April 29, 2016 Taxation in Vatican
VATICAN – In an effort to clean up the image of the controversy-ridden Vatican bank, the city’s financial watchdog has halted millions in transfers and closed thousands of accounts over the course of 2015.
In its annual report released on April 28th, the Financial Information Authority of the Vatican revealed that over the course of 2015 it had received 54 reports of suspicious financial activities in accounts held with the Institutes of Religious Works, the bank of the Vatican.
The number of reports submitted in 2015 marks a four-fold increase compared to the previous year, when only 147 reports were filed.
However, despite the significant increase in the number of filed reports, only 17 cases were handed over to prosecutors for further investigation and action.
The reports of suspicious...Read More
April 28, 2016 Taxation in Denmark
COPENHAGEN – A Danish think tank is claiming that a tax on beef will cut greenhouse gas commissions worldwide.
Earlier this week the Danish Council of Ethics, an independent group established by the national government, called for the implementation of a climate tax on red meats.
The tax is aimed at encouraging reduced consumption of red meat among Danes, in an effort to simultaneously improve the health and diets of taxpayers, while also reducing the impact of beef production on the environment in Denmark and abroad.
It is estimated that the production of one kilogram of beef for consumption requires as much as 43 000 litres of clean water, and, additionally, cattle are directly responsible for the release of as much as 10 percent of greenhouse gas emissions globally.
The proposed tax ...Read More
April 27, 2016 Taxation in UK
LONDON – Rocketing property prices in the UK are hurting taxpayers as much as a GBP 1 500 tax hike.
The rising costs of housing in the UK have the same financial impact on households as a 10 percent rise in taxes, according to the results of new research conducted by the UK think tank Resolution Foundation.
It was noted that while the prices of accommodation in the UK fell immediately following the Global Financial Crisis in 2008, the costs are now back on the rise.
The cost of housing now has risen back up to pre-crisis levels, a period which was regarded as being an unsustainable bubble characterised by rapid growth in prices.
On average, a wealthy household in the UK expends approximately a fifth of its income on accommodation each year, while middle- and low-income households spend be...Read More
April 26, 2016 Taxation in New Zealand
WELLINGTON D.C. – New Zealand may levy a land tax in order to reign rocketing property prices.
In a televised interview over the weekend the Prime Minister of New Zealand John Key indicated that the government is currently evaluating the feasibility of enacting a land tax on properties held by non-resident taxpayers.
The tax is likely to be set at less than 10 percent, and will be charged annually on the value of the property.
As the valuation of the potential tax is only at an early stage, no details are yet available on the how the tax will be enforced, how the value of the property will be determined, and how the tax will be applied to properties held by companies or trusts.
The land tax is the latest proposed measure to combat the rapidly escalating price of housing in New Zealand, w...Read More
April 22, 2016 Taxation in Taiwan
TAIPEI – Financial firms in Taiwan could see their tax bill slashed by 30 percent, if they carry out research and development of new and innovative financial systems and technologies.
On April 21st the Financial Supervisory Commission of Taiwan announced that it is looking to implement tax breaks for financial service providers engaging in research and development activities over the course of 2016.
Once enacted, the tax refund will allow financial technology company to slash their tax bill by 15 percent of their spending on research and development of new technologies, systems, and software.
The tax rebate will be capped at a maximum of 30 percent of the total tax obligations owed by the company for the year.
The FSC intends to implement the tax breaks by the end of May, and will allow ...Read More