Earlier this week the Vatican released a statement explaining the procedures which will soon need to be followed by Italian taxpayers with bank accounts with the Institute for the Works of Religion, often simply called the Vatican bank.
The Vatican clarified that as of October 15th a new agreement had come into effect between the city-state and Italy, in an effort to increase fiscal transparency and the potential for tax evasion through the infamous Vatican bank.
Italian taxpayers with accounts at the Vatican bank, were told that they have 180 days from the implementation of the new tax agreement to inform tax authoritie...Read More
October 20, 2016 taxation in Cambodia
New information released by the Ministry of Economy and Finance of Cambodia has shown that over the first 9 month of the year rose by approximately a third, compared to the same time period last year.
In total USD 37.4 million has been collected in taxes from casinos across the country over the first nine months of the year, approximately 35.5 percent higher than in the previous year.
The Ministry of economy and Finance claimed that the increased tax revenues were a product of continued efforts to “…improving the transparency, efficiency and equity of the tax system and monitoring tax collection more closely.”
It is als...Read More
October 17, 2016 Taxation in Tanzania
Over the weekend the Minister of Lands, Housing and Human Settlement Development of Tanzania William Lukuvi launched the government appointed National Land Use Planning Commission, and announced that the government intends to enact a new tax on land hoarding.
The Minister stated that from July next year landowners who do not develop their land will be hit with punitive levels of taxation.
It is hoped that the taxes will encourage landowners to either begin development of residential housing or to sell their tracts of land to other developers who will make use of the space.
Similar taxes will be applied to unused agricultural land, with the taxes to be...Read More
October 14, 2016 Taxation in New Zealand
On October 14th the government of New Zealand announced that over the year ending June 2016 the country saw a surplus of NZD 1.8 billion, as tax revenues rose above expectation while expenses were lower than previously forecast.
The government showed that over the 12 months Core Crown Tax Revenues grew by NZD 3.8 billion compared to last year, while Core Crown Expenses grew by a comparatively smaller NZD 1.6 billion.
While announcing the surplus the Minister of Revenue Bill English indicated that reducing sovereign debt was the primary goal for the government, but indicated that the newly found revenues also open up some extra spending opportunities which were not previously realistic.
October 13, 2016 Taxation in USA
Earlier this week the US think-tank the Tax Foundation issued a new report on the growth of taxes on wireless communication in the country, showing that the taxes are rising faster than the prices are falling.
According to the finding detailed in the report, approximately 18.6 percent of the typical monthly wireless phone bill faced by a consumer in the USA consists of various taxes and fees.
The current tax burden on wireless services is already 1.5 percentage points higher than it was two years ago, and 4.5 percent higher than a decade ago.
The Tax Foundation showed that since 2008 the average monthly phone bill has...Read More