people who can see that list and say, ‘I can do that’ or ‘my group, we can do this’.”

    DEEP and the UConn team worked closely with a diverse group of stakeholders in the state, including the Connecticut Audubon Society, the Nature Conservancy, land trusts, fish and game clubs, community groups like garden clubs, organizations based in urban areas, as well as municipal and town governments in developing the plan. The creation of this plan also included “Taxa teams” who contributed detailed knowledge about specific groups of animals – like mammals, amphibians, insects, or birds.

    “From UConn’s perspective, I really do value the relationship with the state agency and their willingness to partner with people who have the expertise, who have the abilities, who have that desire to contribute to conservation in the state,” Chadwick Rittenhouse says.

    Some of the concrete conservation actions in the plan include things like protecting land, vegetation management, habitat restoration efforts, increasing enforcement of existing protection laws, and continuing research and monitoring to learn more about high-priority species.

    Compared to the version released in 2015, the 2025 plan reflects the development of a greater understanding of not only which species are in greatest need of conservation, but where in the state they live. This is one of the key contributions the UConn team made to the plan, identifying “Conservation Opportunity Areas.”

    By identifying these areas, the plan can operate alongside local governments as they make decisions about planning and zoning, conservation groups that have their own maps, and highlight where education and engagement resources, like nature centers, could be added to better support conservation goals in these areas.

    “It’s bringing a whole bunch of ecological and social data together to prioritize all those different actions and plan where on the landscape different partners can take action,” Bischoff says.

    The UConn team is also developing a web-enabled plan with interactive resources for towns and community partners. This will include interactive maps and species profiles. It is scheduled to come out later this year.

    “There are a lot of people involved, and there’s a lot of motivation and goodwill to do things well for conservation in the state,” Chadwick Rittenhouse says. “We’re really optimistic that good things will come for wildlife and fisheries in the state through this effort.”

    This work relates to CAHNR’s Strategic Vision area focused on Fostering Sustainable Landscapes at the Urban-Rural Interface, and Advancing Adaptation and Resilience in a Changing Climate.

    Follow UConn CAHNR on social media

    MIL OSI USA News

  • MIL-OSI Banking: Nigeria: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria

    Source: International Monetary Fund

    Summary

    Nigeria has implemented major reforms over the last 2 years which have improved macroeconomic stability and enhanced resilience. The country successfully tapped the Eurobond market and earned a credit rating upgrade, pointing to improved confidence. Growth has been steady but too low in per-capita terms, and inflation remains high. Gains have yet to benefit all Nigerians. Food insecurity and poverty have risen. Half-way through its term, the government is now focused on raising growth, while adapting to the spillovers from the changing global environment.

    Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Currency markets, Exchange rates, Financial markets, Fiscal policy, Foreign exchange, Inflation, Oil prices, Oil production, Prices, Production, Public debt, Revenue mobilization

    Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Currency markets, Exchange rates, Inflation, Oil prices, Oil production, Revenue administration, Revenue mobilization

    MIL OSI Global Banks

  • MIL-OSI USA: Suburban Chicago Businessman Convicted for Role in Bank Fraud and PPP Fraud Schemes

    Source: US State of California

    A federal jury convicted an Illinois businessman yesterday for his role in schemes to fraudulently obtain over $55 million in commercial loans and lines of credit and for submitting fraudulent applications to obtain COVID-19 relief money guaranteed by the U.S. Small Business Administration (SBA) through the Paycheck Protection Program (PPP).

    According to court documents and evidence presented at trial, Rahul Shah, 56, of Evanston, the owner and operator of several information technology companies in the Chicago area, fraudulently obtained funds from loans and lines of credit for which he was not eligible from federally insured financial institutions and later defaulted on at least one such line of credit and one such loan. Shah submitted to federally insured financial institutions falsified bank statements that fraudulently inflated deposits, falsified balance sheets that overstated revenues, and fabricated audited financial statements with forged signatures. Shah also engaged in monetary transactions with proceeds from the bank fraud.

    Shah also submitted to a federally insured bank an application for a $441,138 loan guaranteed by the SBA that significantly overstated the payroll expenses of a company he controlled. In support of the loan application, he submitted to the lender several fraudulent IRS documents, which falsely represented that the company made payments to multiple individuals who had not received such payments. He also used stolen identities to carry out the fraud, using the names and taxpayer identification numbers of individuals that he knew had not received payments from the company in the PPP loan applications.

    In addition, Shah signed and caused to be submitted to the lender what purported to be IRS Forms 941 representing his company’s quarterly payroll expenses for 2019. A comparison between the documents submitted to the lender and the company’s IRS and state tax filings revealed that Shah’s company reported significantly lower payroll expenses to the tax authorities.

    Shah was convicted of seven counts of bank fraud, five counts of making false statements to a financial institution, two counts of money laundering, and two counts of aggravated identity theft. He is scheduled to be sentenced on Nov. 13. Shah faces up to 30 years in prison on each count of bank fraud and false statements to a financial institution, up to 10 years in prison on each count of money laundering, and up to two years in prison for each aggravated identity theft count. A federal district court judge will determine the sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, U.S. Attorney Andrew S. Boutros for the Northern District of Illinois, Special Agent in Charge Douglas S. DePodesta of the FBI Chicago Field Office, and Special Agent in Charge Brady Ipock of the Small Business Administration Office of Inspector General (SBA OIG) Chicago Field Office made the announcement.

    The FBI Chicago Field Office and SBA OIG Chicago Field Office investigated the case.

    Assistant Chief Patrick Mott and Trial Attorney Lindsey Carson of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Jasmina Vajzovic for the Northern District of Illinois are prosecuting the case.

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the PPP. Since the enactment of the CARES Act, the Fraud Section has prosecuted over 200 defendants in more than 130 criminal cases and has seized over $78 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at www.justice.gov/criminal/criminal-fraud/cares-act-fraud

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Justice Department’s National Center for Disaster Fraud (NCDF) Hotline via the NCDF Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL OSI USA News

  • MIL-OSI Security: Suburban Chicago Businessman Convicted for Role in Bank Fraud and PPP Fraud Schemes

    Source: United States Attorneys General

    A federal jury convicted an Illinois businessman yesterday for his role in schemes to fraudulently obtain over $55 million in commercial loans and lines of credit and for submitting fraudulent applications to obtain COVID-19 relief money guaranteed by the U.S. Small Business Administration (SBA) through the Paycheck Protection Program (PPP).

    According to court documents and evidence presented at trial, Rahul Shah, 56, of Evanston, the owner and operator of several information technology companies in the Chicago area, fraudulently obtained funds from loans and lines of credit for which he was not eligible from federally insured financial institutions and later defaulted on at least one such line of credit and one such loan. Shah submitted to federally insured financial institutions falsified bank statements that fraudulently inflated deposits, falsified balance sheets that overstated revenues, and fabricated audited financial statements with forged signatures. Shah also engaged in monetary transactions with proceeds from the bank fraud.

    Shah also submitted to a federally insured bank an application for a $441,138 loan guaranteed by the SBA that significantly overstated the payroll expenses of a company he controlled. In support of the loan application, he submitted to the lender several fraudulent IRS documents, which falsely represented that the company made payments to multiple individuals who had not received such payments. He also used stolen identities to carry out the fraud, using the names and taxpayer identification numbers of individuals that he knew had not received payments from the company in the PPP loan applications.

    In addition, Shah signed and caused to be submitted to the lender what purported to be IRS Forms 941 representing his company’s quarterly payroll expenses for 2019. A comparison between the documents submitted to the lender and the company’s IRS and state tax filings revealed that Shah’s company reported significantly lower payroll expenses to the tax authorities.

    Shah was convicted of seven counts of bank fraud, five counts of making false statements to a financial institution, two counts of money laundering, and two counts of aggravated identity theft. He is scheduled to be sentenced on Nov. 13. Shah faces up to 30 years in prison on each count of bank fraud and false statements to a financial institution, up to 10 years in prison on each count of money laundering, and up to two years in prison for each aggravated identity theft count. A federal district court judge will determine the sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, U.S. Attorney Andrew S. Boutros for the Northern District of Illinois, Special Agent in Charge Douglas S. DePodesta of the FBI Chicago Field Office, and Special Agent in Charge Brady Ipock of the Small Business Administration Office of Inspector General (SBA OIG) Chicago Field Office made the announcement.

    The FBI Chicago Field Office and SBA OIG Chicago Field Office investigated the case.

    Assistant Chief Patrick Mott and Trial Attorney Lindsey Carson of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Jasmina Vajzovic for the Northern District of Illinois are prosecuting the case.

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the PPP. Since the enactment of the CARES Act, the Fraud Section has prosecuted over 200 defendants in more than 130 criminal cases and has seized over $78 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at www.justice.gov/criminal/criminal-fraud/cares-act-fraud

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Justice Department’s National Center for Disaster Fraud (NCDF) Hotline via the NCDF Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL Security OSI

  • MIL-Evening Report: Philadelphia’s $2B affordable housing plan relies heavily on municipal bonds, which can come with hidden costs for taxpayers

    Source: The Conversation (Au and NZ) – By Jade Craig, Assistant Professor of Law, University of Mississippi

    The Parker administration says it will issue $800 million in bonds over the next four years to fund affordable housing. Jeff Fusco/The Conversation, CC BY-NC-SA

    Philadelphia Mayor Cherelle Parker’s Housing Opportunities Made Easy initiative, which was included in the city budget passed June 12, 2025, is an ambitious effort to address the city’s affordable housing challenges.

    Parker has promised to create or preserve 30,000 affordable housing units throughout the city, at a cost of roughly US$2 billion.

    To help fund the plan, the Parker administration says it will issue $800 million in housing bonds over the next three years.

    In an April 2025 report on the housing plan, the Parker administration admits that, in light of declining federal investment in affordable housing, proceeds from municipal bonds issued by the local government “have taken on an outsized role” in Philadelphia’s housing programs.

    Often, only city treasurers and the finance committees of city councils pay attention to the details behind these municipal bonds.

    As a law professor who studies the social impact of municipal bonds, I believe it’s important that city residents understand how these bonds work as well.

    While municipal bonds are integral to the city’s effort to increase access to affordable and market-rate housing, they can include hidden costs and requirements that raise prices in ways that make city services unaffordable for lower-income residents.

    The Parker administration has vowed to create or preserve 30,000 affordable housing units in Philly through new construction, rehabilitation and expanded rental assistance.
    Jeff Fusco/The Conversation, CC BY-SA

    How municipal bonds work

    Most people are aware that companies sell shares on the stock market to raise capital. State and local governments do the same thing in the form of municipal bonds, which help them raise money to cover their expenses and to finance infrastructure projects.

