September 22, 2014 Taxation in Thailand
BANGKOK – Thailand is looking to help the national economy by reducing the tax obligations on selected luxury tourist attractions.
On September 22nd the general director of the excise department of Thailand Somchai Poonsawat announced that the government may soon give holidays to golf courses and health spas in order to facilitate the national tourism industry.
Under the scheme, the government will drop the 10 percent excise duties levied on the fees paid to golf clubs for membership fees or golf course fees, and the 10 percent excise tax levied on top of the fees charged for spa treatments.
The upcoming cut is not the only move Thailand is making to boost the tourism industry, as currently looking at allowing local individuals to deduct as much as TBT 15 000 per year from their personal...Read More
WASHINGTON D.C. – Taxpayers in the USA have little faith in the federal government, and think that more than half of every tax dollar collected is being wasted.
Earlier this week the US based research firm Gallup released the results of a new survey showing that US taxpayers believe that the federal government wastes approximately USD 0.51 of every USD 1 collected from taxpayers.
The currently estimated level of wastage is the same as the result in a previous survey conducted in 2011, but also the highest on record since Gallup launched the survey in 1979, when respondents believed that the government wasted only USD 0.40 per USD 1.
The experts of Gallup also found that the estimates of tax wastage was influenced by the respondents’ political affiliation, with individuals identifying as...Read More
September 18, 2014 Uncategorized
LONDON – The UK needs to offer tax breaks to employers running eight-loss programs, or else the country will face an array of tax hikes.
While speaking at a conference in Coventry organized by the Public Health England, the chief executive of the National Health Service Simon Stevens announced that the NHS will soon propose that businesses which help their staff lose weight should be offered tax breaks.
Simon Stevens explained that the complete details of the new tax break will be included in an upcoming report to be published by the NHS with a five-year plan on how the UK should combat obesity.
He explained that the proposal will consist of financial incentives to employers to offer medical treatments to employees, along with health facilities, or even run health programs, such as group...Read More
September 17, 2014 Taxation in Kenya
NAIROBI – Kenya will once again levy a capital gains tax, despite warnings that such a measure could hamper the country’s economic growth.
In a statement issued on September 14th the government of Kenya confirmed that a new capital gains tax shall be implemented in the country from January 1st next year.
The upcoming tax will be levied at a rate of 5 percent, and is expected to raise as much as USD 85 million per year to be used to fund new development projects aimed at boosting economic growth and creating more jobs in Kenya.
Despite the potential benefits that the tax may have on the country, some experts have warned that imposing a capital gains tax may have unintended negative consequences on the country, as it may push away foreign investors, and may slow down the rapid growth of th...Read More
September 16, 2014 Taxation in USA
WASHINGTON D.C. – Taxes in many states of the USA are unfair, and do not correspond to taxpayers’ perceptions of how a tax system should be set up.
On September 15th the independent US-based consumer group Wallet Hub released the results of a new survey on the perceived fairness of tax systems in the states of the USA, showing that individual taxpayers believed that local and state taxes should be progressive, with the well-off paying a higher portion on taxes.
According the results of the survey, the states with tax systems which most correspond with taxpayers’ perception of a fair tax system are Montana, Oregon, South Carolina, and Delaware, while the least fair systems were found to be in Washington, Hawaii, Arkansas and Illinois.
The perceived unfairness of a tax system was judged ...Read More