NewzIntel.com

Category: Taxation

  • MIL-OSI USA: Statement from Senator Thom Tillis

    US Senate News:

    Source: United States Senator for North Carolina Thom Tillis
    WASHINGTON, D.C. – Today, North Carolina U.S. Senator Thom Tillis issued the following statement:
    “It has been a blessing to go on a journey from living in a trailer park and making minimum wage as a young man to having the honor of serving as U.S. Senator for North Carolina. 
    “I am proud of my career in public service, including hard-fought victories like passing historic tax reform as North Carolina Speaker, and working in the Senate to help pass the Tax Cuts and Jobs Act and confirm three conservative Supreme Court justices and counting.  
    “What I’m most proud of are the bipartisan victories: passing the first-in-the-nation eugenics compensation as Speaker, and working across the aisle in the Senate to pass the largest investment in mental health in American history, passing the Respect for Marriage Act and monumental infrastructure investments, and reestablishing the Senate NATO Observer Group. Sometimes those bipartisan initiatives got me into trouble with my own party, but I wouldn’t have changed a single one.  
    “In Washington over the last few years, it’s become increasingly evident that leaders who are willing to embrace bipartisanship, compromise, and demonstrate independent thinking are becoming an endangered species.  
    “Democrats recently lost two such leaders who were dedicated to making the Senate more of a functional and productive legislative body. They got things done. But they were shunned after they courageously refused to cave to their party bosses to nuke the filibuster for the sake of political expediency. They ultimately retired and their presence in the Senate chamber has been sorely missed every day since. 
    “It underscores the greatest form of hypocrisy in American politics. When people see independent thinking on the other side, they cheer. But when those very same people see independent thinking coming from their side, they scorn, ostracize, and even censure them. 
    “Too many elected officials are motivated by pure raw politics who really don’t give a damn about the people they promised to represent on the campaign trail. After they get elected, they don’t bother to do the hard work to research the policies they seek to implement and understand the consequences those policies could have on that young adult living in a trailer park, struggling to make ends meet. 
    “As many of my colleagues have noticed over the last year, and at times even joked about, I haven’t exactly been excited about running for another term. That is true since the choice is between spending another six years navigating the political theatre and partisan gridlock in Washington or spending that time with the love of my life Susan, our two children, three beautiful grandchildren, and the rest of our extended family back home. It’s not a hard choice, and I will not be seeking re-election. 
    “I am beyond grateful for the friends I’ve made over the years in North Carolina and our nation’s capital, as well as my amazing staff who are among the very best the Senate has to offer.  
    “I still look forward to continuing to serve North Carolina over the next 18 months. I look forward to solely focusing on producing meaningful results without the distraction of raising money or campaigning for another election. I look forward to having the pure freedom to call the balls and strikes as I see fit and representing the great people of North Carolina to the best of my ability.” 

    MIL OSI USA News –

  • MIL-OSI Australia: Does your business pay contractors?

    Source: New places to play in Gungahlin

    If your business pays contractors to deliver any of these services on your behalf, you may need to lodge a Taxable payments annual report (TPAR) online by 28 August:

    • building and construction
    • cleaning
    • courier and road freight
    • information technology (IT)
    • security, investigation or surveillance.

    TPAR help us keep things fair for all businesses by making sure contractors report all their income.

    On your TPAR, you need to record the:

    • contractor’s name, address and ABN
    • total amount you paid them for the previous financial year – including any GST and cash payments.

    You can find these details on your contractor’s invoice. It’s the same information you use to claim income tax deductions through your tax return, and GST credits through your business activity statement.

    Lodging your TPAR online is quick and easy using SBR-enabled softwareExternal Link or through Online services for business. Your registered tax professional can also lodge on your behalf.

    Penalties may apply for overdue TPAR. We’ll no longer be accepting paper lodgments after 28 August 2025, so it’s important to make sure you’re set up for online lodgment.

    Need help?

    For more information on lodging your TPAR, visit ato.gov.au/TPAR or speak to your registered tax professional. You can also watch our Essentials to strengthen your small business TPAR courseExternal Link to help you understand your TPAR obligations.

    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 USA: ICYMI: ENERGY SECRETARY: It’s Time to Stop Subsidizing Solar and Wind in Perpetuity

    Source: US Department of Energy

    New York Post

    June 27, 2025

    “How the Big Beautiful Bill will lower energy costs, shore up the electric grid — and unleash American prosperity”

    By Chris Wright

    How much would you pay for an Uber if you didn’t know when it would pick you up or where it was going to drop you off? Probably not much.

    Yet this is the same effect that variable generation sources like wind and solar have on our power grids.

    You never know if these energy sources will actually be able to produce electricity when you need it — because you don’t know if the sun will be shining or the wind blowing.

    Even so, the federal government has subsidized these sources for decades, resulting in higher electricity prices and a less stable grid.

    . . .

    President Donald Trump knows what to do: Eliminate green tax credits from the Democrats’ so-called Inflation Reduction Act, including those for wind and solar power.

    The One Big Beautiful Bill seeks to do that: Along with other proposals, like canceling billions in Biden Green New Deal money and making much-needed investments in the Strategic Petroleum Reserve, it aims to set an aggressive end date for these subsidies and build on the president’s push for affordable, abundant, and secure energy for the nation.

    . . .

    As Secretary of Energy — and someone who’s devoted his life to advancing energy innovation to better human lives — I, too, know how these Green New Deal subsidies are fleecing Americans.

    Wind and solar subsidies have been particularly wasteful and counterproductive.

    One example: The Renewable Electricity Production Tax Credit was first introduced in 1992, when wind energy was a nascent industry. This tax credit, originally set to phase out in 1999, was sold on a promise of low-cost energy with fewer tradeoffs.

    Since 1999, the REPTC has been extended a whopping 12 times, yet consumers continue to pay more on average for their home electric bills than in 1992, even after adjusting for inflation.

    Plus, today, more than 75% of US electricity comes from natural gas, nuclear and coal — and they supply it 24/7, independent of the weather.

    . . .

    At 8 p.m. on Inauguration Day, amid bitter cold across much of the Eastern seaboard, we reached peak demand for electricity in the mid-Atlantic region. At that point in time, PJM Interconnection, which supplies the Mid-Atlantic United States, got approximately 44% of its power from coal, 24% from natural gas, 25% from nuclear, 3% from oil, 3% from wind, 1% from hydro and 0% from solar.

    Think about that: When Americans most needed dependable power to heat their homes and businesses to stay alive, solar and wind were non-factors.

    Our homes, hospitals and businesses only continued to operate because there was enough reliable, baseload energy from natural gas, coal and nuclear available to meet demand.

    How valuable is a teammate who occasionally shows up for practice but is never there at game time?

    And the more we load our grid with intermittent generation, the worse the grid performs during times of maximum stress and demand.

    Subsidies are meant to drive prices down and boost supply. But subsidizing wind and solar has done exactly the opposite.

    . . .

    Bottom line: higher costs. Indeed, wind and solar subsidies not only cost taxpayers but also force providers to add more dispatchable resources to the grid, at their expense.

    These costs are then passed on to ratepayers.

    In other words, more wind and solar brings us the worst of two worlds: less reliable energy delivery and higher electric bills.

    It’s time to stop subsidizing such insanity in perpetuity. If sources are truly economically viable, let’s allow them to stand on their own, and stop forcing Americans to pick up the tab if they’re not.

    Read the full article here

    MIL OSI USA News –

  • MIL-OSI USA News: SUNDAY SHOWS: Send the One Big Beautiful Bill to President Trump’s Desk

    Source: US Whitehouse

    This morning, Members of Congress joined President Donald J. Trump on the Sunday shows to discuss the overwhelmingly positive impacts of the One Big Beautiful Bill — which will deliver unprecedented tax relief, generational welfare reform, and historic spending cuts for the American people.

    Here’s what you missed:

    President Trump on Sunday Morning Futures

    • “We’re cutting $1.7 trillion … We’re going to have growth like we’ve never seen before.” (Watch)
    • “It takes care of the border. There’s also No Tax on Tips, No Tax on Social Security, No Tax on Overtime.” (Watch)

    Senator Markwayne Mullin on Meet the Press

    • “This cuts spending. It’s the largest deficit cut by any Congress ever in history. It makes tax cuts permanent — which, instead of taxes going up January 1 by $4 trillion, it actually restores the tax cuts and the average household of four is going to bring home pay over $10,000 more a year.” (Watch)
    • “What we’re doing is cutting the waste, fraud, and abuse out of the Medicaid system and make sure it’s for the people that it was originally intended for.” (Watch)

    Senator Jim Banks on Fox News Sunday

    • “This is the biggest spending cut in American history — a $1.6 trillion spending cut, getting rid of the Green New Deal scams from the Biden Administration, and it’s the biggest tax cut in American history for working class families.” (Watch)
    • “Everyone in my family is blue collar, working class. They’re all going to get socked by another $2,000, on average, every year. They already tell me they can’t keep up right now, and the Democrats want them to pay more in taxes? … Democrats are focused on screwing the working class with higher taxes … President Trump and Republicans are serious about cutting taxes on the people who need it the most.” (Watch)

    Senator Katie Britt on State of the Union

    • “We’re going to make sure that hardworking people can keep more of their money. We’re going to make sure that we have secure borders — not just now, but for generations to come. We’re going to make sure that we have a strong national defense so that our warfighter is the best trained, equipped, and ready across the planet. We’re going to unleash American energy … We want to make sure that these programs are available for the people who need them and we want to make sure that people who are working know that we see them and that they have a great opportunity to achieve the American Dream — and that’s what this bill does.” (Watch)
    • “The reforms in this bill are necessary and we’re going to deliver actual solutions to the American people … This bill does No Tax on Tips, it does No Tax on Overtime. Real, hardworking Americans are going to see results from this.” (Watch)

    MIL OSI USA News –

  • MIL-OSI USA: DAUPHIN COUNTY – Governor Shapiro, Revenue Secretary Browne to Announce Property Tax/Rent Rebates to Start Going Out on July 1

    Source: US State of Pennsylvania

    June 30, 2025 – Harrisburg, PA

    ADVISORY – DAUPHIN COUNTY – Governor Shapiro, Revenue Secretary Browne to Announce Property Tax/Rent Rebates to Start Going Out on July 1

    Governor Josh Shapiro and Secretary of Revenue Pat Browne will visit the East Shore YMCA in Harrisburg to announce that rebates on property taxes and rent paid in 2024 as part of the Property Tax/Rent Rebate (PTRR) program will start to be distributed on Tuesday, July 1, 2025, as required by law.

    This initial distribution will include approximately 425,000 rebates totaling $258 million – critical relief that is going to older homeowners, renters, and people with disabilities all across Pennsylvania.

    During his first year in office, Governor Shapiro signed into law a historic expansion of the PTRR program, making good on the commitment he made to Pennsylvania seniors and people with disabilities to ease the burden of rising costs. Based on the latest data from the past two years, this has already opened the door for approximately 150,000 first-time filers of the PTRR program to receive a rebate for the very first time.

    WHO:
    Governor Josh Shapiro
    Secretary of Revenue Pat Browne
    Eric Rothermel, Vice President of Government Relations, Harrisburg Area YMCA
    Bill Johnston-Walsh, AARP Pennsylvania State Director
    Representative Nate Davidson

    WHEN:
    Monday, June 30, 2025, at 11:00 AM

    WHERE:
    East Shore YMCA
    701 N. Front Street
    Harrisburg, PA 17101

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Tillis Statement on Senate Reconciliation Vote

    US Senate News:

    Source: United States Senator for North Carolina Thom Tillis

    WASHINGTON, D.C. – Today, Senator Thom Tillis (R-NC) issued the below statement on the Senate reconciliation vote: 

    “I will always do what is in the best interest of North Carolina, even when that puts me at odds with my own party. When Senate leaders of my party presented this bill, I did what every American should expect from their U.S. Senator: I worked to gather the facts and comprehensively analyze what the impact would be on the people I swore an oath to represent. 

    “I did my homework on behalf of North Carolinians, and I cannot support this bill in its current form. It would result in tens of billions of dollars in lost funding for North Carolina, including our hospitals and rural communities. This will force the state to make painful decisions like eliminating Medicaid coverage for hundreds of thousands in the expansion population, and even reducing critical services for those in the traditional Medicaid population. 

    “We can and must do better than this. The Senate should return to the House’s Medicaid approach. That plan includes commonsense reforms to address waste, fraud, and abuse, and implements work requirements for some able-bodied adults to ensure taxpayer-funded benefits are going to our most vulnerable neighbors.

    “There is a lot for North Carolinians to love about the rest of the One Big Beautiful Bill, including extending the historic Trump Tax Cuts, increasing the child tax credit, providing historic funding for border security, and ending wasteful spending. We can and must accomplish this without hurting our rural communities and hospitals, and without jeopardizing access to care for hundreds of thousands of North Carolinians who need it the most.”

    See the analysis HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Information About the Budgetary Effects of an Amendment in the Nature of a Substitute to H.R. 1, the One Big Beautiful Bill Act, as posted on the website of the Senate Committee on the Budget on June 27, 2025

    Source: US Congressional Budget Office

    This letter provides information about the budgetary effects of an Amendment in the Nature of a Substitute to H.R. 1. The Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation (JCT) have estimated the effects of the amendment relative to the baseline used for budget enforcement for consideration in the Senate.

    Title II of H. Con. Res. 14, the concurrent resolution on the budget for fiscal year 2025, included reconciliation instructions directing committees to propose legislation that would produce specified budgetary results. CBO has reviewed the Amendment in the Nature of a Substitute to H.R. 1 and determined the following:

    • Title I, Committee on Agriculture, Nutrition, and Forestry, would reduce deficits by not less than $1 billion over the 2025–2034 period.
    • Title II, Committee on Armed Services, would increase deficits by not more than $150 billion over the 2025–2034 period.
    • Title III, Committee on Banking, Housing, and Urban Affairs, would reduce deficits by not less than $1 billion over the 2025–2034 period.
    • Title IV, Committee on Commerce, Science, and Transportation, would increase deficits by not more than $20 billion over the 2025–2034 period.
    • Title V, Committee on Energy and Natural Resources, would reduce deficits by not less than $1 billion over the 2025–2034 period.
    • Title VI, Committee on Environment and Public Works, would increase deficits by not more than $1 billion over the 2025–2034 period.
    • Title VII, Committee on Finance, would increase deficits by not more than $1.5 trillion over the 2025–2034 period.
    • Title VIII, Committee on Health, Education, Labor, and Pensions, would reduce deficits by not less than $1 billion over the 2025–2034 period.
    • Title IX, Committee on Homeland Security and Governmental Affairs, would increase deficits by not more than $175 billion over the 2025–2034 period.
    • Title X, Committee on the Judiciary, would increase deficits by not more than $175 billion over the 2025–2034 period.

