August 24, 2016 Taxation in USA
VANCOUVER – Over the last 55 years Canadian families’ expenditure on taxes has jumped by nearly 2 000 percent, and now they spend more on taxes than food, shelter and clothing combined.
On August 23rd the Canadian think-tank the Fraser Institute released the results of its annual Canadian Consumer Tax Index, showing that taxes make up a greater proportion of a Canadian household’s income than spending on necessitates.
In 2015 the average Canadian household spent 42.4 percent of its income on taxes, however, over the same time period the spending on necessities such as food, shelter, and clothing reached only 37.6 percent.
In comparison, over the course of 1961, the first year for which the study was conducted, the total spending on taxes made up 33...Read More
August 22, 2016 Taxation in UK
LONDON – New research says that sugar taxes in the UK would not make a positive impact on tax revenues, nor would they reduce waistlines.
New research released on August 22nd by the UK think-tank Institute of Economic Affairs (IEA) indicates that introducing a levy on the sale of sugar sweetened beverages in the country would not help decrease the occurrence of obesity.
The research completed by the IEA showed that there is not significant link between the consumption of sugary beverages and the instance of childhood obesity.
It was shown that if the effect of sugar-sweetened drinks is modelled on a country-by-country basis, there did not appear to be any significant indicators which supported the claim that reducing the consumption of such drinks would improve overall health levels.
It ...Read More
August 19, 2016 Taxation in Uganda
KAMPALA – Mobile data in Uganda may soon be more expensive, as the government looks at slapping a tax on one of the only mobile services left untaxed in the country.
Last week the Parliamentary Finance Committee of Uganda was presented with a new proposal to levy a tax on mobile internet data used in the country.
Currently, almost all services which can be rendered in Uganda, such as 12 percent excise tax on phone calls or a 20 percent on value added mobile services.
However, currently no taxes are levied in the consumption of mobile data, regardless of how the data is used.
The call for the tax was spurred by a significant drop in the level of collections of revenues from mobile excise taxes, which is believed to have been caused by an increased propensity by taxpayers to use data-based...Read More
August 17, 2016 Taxation in UK
LONDON – Advisers in the UK caught peddling illegal tax evasion schemes may soon be stung with penalties of 100 percent of the taxes they helped evade.
The UK HM Revenue and Customs has issued a new consultation documents proposing significantly harsher penalties for accountants and advisers who help their clients skip out on their tax obligations.
Under current regulations individuals and businesses who are found to have used an illegal scheme to avoid or evade taxes may be charged significant penalties, however, the advisor or accountant who actively promoted the scheme used is not liable for any penalties.
Under the proposed new rules, the offending advisor may be penalized and required to pay a penalty equivalent to the entire amount of taxes dodged.
Explaining the need for the new...Read More
August 16, 2016 Taxation in UK
LONDON – New figures show that UK travellers are facing a tax hit of as much as GBP 61.12 per year as they take their holiday breaks.
Over the weekend the UK Taxpayers’ Alliance (TPA) released a report showing that the amount of tax revenue collected by the government from holidaymakers has risen by GBP 900 million over the last years.
The TPA estimates that the government takes in a total of approximately GBP 2.4 billion per year from various taxes charged on the spending of holiday makers, an amount which is GBP 900 million more than the collections in 2008.
Currently, approximately GBP 511 million of the total collections is made up of Air Passenger Duties, with GBP 1.8 billion made up of VAT on pre-holiday purchases, and another GBP 74 million on Holiday Insurance Premiums.
The tot...Read More