April 17, 2014 Taxation in Sierra Leone
FREETOWN – The government of Sierra Leone is spending eight times more on tax breaks for foreign companies than it is on the national health system.
Earlier this week the international development agency Christian Aid released a new report showing that the tax exemptions and incentives offered to multinational corporations operating in in Sierra Leone are too generous, and drastically reduce government tax revenue.
According to Christian Aid, over the course of 2012, foreign businesses operating in Sierra Leone received approximately SLL 966.6 billion (approx. USD 223 million) worth of exemptions from customs duties and GST.
The revenue foregone by the government is seven times bigger the national spending on education, or eight times bigger the government’s expenditures on health care, a...Read More
April 16, 2014 Taxation in USA
WASHINGTON D.C. – Individual taxpayers in the USA would need to pay an extra USD 1 259 per year in order to cover the losses in tax revenues arising from offshore tax evasion.
On April 15th the United States Public Interest Research Group (US PIRG), an independent consumer advocacy organization, released a new report showing that every year multinational corporations and wealthy individuals in the USA evade as much as USD 184 billion in taxes through the use of offshore entities, and the subsequent revenue shortfall is left to be picked up by the rest of the taxpayers in the country.
According to the authors of the new report, in 2013 alone the federal government lost USD 150 billion in tax revenues to “…corporations and individuals using tax havens to dodge taxes”, while state government...Read More
April 15, 2014 Taxation in Australia
SYDNEY – The tax burdens faced by Australian will continue to rise disproportionately, unless the national government moves to update and reform current tax regulations.
On April 14th PricewaterhouseCoopers Australia (PWC) released a new report demonstrating the immediate need for tax reform to stabilize the current economic environment and to prevent the negative effects of any further long-term decline in tax revenues.
In its newly published report, PWC underlined that, while Australia has demonstrated strong economic resilience over the last two decades, there are now indications that this growth is already tapering off and losing momentum, with no evidence that the diminishing pattern will be reversed.
According to projections completed by PWC, if the current levels of growth of ...Read More
April 14, 2014 Taxation in UK
LONDON – Holding undeclared funds overseas will soon be a punishable offense for UK taxpayers.
The government of the UK will soon update the rules against tax evasion, in order to better facilitate the process of investigating the and prosecuting tax cheaters hiding funds and incomes overseas, according to new information provided by the Chancellor of the Exchequer George Osborne over the weekend during the scheduled spring meeting of the International Monetary Fund.
According to the Chancellor, under the upcoming regulations, law enforcement agencies together with tax authorities may prosecute alleged tax evaders for the sole fact that the taxpayers have not declared money or savings held in overseas accounts, regardless of the reason why the declaration has not yet been made.