    These bonds are a form of debt. Investors can purchase an interest in the bond and, in exchange, the local government promises to pay the money back with interest in a specified time period. The money from investors functions like a loan to the government.

    Municipal bonds are often used so that one generation of taxpayers is not having to bear the full cost of a project that will benefit multiple generations of residents. The cost of building a bridge, for example, which will be in use for decades, can be spread out over 30 years so that residents pay back the loan slowly over time rather than saddle residents with huge tax increases one year to cover the cost.

    However, the cost of borrowing pushes up the cost of projects by adding interest payments the same way a mortgage adds to the overall cost of buying a house. Overall, the market and state and local governments have historically viewed this cost as a worthy trade-off.

    Some municipal bonds have limits

    The Parker administration has several options when it comes to raising capital on the municipal market.

    The most common method is through general obligation bonds, which are backed by the city’s authority to impose and collect taxes. Bondholders rely on the city’s “full faith and credit” to assure them that if the city has difficulty paying back the debt, the city will raise taxes on residents to secure the payment.

    The city plans to use general obligation bonds to help fund its affordable housing plan, but there are limits on how much it can borrow this way. The state constitution limits Philadelphia’s ability to incur debt to a total of 13.5% of the value of its assessed taxable real estate, based on an average of this amount for the preceding 10 years.

    Philadelphia is more affordable than several other big U.S. cities, according to a 2020 report from the Pew Charitable Trusts, but it has a high poverty rate.
    Jeff Fusco/The Conversation, CC BY-SA

    Philly has another option

    The city, however, also has the authority to take on another form of debt: revenue bonds. Revenue bonds rely on specific sources of revenue instead of the government’s taxing power. Jurisdictions issue revenue bonds to fund particular projects or services – usually ones that generate income from fees paid by users.

    For example, a publicly owned water utility or electric company relies on water and sewage fees or electricity rates and charges to pay back their revenue bonds. Likewise, a transportation authority will rely on tolls to pay back revenue bonds issued to build a toll road, such as the Pennsylvania Turnpike.

    Under state law, revenue bonds are “non-debt debts.” They are not debts owed by the city, because the city has not promised to repay the debt through the use of its own taxing powers. Instead, the people who pay the fees to use the service are paying back the debt.

    Since states began to place stricter limits on debt in the wake of the Great Depression in the 1930s, cities across the U.S. have increasingly used revenue bonds to get around state debt limits and still fund valuable public services, including affordable housing projects.

    When another government entity – rather than the city – issues the bond, and the city pays them a service fee for doing so, it’s a form of what’s called conduit debt. That obligation to pay the service fee to the other government entity is the conduit debt that the city pays out of its general fund.

    In Philadelphia, conduit debt includes revenue bonds issued by the Philadelphia Authority for Industrial Development and Philadelphia Redevelopment Authority.

    From fiscal years 2012 to 2021, the city’s outstanding debt from general obligation bonds paid for out of its general fund was between $1.3 billion to $1.7 billion per year. However, the city’s conduit debt outstripped that number every year, ranging from $1.8 billion to nearly $2.3 billion. In more recent years, conduit debt has been less than the city’s debt from general obligation bonds.

    The city keeps conduit debt on its books – and is obligated to pay it back – even though it comes from bonds issued by the development authorities, because these debts loop back to the city. In the bonds issued by these agencies, the city actually becomes like a client of the agency. The city is typically obligated to pay the agency service fees as part of a contractual obligation that cannot be canceled.

    The revenue on which the development agencies’ bonds rely, the money from which bondholders expect to be paid back, does not come from fees that residents pay out of their own pocket – for example through ticket sales from a sports stadium built with revenue bonds. The money instead comes out of the city’s treasury.

    A loophole to affordable housing

    Essentially this is a loophole for the city to bypass debt limits set for Philadelphia in the state constitution. Sometimes creativity in government requires using loopholes to get the job done – to get to yes instead of a stalemate.

    Consider this analogy. Say your sister takes out a bank loan to buy a car for you because your credit limit is maxed out. She is relying on you to pay her back, and she uses your payment to pay the bank. But if you don’t pay her back, she’s not responsible by law for paying the bank herself. So, it’s your debt, but she is the conduit.

    If the city holds itself accountable, it can use conduit debt responsibly to make affordable housing construction a reality.

    The mayor’s office did not respond to my questions about whether they plan to use conduit debt issued by a development authority, whether that conduit debt would include service fees, and what funds would be used to pay those fees.

    In its quest to increase access to affordable housing, the Parker administration should, in my view, be mindful of limiting the service fees it agrees to pay – which have no legally prescribed limits – and also account for where it will find income to cover these costs. For example, will it come from the sale of city-owned land? Fees charged to developers? Or some other source?

    Otherwise, taxpayers may be left to foot a bill that is essentially unlimited.

    Read more of our stories about Philadelphia.

    Jade Craig does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Philadelphia’s $2B affordable housing plan relies heavily on municipal bonds, which can come with hidden costs for taxpayers – https://theconversation.com/philadelphias-2b-affordable-housing-plan-relies-heavily-on-municipal-bonds-which-can-come-with-hidden-costs-for-taxpayers-253522

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Russia: IMF Staff Complete 2025 Article IV Mission to Timor-Leste

    Source: IMF – News in Russian

    July 2, 2025

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • Timor-Leste’s growth is expected to remain robust at 3.9 percent in 2025, supported by fiscal expansion and strong credit growth. Inflation has fallen sharply but is expected to increase moderately in the remainder of 2025.
    • To support growth and macroeconomic stability, Timor-Leste’s substantial savings in the Petroleum Fund should be spent better and more prudently. This would deliver higher living standards and preserve fiscal sustainability.
    • The implementation of financial and fiscal reforms would accelerate private sector development and make public expenditure more efficient.

    Washington, DC – July 2, 2025: An International Monetary Fund (IMF) team led by Mr. Yan Carrière-Swallow visited Dili during June 19-July 2 to conduct discussions for the 2025 Article IV consultation with Timor-Leste. At the conclusion of the discussions, Mr. Carrière-Swallow issued the following statement:

    “Timor-Leste’s financial buffers and favorable demographics provide an opportunity to develop its economy. Despite impressive progress since independence, the economy remains under-diversified, and fiscal and external imbalances are large. We welcome Timor-Leste’s efforts for greater economic integration in the global and regional economies through World Trade Organization (WTO) membership and prospective ASEAN accession, which will boost growth and is providing a positive impulse to the government’s reform agenda.

    “Growth is expected to remain robust at 3.9 percent in 2025, supported by fiscal expansion and strong credit growth, and to moderate to 3.3 percent in 2026. Inflation, which had fallen sharply last year as global food and energy prices declined but is expected to increase moderately as global food prices rise. Inflation is expected to average 0.9 percent in 2025 and to rise to 1.8 percent in 2026. Risks to the outlook are balanced.

    “The 2026 budget should prioritize high-quality spending on physical and human capital, including health and education, while containing recurrent expenditure. The government is rightly focused on identifying measures to contain the public sector wage bill, which has grown sharply in recent years, and on implementing a Value Added Tax by January 2027.

    “Absent further reforms, deficits are projected to remain large over the medium term, which would lead to a full depletion of the Petroleum Fund by the end of the 2030s. We recommend a 10-year reform agenda of structural and fiscal reforms, allowing the Timorese government to support private sector development while gradually reducing fiscal deficits to preserve debt sustainability. For 2026, our proposed reforms would be consistent with an expenditure envelope of around US$1.85 billion for central government.

    “We welcome continued progress in the government’s financial sector reforms—including an insolvency framework, a secure transactions law, development of corporate accounting standards, and a new law on banking activities—whose implementation would support private sector development. We also recommend accelerating the issuance of land titles and establishing a national digital ID system, which are crucial reforms to boost access to credit, diversify the private sector, and improve the efficiency of public spending.

    “The team had fruitful discussions with Minister of Finance Santina Cardoso, Central Bank Governor Hélder Lopes, other senior officials, the private sector, civil society, and development partners. On behalf of the IMF team, I would like to thank the Timorese authorities for their hospitality and excellent cooperation. The IMF stands ready to continue providing capacity development to assist the government’s operations and reform efforts.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/07/02/pr25232-imf-staff-complete-2025-article-iv-mission-to-timor-leste

    MIL OSI

    MIL OSI Russia News

  • What’s in the Republican tax and spending plan?

    Source: Government of India

    Source: Government of India (4)

    The Republican-controlled Congress on Wednesday could pass a sweeping budget package that would fulfill many of President Donald Trump’s priorities. It has already passed the Senate and needs to be approved again by the House of Representatives before Trump can sign it into law.

    Here is a summary of the major elements of the package, with cost and savings estimates by the Congressional Budget Office or the Joint Committee on Taxation when available.

    CBO estimates the bill would add $3.3 trillion to the $36.2-trillion debt over 10 years, reduce revenues by $4.5 trillion and cut spending by $1.2 trillion. The number of people without health insurance would increase by 10.9 million over that period due to changes to programs such as Medicaid.

