May 5, 2015 Taxation in Hong Kong
HONG KONG – Tax measures aimed at cooling the property market in Hong Kong have resulted in an unprecedented rise in tax revenues.
On May 4th the Commissioner of the Inland Revenue Department Wong Kuen-fai announced that the collection of tax revenues in Hong Kong have reached a five year high.
The total tax collections for the 2015 fiscal year were HKD 301.9 billion, a level approximately 24 percent higher than in the previous year.
The spike in the collection of tax revenues has been attributed largely to an increase in the revenues gathered from the collection of stamp duty on the sale of properties, which rose by 80 percent to hit HKD 74.8 billion, after the duties were hiked in order to reign in the city’s escalating property market.
It was noted by the Commissioner that the gove...Read More
May 4, 2015 Taxation in New Zealand
WELLINGTON – Calls have been raised in New Zealand to tax salt like tobacco.
On May 5th the University of Otago issued a statement showing that researchers at the institute are calling for an excise tax to be enacted on salt, in order to improve the health and lifestyles of New Zealanders.
It is estimated that the average New Zealander currently consumes 3500 mg of sodium a day, with only 10 percent coming as added salt, while the remainder comes from the salt added to processed foods during the manufacturing stage.
The researchers evaluated the possible methods of reducing salt consumption in New Zealand, and found that levying an excise tax on salts would be second most effective option, as it would force manufacturers to lower the use of salt.
It was also added that the tax rate could...Read More
May 1, 2015 Taxation in Peurto Rico
SAN JUAN – Puerto Rico is facing doubt over its upcoming debt issuances , as the government rejects calls to reform taxes.
On April 30th the House of Representatives of Puerto Rico voted 28 to 22 to reject a proposed round of tax changes aimed at helping the country attract foreign investment and to fix the current budget deficit.
Under the details of the proposal, the current 7 percent sales tax would have been replaced with a value added tax levied at 16 percent.
Legislators also rejected alternative measures such a replacing the 7 percent sales tax with a sales tax levied at 1 percent alongside a value added tax set at 13 percent.
Shortly following the rejection of the proposal the Governor of Puerto Rico Alejandro Garcia Padilla held a televised national address in which he said that...Read More
April 30, 2015 Taxation in New Zealand
WELLINGTON – New Zealand should not implement a capital gain tax yet, as a lack of taxation may nt be the cause behind the current rise in house prices.
In a statement issued on April 30th the New Zealand Property Investors Federation claimed that there is no need to implement a capital gains tax on property sales in the country, as the current tax system already does enough to tax property investors.
Over the course of recent years New Zealand has seen revived calls for a capital gains tax, especially in the face of the currently escalating housing prices in the country.
However, according to the New Zealand Property Investors Federation, under current regulations any profits made from the sale of a property by an investor or speculator will be attributed to the personal income of the ...Read More
April 29, 2015 Taxation in EU
LONDON – Tax revenues in the UK are coming under risk due to the consumers’ preference for efficient cars and plug-in vehicles.
According to new information issued by the UK Society of Motor Manufacturers and Traders (SMMT) earlier this week, nearly 70 percent of cars sold in the UK over the course of 2014 had low enough carbon emissions to qualify for an exemption from Vehicle Excise Duties.
Currently, the government grants exemptions from the vehicle excise duty on purchases of cars with emissions levels of less than 130 grams per kilometer.
In 2013 the collection of vehicle excise duties resulted in tax revenues of approximately GBP 6 billion, however, these revenues are coming under threat due to the increasing efficiency of new cars, and the popularity of low-emissions vehicles in th...Read More