    In addition, CBO projects that the legislation and each individual title would not increase on-budget deficits after 2034.

    H. Con. Res.14 provides the Chairman of the Senate Committee on the Budget with the authority to make adjustments regarding current tax policy that include extending provisions of the 2017 tax act (Public Law 115-97) in the baseline. For those adjustments, JCT estimated the budgetary effects of extending 26 provisions of P.L. 115-97 relative to CBO’s January 2025 baseline budget projections. CBO and JCT have estimated the effects of H.R. 1 relative to a baseline that reflects the budgetary effects of extending those 26 provisions and that has been updated for enacted legislation.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Lankford Urges Passage of One Big Beautiful Bill

    US Senate News:

    Source: United States Senator for Oklahoma James Lankford

    WASHINGTON, DC — US Senator James Lankford (R-OK), a member of the Senate Finance and Homeland Security Committees, recently highlighted that the One Big Beautiful Bill delivers the largest tax cut in history for hardworking Americans, secures the border, strengthens Medicaid, and rebuilds the military, all while cutting out-of-control spending.

    “Right now, Democrats are running on rumors, innuendo, and quite frankly, just stuff they’ve made up that’s not in the bill—never been considered in the bill,” said Lankford on Fox Business.

    “Yeah, we’re hoping to get a vote as quickly as we can get everything all together,” said Lankford on ABC News. “Most of it has been out there in public for now, days to weeks, actually, as we’ve released each chapter day by day over the last two weeks. But we’ve got several different issues that are all coming together at the end.”

    “We’re going to just keep pushing to be able to get the work done,” said Lankford on Newsmax.

    Background

    Lankford remains outspoken on what it means for Oklahomans if the One Big Beautiful Bill isn’t passed, and President Trump’s 2017 Tax Cuts expire: 

    • A staggering 63,000 jobs projected to be lost
    • Average Oklahoma family faces a $2,013 tax increase
    • Nearly 449,000 households will see their child tax credit reduced by 50%
    • Over 233,000 small business owners hit with significant tax hikes
    • More than 1.5 million families will have their standard deduction cut in half

    You can learn more about the positive impacts of the One big Beautiful Bill, HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Cramer: FAA Awards Nearly $3.5 Million to North Dakota Airports

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)

    WASHINGTON, D.C. – The U.S. Department of Transportation (DOT) Federal Aviation Administration (FAA) announced an award of $3,493,701 through the Airport Infrastructure Grant (AIG) program for projects at several airports across North Dakota. The funding will be distributed as follows:

    • $585,000 to Watford City Municipal Airport Authority to construct a new 2,700 square foot snow removal equipment building to bring the airport into conformity with current standards. This grant funds the final phase, which consists of site work, access driveway, and building mechanical.
    • $584,324 to Langdon Municipal Airport Authority to construct a new 1,739-foot Taxiway B to bring the airport into conformity with current standards. This project expands existing East Apron by adding 1,352 square yards to bring the airport into conformity with current standards. This grant funds the final phase, which consists of constructing 328 feet of the runway.
    • $536,000 to Cooperstown Municipal Airport Authority to construct a new 164-foot South Taxilane to provide airfield access to a non-exclusive hangar development area. This project rehabilitates 1,400 feet of the existing paved Taxiway A to maintain the structural integrity of the pavement and to minimize foreign object debris. It will also support the rehabilitation of 9,250 square yards of the existing center Apron pavement to maintain the structural integrity of the pavement.
    • $415,285 to Lakota Airport Authority to rehabilitate 738 feet of the existing paved Taxiway A to maintain the structural integrity of the pavement and to minimize foreign object debris.
    • $333,500 to Cavalier Municipal Airport Authority to rehabilitate 3,300 feet of existing paved Runway 16/34 to maintain the structural integrity and minimize foreign object debris. The grant funds the final phase, which consists of 347 feet of runway rehabilitation, site grading, and construction engineering.
    • $263,150 to City of Mohall to construct new underdrains, storm drain, and lift station to mitigate ponding to bring the airport into conformity with current standards. This grant funds the final phase, which consists of 0.5 acres of wetland mitigation and construction engineering.
    • $248,251 to Wahpeton Airport Authority to install new lighting on Taxiway A to bring the airport into conformity with current standards. The grant will also fund a portion of the final phase, which consists of electrical vault and equipment construction.
    • $218,000 to Adams County Airport Authority to reseal 6,500 feet of existing Taxiway A, Taxiway B, and Taxiway C pavement and joints. This grant funds the final phase, which consists of construction of 444 feet and construction engineering.
    • $163,200 to Tioga Municipal Airport Authority to reseal 1,000 feet of existing hangar Taxilane pavement and joints at a nonprimary airport to extend its useful life. This project reseals 1,800 feet of existing Taxiway A and connectors pavement and joints. This project reseals 15,643 square yards of existing General Aviation Apron pavement and joints. This grant funds the final phase, which consists of construction of 1,350 feet of Taxiway A and connectors, Taxiway B, and Center Taxiway.
    • $146,991 to Kenmare Airport Authority to replace existing snow removal equipment including one carrier vehicle payloader, one blade attachment, one bucket attachment, and one broom attachment.

    The AIG Program was established by the fully-paid-for Bipartisan Infrastructure Law to provide airports with funding for modernization and safety projects. Since its creation, airports in North Dakota have received over $50 million in program funding.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: ENERGY SECRETARY: It’s Time to Stop Subsidizing Solar and Wind in Perpuity

    Source: US Department of Energy

    New York Post

    June 27, 2025

    “How the Big Beautiful Bill will lower energy costs, shore up the electric grid — and unleash American prosperity”

    By Chris Wright

    How much would you pay for an Uber if you didn’t know when it would pick you up or where it was going to drop you off? Probably not much.

    Yet this is the same effect that variable generation sources like wind and solar have on our power grids.

    You never know if these energy sources will actually be able to produce electricity when you need it — because you don’t know if the sun will be shining or the wind blowing.

    Even so, the federal government has subsidized these sources for decades, resulting in higher electricity prices and a less stable grid.

    . . .

    President Donald Trump knows what to do: Eliminate green tax credits from the Democrats’ so-called Inflation Reduction Act, including those for wind and solar power.

    The One Big Beautiful Bill seeks to do that: Along with other proposals, like canceling billions in Biden Green New Deal money and making much-needed investments in the Strategic Petroleum Reserve, it aims to set an aggressive end date for these subsidies and build on the president’s push for affordable, abundant, and secure energy for the nation.

    . . .

    As Secretary of Energy — and someone who’s devoted his life to advancing energy innovation to better human lives — I, too, know how these Green New Deal subsidies are fleecing Americans.

    Wind and solar subsidies have been particularly wasteful and counterproductive.

    One example: The Renewable Electricity Production Tax Credit was first introduced in 1992, when wind energy was a nascent industry. This tax credit, originally set to phase out in 1999, was sold on a promise of low-cost energy with fewer tradeoffs.

    Since 1999, the REPTC has been extended a whopping 12 times, yet consumers continue to pay more on average for their home electric bills than in 1992, even after adjusting for inflation.

    Plus, today, more than 75% of US electricity comes from natural gas, nuclear and coal — and they supply it 24/7, independent of the weather.

    . . .

    At 8 p.m. on Inauguration Day, amid bitter cold across much of the Eastern seaboard, we reached peak demand for electricity in the mid-Atlantic region. At that point in time, PJM Interconnection, which supplies the Mid-Atlantic United States, got approximately 44% of its power from coal, 24% from natural gas, 25% from nuclear, 3% from oil, 3% from wind, 1% from hydro and 0% from solar.

    Think about that: When Americans most needed dependable power to heat their homes and businesses to stay alive, solar and wind were non-factors.

    Our homes, hospitals and businesses only continued to operate because there was enough reliable, baseload energy from natural gas, coal and nuclear available to meet demand.

    How valuable is a teammate who occasionally shows up for practice but is never there at game time?

    And the more we load our grid with intermittent generation, the worse the grid performs during times of maximum stress and demand.

    Subsidies are meant to drive prices down and boost supply. But subsidizing wind and solar has done exactly the opposite.

    . . .

    Bottom line: higher costs. Indeed, wind and solar subsidies not only cost taxpayers but also force providers to add more dispatchable resources to the grid, at their expense.

    These costs are then passed on to ratepayers.

    In other words, more wind and solar brings us the worst of two worlds: less reliable energy delivery and higher electric bills.

    It’s time to stop subsidizing such insanity in perpetuity. If sources are truly economically viable, let’s allow them to stand on their own, and stop forcing Americans to pick up the tab if they’re not.

    Read the full article here

    MIL OSI USA News –

  • MIL-OSI Banking: American Clean Power Statement: Clean Energy Tax Hikes in Senate Budget Bill

    Source: American Clean Power Association (ACP)

    Headline: American Clean Power Statement: Clean Energy Tax Hikes in Senate Budget Bill

    WASHINGTON DC, June 28, 2025 – The American Clean Power Association (ACP) issued the following statement from CEO Jason Grumet after the Senate released updated bill text late Friday night. The text imposes new taxes that would freeze energy investments, reduce domestic energy production, and drive-up household energy bills.
    “With no warning, the Senate has proposed new language that would increase taxes on domestic energy production.
    “In what can only be described as ‘midnight dumping,’ the Senate has proposed a punitive tax hike targeting the fastest-growing sectors of our energy industry. It is astounding that the Senate would intentionally raise prices on consumers rather than encouraging economic growth and addressing the affordability crisis facing American households.
    “These new taxes will strand hundreds of billions of dollars in current investments, threaten energy security, undermine growth in domestic manufacturing and land hardest on rural communities who would have been the greatest beneficiaries of clean energy investment.
    “We understand the Senate’s desire to meet the President’s July 4th deadline, but the stakes here are very high. We urge Senate leadership to strike these last-minute tax increases and to take the time to responsibly analyze the impacts of this new tax regime on American businesses and communities.”

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: G7 reach agreement on global minimum tax

    Source: United Kingdom – Government Statements

    Press release

    G7 reach agreement on global minimum tax

    UK businesses to benefit as G7 reach agreement on global minimum tax.

    • The Chancellor and G7 plot path forward on global minimum tax and tackling of aggressive tax planning and avoidance.  
    • UK businesses spared from higher taxes after removal of Section 899 from the One Big Beautiful Bill. 
    • Chancellor acted swiftly on concerns about those potential impacts by committing to work with international partners to find a negotiated solution.

    UK businesses will benefit from greater certainty and stability as the UK reached a common understanding with G7 partners on international tax rules.  

    The agreement addresses how the US and global minimum tax rules will interact with a view to supporting the common objective of tackling multinational tax avoidance and creating a more stable international tax system. 

    The agreement has helped secure the removal of Section 899 from the One Big Beautiful Bill which could have led to substantial additional tax on UK business.  

    Talks to address US concerns on the global minimum tax can now continue without the backdrop of this new retaliation measure. 

    The removal of section 899 follows UK businesses having voiced significant concerns to the Chancellor in recent weeks. Rachel Reeves committed to work with international partners to find a solution and has raised business concerns in her recent engagement with US Secretary to the Treasury Scott Bessent. 

    Today’s statement will support the stability required for businesses to have confidence to invest in the UK and create jobs, as part of the government’s Plan for Change. 

    It follows the Prime Minister’s launch of the Trade Strategy this week which set out Britain’s trade priorities with a mission to open more doors for business and deliver growth, and recent trade deals with India, the EU and the US. 

    Chancellor of the Exchequer Rachel Reeves said: 

    “I will always represent the best interests of British businesses on the world stage. Today’s agreement provides much-needed certainty and stability for those businesses after they had raised their concerns.  

    “The G7 agrees there is work to be done in tackling aggressive tax planning and avoidance and ensuring a level-playing field. The right environment for this work to happen is without the prospect of retaliatory taxation hanging over these talks, so the removal of Section 899 is welcome.”

    The G7 have reached agreement on a path forward for the global minimum tax and Pillar 2 of the G20 / OECD Inclusive Framework project on Base Erosion and Profit Shifting. 

    The agreement seeks to maintain the core objectives of Pillar 2 – combatting multinational tax avoidance—while promoting a stable global tax environment that supports fair competition. Recent discussions have considered U.S. Treasury concerns with the application of the rules alongside the U.S minimum tax system. 

    G7 partners have reached an understanding on a possible solution that would allow the US minimum tax system to operate alongside the Pillar 2 rules but take steps to ensure any substantial risks with respect to the level playing field or base erosion and profit shifting are addressed. 

    The G7 will now discuss and develop this understanding, and the principles upon which it is based, within the Inclusive Framework of over 140 countries and jurisdictions, while making clear that the removal of proposed retaliatory tax measures in U.S. legislation is essential for this further progress to be made. 

    Through engaging in constructive discussions on the global minimum tax, the Chancellor is preserving its objective to target multinational tax avoidance while protecting the stability of the international tax system for British business.  

    The UK government will continue business engagement and work with international partners to develop the proposal agreed by the G7. 

    Rain Newton-Smith, Chief Executive, CBI, said: 

    “The US commitment to drop retaliatory tax measures proposed in the One Big Beautiful Bill removes a major source of uncertainty for UK-headquartered multinationals. The CBI has been clear – there are no winners in an economic standoff. Avoiding disruption to transatlantic investment, financial flows and jobs benefits both the US and UK economies. 

    “While uncertainty remains around the Bill’s final passage and other potential Congressional actions later down the line alongside the UK’s Digital Services Tax under scrutiny – the UK government has rightly defended British business interests and our national sovereignty. HM Treasury’s handling of a challenging negotiation process stands out for its openness and sustained engagement with industry. 