    INDIVIDUAL TAX CUTS

    • Makes permanent the lower income tax rates in Trump’s 2017 Tax Cuts and Jobs Act that are currently due to expire at the end of 2025 (Cost: $2.2 trillion)

    • Extends the standard deduction. (Cost: $1.4 trillion)

    • Extends and expands the alternative minimum tax exemption. (Cost: $1.4 trillion)

    • Expands the Child Tax Credit to $2,200 and indexes to inflation. (Cost: $817 billion)

    • Raises the estate tax exemption to $15 million. (Cost: $212 billion)

    • Exempts taxes on overtime pay until 2029. (Cost: $90 billion)

    • Exempts taxes on some tipped income until 2029. (Cost: $32 billion)

    • Creates a new deduction of up to $6,000 for people age 65 and older until 2029

    • Creates a tax break for some interest payments on auto loans until 2029. (Cost: $31 billion)

    • New tax-advantaged savings accounts for newborns. (Cost: $15 billion)

    • Expands deduction for state and local tax (SALT) payments from $10,000 to $40,000 until 2029

    • Exempts up to $1,700 for contributions to scholarship funds for private schools (Cost: $26 billion)

    BUSINESS TAX BREAKS

    • Extends and increases a tax break for owners of “pass-through” businesses, such as sole proprietorships and LLCs (Cost: $737 billion)

    • Full expensing for business equipment purchases (Cost: $363 billion)

    • Full expensing of business research and development costs (Cost: $141 billion)

    • Expands tax break for business interest expenses (Cost: $61 billion)

    OTHER TAX CHANGES

    • Raises taxes on the biggest private university endowments from 1.4% to 21% (New revenue: $761 million)

    • Imposes a new 1% tax on funds sent by immigrants to their home countries (New revenue: $10 billion)

    • Eliminates taxes on firearm silencers (Cost: $1.7 billion)

    • Gives the government power to strip tax exempt status from organizations found to be “terrorist supporting”

    MEDICAID AND OTHER HEALTH PROGRAMS

    Total savings: $1.1 trillion

    • Requires able-bodied adults who have no dependents to work, volunteer or be in school at least 80 hours a month starting in 2027

    • Bolsters eligibility verification measures for participants and healthcare providers and removes rules that make it easier to enroll

    • Excludes some non-citizens from the program and penalizes states that use their own funds to provide coverage to them

    • Blocks regulations that required minimum staffing levels at nursing homes and other long-term care facilities

    • Prohibits funding for gender transition therapies for minors

    • Prohibits payments to large providers like Planned Parenthood that specialize in birth control, abortion and other reproductive health services

    • Limits state “provider taxes” that are used to raise the federal government’s contribution

    • Adds $50 billion to rural providers to help offset the loss of revenue from the provider-tax limitation

    • Imposes stricter eligibility requirements for Affordable Care Act exchange insurance coverage

    ENERGY, ENVIRONMENT, COMMUNICATIONS

    • Repeals grant programs for purchasing electric heavy-duty vehicles

    • Repeals grants to reduce air pollution, greenhouse gas emissions

    • Creates incentives for pipelines, natural gas exports and exploration

    • Ends tax breaks for electric vehicles

    • Ends tax breaks for clean electricity and green energy

    • Restricts incentives for nuclear power

    • Cancels funding for green-energy grant programs in the 2022 Inflation Reduction Act, including vehicle manufacturing, home efficiency upgrades, electricity transmission and wind power

    • Weakens enforcement of fuel-efficiency standards for automobiles and pickup trucks

    • Makes more electromagnetic communication spectrum bands available for auction

    IMMIGRATION AND JUSTICE

    Total cost: $178 billion

    • Provides money for border wall construction

    • Funds surveillance towers, drones and other border-security equipment

    • Increases staffing for immigration enforcement, border control and immigration courts

    • Increases detention capacity for immigration enforcement

    • Increases law enforcement protection of the president

    • Adds funding to investigate visa fraud and other immigration-related crimes

    • Imposes new fees of up to $5,000 for immigrants’ work permits, court hearings, applications for asylum and other matters

    • Reimburses states for border-security costs

    • Allows courts to require plaintiffs to post a bond when they sue to block government policies

    MILITARY

    Total cost: $153 billion

    • Increases spending on shipbuilding

    • Adds funds for air and missile defense

    • Pays for munitions, nuclear weapons

    • Funds military operations to assist with border security

    FOOD ASSISTANCE

    Total savings: $186 billion

    • Increases work requirements for some of the 41 million participants in the SNAP food aid program

    • Shift some costs from federal government to states

    • Bars some noncitizens from benefits

    EDUCATION

    • Changes student loan repayment plans (Savings: $287 billion)

    • Imposes borrowing limits for some student loan programs (Savings: $51 billion)

    • Limits the government’s ability to cancel student debt (Savings: $18 billion)

    (Reuters)

  • MIL-OSI Banking: Senate Bill Delivers Win for Gulf of America Energy

    Source: National Ocean Industries Association – NOIA

    Headline: Senate Bill Delivers Win for Gulf of America Energy

    For Immediate Release: Tuesday, July 1, 2025NOIA .org
    Senate Bill Delivers Win for Gulf of America Energy,But Tax Changes Threaten U.S. Offshore Supply Chain
    Washington, D.C. – National Ocean Industries Association (NOIA) President Erik Milito issued the following statement after the Senate passed its version of the reconciliation package, the One Big Beautiful Bill Act (OBBBA):
    “The OBBBA represents decisive, long-overdue action to restore certainty and opportunity in the Gulf of America. It delivers leasing stability, finally ending years of policy whiplash and reaffirming the Gulf’s critical role in advancing American energy dominance, economic growth, and national security.
    “Mandated Gulf of America lease sales are absolutely essential. They give companies, whether family-run service shops or global manufacturers, the predictability needed to invest, hire, and build. When lease schedules vanish, so do jobs, capital, and energy security, with consequences felt far beyond the Gulf Coast.
    “Energy security is national security. Producing energy at home reduces reliance on foreign adversaries and projects American strength. The Gulf of America’s vast oil and gas reserves are essential to our strategic and economic stability. Just as importantly, Gulf energy helps keep costs down for working families, making life more affordable nationwide.
    “But the lessons of leasing certainty must be applied more broadly. While we appreciate the Senate’s efforts to improve the bill, particularly the refinements to key energy tax provisions, the changes still pose real challenges for continued investment in offshore wind. These provisions, though adjusted, remain material and would adversely affect long-term planning and capital deployment in offshore wind projects.
    “Without broader tax stability, including for offshore wind, the very supply chains that support American shipbuilding, ports, domestic manufacturing, and industrial jobs are at risk. Energy tax credits are proven drivers of private investment, creating thousands of shovel-ready jobs. When companies can count on a predictable tax framework, they can commit capital, grow their workforce, and build out the supply chains that power our energy future.
    “Across the Gulf Coast, oil and gas supply chain companies have already invested billions and made long-term strategic decisions. Offshore wind has allowed them to diversify, grow, and increase their competitiveness. They are now leading efforts to establish the U.S. as a global leader in offshore wind.
    “China is far ahead in the global competition. Stability in the tax code keeps private investment flowing here in the U.S., and that’s how we maintain our competitive edge in a global, high-stakes energy market.
    “Congress now has a real opportunity to prioritize deep and durable permitting reform. Reforms that last beyond a single administration are urgently needed to streamline project timelines, reduce regulatory bottlenecks, and enable responsible development across all forms of offshore energy: oil, gas, wind, and beyond. We need a system that empowers companies to innovate, respond to market needs, and lead the way in growing our energy future.”
    ##
    About NOIAThe National Ocean Industries Association (NOIA) represents and advances a dynamic and growing offshore energy industry, providing solutions that support communities and protect our workers, the public and our environment.

    MIL OSI Global Banks

  • MIL-OSI Asia-Pac: LCQ4: Increasing number of taxi drivers

    Source: Hong Kong Government special administrative region

    Following is a question by the Hon Judy Chan and a reply by the Secretary for Transport and Logistics, Ms Mable Chan, in the Legislative Council today (July 2):

    Question:

    It has been reported that the taxi industry has faced difficulties in attracting new blood to join the industry in recent years, and, as the first batch of taxi fleets will officially commence service in July this year, there will be keen demand for taxi drivers. There are views that the situation can be rectified by optimising the procedure and content of the Taxi Written Test of the Transport Department. In this connection, will the Government inform this Council:

    (1) of the number of candidates sitting for the Taxi Written Test as well as the number of candidates who passed the test and the passing rate in each of the past five years;

    (2) how the Location and Route Questions of Part B of the Taxi Written Test will be optimised to suit, in the context of driving, the new normal arising from the advancement of technology nowadays; and

    (3) whether it has any plans to assist the industry in attracting newcomers to join the industry; if so, of the details; if not, the reasons for that?

    Reply:

    President,

    The Government has been striving to enhance the service quality of taxis, and has introduced a series of measures in the past years. Such measures include introducing a taxi fleet regime, enhancing the Taxi Written Test, increasing the maximum passenger seating capacity of taxis, introducing a Taxi-Driver-Offence Points (TDOP) system, and relaxing no-stopping restrictions for taxis at designated restricted zones. These measures are launched with a view to providing passengers with a better riding experience, enhancing the overall image of the taxi trade and promoting the healthy development of the taxi industry in the long run, thereby creating a virtuous cycle to attract more new blood to join the taxi industry.

    Regarding the Hon Judy Chan’s questions, my reply is as follows: 

    (1) The Taxi Written Test focuses on assessing candidates’ practical knowledge on the guidelines and regulations related to taxi operation, key locations and routes, as well as the Road Users’ Code. The Transport Department (TD) enhanced the Taxi Written Test in February 2020 by updating the test content and adjusting the number of questions, with a view to focusing more on the assessment of core knowledge regarding taxi services. Such measures successfully attract more people to apply for the Taxi Written Test. The number of candidates sitting the Test has increased significantly by 40 per cent in the past few years, from less than 10 000 candidates sitting the Test in 2019 to around 14 000 candidates in 2024. In addition, the passing rate of the Taxi Written Test rose from 37 per cent in 2019 to 60 per cent in 2024. The above figures show that the enhancement of the Taxi Written Test has a notably positive effect in attracting newcomers to join the taxi driver profession. The numbers of candidates who sat and passed the Taxi Written Test from 2019 to 2024 and the corresponding passing rates are set out at the Annex. 

    (2) To keep up with the times and better align the Taxi Written Test with the practical needs of the trade, the TD is currently conducting a comprehensive review of the arrangements of the Test.

    In particular, having considered that modern navigation technology can now assist taxi drivers in quickly locating destinations and planning the most efficient driving routes, the TD will substantially reduce and simplify the questions on locations and routes under Part B of the Taxi Written Test and update the question bank, with a view to better aligning the Test with practical needs, and at the same time ensure that the candidates who pass the test possess the professional knowledge and qualities of taxi drivers, and have a basic understanding and grasp of the major road networks and frequently visited locations.

    Besides simplifying the questions under Part B of the Test in the light of technological applications, the TD will also add new questions to assess candidates’ knowledge of the series of new measures introduced to enhance taxi service quality (e.g. taxi fleet regime, the TDOP system).

    The TD is now pressing ahead with the relevant work and aims to implement the further enhanced Taxi Written Test in the fourth quarter of this year.

    (3) Apart from enhancing the Taxi Written Test, the Government has relaxed the eligibility requirements for commercial vehicle (including taxi) driving licences from October 1, 2020. The period required for an applicant to hold a valid private car or light goods vehicle full driving licence has been shortened from a minimum of three years to at least one year, with a view to attracting more new blood to join the industry.

    Separately, the Government introduced the taxi fleet regime last year to encourage the trade to adopt a more professional and systematic approach to manage their fleets and drivers, in order to enhance the quality of taxi services and improve the overall image of the taxi industry. Last week, the TD announced that they would issue the official Taxi Fleet Licences to the five taxi fleets within July 2025.

