May 27, 2015 Taxation in Greece
ROME – Using cash may become more costly in Greece, as the government looks at measures aimed at reducing tax evasion in the country.
In a press conference held on May 26th the Minister of Finance of Greece Yanis Varoufakis confirmed that the government is now evaluating the feasibility of several measures aimed at reducing tax evasion, including a new tax on bank withdrawals made at an ATM.
The minister said that by instating a minuscule tax on cash withdrawals may encourage consumers to use credit and debit cards instead of paying with cash, a move which will significantly reduce the incidence of tax avoidance by businesses which conduct business in cash in order to keep profits off their records.
Yanis Varoufakis added that the government was also mulling the possibility of launching ...Read More
May 24, 2015 Taxation in Pakistan
ISLAMABAD – Pakistan will not enact a tax on remittance coming from overseas into the country, and, in fact, will attempt to make the process easier and cheaper.
On May 23rd the Finance Minister of Pakistan Ishaq Dar confirmed that the country would not seethe imposition of a tax on any remittance coming into the country.
The Minister’s words came the day after the Federal Board of Revenue Chairman Tariq Bajwa claimed that foreign remittance needs to be taxed in order to stop remittance being used in order to launder money.
According to the Ishaq Dar, the remittance of money by Pakistanis sending money back to their family is a “…very stable source of foreign exchange flows into the country and represent the hard work of millions of Pakistanis living abroad and their commitment for deve...Read More
May 22, 2015 Taxation in UK
LONDON – The UK needs to implement taxes on food rich in fat, sugar and salt, but before such a measure can become a reality it must first be accepted by the wider public.
The government of the UK needs to closely examine the feasibility of implementing taxes on unhealthy foods, in order to fight the growing rate of obesity and to raise extra funds for national healthcare, according to the results of new research published on May 21st by the Food Research Collaboration.
The new research took into account already existing data and analysis of the impact that various food taxes have already had in Denmark, USA, Mexico, Finland, France, and Hungary.
It was noted that there is considerable evidence to back the implementation of taxes on foods which are disproportionately high in fats, sugar, ...Read More
BRUSSELS – Crowdfunding campaigns could soon lose some of their allure, as the EU looks at charging VAT on such investments.
The European Commission is currently weighting up the feasibility of levying VAT on the goods provided to participants in crowd funding campaigns.
Crowd funding facilities, such as Kickstarter, have gained immense popularity in recent years, with a number of well-known projects, such as Pebble watches and Oculus Rift gaining initial funding from such sources.
Currently backers to crowd funding projects often receive goods or discounts in exchange for their funding into a campaign.
The European Commission is now looking at the possibility of forcing the backers to pay VAT on the value of the goods they receive.
Under current VAT rules, backers could see VAT charged a...Read More
May 19, 2015 Taxation in Egypt
CAIRO – The stock market in Egypt has rocketed upward after the government dropped its controversial capital gains tax.
On May 18th the government of Egypt announced a delay to the implementation of a capital gains tax on profits made from the sale of stocks in the country.
The tax, which was part of a wider government effort to broaden the tax base and to boost revenues, has now been delayed by two years.
The tax has caused significant controversy in Egypt, as the government took more than 10 months to publish details on the proposed measure after having passed it earlier in 2014.
Opponents of the tax claimed that the measure caused severe uncertainty among investors, while simultaneously raising costs and reducing profits.
Immediately following the announcement of the delay, the nationa...Read More