Canada Cuts Business Tax

October 18, 2017 Taxation in Canada

Small business in CanadaOTTAWA – Small businesses in Canada will see their tax bill slashed significantly in the years to come, as the government sets out to let them “keep more of their hard-earned money”.

The government of Canada has announced that it will be dropping the rate of income tax to be paid by small businesses, making the rate the lowest in the G7.

From January 1st 2018 the rate of income tax paid by small businesses will drop to 10.5 percent.

Further, one year later the rate will be dropped to an even lower 9.5 percent.

It is expected that the two measures together will result in tax savings of as much as CAD 2.9 billion for small businesses over the 2022 year.

When combined with the provincial taxes which will also be paid by small businesses, the tax rate will average out to a level of 12...

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Heavy EVs To Be Taxed in Norway

October 17, 2017 Taxation in Norway

Tesla taxOSLO – Heavy teslas will soon be taxed more to compensate for the damage they cause to roads in Norway.

Last week it was unveiled that Norway was evaluating the possibility of introducing a tax on electric vehicles, as part of the 2018 national budget.

Currently, Norway is regarded as being one of the most EV-friendly countries in the world, with significant tax and infrastructural advantages for EV owners.

It is estimated that there are approximately 215.6 electric and hybrid cars in the country for every 10 000 residents.

Further, approximately 35 percent of new cars sold in Norway now are at least partially electrified.

The new tax would be levied as a one-time fee for the registration of an electric vehicle which exceeds 2 tonnes in weight.

Experts have estimated that the measure w...

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UK Must Drop Whisky Tax

October 13, 2017 Taxation in UK

Tax on whiskyLONDON – Taxes of spirits need to be dropped, as they are leading to a loss of tax revenues and sales.

The Scotch Whisky Association is calling on the government of the UK to drop the rate of duties applied to the sale of whisky.

The Association is claiming that the recent increase in the rate of the duty has resulted in a decrease in the number of bottles being sold, and, subsequently, a drop in the tax revenues gathered by the government.

Over the first six months of 2017, approximately 36.7 million bottles were sold in the UK, however, over the same period in 2016 a total of 37.7 million were sold.

The result of the decreased sales outweighed the relative increase in tax collected per bottle, with overall revenues from the sale of spirits between April and June this year dropping by ...

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Tax the Rich, Says IMF

October 12, 2017 International Tax Cooperation

IMF wealth taxWASHINGTON D.C – Even the IMF has now come forward to say that income inequality is a problem and that taxing wealthy individuals is one of the solutions.

On October 12th the International Monetary Fund issued the results of new research, calling for taxes to be raised on the incomes and assets of wealthy taxpayers.

It was claimed that since 1981, the average top tax rates on income in the OECD have fallen from approximately 62 percent to a new low of 35 percent.

However, over the same period of time, the accumulated wealth of the top 5 percent of earners have steadily increased.

The Fund claimed that income inequality around the world is increasing, and a significant shift of taxes towards the wealth and incomes of wealthy individuals will be a key to reducing inequality in the OECD.

Fu...

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NZ Retirement Savings Overtaxed, Claims Expert

October 11, 2017 Taxation in New Zealand

Kiwisaver taxationWELLINGTON – Property investors in New Zealand are seeing tax liabilities which are only a fraction of those paid by people saving for their retirement.

In a statement issued on October 10th, Peter Neilson, the former chief executive of the Financial Services Council of New Zealand, called for a rethink of the taxation of the country’s retirement savings system, KiwiSaver.

KiwiSaver is a nationwide retirement savings system, whereby a percentage of an employee’s pay is deducted from their wages and invested into a managed fund.

Over the previous financial year, approximately NZD 25.4 million was invested in the default funds assigned to taxpayers upon entry into KiwiSaver, and a further NZD 140.8 million was deposited into funds which were specifically chosen by the saver.

Currently,...

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