    Over the past period of time, the five fleet operators have been proactively implementing different measures to recruit new blood and existing drivers to join the fleet. Various taxi fleet operators have successively participated in the district and thematic job fairs organised by the Labour Department, enabling job seekers to gain a deeper understanding of the fleets and their recruitment model. The fleets have also implemented different measures to recruit taxi drivers, including offering new driver referral bonus and safe driving bonus, as well as providing flexible working hour arrangements. In addition, the operators will offer pre-service training to enhance drivers’ customer service skills, and implement systematic management to support drivers in handling customer enquiries, creating a better working environment for fleet drivers. We understand from the fleet operators that the job fairs and various measures have attracted enquiries from job seekers outside the industry, and they have recruited more than 40 newcomers to join the fleet. These efforts will continue, demonstrating that the taxi fleet regime has a positive effect in attracting new blood to join the industry.

    In addition, the Employees Retraining Board also offers taxi driver-related training courses to provide prospective drivers with information on the development of the industry, driving safety and matters to pay attention to when providing taxi services, thereby assisting them in joining the taxi driver profession. Eligible persons may even receive tuition subsidies or full course fee waivers. At the same time, certain taxi dealers are also offering online courses for those seeking to apply for taxi driver’s licence, as well as training courses for individuals that are new to the industry, so that the newcomers can better understand the daily operation of the taxi industry. All these measures help attract new blood to the industry.

    The Government will continue to closely monitor the operation and management of the taxi industry, and implement different measures to assist the trade to enhance their services, thereby promoting the healthy development of the taxi industry in the long run.

    Thank you, President.

    MIL OSI Asia Pacific News

  • MIL-OSI Africa: Hlabisa to announce distribution of Municipal Disaster Response and Recovery Grant

    Source: South Africa News Agency

    Hlabisa to announce distribution of Municipal Disaster Response and Recovery Grant

    The Minister of Cooperative Governance and Traditional Affairs (CoGTA), Velenkosini Hlabisa, will officially announce the disbursement of the Municipal Disaster Response Grant and the Disaster Recovery Grant to provinces and municipalities throughout the country on Monday, 7 July 2025.

    These allocations are intended to bolster immediate relief and recovery measures in communities affected by recent disasters.

    The department has announced that this intervention comes in response to a series of destructive incidents that have been officially recognised and declared as national disasters, in accordance with Section 23(3) of the Disaster Management Act, 2002 (Act No. 57 of 2002).

    Funding for this initiative is being released under Section 25(3)(a) of the Division of Revenue Act, 2023 (Act No. 5 of 2023), as amended by the Division of Revenue Amendment Act, 2023 (Act No. 24 of 2023).

    “The announcement forms part of government’s ongoing efforts to ensure an adequate and timely response to the devastating weather events of April 2025, which significantly affected several provinces, most notably the Eastern Cape. 

    “In addition to addressing the damage caused by these events, the grants will support broader recovery interventions aimed at restoring essential services and the dignity of affected communities,” the department said.

    The Eastern Cape has officially been declared a national disaster zone in response to the widespread destruction caused by recent severe floods that claimed about 102 lives last month. 

    READ | Eastern Cape June floods declared a national disaster

    Last week, the Eastern Cape CoGTA MEC, Zolile Williams, said the declaration was made under the Disaster Management Act (Act No. 57 of 2002). 

    To ensure the integrity and effectiveness of this funding, the national department said strict accountability mechanisms will be implemented to guarantee that the allocated resources are used solely for their intended purposes. 

    “Monitoring and reporting frameworks will be enforced in collaboration with relevant stakeholders to uphold transparency and good governance.

    “This intervention reflects government’s commitment to moving from policy deliberation to decisive action and to building a resilient, responsive, and inclusive system of local governance that places the needs of communities at the centre of development,” CoGTA said. – SAnews.gov.za

    Gabisile

    MIL OSI Africa

  • MIL-OSI NGOs: Oxfam reaction to Spain, Brazil and South Africa launching a new coalition to tax the super-rich

    Source: Oxfam –

    In response to Spain, Brazil and South Africa’s new global coalition to tax the super-rich, launched today at the Fourth Financing for Development Conference in Seville, Oxfam Tax Justice Policy Lead Susana Ruiz said: 

    “We welcome the leadership of Brazil, Spain and South Africa in calling for taxes on the super-rich. People around the world are pushing for more countries to reject the corrupting political influence of oligarchies. Taxation of the super-rich is a vital tool to secure sustainable development and fight inequalities. The wealth of the richest 1% has surged $33.9 trillion since 2015, enough to end annual poverty 22 times, yet billionaires only pay around 0.3% in real taxes.  

    “This extreme inequality is being driven by a financial system that puts the interests of a wealthy few above everyone else. This concentration of wealth is blocking progress towards the Sustainable Development Goals and keeping over three billion people living in poverty: over half of poor countries are spending more on debt repayments than on healthcare or education. 

    “In a tense geopolitical environment, Spain, Brazil and South Africa have taken an important step in forging an alliance here at the UN conference in Seville to show political will for taxation of the super-rich. Now other countries must follow their lead and join forces. This year, the FFD in Seville, COP30 in Brazil and G20 in South Africa are key opportunities for international cooperation to tax the super-rich and invest in a sustainable future that puts human rights and equality at its core.”

    Download the Oxfam report “From Private Profit to Public Power: Financing Development, Not Oligarchy which was launched ahead of the Fourth Financing for Development Conference with new analysis on economic inequality.

    Greenpeace and Oxfam International commissioned a study this month on public opinion on taxing the super-rich. The research was conducted by first party data company Dynata in May-June 2025, in Brazil, Canada, France, Germany, Kenya, Italy, India, Mexico, the Philippines, South Africa, Spain, the UK and the US. The survey had approximately 1200 respondents per country, with a margin of error of +-2.83%. Together, these countries represent close to half the world’s population. See the results here.

    Oxfam will be hosting a major high-level event together with Club de Madrid, at 7pm on July 1, 2025, in Seville, joined by high-level government representatives on the media briefing note. Journalists are invited to attend and will be prioritized for questions. Please register here.

    Moreover, an official side event on inequality and tax reform will take place at 2.30pm on July 1, 2025, at the FIBES Exhibition Centre room 20 joined by high-level government representatives from Brazil, Spain and South Africa, international organizations and global experts. See note here.

    MIL OSI NGO

  • MIL-OSI New Zealand: New report: Uber shifted millions offshore, avoiding $56m in NZ tax – Workers First Union

    Source: Workers First Union

    A new report from the Centre for International Corporate Tax Accountability and Research (CICTAR), commissioned by Workers First Union, argues that multinational rideshare and delivery giant Uber appears to be shifting hundreds of millions in misclassified profits out of New Zealand, costing the country millions in tax revenue.
    The report examines Uber’s local and global business practices and approach to revenue and taxation, concluding that Uber’s practice of misclassification ext

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: LCQ11: Developing tourism projects with distinctive intellectual properties

    Source: Hong Kong Government special administrative region

    LCQ11: Developing tourism projects with distinctive intellectual properties 
    Question:
     
    There are views that Hong Kong has a number of intellectual property (IP) projects with local characteristics, among which the film “Twilight of the Warriors: Walled In” has been well received both locally and overseas. In Japan, a restaurant has even launched peripheral food products inspired by the film, which sell out every day. Moreover, many film fans have visited Hong Kong for sightseeing due to the film, demonstrating the unlimited business opportunities of IP tourism. In this connection, will the Government inform this Council:
     
    (1) whether it has compiled statistics on the number of visitors attracted to Hong Kong by IP projects, cultural events and mega-events with local characteristics in the past three years, as well as their places of origin, length of stay in Hong Kong, and consumption amounts and patterns; if so, of the details; if not, the reasons for that, and whether it will consider compiling such statistics;
     
    (2) as some members of the industry and academics have pointed out that tourism projects dominated by a single IP are difficult to sustain, and that the long-term strategy should be linking up multiple IPs of the same type to create synergy effects (e.g. Hong Kong can explore combining the IP of “Twilight of the Warriors: Walled In” and those of a number of classic Hong Kong films to build a “Hong Kong version of Universal Studios”, with a view to maximising the cultural benefits of Hong Kong films), whether the Government has considered formulating a strategy to promote collaboration between different IP holders and the tourism industry; if so, of the details; if not, the reasons for that; and
     
    (3) whether the Government has formulated a dedicated strategy for IP tourism, such as strengthening the protection and promotion of existing distinctive IP projects and related attractions, and actively introducing measures to encourage and support IP creation and the development of related attractions; if so, of the details; if not, the reasons for that, and whether it will consider formulating relevant strategies?
     
    Reply:
     
    President,
     
    The current Government has established the Culture, Sports and Tourism Bureau (CSTB) to promote the integrated development of culture, sports and tourism. The Cultural and Creative Industries Development Agency (CCIDA) under the CSTB proactively strengthens its support towards the industrialisation development of the cultural and creative industries and provides a platform to foster cross-sectoral and cross-genre collaborations among cultural and creative sectors for cultural intellectual property (IP). We fully encourage industries such as catering, retailing and tourism to make use of the rich IP resources in Hong Kong to achieve synergy, attract tourists and explore business opportunities.
     
    My reply to the various parts of the question raised by the Hon Jeffrey Lam’s question, in consultation with the Intellectual Property Department (IPD), is as follows:
     
    There are a number of attractions in Hong Kong with local characteristics and tourism appeal, such as Victoria Harbour, the Hong Kong Disneyland Resort (HKDL), the Ocean Park (OP), the Peak Tram, the Hong Kong Ferris Wheel, Ngong Ping 360. They are also IPs with strong Hong Kong’s cultural characteristics. The CSTB and the Hong Kong Tourism Board (HKTB) have been striving to promote tourism by making good use of these cultural IPs and the international image of Hong Kong.
     
    In 2024, Hong Kong hosted over 240 mega events, attracting about two million visitors from mainly the Mainland and Southeast Asia region, and bringing a total spending of about HK$7.5 billion and added value of about HK$4.5 billion to the economy. Many of these mega events featured local characteristics and made good use of well-known IPs, such as the “100% DORAEMON & FRIENDS” Tour, Pokémon GO City Safari, PANDA GO! FEST HK, ComplexCon Hong Kong, Hypefest Hong Kong, Animation-Comic-Game Hong Kong (ACGHK), and “A Path to Glory – Jin Yong’s Centennial Memorial • The World of Wuxia”, etc. In 2025, we continue to welcome events filled with IP elements, such as “CHIIKAWA DAYS” Exhibition, the opening of CR7® LIFE Museum Hong Kong, ACGHK 2025, “Comic Fun for All: The Magic of Hong Kong Comedy Comics” showcasing various local comics and Hong Kong Fashion Fest.
     
