April 28, 2017 Taxation in USA
In a report released earlier this week the US think tank the Institute on Taxation and Economic Policy (ITEP) showed that some undocumented immigrants in the USA pay a total of USD 2 billion in state and local taxes per year.
The new study revolves around the taxes paid by individuals who fall within the scope of the DACA program, which allows some illegal migrants to live in the country, if they were brought to the USA at a young age.
Currently approximately 1.3 million undocumented migrants who are enrolled in the DACA system paid income taxes.
The young taxpayers are estimated to have paid approximately 8...Read More
April 27, 2017 Taxation in USA
On April 26th the Trump Administration released its blueprint for upcoming tax reforms to be enacted in the USA.
The new blueprint is intended to be used as a guide and direction for lawmakers as they debate the proposed tax reform bill over the coming months.
The new plan has been hailed as the “biggest individual and corporate tax cut in American history”.
The key points of the plan revolve around the reduction of corporate income tax from a rate of 35 percent to 15 percent, and a reduction in the number of tax thresholds for personal income, from the current seven to three.
The number of tax deductions available for households would doubl...Read More
April 26, 2017 Taxation in UK
On April 25th the Office for National Statistics of the UK released a new report on the effects of taxes on household income in the UK, showing that the country’s poorest individuals feel a disproportionately hard effect from taxes.
It was shown that the poorest 10 percent of people in the UK country pay out as much as 42 percent of their income out in taxes, which include consumption taxes.
Conversely, the richest 10 percent of people pay 34.3 percent of their income out as taxes.
Further, the incomes of the top 20 percent of earners was shown to be approximately GBP 84,700, or as much as the bottom 20 percent, who earned one 12th of that amount, approximately GBP 7 200.
The repo...Read More
April 24, 2017 Taxation in Egypt
Egypt is currently considering a new legislative proposal which would see foreign companies operating in selected sectors of Egypt’s economy receive substantial tax rebates.
The potential tax rebates could be as high as 40 percent, and would be offered to foreign companies working in food, education, electricity, pharmaceuticals, and manufacturing.
Further, the tax rebate will be accompanied by new measures to ease and speed up the process of launching a business in the country, which had previously taken as long as three years, and would now take as little as 60 days.
The two new measures are aimed directly at sourcing new foreign investment into Egypt, as the country is...Read More
April 24, 2017 Taxation in Nigeria
Over the weekend at the 2017 Spring Meetings of the IMF-World Bank/IMF in Washington DC the Finance Minister of Nigeria said that the national government must take extra efforts to raise the national tax-to-GDP ratio.
Currently the tax-to-GDP ratio in Nigeria sits at approximately 6 percent, one of the lowest rates in the world.
The Minister said that revenue mobilisation if a key avenue for the government to pursue higher tax returns, adding that the primary focuses should be a growth in non-oil revenues, and an increase in budget transparency.
She further explained that the country’s “unacceptably low level of non-oil revenue” was driven heavily by the failure by tax authoritie...Read More