The US president, Donald Trump has declared that all the companies manufacturing their products outside the US will be liable to pay tax. When he was asked about the motive behind his declaration, he said that he wants to bring manufacturing back to the US.
Moreover, he has said that taxation will be an incentive for US-based companies when they return to the country. And in the other case, the US will impose taxation on them for carrying out manufacturing activities outside the country.
Currently, companies such as Apple are shifting their operations from China to India and Ireland. And it is something that is disturbing the US on a large scale. According to Trump, it is the responsibility of the US companies to make some contribution to the US by executing their manufacturing operations in the US.
Due to the disruption of the supply chain of many tech companies in China amidst the coronavirus crisis, they are shifting their manufacturing operations outside China. For example, Apple has announced to shift its operations from China to India.
Not just at the commercial level, a lot of changes in terms of taxation policies have also been introduced at an individual level. The US government has delayed the tax filing deadline to July 15 due to which not many people have paid their taxes on time.
Moreover, a lot of people are now making use of a tax refund calculator to have an accurate idea about their refund. And the availability of free online tax calculation tools has increased the use of such tools during the COVID-19 spread.