    We have been making use of attractive IP-themed events to enrich visitors’ travel and entertainment experience and stimulate spending. The HKTB proactively collaborates with event organisers to provide all round support, including driving local tourism through events. For example, during “100% DORAEMON & FRIENDS” Tour, the HKTB partnered with the exhibition organiser to present “Anywhere Door” at ten tourist spots in Hong Kong, attracting visitors and locals to explore the city and take photos. The HKTB also collaborates with IPs in flagship events and integrates with signature IPs to further promote tourism. For example, in organising the Hong Kong International Dragon Boat Races in 2023 and 2024, the HKTB collaborated with the world’s popular IP, LINE FRIENDS, to set up LINE FRIENDS dragon boat photo spots along the Avenue of Stars to attract visitors and locals to take photos and enjoy the races. Both visitors and locals could also purchase Hong Kong-exclusive merchandise designed for the races during the event period. 
     
    In terms of tourism promotion through leveraging movie IPs, the HKTB collaborated with the movie producer and relevant units to launch a movie exhibition titled “Live out the Cinematic Charm of Hong Kong” Twilight of the Warriors: Walled In. The exhibition was first staged at the Hong Kong International Airport and then AIRSIDE at Kai Tak, Kowloon City. In parallel, merchandise vendors on site offered classic dishes, nostalgic toys and movie merchandise to create business opportunities. The CCIDA also organises the three-year “Kowloon Walled City: A Cinematic Journey” Movie Set Exhibition at the Kowloon Walled City Park, showcasing more movie sets and local traditional craftsmanship displays, recreating scenes of the Walled City. Over 42 000 locals and tourists were attracted in the first month since its opening in May this year, driving catering and retailing spending in the vicinity.
     
    In terms of theme parks, the HKDL, a landmark attraction with rich IP features, has been introducing various unique facilities and events to attract visitors, including the opening of the world’s first ever and largest Frozen-themed land, the new Marvel-themed area under planning, the 20th anniversary celebration and an all-new Pixar entertainment experience. On the other hand, the OP, capitalising on its advantage of being home to the largest number of giant pandas outside the Mainland, has created the giant pandas’ IPs according to the physical traits of the six giant pandas and launched giant panda-related promotional activities, merchandise, cultural and creative products, video games, tourism products, etc, with Hong Kong’s characteristics. In addition to the extensive use of the giant pandas’ IPs in OP’s social media content and merchandise, the OP will continue to make use of the relevant IP to launch giant panda-themed festive events, immersive experience activities, light shows, thematic performances, amusement facilities, etc, and partner with different organisations to promote the IPs.
     
    Separately, the CCIDA, through the CreateSmart Initiative (CSI), has funded and promoted various IP projects that integrate local animation and comic culture with tourism. These include the two-year AniCom Sports Park which showcases 36 locally created AniCom characters from different eras, each paired with a sports-themed design, such as “Old Master Q” with snooker, “Dragon Shik” with boxing and “My Boy” with table tennis, echoing the Olympic Games Paris and the National Games to promote the innovative experience of integrating culture, sports and tourism in Hong Kong. Since its launch in July 2024, the project has attracted about 460 000 locals tourists. The Hong Kong Avenue of Comic Stars, with the theme of local original comics, has drawn over three million visitors to date. The project was enhanced and updated in late 2024, now featuring 76 coloured figurines of local comic characters created by 100 artists, such as “Wang Xiao Hu”, “Hero Wah” and “MinBao Gor”, along with a 50-meter-long large-scale comic wall and interactive installations. In half a year, it attracted over 850 000 visitors with approximately 40 per cent of them being tourists. The annual mega event, the ACGHK, brings together comics and animation, mobile/computer games and art toy creations from Hong Kong, the Mainland and overseas, attracting about 250 000 tourists from the Mainland and overseas annually. The ACGHK 2025 will feature four projects, namely the Hong Kong International Art Toys Expo, the International Comic Artist Conference and Exhibition, the Comics Masters Gathering Hong Kong, and the Hong Kong Comics Support Programme Pavilion. Apart from showcasing over 100 art toys and comic works from Hong Kong, the Mainland and overseas, there will also be sharing sessions and workshops led by comic masters. The CCIDA will strengthen publicity in order to attract visitors from the Mainland and overseas.
     
    On upholding and strengthening IP protection, the Government continues to drive the development of local IP (including cultural IP), enhance the local IP regime, ensuring that it keeps abreast of the times, aligns with international trends, and meets Hong Kong’s economic needs, including the implementation of the Copyright (Amendment) Ordinance 2022 to strengthen copyright protection in the digital environment, and a comprehensive review of the local registered designs regime and plans to launch a public consultation within this year. A robust IP protection regime can foster the sustainable development of local cultural and creative industries, as well as help drive the growth of related industry chains, including tourism, thereby spurring the development of the economy. The CCIDA is also actively supporting cultural IP projects, including those related to tourism, through CSI, and driving applicants to make applications for IP protection for their cultural and creative products, formulate IP agreements and manage IP portfolios, etc, so as to assist creators in exploring business opportunities.
     
    The IPD advocates for the messages of respecting creativity and IP protection through producing and disseminating promotional materials and videos. At the same time, it is committed to implementing the “No Fakes Pledge” Scheme and the “I Pledge” Campaign to encourage the selling and buying of genuine goods among local retailers, tourists and consumers. The “No Fakes Pledge” Scheme has garnered widespread support from local businesses over the years, with an average annual participation of over 1 500 retail merchants and 7 000 outlets/online shops.
     
    The Government will continue to support IP creation, construction and cross-over through innovative thinking, combining with our edges in technology, animation and comics, the performing arts, film and television culture to attract more tourists to come to Hong Kong to experience the unique local cultural connotation. We also hope that the catering, retailing and tourism industries can make good use of IP projects to explore business opportunities and implement the concept of “tourism is everywhere in Hong Kong” together.
    Issued at HKT 14:22

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Doorstop – University of Technology Sydney

    Source: Murray Darling Basin Authority

    KATHLEEN BAIRD, HEAD OF SCHOOL OF NURSING AND MIDWIFERY: Good morning, everyone. Firstly, I’d like to acknowledge the Gadigal people of the Eora Nation on whose land UTS stands. And I welcome you all to UTS. I’m Kathy Baird, Professor Kathy Baird, and I’m the Head of the School of Nursing and Midwifery. It is an absolute honour to welcome the Minister for Education, the Honourable Jason Clare, to UTS this morning.

    I do also want to acknowledge the Commonwealth’s ongoing support through the placement payment for our student nurses and midwives. This initiative will provide much-needed financial support to our students during their clinical placements. It will help to ease the burden they face while they gain the practical skills required. Their dedication, resilience and compassion are the foundation of the future of nursing [indistinct] will be built.

    I’d also like to thank the students that came here this morning. And I would like to hand over to Minister Clare. Thank you.

    JASON CLARE, MINISTER FOR EDUCATION: Thanks very much. And a big thank you to UTS for letting me visit today to talk about something which is dear to my heart and I think is going to be really important in supporting the teachers and nurses and midwives and social workers that are training in our universities now that are getting an education in our universities right now to help them with their studies, with the cost of living while they’re studying, and help them to complete their degree.

    When I got this job a couple of years ago, I remember talking to some nursing students who talked to me about placement poverty. It was something that I hadn’t heard of before. Now I understand. And it’s because of the stories that they told me. There’s a lot of nursing students who work in our hospitals right now as assistants in nursing, and it’s a part-time job where they’re getting paid to work in a hospital while they’re studying here at university. But a big part of their degree is also prac, practical training. And it’s something like 800 hours of practical training that they have to do as part of their degree.

    And often that prac will happen at the same hospital where they’ve got a part-time job, but while they’re doing their prac, they can’t do that job. So, they’re working in the same hospital, but they’re no longer being paid. And that’s what placement poverty looks like. It means that you don’t have the money that you ordinarily would have to pay the bills, to pay for parking, pay for public transport. And it can make life harder.

    The end result of that is that some students who start a degree, like nursing or teaching, don’t finish it. For some students, prac also means you have to move away from home to do it. And that can make life more difficult as well. It can mean giving up your part-time job because you’re not living around the corner while you’re doing the practical training.

    This was a key recommendation of the Universities Accord, which is a big report. It’s a blueprint for how we reform higher education in Australia over the next decade and the decade after that. And I released that report early last year, and at the budget last year, I announced that we’d allocate almost over a half a billion dollars to fund paid prac. I think I was here to talk about that then. And it’s terrific to be back at UTS on the week that it starts, where we’re bringing the words from that report to life and making it real. And, most importantly, making a difference to the sort of people I got to meet today.

    This applies to teaching students, to nursing students, to midwifery students and social work students. These are some of the most important professions in our country. These are young people who one day will teach our kids or look after us when we’re sick, who will help women giving birth, who’ll help women fleeing domestic violence. And this is a bit of practical help while you do your practical training.

    Can I just pass over to Dorsa who I got the privilege to meet this morning, who’s a third-year midwifery student here at UTS, to tell your story about what drew you to midwifery and how you think this payment might help.

    DORSA NEMATIAN: Thank you so much, Minister Clare. So I am a refugee from Iran who has been doing a midwifery course for the past three years. I started off with a degree in Bachelor of Medical Science, which helped made me realise that it wasn’t for me, and I was more drawn to midwifery and childbirth, which is the reason why I made the switch. Obviously, this Commonwealth Prac Payment will make the difference between surviving through the practical part of our degree to just enjoying it and being able to learn while we’re undertaking our practice.

    JOURNALIST: So there has been a huge slump in the number of students on youth allowance, and experts are warning that we may not meet our tertiary education targets if low-education and regional students aren’t going to uni. Would you consider raising the rate of those payments or loosening eligibility requirements?

    CLARE: We’ve already increased youth allowance as well as rental assistance. You are right that what we do need to do over the next decade and beyond is help more young people finish school and then go on to TAFE or university to get the qualifications that the jobs that are in demand now and that are going to be in even more demand in the decades ahead. There’s no part of the economy where jobs are growing faster than in nursing and in health care. That’s for sure.

    Yesterday I formally announced the creation of the Australian Tertiary Education Commission in its interim reform, and it kicked off yesterday, headed up by Professor Mary O’Kane, who is the author or the lead author of the Universities Accord. And she makes the point there that we’re not going to have the workforce that we need – something like four out of five workers in the economy with a university degree or a TAFE qualification – unless we break down that barrier that stops a lot of young people, particularly from disadvantaged backgrounds, from poorer backgrounds and from the regions and the bush, from getting a crack at university in the first place and then going on and finishing their degree.

