October 10, 2015 Taxation in Spain
MADRID – The solar energy industry in Spain is about to take a significant hit, as the government sets forward to implement new taxes on solar generation facilities.
On October 9th the government of Spain announced that in the near future a new set of tax rules will be implemented regarding solar energy generation and installation.
While the full set of official is yet to be announced, it has been indicated that separate tax regulations will be implemented based on the potential production capacity of the installation, with different tiers for panels producing less than 10kW, those producing between 10kW and 100kW, and large-scale installations with potential capacity of 100kW.
Within six months, systems with potential generation of 10kW will not face any charge on the amount of power th...Read More
October 8, 2015 Taxation in Australia
CANBERRA – Wealthy Australian families pay less tax then low-income families, due to the fact that wealthy families are often retired and prefer to pay for GST-exempt items.
In a new report released on October 9th the Productivity Commission of Australia claimed that wealthy families pay a lower effective tax rate than poorer families.
Families with total assets worth up to AUD 150 thousand faced an effective total tax rate of approximately 18 percent, while families with total assets of between AUD 500 thousand and AUD 1 million paid a rate of 13.4 percent.
The reduction in the tax rate was attributed to the fact that a larger portion of individuals with high-valued assets are retired, and pay less income tax.
However, it was also noted that as a greater number of wealthy individuals a...Read More
October 7, 2015 Taxation in India
NEW DELHI – India is looking to reduce taxes on business and individuals, while boosting savings, stamping out tax evasion, and cutting unneeded tax exemptions.
While delivering a speech at Columbia University on October 5th the Minister of Finance of India Arun Jaitley said that the national government intends to reduce the rate of corporate income to 25 percent in the next four years.
The 25 percent tax rate will be levied at a flat rate, with no variations in the rate of the tax based the level of income earned by the business.
The Minister also said that along with the changes to corporate tax, the government will also aim to set personal income taxes to a “rational rate.
In order to fund the reduced tax rates, the government will continue its own measures aimed at fighting tax evas...Read More
October 6, 2015 Taxation in India
NEW DELHI – Economic growth in India will reach 7.5 percent this year, however, the government will not reach its own tax collection goals.
On October 5th the Ministry of Finance of India announced that the government will not collect enough tax revenues to meet its own budgetary goals for the year.
Tax revenues for the year are expected to reach INR 14 trillion, while the government had planned to see revenues hit INR 14.5 trillion.
The shortfall in revenue collections has been attributed directly to lower-than-expected collections of direct taxes over the course of the year, with the cumulative total for the year forecast to be up to 7 percent below targeted.
However, despite the fall in direct tax collections, the collection indirect taxes saw a significant rise, increasing by 35...Read More
October 5, 2015 Taxation in France
PARIS – The government of France may be caving to public pressure to reduce the tax benefits for diesel, as evidence mounts that the fuel is more damaging to the environment than petrol.
In a television interview aired on October 4th the Environmental Minister of France Segolene Royal said that car manufacturers and consumers will soon need to prepare for the day that the government will drop the tax subsidies currently available for diesel.
Currently the rate of fuel tax levied on diesel is EUR 0.15 per litre lower than on petrol.
The Minister indicated that the government is now looking at measures to reduce the comparative tax advantage over the course of the next 5 years, although she did not commit to a timeline for the implementation of any tax hikes to diesel.
The government has re...Read More