    “Looking ahead, global tax rules must now be rebalanced through multilateral agreement while ensuring UK companies remain competitively positioned. This is a pivotal opportunity for the OECD to deliver a genuinely simpler, fairer regime – one that goes much further in reducing excessive compliance burdens and upholds a level playing field for all.”

    ENDS

    Notes to Editors 

    • Link to G7 statement:link text
    • The G7 is made up of Canada (president), UK, USA, France, Italy, Germany and Japan. 
    • Pillar 2 – the global minimum tax – is part of the OECD’s Base Erosion and Profit Sharing (BEPS) initiative to tackle multinational global tax avoidance through a global minimum 15% effective rate of tax. 
    • The OECD/G20 Inclusive Framework that will take forward the talks is a group of over 140 countries and jurisdictions.

    Updates to this page

    Published 28 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Canada: G7 statement on global minimum taxes

    Source: Government of Canada News

    Earlier this year the U.S. Secretary of the Treasury outlined the United States’ concerns regarding the Pillar 2 rules agreed by the OECD/G20 Inclusive Framework on BEPS and set out a proposed ‘side-by-side’ solution under which U.S. parented groups would be exempt from the Income Inclusion Rule (IIR) and Undertaxed Profits Rule (UTPR) in recognition of the existing U.S. minimum tax rules to which they are subject.

    Following discussions on this issue – which were informed by analysis of the respective minimum tax regimes, including consideration of recently proposed changes to the U.S. international tax system based on the Senate amendment of H.R. 1 (introduced June 16, 2025), the One Big Beautiful Bill Act (OBBBA), the removal of section 899 in the Senate version of the OBBBA, and consideration of the success of Qualified Domestic Minimum Top-up Tax (QDMTT) implementation and its impact – there is a shared understanding that a side-by-side system could preserve important gains made by jurisdictions in the Inclusive Framework in tackling base erosion and profit shifting and provide greater stability and certainty in the international tax system moving forward.

    This understanding, which builds on our continued commitment to collaborate jointly through the Inclusive Framework to address the potential risks of base erosion and profit shifting, is based on the following accepted principles:

    • A side-by-side system would fully exclude U.S. parented groups from the UTPR and the IIR in respect of both their domestic and foreign profits.
    • A side-by-side system would include a commitment to ensure any substantial risks that may be identified with respect to the level playing field, or risks of base erosion and profit shifting, are addressed to preserve the common policy objectives of the side-by-side system.
    • Work to deliver a side-by-side system would be undertaken alongside material simplifications being delivered to the overall Pillar 2 administration and compliance framework.
    • Work to deliver a side-by-side system would be undertaken alongside considering changes to the Pillar 2 treatment of substance-based non-refundable tax credits that would ensure greater alignment with the treatment of refundable tax credits. 

    Delivery of a side-by-side system will facilitate further progress to stabilize the international tax system, including a constructive dialogue on the taxation of the digital economy and on preserving the tax sovereignty of all countries.

    We recognize that these issues have relevance to a wider group of jurisdictions and look forward to discussing and developing this understanding, and the principles upon which it is based, within the Inclusive Framework with a view to expeditiously reaching a solution that is acceptable and implementable to all.

    We also recognize that the removal of section 899 is crucial to this overall understanding and to providing a more stable environment for discussions to take place in the Inclusive Framework.

    MIL OSI Canada News –

  • MIL-OSI USA: Davids Announces New Federal Grant for University of Kansas Medical Center Head Start Program

    Source: United States House of Representatives – Congresswoman Sharice Davids (KS-3)

    Today, Representative Sharice Davids announced the U.S. Department of Health and Human Services (HHS) awarded the University of Kansas Medical Center’s Project Eagle, a Head Start project, with a new federal grant. The $5.68 million will be used to continue providing early education opportunities and family support services to children and families in Wyandotte County.

    “Head Start programs are one of the smartest investments we can make — for our kids, our families, and our local economy,” said Davids. “They provide affordable early education and care that working parents can count on, help children build the skills they need to succeed, and create good-paying jobs for educators right here at home.”

    “This grant will allow us to continue serving the extraordinary children and families of Wyandotte county through this grant,” said Lisa London, Director, Project Eagle. “With this support we can continue serving 299 children and families in Wyandotte county.”

    Davids is committed to lowering costs for Kansas families and improving access to quality child care. Last year, she voted with both parties to expand the Child Tax Credit, benefiting 136,000 children in Kansas. She also toured a local child care facility and visited multiple Head Start programs to highlight how federal investments have supported the workforce and daily operations of local child care small businesses and education centers.

    Davids also believes in putting money back in parents’ pockets, allowing Kansas families to make their own child care decisions. She introduced the bipartisanAffordable Childcare Act, which would allow Kansas families to save on high child care expenses and live more affordably.

    Background:

    Project Eagle is a Head Start program under the University of Kansas Medical Center. It has offered services in Wyandotte County for more than 35 years. Their programs focus on the health and well-being of pregnant women and young children and aim to prepare children, engage families, and promote excellence in the broader field of early childhood education.

    Head Start has helped more than 40 million children across the US since 1965. The program, serving certain children aged 0-5, is operated through home-based services, center-based services, or a combination of both. Head Start provides many long term-benefits to participating children. Students in early childhood education programs are less likely to repeat grades, are 25 percent more likely to graduate high school, and are four times more likely to complete a bachelor’s degree in comparison to non-Head Start students.

    MIL OSI USA News –

  • MIL-OSI USA: El Gobernador Newsom firma un presupuesto estatal equilibrado que reduce los impuestos a los veteranos, financia completamente las comidas escolares gratuitas, construye más viviendas y crea empleos

    Source: US State of California Governor

    Jun 27, 2025

    ✅ CUMPLIDO: Reducción de impuestos para jubilados militares

    ✅ CUMPLIDO: Pre-kinder universal para todos

    ✅ CUMPLIDO: Ampliación de programas antes y después de clases y cursos de verano

    ✅ CUMPLIDO: Alimentación escolar gratuita para todos los niños

    ✅ CUMPLIDO: Impulso de la alfabetización y la lectura

    ✅ CUMPLIDO: Construyendo más viviendas, lo antes posible

    ✅ CUMPLIDO: Reduciendo los costos de los medicamentos

    ✅ CUMPLIDO: Ampliando el acceso al aborto con medicamentos con CalRx

    ✅ CUMPLIDO: Inversiones históricas en la lucha contra incendios y la seguridad pública

    ✅ CUMPLIDO: Protegiendo la icónica industria cinematográfica de California

    Próximamente se firmará un paquete histórico para reducir la burocracia, agilizar la construcción de viviendas y la infraestructura

    Sacramento, California – Ante el asalto económico de Donald Trump, el Gobernador Gavin Newsom firmó hoy el proyecto de ley de presupuesto estatal para el 2025 en colaboración con el Presidente del Senado Mike McGuire y el Presidente de la Asamblea Robert Rivas. Juntos, el Gobernador y la Legislatura están implementando un plan de gasto responsable y equilibrado que salvaguarda los valores de California y, al mismo tiempo, mantiene la salud fiscal a largo plazo. Este presupuesto y los próximos proyectos de ley incluyen nuevas políticas históricas que acelerarán la producción de viviendas e impulsarán la asequibilidad en comunidades de todo el estado – abordando así los desafíos más urgentes de California.

    Mientras enfrentamos el sabotaje económico de Donald Trump, este acuerdo presupuestario demuestra que California no solo se mantendrá firme – sino que irá aún más lejos. Es equilibrado, mantiene reservas sustanciales y se centra en el apoyo a los californianos – reduciendo drásticamente la burocracia e impulsando el desarrollo de vivienda e infraestructura, preservando los servicios esenciales del cuidado de salud, financia la educación preescolar universal y reduce los impuestos para los veteranos.

    Gobernador Gavin Newsom

    El Presidente del Senado Mike McGuire dice: “El Estado está entregando un presupuesto responsable y puntual en un año difícil, centrado en la restricción fiscal y la inversión en las personas y los programas que hacen de este estado un gran estado. Este presupuesto prioriza una financiación récord para nuestros hijos y escuelas públicas, protege el acceso a la atención médica para millones de las personas más vulnerables y creará más viviendas a una escala sin precedentes en años. Gracias a este acuerdo presupuestario, el estado ayudará a que más personas salgan de las calles y encuentren refugios permanentes, y ampliaremos los equipos de CalFire, desplegando cientos de bomberos adicionales de CalFire a tiempo completo, lo que salvará vidas y nos hará a todos más seguros contra incendios forestales. Y este acuerdo ayuda a preparar a nuestro estado para el caos continuo y la enorme incertidumbre causada por la administración de Trump. Gracias al líder del Comité de Presupuesto del Senado Scott Wiener, a la Asamblea y al Gobernador Newsom y a sus equipos por su arduo trabajo para la gente de California.”

    El Presidente de la Asamblea Robert Rivas dice: Este es un momento increíblemente difícil para los californianos. Trump está socavando nuestra economía con aranceles imprudentes, recortes drásticos y agentes de ICE aterrorizando a nuestras comunidades. En un momento en que tantos ya están en dificultades, está aumentando el miedo y la inestabilidad. En contraste, los demócratas han presentado un presupuesto que protege a California. Reduce la burocracia para construir más viviendas con mayor rapidez, porque la vivienda es la base de la asequibilidad y la oportunidad. Preserva inversiones cruciales en atención médica, salud femenina, educación y seguridad pública. Y cumple con nuestro compromiso de no aumentar los impuestos a las familias, los trabajadores ni a las pequeñas empresas. En tiempos sin precedentes, en circunstancias difíciles, los demócratas están cumpliendo con los californianos.

    Recortes de impuestos para veteranos, tamaños de clases escolares más reducidas y comidas escolares gratuitas

    El presupuesto refleja un compromiso compartido para proteger las oportunidades y mejorar la accesibilidad en California, frente a los ataques selectivos de la administración de Trump. Preserva programas clave de cuidado médico para los californianos que han sido atacados por los republicanos. También preserva programas esenciales de la red de seguridad social, incluyendo servicios de apoyo domiciliario y la salud reproductiva femenina, a la vez que realiza inversiones históricas en la educación pública, desde el pre-kínder universal y las comidas escolares gratuitas hasta la ampliación de los programas antes y después de la escuela, los cursos de verano, clases con menos estudiantes y el fortalecimiento de la formación profesional y la educación superior. El presupuesto demuestra el compromiso del estado con el reconocimiento de los veteranos mediante la creación de recortes de impuestos para los jubilados militares, reconociendo su servicio y apoyando su seguridad financiera.

    Reduciendo los costos de los medicamentos recetados, proteger la atención reproductiva y las redes de seguridad

    El presupuesto preserva programas clave de atención médica para los californianos que están en la mira de los republicanos. Conserva programas vitales de protección social, como los servicios de apoyo domiciliario y la salud reproductiva femenina. Como parte del presupuesto, el Gobernador firmará legislación que protege al acceso al cuidado médico, el presupuesto lidera los esfuerzos para otorgar licencias y regular a los Administradores de Beneficios Farmacéuticos por primera vez, aumentando la transparencia y la rendición de cuentas en la cadena de suministro farmacéutica. La legislación también amplía la autoridad de CalRx para adquirir medicamentos de marca y responder a interrupciones del suministro por motivos políticos, ayudando a proteger el acceso a medicamentos críticos como la mifepristona.

    Luces, camara, trabajos

    El presupuesto protege la posición de California como la cuarta economía más grande del mundo – apoyando a las empresas y el continuo crecimiento económico, incluyendo la emblemática industria cinematográfica californiana. La próxima semana, el Gobernador firmará legislación adicional como parte de la expansión del programa de crédito fiscal para cine y televisión, lo que catapultará aún más el impacto del programa a $750 millones anuales.

    El ataque económico de Trump

    El presupuesto equilibrado se produce en un momento en que California continúa enfrentando importantes presiones fiscales impulsadas por las imprudentes políticas económicas y de inmigración de la administración de Trump. Según el Departamento de Finanzas de California, se proyecta que el régimen arancelario de Trump le costará al estado aproximadamente $16 mil millones en ingresos del Fondo General durante el próximo año fiscal. Un nuevo estudio publicado el 17 de junio por el Instituto Económico de la Área de la Bahía (Bay Area Council Economic Institute), en colaboración con UC Merced, concluyó que las deportaciones masivas de Trump podrían recortar $275 mil millones de la economía de California, eliminar $23 mil millones en ingresos fiscales anuales y afectar gravemente a industrias clave como la agricultura, la construcción y la industria hotelera. 

    Ante estos crecientes desafíos, el Gobernador emitió una proclamación para acceder a las reservas estatales bajo. Y este presupuesto responsable y equilibrado protege a los californianos, crea más viviendas, preserva programas esenciales, refuerza la disciplina fiscal e invierte en la fortaleza económica a largo plazo del estado. 

    El Gobernador anunció hoy la firma de los siguientes proyectos de ley:

    • AB 102 by Assemblymember Jesse Gabriel (D-Encino) – Budget Act of 2025.
    • AB 118 by the Committee on Budget – Human services.
    • AB 121 by the Committee on Budget – Education finance: education omnibus budget trailer bill.
    • AB 123 by the Committee on Budget – Higher education budget trailer bill.
    • AB 134 by the Committee on Budget – Public Safety.
    • AB 136 by the Committee on Budget – Courts.
    • AB 143 by the Committee on Budget – Development Services.
    • SB 101 by Senator Scott Wiener (D-San Francisco) – Budget Act of 2025.
    • SB 103 by Senator Scott Wiener (D-San Francisco) – Budget Acts of 2022, 2023, and 2024.
    • SB 120 by the Committee on Budget and Fiscal Review – Early childhood education and childcare.
    • SB 124 by the Committee on Budget and Fiscal Review – Public resources trailer bill.
    • SB 127 by the Committee on Budget and Fiscal Review – Climate change.
    • SB 128 by the Committee on Budget and Fiscal Review – Transportation.
    • SB 132 by the Committee on Budget and Fiscal Review – Taxation.
    • SB 141 by the Committee on Budget and Fiscal Review – California Cannabis Tax Fund: Department of Cannabis Control: Board of State and Community Corrections grants.
    • SB 142 by the Committee on Budget and Fiscal Review – Deaf and Disabled Telecommunications Program.