    And that’s why the prac payment is part of this. It’s definitely part of it, support for people while they do their practical training, but it’s not the only thing that we’re doing. Next year, you’ll see the rollout of funding reform for the way our universities are funded. And, in particular, funding reform to help the sort of people that you mentioned in your question, people from disadvantaged backgrounds. And part of that is developing and rolling out a needs-based funding system a little like the Gonski model for schools for universities.

    JOURNALIST: What do you think that slump is due to?

    CLARE: We’ve seen over the course of this year and last year an increase in the total number of young people enrolling in courses at university. That’s a good sign. The number of people going to university, the number of Australians going to university, has been in decline pretty much since 2017. There was a bump during COVID. That was a bit of an anomaly where people were locked at home and enrolled in courses. But overall, we’ve seen a decline in the number of Aussies enrolling in uni degrees until last year when it jumped up, and now it’s jumping up again this year. It’s on track to be the highest number of Australians enrolling in either an undergraduate degree or a postgraduate degree on record. So that’s a good thing.

    As I say, it’s not just people leaping out of school to study at university; it’s also people going back to uni to reskill, to upskill, get more skills. So that’s a good sign. But the Universities Accord is about building on that and what more we need to do it to support more people into university and into TAFE. I mentioned the funding reforms that will take place next year. Another part of it is making sure that TAFE and university work better together. We shouldn’t see them as two separate systems; we should be thinking about how they can be more joined up or integrated, how some of what you do at TAFE can be counted when you go to university and vice versa.

    We were having a chat, Dorsa mentioned that she did another course before she went into midwifery. Some of that is counted towards this course. That means that the degree is shorter than it otherwise would be, and costs less. But that’s a good example of what we can do more of here.

    In terms of helping people with the cost of higher education, the best example I can really point to is the cut to HECS that I’ll introduce into the Parliament in the next few weeks. The first bill that we’ll introduce into the Parliament will cut the student debt for 3 million Australians by 20 per cent. This will cut $16 billion dollars off the debt of ordinary Aussies. For the average Australian, it will cut their debt by more than five and a half grand. And that’s a big deal that will make a big difference.

    JOURNALIST: Do you want to move into child care now?

    CLARE: I’ll just make some comments off the top. Any Australian who heard the news from Victoria yesterday would be sickened by what they heard. And for every parent that is directly affected by this in Victoria, they would be frightened and they’d be angry. They would be bloody angry. And I know that they’re angry because one of those parents is a friend of mine, and her two little girls are directly affected by this. And I won’t tell you what she told me last night because you can’t repeat it on television. But she’s right to be mad. I’m mad. I think anyone who works in the early education system, and there’s hundreds of thousands of fantastic people who do, would be angry today as well. And my friend is mad because of all of the stress and the trauma and the crap that she and her girls are going to have to go through in the weeks ahead.

    This is serious, and it requires serious action. I was informed about this by the Victorian Government a little over a week ago. It’s one of the reasons why I put this on the top of the agenda when Education Ministers met last week. Let me be clear, when Education Ministers met to discuss child safety last week, we didn’t discuss this case, but we discussed what are the next steps that we need to take as a nation to make sure that our kids are safe in early education and care.

    There are things that we’ve already done. We’ve banned the use of personal mobile phones and devices in child care centres, and we did that for a reason. We’ve also changed the rules around mandatory reporting from seven days to 24 hours where there are complaints about sexual or physical abuse. I’ve got to tell you, we did that for a reason.

    And there are other things that are also underway. I mentioned yesterday and again this morning the legislation that I’ll bring to the Parliament which is about making sure that if services aren’t up to scratch, that they aren’t meeting the safety and the quality standards that we expect as a country, that we have the power as a Government to cut their funding off. And that’s important, too, because there’s nothing more important than the safety of our kids in early education and care.

    And there’s more to do. That’s what the meeting of Education Ministers on Friday was all about. We’ve seen the awful revelations out of the Four Corners investigation led by Adele Ferguson only a couple of months ago, and the Wheeler Report that was released last Thursday. Ministers had the opportunity at that meeting to be briefed by Chris, to be briefed by Mr Wheeler, and to go through his recommendations. But we were also briefed by Gabrielle Sinclair, who’s the head of ACECQA, about the actions she recommends we take in the light of the Four Corners investigation. And now Ministers are working together on a package of further reforms that are needed to make sure that our early education and care centres are as safe as they need to be.

    JOURNALIST: Minister, on that legislation you’re planning to introduce, how serious would a breach have to be for a centre to have their funding cut? What sort of threshold are we talking about?

    CLARE: All of that will be set out in the legislation that we’re working on right now. I mentioned to David on RN this morning that I’ve directed my Department to get that legislation drafted as quick as possible. It will deal with a number of things. As we announced back in March when we announced our intention to legislate in this area, it’s about that, it’s about cutting off funding to centres where there’s egregious behaviour by a centre. It’s also about stopping them from getting permission to expand and open other centres. But not just that; it’s also about stopping a provider or an employee who works in a centre who’s been found to be a bad actor from moving out of the child care sector into another part of the care economy, for example, in the NDIS. And we saw examples of that in the Four Corners investigation.

    JOURNALIST: Do you think there should be a tougher background checking process for those who have a working with children check?

    CLARE: I said this morning that it’s taken too long to do the work necessary to make sure that our working with children check system is up to scratch. And I’ve spoken a number of times with the Attorney-General, Michelle Rowland, the new Attorney-General, and I think I can safely speak on her behalf that she agrees and is determined to take the action necessary here to make sure that our working with children checks across the nation are up to scratch. That will be something that will be discussed by Attorneys-General when they meet next month. The Attorney-General is doing a press conference at the moment, and she’ll have more to say on that.

    The only other point I would make on working with children checks is that they’re not the only thing that we need to fix or reform. They’re not a silver bullet. There are too many examples where a perpetrator is eventually caught and arrested and sentenced. They’re somebody that got a working with children check because they had no prior criminal record. And so it’s only one of the things that we need to focus on here if we’re serious about making sure that we keep our kids

    JOURNALIST: You mentioned you wanted those – that legislation through as fast as possible. Can we expect to see these changes made this year?

    CLARE: Yes.

    JOURNALIST: Do you – the National Children’s Commissioner says the sector’s regulators need to be stronger, need more teeth to act. Has the government been slow to respond to these calls?

    CLARE: You can never be fast enough here. And the honest answer is the work here will never be done. There will always be bad people that try and break through the system and the safety. And so the work here will never be done. But what the Commissioner is talking about there are one of the things that Ministers are focused on and looking at right now.

    JOURNALIST: So will the Government make nationally harmonised working with children checks a priority? So those were recommended in 2015. How complicated will they be to enact, and why hasn’t it been done yet?

    CLARE: Similar answer to the one I gave just a moment ago. And the Attorney-General will be able to speak to that in more detail. But this is one of the things that Attorneys are looking at when they meet next month. They’re looking at what you described as harmonisation or mutual recognition, the sharing of information across borders, but also potentially near real-time updates to working with children checks, where criminal record checks or criminal records change. There’s a big piece of work that’s going on nationally with all the states and territories here. But as you rightly point out, the work can’t happen soon enough.

    JOURNALIST: Would you support the introduction of mandatory CCTV in child care centres?

    CLARE: CCTV itself was the subject of a recommendation by Chris Wheeler in his report that was handed down on Thursday. And that recommendation was about installing CCTV in centres where there has been previous breaches, where there is concern by the regulator about safety and quality in those centres. The New South Wales Government has given in-principle support for that recommendation. The Victorian Government I think, will have more to say about that today. And this is one of the things that Ministers are looking at across the board as we develop nationwide reforms. That’s different, though, to the question you asked about making it mandatory. The advice from experts at the moment is targeted based on centres which have demonstrated that they’re not up to scratch.

    JOURNALIST: The Victorian Greens have been calling for a royal commission into the sector. Do you – would you support that?

    CLARE: We’ve had a royal commission. We’ve got the recommendations. After Australia’s worst paedophile was arrested and convicted in Queensland just over two years ago, I commissioned a review into child safety. We’ve got those recommendations as well. Now we’ve got the Wheeler Report. We’ll get more evidence and more information out of what the Victorian Government is announcing today. We know what we need to do. It’s how we do it and how we pull all of that together and get the whole country acting as one.

    Okay, thanks very much, everybody.
     

    MIL OSI News

  • MIL-OSI Russia: Territory of reasonable decisions: how Muscovites are helped to improve their financial literacy

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    The popularity of educational projects on financial literacy is growing in the capital. Master classes, games, quizzes, film lectures and other interactive activities help city residents of all ages understand financial issues. The events are held by the capital’s Department of Finance together with the financial literacy center and partners.

    “We talk to Muscovites about finances where it is convenient for them and in a way that interests them: in schools and universities, libraries, festivals and parks. In 2024 alone, over 560 events of various formats were held in the capital. And this year there will be even more. It is important that Muscovites receive not only new knowledge, but also practical skills: they learn to handle money wisely and make thoughtful financial decisions,” she noted.

    Elena Zyabbarova, Minister of the Moscow Government, head of the capital’s Department of Finance.

    The meetings go beyond the usual spaces and are already becoming part of the urban environment. Thus, this summer, financial literacy days were held at the Northern and Southern river terminals – these are new city platforms for such conversations.

    Another major event is Festival of financial literacy and entrepreneurial culture in Moscow. It has been held since 2017 by the capital’s departments of finance, education and science, as well as the Bank of Russia, and has become a traditional city educational event for city residents of all ages who want to improve their level of financial literacy and learn the basics of entrepreneurship. Last year, the festival lasted a whole week and covered more than 200 sites, including the Moscow Center for Education Quality, schools, colleges, universities, Moscow Longevity Centers, My Work and My Career employment centers, libraries and the Digital Business Space. More than 500 thousand people took part in online and offline events. This coming autumn, the festival will return with a rich program.

    Classes to improve financial literacy are integrated into major events and festivals, including Biblionight, Night at the Museum, and Red Square. Most often, city residents are interested in how to avoid being scammed, invest, and plan their personal budget.

    Modern formats make such events more lively and exciting. In 2024, a financial stand-up and a VR simulator appeared, with the help of which you can practice your personal finance management skills.

    Financial Literacy in Libraries

    For more than two years now, thematic meetings have been held for residents of the capital near their homes. As part of the project “ABCs of Financial Literacy”, which covers all age groups, lectures, business games, film lectures and other events are organized in Moscow libraries.

