February 20, 2017 Taxation in Philippines
Over the course of the last week significant controversy has arisen over a proposal by the government of the Philippines to introduce a new tax on the sale of automobiles in the country.
The new tax was proposed as part of a wider plan by the government to shift the national tax system to a low-rate wide-base system, which would see taxes charged at a lower rate but on a greater number of items and transactions.
The government hopes that by raising the taxes on cars, it will be able to reduce the taxes levied on personal incomes.
Currently the taxes on the sale of cars in the Philippines are staggered, with a base fee determined by the value of the car, and an ad...Read More
February 20, 2017 International Tax Cooperation
In a new interview, the technology leader and philanthropist Bill Gates advocated for income taxes to be applied on robots and other technology which take over the roles of humans.
Bill Gates explained that an average worker pays a significant amount of income tax, social security, and other taxes on the incomes that they earn from carrying out work.
However, if a business was to replace the human worker with some automation technology, the machine would not be paying any taxes, despite carrying out the same work.
The decrease in tax revenues is likely to have a negative effect on the ability of governments to fund social infrastructure and s...Read More
February 16, 2017 Taxation in New Zealand
In a speech given on February 16th the Finance Minister of New Zealand Steven Joyce said that in the upcoming budget the government will be looking to lower personal income taxes and implement new tax system on roading.
The Minister did not reveal the exact extent of the tax cuts that he hopes to implement, but did say that it is the government’s goal to ease the tax burden faced by middle- and low-income earners as soon the as the government’s own fiscal position allows.
New Zealand’s fiscal position has been steadily improving over the last few years, with the national debt-to-GD ratio set to fall to 20 percent by 2020.
The current Nationa...Read More
February 16, 2017 Taxation in Australia
Implementing taxes on unhealthy foods and introducing subsidies on fruits and vegetables in Australia could save lives, billions in expenditure, while costing taxpayers and consumers virtually nothing, according to the results of a new study published on February 14th in the international Medical PLOS Medical.
The study evaluated the combined and individual effects of implementing taxes on fat, salt, sugar, and sugar-sweetened beverages, and also implementing subsidies on fresh fruits and vegetables.
Individually, a sugar tax was the most effective measure, followed by a salt tax, a saturated fat tax, and, lastly, a tax on sugary drinks...Read More
February 14, 2017 Taxation in Canada
The results of new research completed by the Conference Board of Canada has indicated that the tax gap in Canada is now sits between CAD 8 billion and CAD 50 billion per year.
The tax gap is a measure of how much tax a government should be earning and how much tax is ultimately collected.
According to the Conference Board of Canada, tax gaps are mostly commonly caused by tax evasion, aggressive tax avoidance, non-payment of tax liabilities, and mistakes made by taxpayers, regardless of whether they are intentional or accidental.
It was noted that the tax gap across Canada may actually be much higher than calculated, as the study only concentrated on federal tax...Read More