December 22, 2014 Taxation in UK
LONDON – The lowest earning taxpayers in the UK pay a disproportionately high amount of taxes compared to their income levels, losing as much as half of their salaries to taxation.
On December 22nd the UK non-government organization the Taxpayers’ Alliance issued a new report detailing the difference in the amount of taxes paid by the low- and high-incomes earners in the UK.
The experts of the Taxpayers’ Alliance showed that households in the top 10 percent earning households in the UK pay an average of GBP 30 023 more in taxes than they receive back in benefits and tax breaks.
These richest households earn approximately 27 times more than households in the lowest 10 percent, however, after tax payments are taken into account they earn only 5.8 times more than the lowest earners.
December 19, 2014 Taxation in China
MANILA – The collection of sin taxes in the Philippines has seen a significant rise, indicating that an increase in the rate of sin taxes has not led to a rise in smuggling.
On December 18th the Department of Finance of Philippines issued new information on the collection of sin tax in the country, showing that the collection of revenues has increased significantly over the first nine months of the year.
In the nine months between January and September sin taxes resulted in tax revenues of PHP 91.64 billion, up from a level of PHP 65.54 billion during the same timeframe in the previous year, an increase of 42 percent.
The revenues collected are 90 percent higher than the government’s target for the period of PHP 34.16 billion.
The Commissioner of the Bureau of Internal Revenue claimed ...Read More
December 18, 2014 Taxation in Israel
JERUSALEM – Families in Israel will need to take on more debt to pay off their housing costs, unless the government hikes the rate of tax on rental incomes.
House prices in Israel are seeing significant increases in prices due to prohibitive red tape and under-taxation, and the upward price pressure is making it difficult for families to make ends meet, according to information in a new report issued on December 17th by the Taub Center for Social Policy Studies in Israel.
Currently it takes an average of 13 years for residential buildings to be completed in ISrael, with 2 years being spent on construction while approximately 11 years are spent on planning and obtaining licenses, and the excessive time frame is restricting the supply of housing in the country and raising prices.
In additio...Read More
December 17, 2014 Taxation in Australia
CANBERRA – Australia has been criticized for dropping the national mineral resource rent tax, for promising to extend paid parental leave, while not doing enough to boost tax revenues.
The spending plans and tax cuts implanted by the government of Australia may be unsustainable, according to new information released by the Organization for Economic Cooperation and Development in a new report issued on December 17th.
It was noted that Australia is now expected to see a budget deficit, as the prices of the country’s main export commodities tumbles.
In the face of the approaching deficit, the OECD stated the government of Australia needs to expand its fiscal buffer to protect itself from the negative effects of falling commodity prices, and improvements to the tax system are an important w...Read More
December 16, 2014 Taxation in France
PARIS – France may soon see an influx of small-scale game development studios, as the government wins approval to increase the tax breaks offered to developers.
On December 15th the French Video Games Trade Assocation (SNJV) issued a new statement showing that the European Commission has approved the proposal by the government of France to reform the tax breaks provided to video game manufacturers operating in the country.
Currently, game developers in France are eligible for tax breaks for games with a production cost in excess of EUR 150 000, however the threshold has now been reduced to EUR 100 000, and the types of expenses eligible for the break has been expanded.
The tax changes were first proposed in 2013, however they required approval from the European Commission before implemen...Read More