    City residents discuss familiar life situations with experts, including how to plan a family budget, what to consider when applying for a loan, and how not to become a victim of fraudsters. Event announcements can be found on social networks and city library websites.

    Name for the project Muscovites themselves chose. More than 170 thousand people took part in the voting on the Active Citizen platform.

    Financial Literacy in Film

    One of the most original formats is film lectures in Moscow cinemas. This is an unusual way to involve city residents in managing their personal finances, even if they have not been seriously interested in this before.

    Together with experts, viewers watch famous Soviet and Russian films, including “Courier”, “Moneychangers”, “Russian Money”, “Domovoy”, “Family Budget”. And then they analyze the behavior of the characters from the point of view of financial literacy: what went wrong, and could it have been done differently?

    Soviet films raise topics that remain relevant today, they are simply presented through the prism of modern realities. For example, the film “Beware of the Car” raises questions about car insurance.

    The project is being implemented with the support of the Moskino cinema chain and Department of Culture of Moscow.

    Financial Literacy at Work

    The rhythm of the metropolis does not always leave time for self-education, so a project for financial education of employees of work collectives has appeared in Moscow. Organizations can invite experts to conduct lectures and master classes directly at workplaces – offline or online. All events are free, and the topic can be chosen depending on the request of employees.

    The focus is most often on cybersecurity, personal budget management, consumer protection, investment basics, taxation and lending. Listeners can choose from interactive lectures, master classes, financial quizzes and case studies.

    You can determine the topic, format and time of classes, as well as sign up for the waiting list by link.

    Financial Literacy for Children and Youth

    The upbringing of a financially literate person begins at an early age. Thematic classes and events with elements of financial literacy are organized by Department of Education and Science of the City of MoscowIn addition, children can take part in Olympiads and quizzes, quizzes and quests, meet with representatives of large Russian companies and attend lessons taught by representatives of the Federal Financial Monitoring Service (Rosfinmonitoring).

    The capital’s Department of Finance is implementing several projects on financial literacy for children and young people. Kindergartens regularly host events for preschoolers, schools host open lessons on financial and budget literacy, and children’s city camps host interactive classes during the holidays. Starting this year, they can be visited not only in the summer, but also in the spring and fall. Primary school students will learn about the origin of funds, rules for financial security and rational purchases, and will also create a model of their bank card and take part in a quiz.

    Experts can also be invited to colleges and universities. Heads of educational institutions choose what will really interest students, including quizzes, educational lectures or cartoons on financial topics. Questions related to budget planning, the history of money, financial security and lending remain popular with young people. You can send an application to link.

    Separate tracks for children’s audiences were also provided at citywide events. While adults listen to lectures on smart family budget planning, children can play the tactile game “Guess What?”, analyze the financial behavior of popular cartoon characters, or take part in the quiz “Secrets of Financial Security.”

    Financial Literacy for the Older Generation

    Older city residents actively participate in educational events with experts, which take place in Moscow longevity centers, libraries and other venues, as well as at major festivals. Muscovites of the “silver” age learn how to make purchases on the Internet, protect personal data and avoid spontaneous spending.

    Experts also talk about aspects of inheritance law in Russia, forms of wills and the specifics of drafting them. It is important that listeners can get answers to their questions on the spot and analyze their personal financial situations.

    In addition, the Moscow Longevity project offers regular classes on financial and legal literacy. The course programs are designed to take into account the interests of the older audience. You can find out more at the Moscow Longevity Centers and on the portal Mos.ru.

    Financial Literacy for People with Disabilities

    Special attention is paid to financial education of citizens with disabilities. Muscovites with visual impairments will be able to attend lectures at the Russian State Library for the Blind and listen to educational programs recorded by the Department of Finance on Internet radio. People with hearing impairments have the opportunity to access educational videos with sign language interpretation. This allows us to cover all segments of the population and create a truly inclusive educational environment.

    Tax deductions and banking products: Moscow launches financial literacy project for the visually impairedMoscow projects to improve financial literacy are recognized as the best in Russia

    Financial literacy in new formats

    Technology is an important component of educational formats. In 2024, an updated version of the financial checkup was presented – an online test that helps assess your knowledge. More than 4.3 thousand people took it. This can be done at any time by linkBy answering a few questions, everyone will find out their level of financial literacy and receive personal recommendations and links to useful materials for further self-education.

    The VR simulator is no less popular. Participants get the opportunity to immerse themselves in a virtual space, where they try themselves in the role of a tax consultant or bank employee and make important decisions on loans and tax deductions. You can practice budget management skills at the events of the Department of Finance.

    Economically active Muscovites have a high level of financial literacy

    Financial Literacy Online

    Those who prefer to study remotely can also easily find the necessary information. Useful materials, event announcements and links are published on the portal “Open Budget of the City of Moscow” and in the same name telegram channel.

    Budget literacy

    Budget literacy projects are also being developed in Moscow. One example is the “Budget for Citizens” competition. The participants are mainly schoolchildren and students. They make guidebooks, draw comics, brochures and posters, develop educational websites, create educational videos and cartoons, and come up with business, board and computer games.

    The organizers analyze the competition entries and try to take into account useful suggestions. The most interesting ideas are implemented in educational projects. Department of FinanceThe works of the winners of the capital competition are also highly valued at the federal level.

    Get the latest news quickly official telegram channelthe city of Moscow.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/156131073/

    MIL OSI Russia News

  • MIL-OSI Submissions: UN report highlights urgent financing solutions to achieve the SDGs in Asia and the Pacific

    Source: United Nations – ESCAP

    A new report from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) offers over 40 innovative and actionable strategies for countries in the region to close the development financing gap. This comes as financial and geopolitical pressures across the region threaten to further derail progress on poverty reduction, climate action and economic recovery.

    Developing countries globally now face an annual shortfall of between US$2.5 trillion and US$4 trillion to meet the Sustainable Development Goals. Without major improvements in the way development is financed, many countries in the region risk falling further behind.

    The sixth edition of ESCAP’s Financing for Development report points to longstanding weaknesses in public finance and private investment systems. Many governments in the region continue to face difficulties in raising domestic revenues at the scale needed. Tax structures remain inefficient, and opportunities to tap into wealth and real estate are often underused. At the same time, capital markets are underdeveloped, and private financing rarely reaches high-impact sectors such as clean energy, healthcare or affordable housing.

    “Nowhere is this challenge – and opportunity – more urgent than in Asia and the Pacific,” underscored Armida Salsiah Alisjahbana, United Nations Under-Secretary-General and Executive Secretary of ESCAP. She added, “This is our chance to build a more resilient, equitable and sustainable economy for all. We aim to foster solutions that are regionally grounded, technically sound and financially viable. Unless Asia and the Pacific can lead boldly, the global transition will fall short of expectations.”

    Public debt distress has also become a growing concern. The report calls for more responsible borrowing, better transparency in how public funds are used, and stronger coordination among creditors to ensure fair and effective debt resolution.

    The report further recomm

    MIL OSI – Submitted News

  • MIL-OSI Australia: Ready, steady, tax time!

    Source: New places to play in Gungahlin

    We know running a small business is serious business and we want to make it as easy as possible for you to get your tax right, the first time. There are a few things you can do to prepare for the end of the financial year, whether you’re lodging yourself or using a tax professional.

    Get set up

    Online services for business is your central hub for managing tax and super online. To set up your access, you’ll need to:

    • download and set up your myID, the Australian Government’s Digital ID app
    • link your myID to your ABN in Relationship Authorisation Manager (RAM).

    Tip: if you’re a sole trader, you can use ATO online services through myGov to engage with us. For more secure and flexible access, we recommend signing in with myID.

    Declare everything

    Make sure you declare all your business income – even non-monetary payments like goods or services you’ve received in exchange for your work. It all counts.

    Understand losses

    Business losses and non-commercial losses aren’t the same thing. Knowing the difference can impact how you report and carry forward losses, so it’s worth getting your head around it to get your tax right.

    Keep track of private use

    If you’ve used business money for personal expenses, keep clear records. It’s important to separate business activities and expenses from personal ones to avoid headaches later.

    Nominate your tax agent

    Using a tax agent? Make sure you nominate them in Online services for business. They won’t be able to access your information or act on your behalf until you’ve authorised them.

    Deductions: remember the 3 golden rules

    1. The expense must have been for your business, and not for private use.
    2. If the expense is for a mix of business and private use, you can only claim the portion that is used for your business.
    3. You must have records or receipts to prove it.

    Cash vs accruals: know your method

    The income you receive from running your small business will be assessable for tax purposes. How you account for income affects what you report:

    • Cash basis: Report income when you receive the payment – even if the work was done earlier.
    • Accruals basis: Report income when you earn it – even if you haven’t been paid yet.

    Don’t miss out on deductions and concessions

    Now is a great time to check if you’re eligible for any deductions or concessions when lodging your income tax return. You might be able to take advantage of:

    These can make a real difference to your bottom line – so it’s worth checking what applies to your business.

    We have a range of resources, tools and services available to help you get it right this tax time, including the 2025 Tax Time toolkit for small business.

    Keep up to date

    We’ve set up tailored communication channels for small businesses. They will keep you updated on important information and changes.

    Read more articles in our Small business newsroom.

    Subscribe to our free to our monthly Small business email newsletterExternal Link.

    Get email notifications about new and updated information on our website. You can choose to receive updates that matter to you. Select the ‘Business and organisations’ category. This way, your subscription will get notifications for more Small business newsroom articles like this one.

    MIL OSI News

  • MIL-OSI China: US Senate passes Trump’s landmark mega-bill

    Source: People’s Republic of China – State Council News

    U.S. President Donald Trump speaks to the press at the White House in Washington, D.C., the United States, on June 27, 2025. [Photo/Xinhua]

    The GOP-led Senate on Tuesday passed U.S. President Donald Trump’s One Big Beautiful Bill, a major stride toward Trump’s goal of getting the legislation to his desk and signed by this week’s end.

    The sweeping bill passed narrowly by 51 to 50, with U.S. Vice President JD Vance casting the deciding ballot. Three Republicans were the only GOP lawmakers to vote no: senators Susan Collins, Thom Tillis and Rand Paul.

    The legislation is considered the GOP’s biggest legislative win in the lead-up to next year’s midterms, in which the party could lose its slim majority in the House.

    The bill extends Trump’s 2017 Tax Cuts and Jobs Act, slashes taxes on tips and provides new spending for the military and border security.

    “Today was a historic day … and we’re very excited to be a part of something that is going to make America stronger, safer and more prosperous,” Senate Majority Leader John Thune said after the bill passed the Senate.

