June 27, 2016 Taxation in South Korea
New information released on June 27th by the National Gambling Control Commission of Korea indicates that the total tax revenues derived from taxation of gambling activities rose by 4 percent in 2015 compared to the level seen in the previous year.
The total of tax revenues collected from gambling activities reached KRW 2.42 trillion in 2015, compared to a total of KRW 2.32 trillion over the course of the previous year.
The rise in tax collections was spurred by a 12.1 percent increase in collection of taxes from casinos, and a 1.6 percent rise in collection of taxes from horse racing, which amounted to KRW 478.8 billion and KRW 1...Read More
June 23, 2016 Taxation in Australia
CANBERRA – Doctors are praising a new proposal by Australia’s Green Party to levy a tax on sugary drinks.
While speaking at the Obesity Australia Summit at the University of Sydney on June 23rd the leader of the Green party of Australia Richard Di Natale called for a tax of 20 percent to be levied on the sale of sugary beverages.
He claimed that such a tax could result in savings to the economy of as much as AUD 2 billion over the course of four years.
The money which could be raised would be used to run obesity prevention programs, dental programs, and to provide extra funds to the healthcare system.
The leader of the Greens also added that recent research suggests that a tax of 20 percent could result in as many as 1 600 lives being saved over the course of 20 years, while simultaneou...Read More
June 22, 2016 Taxation in Ireland
DUBLIN – Ireland’s improving financial position has given the government enough room to boost spending and to cut taxes.
On June 21st the Department of Finance of Ireland released its annual Summer Economic Statement, which outlines the broad fiscal and economic position of the country over the coming years.
In the statement it was shown that the budget deficit in Ireland has abated significantly over recent years, reaching a level of 2.8 percent of GDP in 2015, and, further, that in 2018 the government could see a budget surplus as early as 2018.
It is anticipated that the improved financial position will provide the government with an estimated “fiscal space” of EUR 1 billion in 2017.
Approximately 85 percent of the newly available funds are expected to be used for increased governm...Read More
June 21, 2016 Taxation in New Zealand
WELLINGTON – Tax evaders in New Zealand cost the economy significantly more than people committing welfare fraud, but they are much less likely to be prosecuted or pay back what they took.
The results of new research completed at the Victoria University in New Zealand shows that tax evaders in the country are much less likely to be prosecuted than people defrauding the welfare system, despite the fact that tax evasion has a much greater cost on the economy.
In most years between 800 and 1 000 people in New Zealand are prosecuted for tax fraud each year, while over the same time only 60 to 80 people are prosecuted for tax evasion.
It is estimated that welfare fraud costs New Zealand approximately NZD 30.6 million per year, while tax evasions sets the country back by NZD 1.24 billion.
On av...Read More
June 20, 2016 Taxation in Qatar
DOHA – A raft of new taxes in Qatar are expected to hike annual inflation in the country to as much as 3.8 percent.
In a new report released over the weekend the Ministry of Development planning and Statistics of Qatar announced that a new VAT will be introduced in 2018, and that the government is also now considering implementing a “sin tax” on products deemed to be harmful.
The new VAT will come into effect in 2018, and will be levied at a rate of 5 percent, in line with the VAT to be introduced across the all countries in the Gulf Cooperation Council.
The VAT could also be accompanied by a yet-to-be-detailed “sin tax” on tobacco, sugar sweetened soft drinks, and fast food.
Along with the new taxes, the government will cut back on the subsidies offered on water and electricity.Read More