South Africa Eyes Global Income Tax

July 21, 2017 Taxation in South Africa

Income Tax in South AfricaPRETTORIA – Within 2 years South Africans working overseas will be paying taxes in South Africa on their foreign incomes.

South African taxpayers working overseas may soon see a drastic rise in their tax bill, as tax authorities make moves to begin levying income tax on money earned while working overseas.

The South African Revenue Service released a proposed amendment to the national tax code, which would require any South African taxpayer working outside the country to continue paying income tax on their foreign earnings.

Under current regulations, any South African taxpayer who is out of the country for 183 per year, and meets some pre-set income thresholds will not be required to pay income tax on their overseas earnings.

The proposed legislation does allow for a rebate on the taxe...

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Kuwait Prepares Tax on Unhealthy Goods

July 17, 2017 Taxation in Kuwait

Consumption tax KuwaitKUWAIT – Kuwait will soon and that taxes on unhealthy products in an effort to raise taxes while reducing its reliance on oil revenues.

It has been reported by local news sources in Kuwait that the national Ministry of Finance has prepared a new bill for the implementation of new taxes on the sale of tobacco, soft drinks, and energy drinks.

The new tax falls in line with the taxes agreed upon for such products by the members of the Gulf Cooperation Council.

The new tax will be applied to the sale of tobacco and energy drinks at a rate of 100 percent, while the rate applied to soft drinks will be set at 50 percent.

The original tax scheme agreed-upon by the members of the Gulf Cooperation Council also called for a 100 percent tax on alcoholic beverages and pork, however, these products a...

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Tax Stamps Coming to Alcohol in Philippines

July 13, 2017 Taxation in Philippines

Taxes on alcoholMANILLA – The Philippines will try to crack down on untaxed alcohol by extending the tax stamp system to such drinks, and not just to tobacco.

Finance Secretary Carlos G. Dominguez III of the Philippines has stated that from next year the government will require that tax stamps be affixed to alcohol, in order to better track whether appropriate levels of excise tax are being paid on alcohol.

The tax stamp system was raised approximately 5 years ago, as part of the government’s sin tax reform, which saw greater levels of taxation being levied on goods and products deemed to be harmful.

So far the tax reform has been concentrated on the application of tax stamps to cigarettes and tobacco, and the struggle to minimise the illicit use of fake tax stamps on these products.
However, some poli...

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Hong Kong Drops EV Tax Break, Tesla Sales Stop

July 11, 2017 Taxation in Hong Kong

Teslas in Hong KongHONG KONG – Sales of Teslas in Hing Kong have stopped, as a recent tax change has nearly doubled the price of the car.

New information indicates that the sale of electric vehicles in Hong Kong came to a grinding halt after the government dropped tax incentives for buying the environmentally-friendly cars.

The tax liability on purchasing a new car in Hong Kong can sometimes be as high as the value of the car itself.

The government had previously offered to drop the new-car tax on electric vehicles entirely, leading to Teslas becoming one of the most popular among consumers.

However, in an effort to crack down on increasing traffic congestion, the government has capped the tax break on Teslas at a maximum of HKD 97 500.

The announcement by the government that the tax break would be dropped ...

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Bracket Creep Strikes Thousands in New Zealand

July 10, 2017 Taxation in New Zealand

Taxes in New ZealandWELLINGTON – An increasing number of taxpayers in New Zealand are being forced to pay the highest tax rate in the country, despite not being particularly wealthy or affluent.

In a new press release issued on July 10th, the New Zealand tax advocacy group the Taxpayers’ Union claimed that approximately 659 000 taxpayers in the country now pay the country’s top marginal tax rate, despite the fact that the national population numbers just under 4.8 million.

The number of taxpayers paying the top marginal tax rate is equivalent to 18.1 percent of the population.

The Union claims that in the UK the number of people paying the highest tax rate is only 364 000, even though the UK has 14 times the population of New Zealand.

It was also claimed that the number of people paying the top rate is ...

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