    La firma del Gobernador en el presupuesto estatal depende de la promulgación de la AB 131 o la SB 131 el lunes 30 de junio.

    To read this release in English, click here. 

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    MIL OSI USA News –

  • MIL-OSI Canada: Canada acts to support its steel producers and workers

    Source: Government of Canada News

    June 27, 2025 – Ottawa, Ontario – Department of Finance Canada

    Today, the Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, announced the implementation of new tariff rate quotas (TRQs) for steel mill products imported into Canada from non-free trade agreement (FTA) partners. The TRQs, set at 2.6 million tonnes, will result in a 50 per cent surtax being applied on steel imports above 2024 levels from non-FTA partners. The measure is effective June 27, 2025, and will be reviewed in 30 days.

    This temporary trade measure will help stabilize the Canadian steel market by addressing the risk that steel originally destined for the United States is redirected to Canada. The combination of tariffs imposed by the U.S. on all steel imports and global overcapacity, caused by non-market practices, has led many exporters to seek new markets. This measure helps manage that pressure without disrupting supply for Canadian users.

    This measure builds on Canada’s broader strategy to defend its workers and industries against unfair trade, including non-market policies and practices. This surtax would be additive to any existing surtaxes or anti-dumping and countervailing duty measures, as well as forthcoming tariff measures based on the country of “melt and pour” for steel.

    The decision to impose these TRQs is based on the public consultations, held earlier this spring, on options to address risks to Canada’s steel industry. The quotas will be reviewed in 30 days from today to ensure their appropriateness and effectiveness in light of evolving market circumstances, including progress in the broader trading arrangement with the United States, and periodically thereafter. The reviews will be supported by the newly established industry-government steel task force, which met for the first time on June 26.

    The government remains prepared to take additional steps as needed and will continue to review the appropriateness of its response, pending developments with U.S. tariffs. 

    MIL OSI Canada News –

  • MIL-OSI Russia: IMF Executive Board Concludes the 2025 Article IV Consultation and Completes the Fifth Review Under the Extended Credit Facility Arrangement, and Second Review Under the Resilience and Sustainability Facility Arrangement with Tanzania

    Source: IMF – News in Russian

    June 27, 2025

    • The IMF Executive Board today concluded the 2025 Article IV Consultation and completed the fifth review under the Extended Credit Facility (ECF) arrangement and the second review under the Resilience and Sustainability Facility (RSF) arrangement with Tanzania, allowing for an immediate disbursement of about US$ 448.4 million (SDR 326.47 million) under both the ECF and the RSF.
    • Economic conditions have continued to improve, with robust growth and macro-financial stability. Real GDP growth was 5.5 percent in CY24 and is projected to reach 6.0 percent in CY25 and 6½ percent over the medium-term, contingent on decisive reform implementation.
    • Tanzania’s economic reform program supported by the ECF arrangement remained broadly on track. The authorities are committed to implementing reforms to preserve macro-financial stability, promote sustainable and inclusive growth, advance structural reforms, and address risks and challenges from climate change, supported by the ECF and RSF arrangements.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded today the 2025 Article IV Consultation[1] with Tanzania and completed the fifth review of the Extended Credit Facility (ECF) arrangement and the second review of the Resilience and Sustainability Framework (RSF) arrangement. The authorities have consented to the publication of the Staff Report prepared for this consultation.[2] Completion of the fifth ECF review allows for the immediate disbursement of about US$ 155.7 million (28.5 percent of quota, SDR 113.37 million), bringing Tanzania’s total access under the ECF arrangement to about US$ 908.3 million. Completion of the second RSF review allows for the immediate disbursement of about US$ 292.7 million (53.5 percent of quota, SDR 213.1 million), bringing Tanzania’s total access under the RSF arrangement to about US$ 345.4 million.

    The 40-month ECF Arrangement with Tanzania for a total access of about US$ 1,046.4 million at the time of program approval (200 percent of quota, SDR 795.58 million) was initially approved in July 2022, and was extended by 6 months in June 2024. The arrangement aims to support economic recovery, preserve macro-financial stability, and promote sustainable and inclusive growth. The 23-month RSF arrangement with Tanzania, approved in June 2024 (150 percent of quota), supports the authorities’ reforms to reduce prospective balance of payments risks and enhance economic resilience to climate change.

    Tanzania’s economic reform program under the ECF arrangement remained on track. All end-December 2024 quantitative performance criteria and indicative targets were met, and two end-December 2024 structural benchmarks were completed on time. Two of the three end-March SBs were implemented with delay, but the Secured Transaction Act has not been implemented and is reset to end-February 2026. All five reform measures (RMs) for this review were implemented despite challenges in meeting indicative timelines.

    Economic activity continued to gain momentum, with real GDP growth reaching 5.5 percent in CY24. Headline inflation remained stable at 3.2 percent (year-on-year) in April 2025, below the central bank’s target, while a neutral or mildly stimulative monetary policy was maintained and exchange rate flexibility increased. The banking sector remains resilient, but pockets of vulnerability persist. The fiscal balance weakened markedly in the third quarter of FY25, prompting the authorities to delay lower priority spending in the fourth quarter. The current account deficit narrowed further to 2.6 percent of GDP in CY24, from 3.8 percent in CY23, underpinned by strong export performance.

    The medium-term outlook is favorable, contingent on sustained reform implementation, particularly to strengthen the business environment and support a more dynamic private sector. However, risks to the outlook are tilted to the downside, and challenges to meet SDG targets and reduce poverty are daunting, especially considering that the population is expected to double by 2050.

    Following the Executive Board discussion, Mr. Okamura, Deputy Managing Director and Acting Chair, issued the following statement:

    “Tanzania’s reform program supported by the Extended Credit Facility (ECF) remains broadly on track. Amid downside risks to the economic outlook and daunting challenges to reduce poverty, the authorities’ strong commitment to reform implementation, as well as continued engagement and capacity support by development partners, are critical.

    “The authorities’ plan to resume growth-friendly fiscal consolidation in FY25/26 is welcome and will require steadfast implementation of revenue measures and strict cash management and commitment controls to ensure that spending is consistent with revenue outturns. Implementing contingency measures would also be essential to compensate for any budget over-run in FY24/25. In the medium term, decisive implementation of fiscal reforms including the new medium-term revenue strategy and public financial management reforms will be important to meet development needs while maintaining debt sustainability.

    “Continued efforts are needed to fully operationalize the new interest rate-based monetary policy framework. Monetary operations could be strengthened by improving liquidity forecasting capacity and operation of standing facilities and addressing segmentation and counterparty credit risk in the interbank cash market. The recent increase in exchange rate flexibility is welcome and should continue to be a key pillar of the new monetary policy framework. Ongoing efforts to upgrade financial supervision will help enhance financial stability and deepening.

    “Amid strong demographic pressures, achieving resilient and inclusive long-term growth requires accelerated human capital development through increased and more efficient public spending on education and health. At the same time, structural reforms in the areas of public sector governance, business regulation, and access to finance, as well as climate change-related reforms, are critical to foster private sector development and job creation, enhance economic resilience and reduce prospective balance of payments risks.”

    Executive Board Assessment[3]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Tanzania’s continued robust growth, subdued inflation, and improved external balance. While they agreed that the medium-term outlook is favorable, they noted downside risks, including from an uncertain external environment, declining aid flows, and potential delays in reform implementation. They emphasized that the authorities’ commitment to reforms under the ECF and RSF programs will be critical to safeguard macro financial stability and achieve more resilient and inclusive long-term growth. Continued engagement and capacity development support by the Fund and other international partners also remain essential.

    Directors welcomed the authorities’ commitment to resume growth friendly fiscal consolidation in FY25/26. They concurred that stepped-up efforts to enhance domestic revenue mobilization in line with the recently approved medium term revenue strategy, and to strengthen public financial and investment management, will be critical to create space for priority development needs and safeguard debt sustainability. They called for prudent budget execution in an election year and enforcement of commitment controls to control spending. They welcomed the continued progress in reducing domestic arrears.

    Directors agreed that a neutral or mildly stimulative monetary policy stance remains appropriate at this juncture but encouraged the authorities to stand ready to adjust this stance if inflation pressures emerge. They called for continued efforts to improve monetary policy effectiveness, including strengthening monetary and liquidity management operations, policy communication, and central bank independence. They underscored the importance of greater exchange rate flexibility for cushioning the economy against external shocks and encouraged the removal of legacy exchange rate restrictions and Multiple Currency Practices. They welcomed the recent adoption of Basel II & III supervisory and regulatory standards and encouraged the authorities to continue upgrading the financial supervision framework and closely monitoring risks.

    Directors called for accelerated structural reforms to promote sustainable private sector led growth and job creation. They urged the authorities to improve the efficiency of tax administration, ease the regulatory burden, promote access to finance, close gender gaps, and upgrade infrastructure. They also highlighted the pressing need to increase human capital through increased and more efficient public spending on education and health, as well as on social safety nets. Directors commended the authorities’ efforts to strengthen the AML/CFT framework and encouraged them to formalize risk-based AML/CFT supervision in the real estate sector. They welcomed the progress made in strengthening climate resilience through the RSF supported reforms.

    It is expected that the next Article IV consultation with Tanzania will be held in accordance with the Executive Board decision on consultation cycles for members with Fund arrangements.

    Tanzania: Selected Economic Indicators

    2022/23

    2023/24

    2024/25

    Act.

    Est.

    Proj.

    Output

    Real GDP growth (%) 1

    4.9

    5.3

    5.7

    Calendar year real GDP growth (%) 2

    5.1

    5.5

    6.0

    Prices

    Inflation – average (%)

    4.6

    3.1

    3.3

    Central government finances

    Revenue (% GDP) 3

    15.0

    15.5

    16.3

    Expenditure (% GDP)

    19.3

    18.6

    19.7

    Fiscal balance (% GDP)

    -4.3

    -3.2

    -3.4

    Public debt (% GDP)

    45.9

    49.2

    48.5

    Money and credit

    Broad money (% change)

    18.8

    10.9

    11.1

    Credit to private sector (% change)

    22.2

    16.1

    12.5

    3-month Treasury bill interest rate (%)

    6.5

    6.8

    …

    Balance of payments

    Current account (% GDP)

    -6.6

    -3.5

    -2.6

    FDI (% GDP)

    2.0

    2.1

    2.1

    Reserves (in months of imports)

    4.0

    3.8

    3.8

    External public debt (% GDP)

    29.7

    32.9

    32.8

    Exchange rate

    REER (% change)

    3.3

    -10.3

    …

    Sources: Tanzanian authorities and IMF staff estimates and projections.

    1 All data refer to fiscal years (July-June).

    2 Fiscal year 2022/23 corresponds to calendar year 2023.

    3 Includes grants.

    [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] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the https://www.imf.org/en/Countries/TZA page.

    [3] 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.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Kwabena Akuamoah-Boateng

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

    https://www.imf.org/en/News/Articles/2025/06/27/pr25225-tanzania-imf-concl-2025-aiv-consultation-comp-5th-rev-ecf-arr-2nd-rev-rsf-arrangement

    MIL OSI

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  • MIL-OSI New Zealand: Winter Slowdown Drives Tax-Deductible Website Upgrades

    Source: Press Release Service

    Headline: Winter Slowdown Drives Tax-Deductible Website Upgrades

    With tax returns due 7 July, NZ businesses are urged to invest in website upgrades now. It’s a smart, tax-deductible move during the winter slowdown.

    The post Winter Slowdown Drives Tax-Deductible Website Upgrades first appeared on PR.co.nz.

    MIL OSI New Zealand News –

  • MIL-OSI Economics: The Sequencing and speed of Reforms in Transition Economies: Implications for the Case of Uzbekistan

    Source: International Monetary Fund

    Summary

    Uzbekistan has made significant progress in its transition to a market economy since 2017, achieving advancements in macroeconomic stabilization, trade and exchange rate liberalization, price liberalization, and small-scale privatization. Despite these successes, challenges remain in reforming and privatizing large state-owned enterprises and banks and fostering a competitive market environment with easy market entry and exit. Future reforms should focus on entrenching macroeconomic stability, completing trade and price liberalization, hardening budget constraints for state-owned enterprises and banks, enhancing their corporate governance, accelerating privatization, and redefining the state’s role to support private sector development.