    But there remains one more major hurdle ahead, as the bill needs to be passed in the House of Representatives, which is expected to vote as early as Wednesday.

    “It’s a great bill. There is something for everyone, and I think it’s going to go very nicely in the House. Actually, I think it will be easier in the House than it was in the Senate,” Trump said.

    However, Democrats have been vehemently opposed to the mega-bill, which funds an agenda to which Democrats stand in stark contrast.

    Democrats have blasted the tax cuts in the bill as reductions that benefit the wealthy. Republicans maintain that the cuts will help the middle class.

    The bill has angered Democrats for what the party says are cuts to essential programs such as Medicaid — health care coverage for low-income people — as well as to food stamps.

    Democrats also fret the bill will add trillions of U.S. dollars to the surging national debt.

    An analysis from the nonpartisan Congressional Budget Office (CBO) said the changes Trump made in the Senate version of the bill would add trillions of dollars to the already significant national debt, and that the bill would create considerable losses in health care coverage.

    The CBO has predicted that the bill would add 2.4 trillion dollars to the national debt in the next 10 years, while also pushing up the deficit by around 3.3 trillion dollars between 2025 and 2034.

    The CBO’s analysis also forecast that the bill would cause 11.8 million more Americans to lose their insurance by 2034, which, as experts have said, will surely create hurdles for the bill’s passage in the House before Trump’s July 4 deadline.

    MIL OSI China News

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 2, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on July 2, 2025.

    Parents of kids in daycare are terrified following Melbourne abuse allegations. What can they do?
    Source: The Conversation (Au and NZ) – By Danielle Arlanda Harris, Associate Professor in Criminology and Criminal Justice, Griffith University Parents have been left reeling by news a male Melbourne childcare worker has been charged with 70 counts related to the alleged sexual abuse of young children in his care. The charges include sexual penetration

    We all have kangaroos hopping around our coin purse – and they’ve been on money since 1795
    Source: The Conversation (Au and NZ) – By Adrian Dyer, Associate Professor, Department of Physiology, Monash University The one tonne gold kangaroo coin at the Perth Mint. Shutterstock On the Australian one dollar coin, you will often find the famous representation of a mob of five kangaroos. But when did the kangaroo first appear on

    The Bradbury Group features Palestinian journalist Dr Yousef Aljamal, Middle East report and political panel
    Asia Pacific Report In the new weekly political podcast, The Bradbury Group, last night presenter Martyn Bradbury talked with visiting Palestinian journalist Dr Yousef Aljamal. They assess the current situation in Israel’s genocidal war on Gaza and what New Zealand should be doing. As Bradbury, publisher of The Daily Blog, notes, “Fourth Estate public broadcasting

    New laws to make it harder for large Australian and foreign companies to avoid paying tax
    Source: The Conversation (Au and NZ) – By Kerrie Sadiq, Professor of Taxation, QUT Business School, and ARC Future Fellow, Queensland University of Technology The Conversation, CC BY The beginning of the financial year means for the first time in Australia the public will see previously unreleased tax reports produced by multinational taxpayers. These documents,

    ‘Shit in, shit out’: AI is coming for agriculture, but farmers aren’t convinced
    Source: The Conversation (Au and NZ) – By Tom Lee, Senior Lecturer, School of Design, University of Technology Sydney David Gray / AFP / Getty Images Australian farms are at the forefront of a wave of technological change coming to agriculture. Over the past decade, more than US$200 billion (A$305 billion) has been invested globally

    The National Anti-Corruption Commission turns 2 – has it restored integrity to federal government?
    Source: The Conversation (Au and NZ) – By A J Brown, Professor of Public Policy & Law, Centre for Governance & Public Policy, Griffith University The National Anti-Corruption Commission (NACC) opened its doors two years ago this week amid much fanfare and high expectations. Since then the body has attracted considerable criticism, overshadowing a solid,

    Gum disease, decay, missing teeth: why people with mental illness have poorer oral health
    Source: The Conversation (Au and NZ) – By Bonnie Clough, Senior Lecturer, School of Applied Psychology, Griffith University mihailomilovanovic/Getty Images People with poor mental health face many challenges. One that’s perhaps lesser known is that they’re more likely than the overall population to have poor oral health. Research has shown people with serious mental illness

    Farming within Earth’s limits is still possible – but it will take a Herculean effort
    Source: The Conversation (Au and NZ) – By Michalis Hadjikakou, Senior Lecturer in Environmental Sustainability, School of Life and Environmental Sciences, Faculty of Science, Engineering & Built Environment, Deakin University Patrick Pleul/Getty The way we currently produce and consume food takes a big toll on the environment. Worldwide, farming is responsible for more than 20%

    News laws to make it harder for large Australian and foreign companies to avoid paying tax
    Source: The Conversation (Au and NZ) – By Kerrie Sadiq, Professor of Taxation, QUT Business School, and ARC Future Fellow, Queensland University of Technology The Conversation, CC BY The beginning of the financial year means for the first time in Australia the public will see previously unreleased tax reports produced by multinational taxpayers. These documents,

    What did ancient Rome smell like? Honestly, often pretty rank
    Source: The Conversation (Au and NZ) – By Thomas J. Derrick, Gale Research Fellow in Ancient Glass and Material Culture, Macquarie University minoandriani/Getty Images The roar of the arena crowd, the bustle of the Roman forum, the grand temples, the Roman army in red with glistening shields and armour – when people imagine ancient Rome,

    Memo to Shane Jones: what if NZ needs more regional government, not less?
    Source: The Conversation (Au and NZ) – By Jeffrey McNeill, Honorary Research Associate, School of People, Environment and Planning, Te Kunenga ki Pūrehuroa – Massey University If the headlines are anything to go by, New Zealand’s regional councils are on life support. Regional Development Minister Shane Jones recently wondered whether “there’s going to be a

    Antarctic summer sea ice is at record lows. Here’s how it will harm the planet – and us
    Source: The Conversation (Au and NZ) – By Edward Doddridge, Senior Research Associate in Physical Oceanography, University of Tasmania An icebreaker approaches Denman Glacier in March, when there was 70% less Antarctic sea ice than usual. Pete Harmsen AAD On her first dedicated scientific voyage to Antarctica in March, the Australian icebreaker RSV Nuyina found

    Micronesian Summit in Majuro this week aims to be ‘one step ahead’
    By Giff Johnson, editor, Marshall Islands Journal/RNZ Pacific correspondent in Majuro The Micronesian Islands Forum cranks up with officials meetings this week in Majuro, with the official opening for top leadership from the islands tomorrow morning. Marshall Islands leaders are being joined at this summit by their counterparts from Kiribati, Nauru, Federated States of Micronesia,

    Distressed by all the bad news? Here’s how to stay informed but still look after yourself
    Source: The Conversation (Au and NZ) – By Reza Shabahang, Research Fellow in Human Cybersecurity, Monash University and Academic Researcher in Media Psychology, Flinders University KieferPix/Shutterstock If you’re feeling like the news is particularly bad at the moment, you’re not alone. But many of us can’t look away – and don’t want to. Engaging with

    What are police allowed to do at protests and who keeps them in check?
    Source: The Conversation (Au and NZ) – By Kelly Hine, Senior Lecturer in Criminology, University of the Sunshine Coast Earlier this week, former Greens candidate Hannah Thomas was hospitalised with serious injuries after being arrested at a protest in Sydney. This incident sparked public outcry, raising questions about the limits of police power and what

    Trump demands an end to the war in Gaza – could a ceasefire be close?
    Source: The Conversation (Au and NZ) – By Marika Sosnowski, Postdoctoral research fellow, The University of Melbourne Anas-Mohammed/Shutterstock Hopes are rising that Israel and Hamas could be inching closer to a ceasefire in the 20-month war in Gaza. US President Donald Trump is urging progress, taking to social media to demand: MAKE THE DEAL IN

    A new ‘prac payment’ has just kicked in. But it ignores many uni students
    Source: The Conversation (Au and NZ) – By Kelly Lambert, Associate Professor Nutrition and Dietetics, University of Wollongong Fly View Productions/ Getting Images On Tuesday, some Australian university students got access to a new payment. The Commonwealth Prac Payment is available to eligible teaching, nursing, midwifery and social work students. It will provide A$331.65 a

    ‘I’m going to send letters’: the deadline for Trump’s ‘reciprocal’ trade tariffs is looming
    Source: The Conversation (Au and NZ) – By Peter Draper, Professor, and Executive Director: Institute for International Trade, and Director of the Jean Monnet Centre of Trade and Environment, University of Adelaide Brendan Smialowski/AFP via Getty Images US President Donald Trump’s 90-day pause on implementing so-called “reciprocal” tariffs on some 180 trading partners ends on

    2 polls have Tasmania headed for another hung parliament, but disagree on which party is ahead
    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne Two Tasmanian state polls imply another hung parliament at the July 19 election under Tasmania’s proportional system. In one of these polls, Labor leads the Liberals, while

    Preventive versus pre-emptive strikes.
    Headline: Preventive versus pre-emptive strikes. – 36th Parallel Assessments Photo credit: Reuters. Conceptual clarity is important in any context but especially when it comes to international relations, foreign policy and the initiation of conflict. Recent events in the Middle East have shown once again how clarity in the use of words is often deliberately obfuscated

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Information Concerning the Budgetary Effects of H.R. 1, as Passed by the Senate on July 1, 2025

    Source: US Congressional Budget Office

    On a preliminary basis, the Congressional Budget Office and the staff of the Joint Committee on Taxation estimate that enacting H.R. 1, as passed by the Senate on July 1, 2025, would decrease deficits by $0.4 trillion, relative to the budget enforcement baseline for consideration in the Senate. Compared with CBO’s January 2025 baseline budget projections, it would increase deficits over the 2025‑2034 period by $3.4 trillion.

    On June 27, 2025, the Senate filed an amendment in the nature of a substitute to H.R. 1, as passed by the House of Representatives on May 22, 2025. On June 28, 2025, CBO published its estimate for that amendment relative to the budget enforcement baseline for consideration in the Senate. On June 29, 2025, CBO published its estimate for the amendment relative to CBO’s January 2025 baseline projections.

    The language of the substitute amendment was subsequently modified during consideration on the floor of the Senate.

    CBO estimates that the amendments adopted during consideration on the Senate floor, relative to the language filed on June 27, would:

    • Increase outlays by about $90 billion;
    • Decrease revenues by roughly $20 billion; and
    • Increase deficits by about $110 billion.

    Those estimated changes are the same compared with either the budget enforcement baseline for consideration in the Senate or CBO’s January 2025 budget baseline projections.

    MIL OSI USA News