January 16, 2017 Taxation in Israel
Late last week the Israeli Tax Authority issued a circular detailing the authority’s stance on the taxation of cryptocurrencies, saying that the Bitcoins and other cryptocurrencies shall be treated as assets when sold.
Cryptocurrencies are often considered to fall into a legal grey area for the purposes of taxation, with some countries classifying them as financial instruments, or currency, or an equivalent of a currency, or an asset.
The ITA has now decided that any cryptocurrency sold in Israel shall be regarded as the sale of an asset, and, subsequently, will carry a potential capital gains tax obligation.
The profits made fr...Read More
January 13, 2017 International Tax Cooperation
Minor increases in the taxes levied on the sale of cigarettes worldwide could raise billions in extra tax revenues, while also saving millions of lives, according to the results of a new study released jointly by the World Health Organization and the U.S. National Cancer Institute.
It was estimated in the report that smoking results in approximately 6 million death each year, and carries a global financial burden equivalent to USD 1 trillion in healthcare costs and lost productivity.
It is estimated that global excise taxes on tobacco generated USD 269 billion between 2013 and 2014, and less than USD 1 billion of the collected total was diverted to tobacco preventi...Read More
January 11, 2017 Taxation in China
According to the results of new research conducted by Wang Changbin, an academic at the Gaming Teaching and Research Centre of the Macao Polytechnic Institute, the government of Macau should lower its taxes on gambling, in order to stay competitive in Asia.
Currently the overall tax burden faced by Casinos in Macau equates to an average of 39 percent on all gambling revenues, although the exact rate may vary based on the exact nature of the gambling and the clientele.
Wang Changbin suggested that Macau could investigate the feasibility of implementing a tax model similar to the one used in Singapore.
Gambling taxes in Singapore are currently set at 15...Read More
January 10, 2017 International Tax Cooperation
On January 9th a new study published in the international journal Natural Energy claimed that since 2003 the levels of taxation on petrol has fallen, despite a worldwide dialogue regarding the need to reduce emissions levels and global warming.
According to the results of the study, between 2003 and 2015 the average tax on petrol in 157 countries fell by 13 percent.
It was also shown that in the countries where taxes dropped or subsidies rose, the total level of consumption of petrol increased.
While only a third of countries saw a decrease in taxes, the overall impact of the tax drops was enough to outweigh the tax increases seen across the rest of ...Read More
January 9, 2017 Taxation in Canada
The latest data made available by the Ministry of Finance of Canada has shown that the number of property transactions involving foreign buyers in the province of British Columbia has fallen significantly since the introduction of a tax on foreign purchases.
Approximately 5 months ago the province of British Columbia introduced a 15 percent tax on the purchase of property by foreign buyers.
The tax was intended to rein in widespread speculative purchases by foreign investors.
Purchases by foreign buyers who do not live in Canada has been a factor widely attributed to significant rises in resi...Read More