    Subject: Balance of payments, Capital account liberalization, Competition, Economic sectors, Financial markets, Financial regulation and supervision, Financial Sector, Financial sector reform, Fiscal policy, Fiscal stabilization, International trade, Privatization, Public enterprises, Tariffs, Taxes, Trade liberalization

    Keywords: Capital account liberalization, Competition, Economic recession, Financial sector, Financial sector reform, Fiscal stabilization, Foreign exchange, Pace of Economic Reforms, Privatization, Privatization, Public enterprises, Sequencing of Economic Reforms, Tariffs, Trade liberalization, Transition Economics, Uzbekistan

    MIL OSI Economics –

  • MIL-OSI USA: Duckworth Leads Delegation of Illinois Members of Congress in Calling on IRS to Fix Erroneous Late Payment Notices

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    June 27, 2025
    [WASHINGTON, D.C.] – U.S. Senator Tammy Duckworth (D-IL) led Illinois’s Congressional Democrats in demanding answers from the Internal Revenue Service (IRS) on why Illinoisans are receiving notices of late payment in error after filing—and paying—their taxes on time. Following  reporting earlier this month revealing that Illinoisans were receiving late payment notices and penalties from the IRS even though they had already filed and paid their taxes, and were then unable to get answers or responses from the IRS about those notices and penalties, the lawmakers wrote to IRS Commissioner William Long to learn how many Illinoisans have been affected and how IRS staffing cuts have impacted the agency’s ability to properly function.
    “Over the last few weeks, we have heard from a number of Illinoisans that they are receiving late notices from your agency, despite previous confirmations of submission and payment,” the lawmakers wrote. “To make matters worse, the late notices also include penalties and fines, which further heightens the urgency for taxpayers to resolve the issue. Not only is it unacceptable that the IRS has failed to process tax payments in a timely manner—the failure to prevent erroneous late notices from being sent is incredibly damaging to taxpayers’ trust in the IRS.”
    Since Donald Trump’s return to office, reckless and damaging DOGE cuts caused the IRS to fire more than 7,000 probationary employees and let over 20,000 employees leave through multiple deferred resignation programs.
    In their letter, the lawmakers are requesting the following information from IRS:
    How many Illinois taxpayers received a notice of late payment? How many in the country?
    Of those taxpayers, how many has the IRS determined received those notices in error?
    How is the IRS communicating to the taxpayers who received a notice in error?
    How is the IRS communicating to the taxpayers who received a proper notice of late payment, but is not aware that they committed an error?
    Will the IRS be waiving any fines, fees or interest as a result of the agency’s confusion?
    How many IRS employees were processing Illinois tax payments during the previous two years’ tax seasons? How many IRS employees are processing Illinois tax payments during the current tax season? 
    Have all IRS employees who accepted the deferred resignation offer now left the agency? Has this contributed in any way to the delayed processing of tax payments?
    Can you confirm that of the 8,500 IT employees that the IRS had at the start of the 2025 fiscal year, more than 2,000 IT employees have separated from the IRS?
    What is the IRS’ plan to ensure that these mistakes do not happen in the future?
    In addition to Duckworth, this letter is signed by U.S. Senate Democratic Whip Dick Durbin (D-IL) and Representatives Jonathan Jackson (D-IL-01), Robin Kelly (D-IL-02), Delia Ramirez (D-IL-03), Jesús “Chuy” García (D-IL-04), Mike Quigley (D-IL-05), Sean Casten (D-IL-06), Danny Davis (D-IL-07), Raja Krishnamoorthi (D-IL-08), Jan Schakowsky (D-IL-09), Brad Schneider (D-IL-10), Bill Foster (D-IL-11), Nikki Budzinski (D-IL-13), Lauren Underwood (D-IL-14) and Eric Sorensen (D-IL-17).
    Full letter text is available below and on the Senator’s website.
    Dear Mr. Long:
    We write on behalf of our constituents with extreme concern about the tax payment processing delays that are causing confusion and panic throughout Illinois.
    Over the last few weeks, we have heard from a number of Illinoisans that they are receiving late notices from your agency, despite previous confirmations of submission and payment. To make matters worse, the late notices also include penalties and fines, which further heightens the urgency for taxpayers to resolve the issue.
    Not only is it unacceptable that the IRS has failed to process tax payments in a timely manner—the failure to prevent erroneous late notices from being sent is incredibly damaging to taxpayers’ trust in the IRS. This trust is increasingly important as an increasing number of criminals now attempt to impersonate the IRS to scam vulnerable taxpayers out of their hard-earned money. By sending out incorrect notices, your agency has endangered years of effort to establish confidence in IRS communications.
    We believe that your failure to process tax returns and erroneous sending of late notices is a crisis that must be addressed quickly. However, thus far, the IRS’ communications on the topic have been less than inspiring. On the day of your confirmation, June 12, 2025, the IRS finally officially acknowledged that “there is a delay in processing some electronic payments, and that some taxpayers are receiving IRS notices indicating a balance due even though payments were made timely.”
    While we are glad the IRS has finally acknowledged an issue, the agency’s recent statements to local news media are unclear and confusing. In the IRS’ statement, the agency advised our constituents that, “If a taxpayer has checked their online account and does not see the payment processed by July 15th, they may call the number on their notice.”2 However, this does not make clear how our constituents could understand whether the late notice that they received was issued in error or not.
    We also want to understand what the root causes of this failure are and how it is possible that the IRS has mismanaged its most basic duty. We know that earlier this year, the IRS fired more than 7,000 probationary employees and let over 20,000 employees leave through multiple deferred resignation programs. We also know that Acting Chief Information Officer Kaschit Pandya told staff in an email earlier this month that the agency needs to “reset and reassess” in part because more than 2,000 IT employees have separated from the IRS since January.3 Undoubtedly, these drastic changes contributed to an environment where the remaining staff was forced to pick up the slack of tens of thousands of employees, without any real plan. The indefinite hiring freeze also ensures that the IRS is unable to hire the staff necessary to fulfill the agency’s basic mission.  We hope that the failures of this tax season cause you to reconsider the detrimental actions currently being taken in the form of additional reductions in force and forced attrition. We also look forward to a comprehensive plan to address this issue moving forward.
    To assist as we attempt to help our constituents, please provide responses to the following questions no later than July 3, 2025.
    1. How many Illinois taxpayers received a notice of late payment? How many in the entire country?
    2. Of those taxpayers, how many has the IRS determined received those notices in error?
    3. How is the IRS communicating to the taxpayers who received a notice in error?
    4. How is the IRS communicating to the taxpayers who received a proper notice of late payment, but is not aware that they committed an error?
    5. Will the IRS be waiving any fines, fees or interest as a result of the agency’s confusion?
    6. How many IRS employees were processing Illinois tax payments during the previous two years’ tax seasons? How many IRS employees are processing Illinois tax payments during the current tax season?
    7. Have all IRS employees who accepted the deferred resignation offer now left the agency? Has this contributed in any way to the delayed processing of tax payments?
    8. Can you confirm that of the 8,500 IT employees that the IRS had at the start of the 2025 fiscal year, more than 2,000 IT employees have separated from the IRS?
    9. What is the IRS’ plan to ensure that these mistakes do not happen in the future?
    Thank you in advance for your consideration of this request. If you have any questions about this congressional inquiry, please contact our staff.
    Sincerely,
    -30-

    MIL OSI USA News –

  • MIL-OSI Security: Former Santa Cruz County Treasurer Sentenced to 10 Years in Prison for Stealing Over $38 Million in County Funds

    Source: US FBI

    TUCSON, Ariz. – Elizabeth Gutfahr, 63 of Rio Rico, Arizona, was sentenced on June 23, 2025, by United States District Judge Rosemary C. Márquez to 120 months in prison, followed by three years of supervised release. Gutfahr previously pleaded guilty to Embezzlement by a Public Official, Money Laundering, and Tax Evasion. Gutfahr was also ordered to pay approximately $51.8 million in restitution to Santa Cruz County and the United States Treasury.

    “The people of Santa Cruz County and all Arizonans have a right to expect their elected leaders to serve with integrity and in the best interest of their constituents,” said U.S. Attorney Timothy Courchaine. “Ms. Gutfahr stole more than money from the people of her county, she betrayed the confidence of the voters who elected her. This sentence shows that abuse of public trust will be punished.”

    “Ms. Gutfahr will now be held accountable for using her official position for huge financial gain at the expense of the residents of Santa Cruz County,” said FBI Phoenix Special Agent in Charge Heith Janke. “Each act of greed and dishonor negatively affected fundamental aspects of the county’s operations. The FBI continues to investigate public corruption cases, and we remain committed to identifying and pursuing those who violate the public’s trust.”

    “Ms. Gutfahr violated her sworn duty by enriching herself with the public money she was entrusted to protect,” said Special Agent in Charge Carissa Messick of the IRS Criminal Investigation Phoenix Field Office. “Taxpayers deserve to know that their elected leaders are working in the community’s best interest — not just their own. IRS-CI remains committed to rooting out corruption at every level.”

    According to court documents, Gutfahr, who served as Santa Cruz County Treasurer from 2012 through 2024, embezzled and laundered approximately $38.7 million by wiring public funds from Santa Cruz County’s account to accounts in the names of fake companies she had created that performed no legitimate business. Gutfahr then used the money to purchase real estate, to renovate her family ranch, to pay expenses for her cattle business, and to buy at least 20 vehicles.

    Gutfahr’s 10-year scheme involved approximately 187 wire transfers, which she was able to complete by undermining the two-step approval process required for transfers. Gutfahr used the token of a subordinate Santa Cruz County employee so that she could both initiate and approve the wire transfers. To cover up the scheme, Gutfahr falsified accounting records, cash reconciliation records, and reports of the County’s investment accounts, thereby hiding the millions of dollars that she had stolen from Santa Cruz County. Gutfahr also failed to report any of the stolen funds as income for tax purposes.

    The FBI and IRS-CI conducted the investigation in this case. Assistant U.S. Attorney Jane L. Westby for the District of Arizona and Senior Litigation Counsel Nicholas W. Cannon of the Criminal Division’s Public Integrity Section handled the prosecution.

    CASE NUMBER:           24-CR-08132-TUC-RM
    RELEASE NUMBER:    2025-098_Gutfahr

    # # #

    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news.

    MIL Security OSI –

  • MIL-OSI Russia: IMF Executive Board Completes the Fifth Review Under the Stand-By Arrangement with Armenia

    Source: IMF – News in Russian

    June 27, 2025

    • The IMF Executive Board completed the fifth review under the Stand-By Arrangement (SBA) with Armenia, providing the country with access equivalent to SDR 18.4 million (about US$26.1 million). The Armenian authorities continue to treat the arrangement as precautionary.
    • Economic activity remains strong. Real GDP growth is expected to reach 4.5 percent in 2025 as external growth drivers continue to taper off amid higher global uncertainty.
    • The SBA aims to support the government’s policy and reform agenda to preserve economic and financial stability and support strong, inclusive, and sustainable growth.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the fifth review under the Stand-By Arrangement (SBA) with Armenia. The completion of the review enables access to an amount equivalent to SDR 18.4 million (about US$26.1 million), bringing total access to the equivalent of SDR 110.4 million (about US$156.9 million). The SBA was approved by the IMF Executive Board on December 12, 2022 (see Press Release No. 22/429). The Armenian authorities continue to treat the arrangement as precautionary. The Executive Board’s decision was taken on a lapse-of-time basis.[1]

    Armenia’s economic activity remains strong. Real GDP growth reached 5.9 percent in 2024 and is expected to return to its long-term trend of 4.5 percent in 2025 as trade and services normalize. Inflation is expected to remain around the Central Bank of Armenia’s (CBA) target by end-2025. Risks to this outlook are elevated, stemming from the unprecedented uncertainty related to the ongoing global trade tensions and potential slowdown in the growth of trading partners. Regional geopolitical shifts, which could lead to a reversal of recent capital inflows and foreign exchange (FX) volatility, also weigh on the outlook.

    The slowdown in external demand, lower remittances inflows, and robust domestic demand, are projected to widen the current account deficit to 4.5 percent of GDP in 2025. Nonetheless, external and financial sector buffers remain strong.

    The 2025 budget deficit target of 5.5 percent of GDP is appropriate, accommodating priority spending needs, including on national security, refugee integration, and infrastructure development. The adopted 2026-28 medium-term expenditure framework will reduce the fiscal deficit in 2026 to 4.5 percent, supporting macro-fiscal stability while making room for well-targeted, priority social and development spending.

    The program is broadly on track. All end-December 2024 quantitative performance criteria (QPCs) have been met except for a small breach of the QPC on budget domestic lending. The end-December 2024 inflation was within the inner Monetary Policy Consultation Clause bands. Progress on structural benchmarks continues, although with some delays.

    The ongoing economic uncertainty underscores the need for prudent policies and steadfast implementation of structural reforms:

    • Fiscal policy should continue to balance the need to support national spending priorities while maintaining macro-fiscal stability, with further efforts to mobilize revenue and enhance spending efficiency.
    • The CBA should remain proactive in keeping inflation anchored, with future interest rate decisions guided by developments in inflation and inflation expectations. The flexible exchange rate should continue to serve as a key shock absorber. Foreign exchange interventions should be limited to addressing disorderly market conditions and seeking opportunities to bolster FX reserves through purchases when conditions allow.
    • To sustain long-term growth, structural reforms should continue to advance reforms focused on improving labor market flexibility, diversifying exports, enhancing supervisory frameworks, and strengthening governance.

    Table 1. Armenia: Selected Economic and Financial Indicators, 2022–30

     

     

     

    2022

    2023

    2024

     

    2025

    2026

    2027

    2028

    2029

    2030

     

     

    Act.

     

    Proj.
                           

    National income and prices:

    		                      

    Real GDP (percent change)

    		  

    12.6

    8.3

    5.9

    		  

    4.5

    4.5

    4.5

    4.5

    4.5

    4.5

    Final consumption expenditure, Contrib. to Growth

    		  

    3.7

    5.3

    3.3

    		  

    3.8

    2.5

    2.9

    2.9

    2.9

    2.9

    Gross fixed capital formation, Contrib. to Growth

    		  

    2.7

    3.1

    2.6

    		  

    2.6

    2.5

    2.1

    2.1

    2.1

    2.1

    Changes in inventories, Contrib. to Growth

    		  

    -0.3

    0.0

    -0.3

    		  

    -1.8

    0.0

    0.0

    0.0

    0.0

    0.0

    Net exports of goods and services, Contrib. to Growth

    		  

    6.2

    -0.1

    0.0

    		  

    0.3

    -0.5

    -0.5

    -0.5

    -0.5

    -0.5

    Gross domestic product (in billions of drams)

    		  

    8,501

    9,493

    10,193

    		  

    10,926

    11,760

    12,658

    13,624

    14,665

    15,784

    Gross domestic product (in millions of U.S. dollars)

    		  

    19,514

    24,186

    25,705

    		  

    26,437

    26,864

    28,084

    29,724

    31,603

    33,547

    Gross domestic product per capita (in U.S. dollars)

    		  

    6,661

    8,159

    8,671

    		  

    8,917

    9,060

    9,471

    10,024

    10,656

    11,311

    CPI (period average; percent change)

    		  

    8.7

    2.0

    0.3

    		  

    3.2

    3.0

    3.0

    3.0

    3.0

    3.0

    CPI (end of period; percent change)

    		  

    8.3

    -0.6

    1.5

    		  

    3.3

    3.0

    3.0

    3.0

    3.0

    3.0

    GDP deflator (percent change)

    		  

    8.0

    3.1

    1.4

    		  

    2.6

    3.0

    3.0

    3.0

    3.0

    3.0

    Unemployment rate (in percent)

    		  

    13.5

    12.4

    13.9

    		  

    13.5

    14.0

    14.0

    14.0

    14.0

    14.0

    Investment and saving (in percent of GDP)

    		                      

    Investment

    		  

    22.4

    22.9

    23.8

    		  

    21.2

    21.2

    21.2

    21.1

    21.1

    21.1

    National savings

    		  

    22.7

    20.6

    20.0

    		  

    16.7

    16.4

    16.5

    16.4

    16.3

    16.3
                           

    Money and credit (end of period)

    		                      

    Reserve money (percent change)

    		  

    5.0

    -4.0

    13.8

    		  

