January 29, 2015 Taxation in China
BEIJING – Pollutant-heavy batteries and paints in China are set to become more expensive with the imposition of a new tax on such products.
In a recent statement the Ministry of Finance of China announced that from February 1st a new tax will be enacted on the production and import of environmentally-unfriendly batteries and paints.
The tax will be levied at a rate on 10 percent on all batteries, except for environmentally-friendly variants, such as lithium, nickel-hydrogen, mercury-free, and batteries intended for use solely with solar panels and other renewable energy generators.
The tax will also be levied on the production and import of lead storage batteries, however, the measure will not come into effect until January 1st 2016.
Paints and coatings will also fall under the 10 percen...Read More
January 27, 2015 Taxation in UK
LONDON – Rich taxpayers in the UK have been forced to cough up an extra GBP 137.2 million in taxes as the HMRC broadens its investigations into tax affairs of the country’s wealthiest citizens.
On January 26th the UK-based law firm Pinsent Masons issued a statement detailing the level of tax revenues collected in the UK as a result of investigations conducted by the HM Revenue and Custom’s Affluent Unit, showing that tax collections from wealthy taxpayers in the country over the course of 2014 have risen by 60 percent compared to the previous year.
According to experts at Pinsent Masons, the investigations conducted by the Affluent Unit resulted in the collection of an extra GBP 137.2 million, while in the previous year the investigations resulted in the collection of an extra GBP 85...Read More
January 23, 2015 Taxation in New Zealand
WELLINGTON – The New Zealand government may see a budget surplus sooner than expected, as the revenues fare better than expected over the course of last year.
On January 23rd the Treasury of New Zealand issued a new statement detailing the tax revenues collected over the five months ended November 30th 2014, showing that while revenues are lower than expected, the national deficit was still below forecast.
The core crown tax revenue for the five months reached NZD 1.6 billion, a level which is 6.7 percent higher than during the same period in the previous year, and approximately NZD 94 million below the government forecast issued on December 16th 2014.
The below-forecast level of tax revenues was partially offset by a decrease in government spending, which reached a level of NZD 39...Read More
January 22, 2015 Taxation in UK
LONDON – A proposed new tax on the sale of alcohol could help fund treatment and care for the 1.6 million UK citizens currently dependent on alcohol.
The rising number of alcohol related admissions to hospitals in the UK has prompted the non-government organization Center for Social Justice to call for a new “treatment tax” to be levied on the sale of alcohol, detailing the proposal in a statement issued on January 21st.
According to the details of the proposal put forward by the Center of Social Justice, the sale of alcohol at shops and supermarkets should be subject to a tax of GBP 0.01 per standard unit of alcohol contained in the drink.
If the tax is enacted, a bottle of wine will increase in price by GBP 0...Read More
January 21, 2015 Taxation in Australia
CANBERRA – Australians overwhelmingly support the idea of reducing the consumption of sugar and junk food in the country, with a large portion going so far as to call for a tax on unhealthy food.
On January 20th the Consumer Health Forum of Australia, the Heart Foundation, the Public Health Association of Australia, and the Obesity Policy Coalition issued a joint statement detailing the result of research showing that a significant portion of Australians are calling for an improvement to people’s diets through the imposition of taxes.
Approximately 85 percent of individuals who were surveyed as part of the research claimed that unhealthy eating habits were now a major problem faced by Australia, while nearly 79 percent of people believed that unless something is done now to reduce the nati...Read More