July 6, 2015 Taxation in Australia
CANBERRA – The power generation sector in Australia has been releasing tonnes more pollutants into the air since the government dropped a tax on such emissions.
In a statement issued over the weekend the Australian-based non-profit group the Climate Council claimed that there has been a marked rise in the amount of emissions produced by the electricity sector since the recent scrapping of the national carbon tax.
Over the year ending in April 2015 the level of carbon emissions from electricity producers in Australia was 4.3 percent higher than the level seen over the course of the year ending in June 2014.
The rise was attributed to the fact that in July 2014 the national tax on carbon emissions was repealed.
It was noted that during the two years that the tax was active, the level of em...Read More
July 3, 2015 Taxation in Turkey
ISTANBUL – Computers, mobiles and tablets in Turkey will soon become more expensive, as the government turns to taxes to help align the current account deficit.
During a press conference on July 6th the Finance Minister of Turkey indicated that within two months’ time the national government will hike the rate of tax applied to the import electronic goods into the country.
The Minister explained that the import of high-end electronics, such as tablets, telephones, and personal computers, is a significant contributor to the country’s current account deficit.
The new tax measure is intended to help realign the deficit, and is expected to work hand-in-hand with the government’s recent launch of a new program aimed at encouraging greater levels of exports of electronics from Turkey.
PRETORIA – The tax season in South Africa has launched with a good start, lending credibility to the goal of raising SAR 1.1 billion from income taxes this year.
At midnight on June 31st the tax season in South Africa was opened, and by the end of the day on July 1st a total of 67 231 tax returns had already been filed.
The number of taxpayers filing their tax returns online in the first day in 2015 is 7 000 more than the number seen in the previous year, and according to a spokesperson for the South African Revenue Service Luther Lebelo, the good start to the tax season is a strong sign that South Africans have high confidence in the national tax system.
Luther Lebelo also added that this year the minimum threshold for tax filing has been raised to a level of SAR 350 000 from last year’...Read More
July 1, 2015 Taxation in UK
CARDIFF – Work has begun to establish an independent tax authority in Wales, in order to ensure that Wales can smoothly transition to collecting newly devolved taxes.
In a recent statement the Finance Minister of Wales Jane Hutt announced that a new tax collection body is now being established in the country to start collecting taxes from local taxpayers by the end of the year 2018.
The new body, to be called the Welsh Revenue Authority, will initially be charged with collecting the recently devolved landfill tax and the equivalent of stamp duty, to be called Welsh Land Transaction Tax.
It is estimated that the collection of the new landfill tax will result in revenues of GBP 51 million, while collection of the stamp duty will result in revenues GBP 168 million per year.
The Welsh Revenue...Read More
June 30, 2015 Taxation in UK
LONDON – New research has shown that high income earners see a salary far exceeding that of low income earners, and, additionally, they pay a much lower tax rate.
According to the results of new analysis conducted by the UK Office of National Statistics, low income earners in the UK pay a higher portion of their yearly salaries as income taxes compared to the highest earners in the country.
On average, the lowest earning fifth of households in the country see approximately 37.8 percent of their annual incomes paid out as taxes.
Comparatively, the highest fifth of earners see only 34.8 percent of their income come out as tax.
It was shown that while there is a significant difference in the rates of taxes paid out, high income earners still paid a larger monetary amount due to their higher...Read More