    9.8

    9.8

    9.8

    9.8

    9.8

    9.8

    Broad money (percent change)

    		  

    16.1

    17.4

    13.7

    		  

    12.5

    12.5

    12.5

    12.5

    12.5

    12.5

    Private sector credit growth (percent change)

    		  

    4.5

    18.4

    31.7

    		  

    13.3

    13.3

    13.3

    13.3

    13.3

    13.3

    Central government operations (in percent of GDP)

    		                      

    Revenue and grants

    		  

    24.3

    24.9

    25.3

    		  

    25.1

    25.4

    25.5

    25.5

    25.5

    25.5

    Of which: tax revenue

    		  

    21.9

    22.5

    22.4

    		  

    23.0

    23.3

    23.4

    23.4

    23.4

    23.4

    Expenditure

    		  

    26.4

    26.9

    29.0

    		  

    30.6

    29.9

    29.8

    29.3

    29.0

    28.8

    Overall balance on a cash basis

    		  

    -2.1

    -2.0

    -3.7

    		  

    -5.5

    -4.5

    -4.3

    -3.8

    -3.5

    -3.3

    Public and publicly-guaranteed (PPG) debt (in percent of GDP)

    		  

    49.2

    50.5

    50.0

    		  

    54.2

    55.9

    57.4

    57.6

    57.4

    57.1

    Central Government’s PPG debt (in percent of GDP)

    		  

    46.7

    48.2

    48.0

    		  

    52.4

    54.3

    56.0

    56.4

    56.4

    56.1

    Share of foreign currency Central Government PPG debt (in percent)

    		  

    62.1

    52.7

    48.2

    		  

    47.7

    46.9

    46.3

    46.3

    46.5

    46.9

    External sector

    		                      

    Exports of goods and services (in millions of U.S. dollars)

    		  

    10,118

    14,338

    18,618

    		  

    12,167

    12,292

    12,537

    12,863

    13,228

    13,611

    Exports of goods and services (percent change)

    		  

    100.8

    41.7

    29.8

    		  

    -34.7

    1.0

    2.0

    2.6

    2.8

    2.9

    Imports of goods and services (percent change)

    		  

    66.8

    41.6

    31.3

    		  

    -30.7

    1.2

    2.4

    2.9

    2.9

    3.1

    Current account balance (in percent of GDP)

    		  

    0.3

    -2.3

    -3.9

    		  

    -4.5

    -4.8

    -4.8

    -4.8

    -4.8

    -4.8

    FDI (net, in millions of U.S. dollars)

    		  

    926

    527

    76

    		  

    397

    454

    468

    483

    529

    534

    Gross international reserves (in millions of U.S. dollars)

    		  

    4,112

    3,610

    3,679

    		  

    3,427

    3,561

    3,665

    3,768

    3,869

    3,969

    Import cover 1/

    		  

    3.4

    2.3

    3.3

    		  

    3.1

    3.1

    3.1

    3.1

    3.1

    3.1

    End-of-period exchange rate (dram per U.S. dollar)

    		  

    394

    405

    397

    		  

    …

    …

    …

    …

    …

    …

    Average exchange rate (dram per U.S. dollar)

    		  

    436

    392

    397

    		  

    …

    …

    …

    …

    …

    …

    Sources: Armenian authorities; and Fund staff estimates and projections.

    1/ Gross international reserves in months of next year’s imports of goods and services, including the SDR holdings.
       
                                 

    [1] 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: Wafa Amr

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

    https://www.imf.org/en/News/Articles/2025/06/27/pr-25222-armenia-imf-executive-board-completes-the-fifth-review-under-the-stand-by-arrangement

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Canada: Strong year-end surplus for a stronger Alberta

    [embedded content]

    Alberta closed the 2024-25 fiscal year with its fourth consecutive surplus, totalling $8.3 billion. The increase is largely due to higher-than-expected resource revenues, corporate and personal income tax revenue and impressive investment income. In the face of rapidly changing economic conditions this year due to global trade challenges, the government will use the surplus to fortify Alberta’s economic position, repay debt and save for the future.

    “Alberta’s financial strength isn’t just luck, it’s the result of disciplined decisions and a clear commitment to responsible government. While others reach for higher taxes and more debt, we’re focused on stability, savings and respect for the people who keep Alberta’s economy moving. That means more security for families, more opportunity for young people, and stronger communities across our province. In uncertain times, Alberta showing this kind of economic leadership is important.”

    Danielle Smith, Premier

    “This surplus shows Alberta’s strength. The road ahead may be rough, but Alberta is built to last. We’re paying down debt, saving for the future and backing the services Albertans count on. This surplus lets us save smart, spend wisely and stand strong for the long haul.”

    Nate Horner, President of Treasury Board and Minister of Finance

    Alberta’s economy expanded at a steady pace in 2024, supported by increased pipeline capacity through the spring opening of the Trans Mountain pipeline, record crude oil production and increased natural gas production. The price of West Texas Intermediate oil averaged $74.34 per barrel over the year, slightly higher than the $74 per barrel forecast in Budget 2024. A narrower light-heavy differential, which increases the price of Alberta’s heavy crude oil, plus a lower exchange rate also propelled higher returns for the energy sector. As a part of a Canada-wide settlement, a $713-million payment from three major Canadian tobacco companies also contributed to the surplus.

    Rapid population growth and falling interest rates bolstered the provincial economy. Alberta remained the fastest-growing province in Canada in 2024. With population growth, Alberta saw strong employment gains fuelled by full-time and permanent jobs, which led to more employed Albertans contributing to the tax base. To relieve added pressure on hospitals, schools and infrastructure, the government provided record funding for health care and education and continued to invest in the priorities of Albertans.

    When disaster hit, Alberta’s government answered the call. The government delivered $1.9 billion in disaster relief, including $702 million to fight wildfires, $191 million for evacuation and recovery, and $1 billion to support drought-hit farmers and producers.

    After calculations and adjustments, Alberta ended the year with a $5.1-billion in surplus cash. Following the province’s mandated fiscal framework, half – or $2.6 billion – will go towards improving the province’s net financial position, either through debt repayment or savings in the Alberta Heritage Savings Trust Fund. The other half will be allocated to the Alberta Fund for future use. This can include further debt payments, more savings or one-time initiatives.

    Revenue

    Revenue in 2024-25 was $82.5 billion, $8.9 billion more than estimated in Budget 2024, including:

    • $22.0 billion in non-renewable resource revenue, up from $17.3 billion at budget.
      • The increase was primarily driven by higher bitumen royalties due to narrower light-heavy oil price differentials and lower exchange rates.
    • $30.4 billion in tax revenue, $1.7 billion higher than estimated in Budget 2024. This included:
      • $8.1 billion in corporate income tax, $1.1 billion more than at budget, even as the province maintained the lowest corporate income tax rate in the country.
      • A record high of $16.1 billion in personal income tax, $0.5 billion more than estimated in Budget 2024, in large part because of strong growth in personal incomes and Alberta’s growing population.

    Expense

    Expense in 2024-25 was $74.1 billion, $967 million more than estimated in Budget 2024, including:

    • $29.6 billion in health expense, a 2.9 per cent increase from budget, as the province began refocusing the health system to better meet the needs of patients and families, provide more surgeries, recruit more doctors and provide lab services.  
    • $17.2 billion for education, or a 1.1 per cent increase from budget, including:
      • $9.9 billion for K-12 education, with more money to hire more teachers as enrolment increased.
      • $7.2 billion for post-secondary institutions to increase seats in high-demand areas, including apprenticeship training.
    • $1.9 billion for disaster relief and emergency supports.

    Debt

    The province ended the year with taxpayer-supported debt of $85.2 billion. Total debt-servicing costs were $3.2 billion in 2024-25, down $0.2 billion from budget because of lower-than-expected borrowing requirements.

    Oil Prices

    • A barrel of West Texas Intermediate averaged US$74.34 per barrel in 2024-25, slightly higher than the US$74 per barrel forecast in Budget 2024.
    • The light-heavy oil price differential averaged US$13.06 per barrel in 2024-25, $2.94 narrower than estimated in budget, influenced by increased demand for heavier crude and the completion of the TMX expansion project.

    Alberta Heritage Savings Trust Fund

    The province grew the market value of the Heritage Fund to a record high of $27.2 billion as of March 31, 2025. The Heritage Fund grew by $4.2 billion last year, fuelled by $1.9 billion in investment income and $2 billion in surplus cash reinvested from 2023-24. This growth supports Alberta’s bold plan to reach $250 billion by 2050 while diversifying the economy for a stronger future.

    Through responsible fiscal management, Alberta is building a stable economic foundation and saving for a secure tomorrow. No matter the challenges ahead, Alberta has the resources and resilience to protect its prosperity.

    Related information

    • Budget 2024: A responsible plan for a growing province

    Related news

    • Q2 update: Under Pressure (Nov. 21, 2024)
    • Q1 update: Continued fiscal growth (Aug. 31, 2023)

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI USA: SCHUMER, GILLIBRAND ANNOUNCE OVER $40 MILLION IN FEDERAL FUNDING FOR 16 AIRPORTS ACROSS NEW YORK STATE

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Region

    Recipient

    Project Description

    Award

    Capital Region

    Albany International Airport

    Reconstructing 60,000 square feet of existing terminal, including main entrance, lobby, security, baggage areas, canopies, and sidewalks

    $21,915,184

    Capital Region

    Floyd Bennett Memorial Airport

    Taxiway reconstruction  

    $210,803

    Capital Region

    Schenectady County Airport

    Conducting an airport drainage study and updating the airport master plan study

    $658,540

    Central NY

    Cortland County/Chase Field Airport

    Replacing snow removal equipment

    $369,550

    Central NY

    Griffiss International Airport

    Reconstructing airfield signage and updating navigational aids 

    $580,367

    Central NY

    Hamilton Municipal Airport

    Constructs a new 1,350 square foot terminal to accommodate the movement of passengers and baggage. This grant funds the final phase, which consists of interior construction including architectural, plumbing, mechanical and electrical

    $190,935

    Central NY

    Oswego County Airport

    Replacing snow removal equipment

    $513,750

    Finger Lakes

    Frederick Douglass Greater Rochester International Airport

    Reconstructing the existing terminal by replacing six vestibule doors, three elevators and fire alarm system

    $6,371,281

    Finger Lakes

    Canandaigua Airport

    Rehabilitating pavement

    $320,150

    Hudson Valley

    Columbia County Airport

    Weather system replacement

    $87,252

    Hudson Valley

    Columbia County Airport

    Terminal parking lot reconstruction

    $87,058

    Hudson Valley

    Hudson Valley Regional Airport

    Runway extension to enhance safety 

    $78,185

    Hudson Valley

    Joseph Y Resnick Airport

    Automated weather system replacement

    $87,639

    North Country

    Potsdam Municipal Airport

    Constructing 15,400 feet of wildlife fencing and four manual gates to enhance safety

    $96,258

    North Country

    Potsdam Municipal Airport

    Rotating beacon replacement

    $171,707

    NYC

    LaGuardia Airport

    Runway reconstruction

    $6,264,504

    Southern Tier

    Elmira Corning Regional Airport

    Snow removal equipment

    $615,943.00

    Southern Tier

    Elmira Corning Regional Airport

    Replacing terminal roof

    $1,580,131

    Western NY

    Cattaraugus County-Olean Municipal Airport

    Parking lot construction 

    $313,813

    Western NY

    Cattaraugus County-Olean Municipal Airport

    Replacing terminal septic system 

    $87,400

    MIL OSI USA News –

  • MIL-OSI USA: Governor Hochul Signs Legislation to Avert a Municipal Default in the City of Dunkirk

    Source: US State of New York

    overnor Hochul signed into law legislation authorizing an emergency loan from the State of New York to the City of Dunkirk. The City of Dunkirk is facing a severe fiscal crisis, driven by years of structural deficits and compounded by a looming deadline to repay a major revenue anticipation note. This legislation safeguards Dunkirk residents from more costly and expensive alternative measures, such as the creation of a financial control board.

    “Having spent years in local government, I understand the challenges our local leaders are experiencing, and this financial support to the City of Dunkirk is necessary to avoid a potentially devastating default that could ripple far beyond Dunkirk’s borders,” Governor Hochul said. “This legislation reflects the State’s commitment to stabilizing local governments in crisis while protecting the broader financial integrity of New York municipalities.”

    Legislation S.8413/A.8870 enacts “The City of Dunkirk Revenue Anticipation Note Refinancing Act,” which allows the city to use state funds to repay its $12.7 million revenue anticipation note due July 24, 2025, which it would otherwise be unable to pay in full. The loan carries a 15-year amortization period at a 7.5 percent interest rate and must be repaid using city revenues, including through offsets to state aid.

    The Act also requires the city to demonstrate that it has made good faith efforts to raise the necessary funds independently and includes provisions for state oversight of future fiscal practices while the loan is outstanding.

    The Act also requires Dunkirk to provide annual attestation of its inability to refinance through deficit bonds or notes and remains subject to the oversight framework established under the Dunkirk Fiscal Recovery Act of 2024. The Act supports the City’s efforts to secure their long-term fiscal future and demonstrates the Governor’s commitment to the fiscal health of all state municipalities.

    Assemblymember J. Gary Pretlow said, “This legislation is a necessary and prudent step to prevent fiscal collapse in the City of Dunkirk, while ensuring state resources are used responsibly. By authorizing this emergency loan with clear repayment terms and robust oversight, we are not only helping a city in crisis but protecting the financial health of the entire state and reaffirming our commitment to sound, accountable governance.”

    City of Dunkirk Mayor Kate Wdowiasz said, “On behalf of the City of Dunkirk, I want to extend my sincere gratitude to Governor Hochul for signing the critical legislation that authorizes the state loan to assist our city during this unprecedented fiscal crisis. This support is a vital step forward in helping Dunkirk stabilize its finances, continue delivering essential services, and begin the long-overdue process of rebuilding our financial foundation. The Governor’s action today reaffirms her commitment to communities like ours and allows us to correct decades of mismanagement and move toward a more sustainable future.”

    MIL OSI USA News –

  • MIL-OSI USA: Warren, Collins, 44 Senators Team Up on Bill to Fight for Tax Equality for Married LGBTQ+ Couples

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    June 27, 2025
    Legislation would retroactively give refunds to same-sex married couples who were denied opportunity to lower tax bill by filing jointly
    Bill Text (PDF) | One Pager (PDF) 
    Washington, D.C. – On the ten-year anniversary of Obergefell v. Hodges, which recognized a constitutional right to same-sex marriage, and the twelve-year anniversary of U.S. v. Windsor, which struck down as unconstitutional the federal definition of marriage as between one man and one woman, U.S. Senators Elizabeth Warren (D-Mass.) and Susan Collins (R-Maine) led the reintroduction of the bipartisan Refund Equality Act to ensure that married same-sex couples can amend their tax returns back to the date of their marriage, helping them secure an estimated total of $55 million in refunds. 
    The legislation will be reintroduced in the House by Rep. Judy Chu (D-Calif.) as part of the PRIDE Act, which combines the Refund Equality Act and Equal Dignity for Married Taxpayers Act. Senator Warren originally introduced this legislation with Representative Richard Neal (D-Mass.), along with 71 of their congressional colleagues, in 2017.
    “No one should ever have to pay more in taxes because of who they love,” said Senator Warren. “I’m fighting to reverse this discrimination and get couples the refunds they are owed.”
    “For years, legally married same-sex couples were not allowed to file joint tax returns and missed out on refunds they otherwise would have received,” said Senator Collins. “This bipartisan bill takes the practical step of giving those couples the opportunity to file amended returns and receive the full refunds they are entitled to.”
    “For years, same-sex married couples were denied the ability to file taxes jointly and claim tax refunds they had rightfully earned because of the Defense of Marriage Act. Twelve years ago, the Supreme Court’s Windsor decision corrected this injustice, but IRS rules about amending tax returns have prevented these couples from claiming all of the refunds they should have earned,” said Rep. Chu. “The PRIDE Act would finally address this by enabling same-sex couples to rightfully claim the tax refunds they deserve as well as update the tax code to promote dignity and equality by erasing gendered language of husband and wife that leaves out same-sex couples. This Pride Month, I am proud to join with my House and Senate colleagues in introducing this pro-equality legislation.”
    “My marriage with my wife Elizabeth would not be recognized across the country if not for Obergefell. This Supreme Court decision is fundamental to achieving equality and laid the foundation to address all the ways same-sex couples have been systematically discriminated against,” said Rep. Becca Balint (D-Vt.). “Change needs to be more than symbolic. I’m proud to co-lead this legislation to fight for tax equality for married LGBTQI+ couples and help to right the wrongs of the past.”
    “The fight for equality is always ongoing. This legislation embodies that fight by ensuring LGBTQ+ couples finally get the tax refunds they are owed. This is legislation long overdue – let’s get it done,” said Senator Alsobrooks.
    “For years, legally-married same-sex couples were denied the ability to file taxes jointly and missed out on the full refunds they earned, all because of who they love. This critical legislation corrects that injustice and provides same-sex couples with the opportunity to amend their tax returns and file jointly retroactively, ensuring same-sex couples can access the benefits that are rightfully theirs,” said Senator Blumenthal. 
    “It is absolutely unacceptable that same-sex couples are still being denied nearly a decade of tax refunds that they are rightfully owed,” said Senator Duckworth. “The bipartisan Refund Equality Act would right this wrong and reform our tax code to ensure same-sex couples receive the same protections and benefits for their marriage as everyone else.”
    “Our pursuit of equal justice for all requires us to admit to past wrongs. For years, LGBTQ+ couples were denied tax benefits offered to other married couples simply because of who they love. This bill would allow those couples to amend their tax returns to secure the benefits that they are owed, and passing this legislation will help us get a step closer to achieving equality,” said Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee. 
    “In 2013, I was the first and only elected official in Western PA willing to officiate a gay marriage when it was still illegal.  It was one of the greatest honors of my career because every couple deserves dignity and respect,” said Senator Fetterman. “The Refund Equality Act applies to our tax code that same principle of not punishing anyone for who they are or who they love. It’s long past time for Congress to make this right and ensure same-sex couples get the tax refunds they’re owed.”
    “Every married couple deserves to be treated equally under the law. But for years, same-sex married couples across the country were denied their joint tax returns,” said Senator Gallego. “I’m proud to back this bill to give those couples the refunds they’re entitled to.”
    “Who you love shouldn’t determine how you’re taxed,” said Senator Hickenlooper. “Legally married same-sex couples deserve the tax refunds they were denied because of outdated laws.”
    “For too long, same-sex couples were unable to file taxes jointly, resulting in them losing out on tax refunds, simply because of who they love,” said Senator Hirono. “By enabling these couples to amend their tax returns, this long-overdue legislation would address this injustice, helping to promote equity in the tax filing system by allowing couples to receive the benefits that are rightfully theirs.”
    “In many states, same-sex couples were married for years before the 2013 Windsor decision, yet they were denied the legal right to file their federal taxes jointly. With this legislation, we’re fighting to right the wrongs these couples faced and ensure they are able to receive the refunds they have been unfairly denied,” said Senator Van Hollen.
    “It is time we right this egregious wrong and return money long owed to married LGBTQ+ couples,” said Senator Andy Kim. “Let’s get rid of this discriminatory red tape and stand up for the fairness and equality under the law every American deserves.”
    “For years, same-sex married couples were forced to file their taxes as individuals, which meant missing out on the benefits other married couples received,” said Senator Luján. “This legislation is an important step toward making things right by ensuring same-sex married couples get the tax refunds they are owed.”
    “On the anniversary of the landmark Obergefell v. Hodges decision, we must ensure same-sex couples receive the equal rights protections guaranteed to them by law,” said Senator Markey. The Refund Equality Act would correct a historic wrong and allow same-sex couples to claim tax refunds that discriminatory tax policies denied them previously. This bill is a step in the right direction to fully realize equality for same-sex couples across the country.”
    “Same-sex couples deserve to be treated as persons equal in dignity, equal in opportunity, and equal under the law,” said Senator Jeff Merkley, author of the Equality Act. “However, legally married same-sex couples were unfairly forced to file taxes as individuals for many years, oftentimes paying more in taxes than other legally married couples. Our bipartisan bill is a step forward for equality by ensuring that married same-sex couples can amend their tax returns and get the refunds they are owed.”
    “Every married couple deserves equal treatment under the law,” said Senator Padilla. “The discrimination of same-sex married couples in our tax code and denial of certain benefits — simply because of who they love — was deeply wrong and un-American. The Refund Equality Act would finally make these couples whole by providing tax refunds on hard-earned income that never should have been taken from them in the first place.”
    “For years, same-sex couples were discriminated against and unfairly denied the ability to file their taxes jointly or access the tax benefits afforded to other married couples,” said Senator Rosen. “I’m proud to cosponsor this legislation to help right that wrong and ensure that all married couples are treated equally under the law.”
    “Everyone deserves to be treated equally under the law, regardless of who they love,” said Senator Smith. “For years, our tax system unfairly discriminated against same-sex couples by making them file separately on their taxes, despite being legally married. The Refund Equality Act would help take an enormous step toward righting these wrongs and allow same-sex couples to access the tax benefits they should have always received.”
    “The right to marry whoever you love may be recognized as the law of the land, but the work toward true equality is far from over,” Senator Wyden said. “The opponents of marriage equality are working to roll back the clock on the progress we’ve made in recent years and decades. That’s all the more reason to root out the remnants of discrimination from the laws on the books, including in our tax code.”
    Specifically, the Refund Equality Act would:
    Allow same-sex couples who were married in jurisdictions that recognized same-sex marriage prior to 2013 – including Massachusetts, Connecticut, California, Iowa, New Hampshire, Vermont, and Washington, D.C – to file for income tax adjustments for those years, back to the date of their marriage; 
    Creates exceptions for two tax code limitations: Section 6013(b), which gives married couples three years to begin filing jointly after their most recent separate returns, and Section 6511(a), which requires a claim for tax credits or refunds to be filed within three years of the initial return; and   
    Creates exemptions including adjustments to capital loss carryback and adjustments for retired service members who receive an award of disability compensations. 
    According to a 2021 estimate by the Joint Committee on Taxation, this bill would return $55 million in refunds to taxpayers whose marriages were systematically discriminated against.
    The legislation is also co-sponsored by Minority Leader Chuck Schumer (D-N.Y.), Ranking Member of the Senate Finance Committee Ron Wyden (D-Or.), and Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Martin Heinrich (D-N.M.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Haw.), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Me.), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Or.), Chris Murphy (D-Conn.), Patty Murray (D-Wash.), Alex Padilla (D-Cal.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Brian Schatz (D-Haw.), Adam Schiff (D-Cal.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Peter Welch (D-Vt.), and Sheldon Whitehouse (D-R.I.).
    This legislation is being reintroduced alongside Senator Wyden’s Equal Dignity for Married Taxpayers Act, which Senator Warren co-sponsors and would protect LGBTQ+ Americans from inequality and discrimination by removing gender-specific references to marriage in the tax code. 
    The legislation is also endorsed by the Human Rights Campaign (HRC), Services & Advocacy for GLBT Elders (SAGE), Children of Lesbians and Gays Everywhere (COLAGE), the Movement Advancement Project, and MassEquality.  

    MIL OSI USA News –

  • MIL-OSI Security: Four Charged in the Nation’s Largest Known COVID Tax Credit Fraud Scheme

    Source: US FBI

    Two Defendants Charged with Attempting to Murder Ringleader of the Fraud

    FBI and IRS-CI agents arrested multiple people today for their roles in a $93 million COVID-19 tax credit fraud scheme—considered to be the largest ever identified. Two of the defendants are also charged for attempting to murder the ringleader of the scheme.

    On June 11, 2025, a federal grand jury returned an indictment in Los Angeles that was unsealed today charging four defendants with conspiracy to commit mail fraud; mail fraud; and conspiracy to submit false claims. Two of the defendants are also charged with attempting to kill a witness and using a firearm in furtherance of that crime.

    Those charged in the indictment are:

    • Kristerpher Turner, aka “Kris Turner,” “Red,” “Red Boy,” and “Bullet,” 52, of Harbor City, California.
    • Toriano Knox, aka “Scooby,” and “Dwight,” 55, of Los Angeles, California.
    • Kenya Jones, aka “Kenya Emua Jones,” and “Kenya Hunt,” 46, of Compton, California.
    • Joyce Johnson, a.k.a. “Ms. Jay,” 55, of Victorville, California.

    During the COVID-19 pandemic, Congress authorized tax credits, including “sick and family wage credits,” otherwise known as Coronavirus Response Credits, to help alleviate the impact of COVID-19, via the Family First Coronavirus Response Act. Small businesses could seek refunds on business tax returns claiming the credit. Authorized tax credits would reimburse businesses for the wages paid to employees who could not work because of the pandemic.

    According to the indictment, defendant Turner operated a tax fraud scheme whereby he and his co-conspirators would submit fraudulent forms to Coronavirus Response Credits for businesses, including bogus companies, that did not pay any sick and family wage credits to any employees at any time. Defendant Turner and his co-conspirators would submit these fraudulent filings on behalf of their own purported businesses, but also on behalf of others recruited to the scheme.

    Defendant Turner would direct and manage recruiters, including defendant Knox and Jones, to recruit fraud clients, including romantic partners. According to the indictment, Jones recruited her family and friends to the fraud, resulting in false forms being submitted in the names of multiple businesses. Fraud clients would provide their personal identifying information to be used to establish fake businesses and prepare fraudulent tax filings. Others would provide information about preexisting businesses that were ineligible to receive Coronavirus Response Credits so that the co-conspirators could use that information to file fraudulent tax filings on behalf of those businesses.

    Fraud participants would receive U.S. Treasury checks in the mail as a result of the conspiracy’s fraudulent tax filings and would attempt to deposit those Treasury Checks in business accounts opened in the name of the fake businesses at various banks.

    For each fraud client that obtained Treasury checks through this conspiracy, defendant Turner would charge a percentage of the fraud proceeds that amounted to somewhere between 20 to 40 percent of funds received. Defendant Turner would direct fraud clients and his recruiters to pay a portion of the fraud proceeds to him personally or to entities controlled by him, or his co-conspirators, as kickbacks, including through cashiers’ checks, money transfer services, or cash.

    In total, from approximately June 2020 and December 2024, the defendants and their co-conspirators submitted and caused the submission of fraudulent forms for at least 148 companies, seeking a total of approximately $247,956,938 in tax refunds to which they were not entitled. In reliance on the fraudulent forms and the false statements, the IRS issued Treasury checks in the total amount of at least approximately $93 million.

    At some point during the scheme, the now-defendants learned that the IRS and others were making inquiries about their fraudulent activity. According to the indictment, on or about August 29, 2023, defendants Knox, Jones, and others known and unknown to the grand jury, attempted to kill defendant Kristerpher Turner in order to prevent him from speaking to law enforcement about the fraud. Turner was shot multiple times in broad daylight at an office park in Gardena. He survived and is paralyzed. Knox and Jones are also charged with using a firearm in the furtherance of a crime of violence.

    An indictment contains allegations that a defendant has committed a crime. Every defendant is presumed to be innocent until and unless proven guilty in court.

    If convicted of the charges, the defendants would face a statutory maximum sentence of 20 years in federal prison on each mail fraud charge. Knox and Jones would face life imprisonment on the firearm charge and 30 years on the attempted murder charge.

    This case is being investigated by the FBI, TIGTA, and the IRS—Criminal Investigation.

    Assistant U.S. Attorneys Kevin Reidy and Haoxiaohan Cai of the Major Frauds Section, and Kevin J. Butler of the Violent and Organized Crime Section are prosecuting this case.

    MIL Security OSI –

  • MIL-OSI USA: Smith, Hoyle, Schatz Introduce New Legislation to Reduce Economic Inequality and Make Wall Street Pay Its Fair Share

    Source: United States House of Representatives – Congressman Adam Smith (9th District of Washington)

    WASHINGTON, D.C. –  Last week, U.S. Representatives Adam Smith (WA-09), and Val Hoyle (OR-04), and U.S. Senator Brian Schatz (D-Hawaii) introduced The Wall Street Tax Act (H.R. 4035), which would deliver hundreds of billions of dollars back to the American people by making Wall Street pay its fair share. The bill would create a progressive tax aimed at reducing the risky trading practices that threaten our economic stability while generating revenues that can be reinvested towards services for working people. Once fully implemented, the bill is projected to raise $750 billion over 10 years. 

    “It’s past time for the wealthiest to pay their fair share, which is why I’m proud to support the Wall Street Tax Act, which targets high-risk trades that create high volatility and instability in the markets,” said Rep. Smith. “I’ll continue to fight for a fairer economy that works for everyone and reflects the values of the communities I serve.”

    “While Republicans push another tax break for billionaires that would blow up the deficit, we’re offering a smarter path. The Wall Street Tax Act puts a price on the risky, high-speed trading that benefits Wall Street and leaves working families behind,” said Rep. Hoyle. “This small, targeted tax will raise hundreds of billions from those who can afford it and reinvest it in things that actually help people—like schools, housing, and infrastructure. Working families shouldn’t have to pay for Wall Street’s gambling.”

    “Wall Street routinely cashes in on high-risk trades that add no real value to our economy. It’s long past time we curbed this dangerous trading to reduce market volatility and encourage investment that actually helps our economy grow,” said Senator Schatz. “Republicans are racing to enrich billionaires and corporations by ripping regular people off. We’re doing the opposite: raising new revenue from Wall Street to reinvest in our communities.”

    “Instead of the proposed heartless cuts to services that help vulnerable communities and everyday people—like Medicaid and nutrition assistance—that Congress is currently debating, there is another route that lawmakers can and must pursue: raising taxes on corporations and the super-rich—including Wall Street high rollers,” said Susan Harley, managing director of Public Citizen’s Congress Watch division. “The Wall Street Tax Act would generate hundreds of billions of dollars that could be used to expand programs that improve the lives of Americans and it has the simultaneous benefit of reducing harmful high-speed trading that hurts investors and increases risk in our markets.”

    This bill is cosponsored by U.S. Representatives Frost (D-FL), Jayapal (D-CA), McGovern (D-MA), Pingree (D-MN), Schakowsky (D-IL), Tlaib (D-MI), Watson Coleman (D-NJ) and by U.S. Senators Elizabeth Warren (D-Mass.), Chris Van Hollen (D-Md.), Sheldon Whitehouse (D-R.I.), John Fetterman (D-Pa.), and Jeff Merkley (D-Ore.).

    The Wall Street Tax Act is currently endorsed by 32 organizations, including:Affordable Homeownership Foundation, AFL-CIO, American Family Voices, American Federation of Teachers, Americans for Financial Reform, Americans for Tax Fairness (ATF), Blue Future, Chicago Political Economy Group, Child Labor Coalition, Citizens for Tax Justice, Coalition on Human Needs, Communications Workers of America (CWA), Consumer Action, Food & Water Watch, Greenpeace USA. Groundwork Collaborative, Institute for Policy Studies, Global Economy Project, Institute on Taxation and Economic Policy Medical Mission Sisters(Unit North America), National Consumers League, NETWORK Lobby for Catholic Social Justice, Our Revolution, Oxfam America, Public Citizen, Public Justice Center, Responsible Wealth, RootsAction, Take on Wall Street, Unitarian Universalists for Social Justice, United for a Fair Economy, United Church of Christ, and United Steelworkers International Union (USW).

    The Bill

    The Wall Street Tax Act will levy a 0.1% tax – phased in over five years–on the sale of stocks, bonds, and derivatives to discourage risky and unproductive trading practices and gives those profits back to the people. The tax would apply to the fair market value of assets. Initial public offerings (IPOs) and short-term debt would be exempted from the tax. 

    Background

    High frequency trading (HFT) is a type of asset trading that uses supercomputers and specialized algorithms to make large, high-volume trades in a fraction of a second. HFT allows corporations and the ultra-wealthy to benefit from minor fluctuations in stock prices by allowing them to buy and sell in large volumes to make larger profits off of small differences. These practices create undue market volatility, which overwhelmingly hurts everyday investors who are unable to trade as quickly.

    In addition, these speculative, high-volume trading practices add little to no real value to the U.S. economy because the gains from them are centralized within the hands of a wealthy few. However, these high stakes games do have a real impact, as their asset prices react to the trades. The volatility these trades can even lead to a “Flash Crash,” where such volatility prompts mass selloffs across the stock market. This volatility can affect the retirements, pensions, and investments of working people.

    The Wall Street Tax Act is considered a progressive tax, meaning lower income earners pay a lesser percentage of their income in taxes compared to those with higher incomes. 

    The full text of the bill can be found here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: It’s Time to Send the One Big Beautiful Bill to President Trump’s Desk

    Source: US State of Idaho

    WASHINGTON—This week, Idaho Congressman Mike Simpson wrote an op-ed in the Washington Reporter regarding his support for the One Big Beautiful Bill Act, a legislative vehicle to advance President Trump’s full policy agenda.
    “The budget reconciliation package—the One Big Beautiful Bill Act—is the legislative vehicle to advance President Trump’s full commonsense policy agenda. To put it simply, this package is truly one big, beautiful bill that reflects the promises President Trump campaigned on and won with.”
    The full op-ed is available here and below.
    It’s Time to Send the One Big Beautiful Bill to President Trump’s Desk 
    By Rep. Mike Simpson
    Opportunities like this don’t come around often. Right now, Congress has the chance to pass legislation that delivers on the American-first agenda that Idahoans and millions of Americans voted for last November. The One Big Beautiful Bill Act is a substantial opportunity we have in front of us, and it is of the utmost importance we get this passed and to President Trump’s desk.
    The budget reconciliation package—the One Big Beautiful Bill Act—is the legislative vehicle to advance President Trump’s full commonsense policy agenda. To put it simply, this package is truly one big, beautiful bill that reflects the promises President Trump campaigned on and won with.
    The mainstream media has made a lot of noise, which we have heard since this reconciliation process began. However, if there is one thing sure, more than 77 million Americans voted for the legislation standing before us in Congress.  
    For Idahoans, two of the biggest concerns in 2024 were getting our economy back on track and securing the southern border. This bill tackles both.
    It includes the largest tax cut in history for working and middle-class families, boosting their take-home pay and wages. If passed, this would deliver up to a $12,200 increase in annual take-home pay for a typical Idaho family of four.
    And let me be clear: failing to extend the 2017 Trump Tax Cuts would stick Americans with the largest tax hike in history – Idahoans would face a 24% tax increase. Rest assured, I’m working alongside my colleagues to prevent that from happening.
    Border security is just as important. We all witnessed what happened to the border during the Biden administration, and the One Big Beautiful Bill works to ensure a crisis like that never happens again.
    I view the One Big Beautiful Bill as a national security investment. The Biden administration’s open-border policies allowed millions of illegal immigrants to flood through the southern border. The result? A catastrophic wave of violent crime that plagued our nation.
    For anyone who argues that the open border did not affect Idaho, every state was a border state under the previous administration. Idahoans felt the consequences. Ask any law enforcement officer about the rates of fentanyl overdoses and the amount of illicit drugs that poured into our state over four years.
    The One Big Beautiful Bill reverses course. It provides funding to help finish President Trump’s border wall and provides our brave Border Patrol and ICE agents with the resources they need to keep our communities safe. These historic investments will strengthen America’s border security for years to come.
    This is more than just a reconciliation package – it’s the only way to get our country back on track.
    Congress has a real opportunity here—a chance to deliver the America-first agenda Idahoans and Americans nationwide voted for in November. We cannot afford to let it slip by. The time to advance President Trump’s policy agenda by passing the One Big Beautiful Bill is now.   

    MIL OSI USA News –

  • MIL-OSI USA: Grothman Reintroduces Enforce the Caps Act to Rein in Reckless Spending

    Source: United States House of Representatives – Congressman Glenn Grothman (R-Glenbeulah 6th District Wisconsin)

    Congressman Glenn Grothman (WI-06) has reintroduced the Enforce the Caps Act, which extends critical federal spending caps through Fiscal Year (FY) 2029. The legislation builds on the bipartisan Fiscal Responsibility Act, which currently enforces spending caps only through FY 2025. 

    “Americans are fed up with the reckless spending in Washington that continues to fuel our growing debt crisis,” said Grothman. “Congress already reached a bipartisan agreement on commonsense spending caps through FY25, and this legislation simply extends those enforcement tools through FY29, adding essential guardrails to protect taxpayers from runaway deficits. 

    “While the Fiscal Responsibility Act was a step forward, more action is needed to get Washington’s fiscal house in order. The Enforce the Caps Act strengthens our commitment to reducing the deficit and curbing inflation. This is about securing our nation’s economic future for future generations.” 

    “Congress needs automatic enforcement to make spending limits real. Rep. Grothman’s proposal to add sequester backing to appropriations caps for four more years makes good sense. As Congress continues with the unfinished business of ending excessive spending and debt, this legislation deserves members’ support,” said Kurt Couchman, Senior Fellow in Fiscal Policy with Americans for Prosperity.  

    “While the Fiscal Responsibility Act accomplished a $1.5 trillion reduction (CBO) in spending through, primarily, its FY2024 and FY2025 spending caps, President Biden and Senate Democrats would not allow enforceable spending limits in Fiscal Years 2026 through 2029. This leaves the nation’s fiscal stability vulnerable to whoever holds power during these years. Thankfully, Representative Glenn Grothman has introduced the Enforce the Caps Act, which would make these spending caps enforceable through sequestration. This law would decrease planned spending by an additional $553 billion. Rep. Grothman’s bill is a crucial next step towards fiscal sanity, providing a more stable economy for Americans and protecting future taxpayers. ATR urges all lawmakers to support this important legislation,” said Grover Norquist, President of Americans for Tax Reform. 

    “The Enforce the Caps Act is a vital step toward restoring fiscal discipline in Washington. This commonsense legislation would finally hold Congress accountable to the discretionary spending limits it has repeatedly agreed to but consistently ignored. JCN polling finds balancing the budget is one of the biggest priorities of American small businesses, and the Enforce the Caps Act would help rein in the reckless spending that is 100% responsible for America’s deficit crisis. It’s about time that Washington played by the same rules every Main Street entrepreneur does—living within a budget,” said Alfredo Ortiz, CEO of Job Creators Network. 

    “National Taxpayers Union is pleased to once again support the Enforce the Caps Act, which would make discretionary spending limits established in the Fiscal Responsibility Act enforceable through sequestration in future years. Enforcing these limits would promote greater budget discipline and help reduce annual deficit spending,” said Brandon Arnold, Executive Vice President of the National Taxpayers Union. 

    “The Taxpayers Protection Alliance (TPA) is proud to endorse the Enforce the Caps Act, reintroduced by Rep. Grothman. Following the enactment of the Fiscal Responsibility Act of 2023, which set discretionary spending caps for FY24–FY29, this legislation would reduce federal outlays by $553 billion from FY26 to FY33 by ensuring those caps are enforced through sequestration. TPA strongly supports this measure, which reins in Washington’s reckless spending and safeguards taxpayers’ hard earned dollars,” said David Williams, President of the Taxpayers Protection Alliance. 

    “Rep. Glenn Grothman’s Enforce the Caps Act takes a much-needed step toward restoring fiscal discipline. With binding spending caps set to expire after FY 2025, Congress should prevent a surge in discretionary spending that could fuel inflation and deepen the U.S. debt crisis. Locking in previously agreed upon spending caps—with a real enforcement mechanism—will help focus taxpayer dollars on core government priorities by forcing tradeoff considerations, and helping Congress do what every family must do: budget within limited means,” said Romina Boccia and Dominik Lett from Cato Institute. 

    “R Street Institute is pleased to support the ‘Enforce the Caps Act.’ Too often, when Congress sets fiscal targets as part of a negotiated deal, critical spending restrictions are postponed for future years and rarely achieved in full. This shortchanges taxpayers and legislators who were promised savings as part of a comprehensive agreement. It also devalues the legislative process by signaling that lawmakers never intended to follow the law, making it harder for legislators to work together in the future and undermining trust in the institution. By enforcing the spending limits in the ‘Fiscal Responsibility Act,’ Congress can at once secure urgently needed savings and boost congressional integrity,” said Nan Swift, Resident Fellow, Governance Project, R Street Institute. 

    “The Enforce the Caps Act would add real teeth to the Fiscal Responsibility Act beyond 2025, codifying significant deficit reduction in the process. We applaud Representative Grothman for his initiative in introducing this important bill. Although the Fiscal Responsibility Act was the largest and most important deficit reduction bill in over a decade, it does not include a mechanism to truly enforce its savings or discretionary targets beyond 2025. The ECA would extend the statutory caps in place for 2024 and 2025, limiting appropriations growth to 1 percent per year through 2029. Members have already voted for these spending levels as targets under the FRA, so it only makes sense to make them real. In doing so, the Enforce the Caps Act would play a significant role in improving America’s fiscal future,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. 

    “The Enforce the Caps Act is a step in the right direction. It strengthens the FRA by making the budget caps from FY 26′ to FY 29′ fully enforceable through sequestration. We applaud Congressman Grothman for reintroducing this commonsense measure to rein in out-of-control spending,” said Jill Homan, Deputy Director for Trade and Economic Policy for the America First Policy Institute 

    Background Information 

    The bipartisan Fiscal Responsibly Act of 2023 placed two years of enforceable discretionary spending caps for FY24 and FY25 and four years of non-enforceable caps for FY26 through FY29. The Enforce the Caps Act protects taxpayers by simply extending the enforcement period to apply to FY26 through FY29. 

    The Enforce the Caps Act would simply make the FY 26 through FY 29 caps enacted by the Fiscal Responsibility Act enforceable through sequestration. 

    According to the CBO, full enforcement of these caps would decrease outlays by $553 billion between 2026 and 2033. 

    This bill is endorsed by Americans for Prosperity, Americans for Tax Reform, Job Creators Network, National Taxpayers Union, R Street Institute, America First Policy Institute, Committee for a Responsible Federal Budget, and Taxpayers Protection Alliance. 

    This bill has three original cosponsors, including Representatives Andy Barr (R-KY), Ralph Norman (R-SC), and David Rouzer (R-NC). 

    U.S. Rep. Glenn Grothman (R-Glenbeulah) proudly serves the people of Wisconsin’s 6th Congressional District in the U.S. House of Representatives 

    MIL OSI USA News –