February 9, 2016 International Tax Cooperation
CAMBRIDGE – Criminals, tax evaders and bribe takers around the world would find life much harder if governments eliminated the use of high-value banks notes.
Worldwide efforts to thwart tax evasion, money laundering, and financing of crime and terrorism would be complemented by a move to eliminate the use of high denomination bank notes, according to the results of new research published over the weekend by the Harvard University.
According to the lead author, Peter Sands, the former chief executive of the UK-based Standard Chartered bank, the modern economy revolves around electronic means of payment, including debt and credit cards, and contactless payment methods, to entirely electronic online payments, and in the current environment there is no strong demand among everyday consumers ...Read More
February 5, 2016 Taxation in USA
WASHINGTON D.C – The government of the USA hopes that a new tax on oil will extra raise funds for transport technology and infrastructure, while also forcing consumers and businesses to push for more research and development into environmentally friendly technology.
On February 4th the Obama administration announced that a new proposal will soon be made to impose a USD 10 tax per barrel of oil in an effort to encourage businesses to embrace green technology.
The exact details of the tax and how it will be levied will be announced on February 9th as part of the fiscal 2017 budget plan, however it was stated that the tax is intended to be paid by oil companies, and, if enacted, the tax would be phased in over the course of 5 years, and would eventually result in the collection of an extra U...Read More
February 4, 2016 Taxation in UK
LONDON – Sugar taxes and carbon taxes could greatly benefit the UK, but in unison they could reduce consumption of beef, increase consumption of vegetables, while also raising tax revenues.
The combined effect of a carbon tax and a sugar tax would save lives and reduce greenhouse gas emissions, all without damaging tax revenues, according to the results of new research published in the research journal BMC Public Health.
The research examined the potential effects of introducing a carbon tax of GBP 2...Read More
February 3, 2016 Taxation in Philippines
MANILA – The healthcare system in the Philippines will soon see a boost in funding, as a sudden spike in the collection of taxes from the sale of cigarettes and alcohol will divert more funds to hospitals.
New data released by the Bureau of Internal Revenue of the Philippines shows that over the 2015 calendar year the level of revenues from the collection of Sin Tax in the country has risen by approximately 25 percent compared to the level seen over the course of 2014.
Over the course of 2015 the total amount collected from the excise tax imposed on the sale of alcohols and cigarettes reached a level of PHP 141.84 billion, while over the previous year the level only reached PHP 112.81 billion.
The overall rise in the collection of revenues has been attributed to a 32 percent increase in t...Read More
February 2, 2016 Taxation in Israel
JERUSALEM – Priests and other religious workers in Israel will now need to pay tax on any services, blessings, or religious artefacts that they sell.
In a recent circular the Israel tax Authority confirmed that religious services and goods should be liable for VAT and should be regarded as taxable income for the purposes of calculating income tax obligations.
The Israel Tax Authority has recently been cracking down on the tax affairs of rabbis and other religious figures in an effort to stamp out tax evasion, with a surprise tax audit of approximately 400 rabbis being carried out in December.
The Israel Tax Authority stated that any service, whether it is religious in nature or not, should be liable for income tax if the service was performed in exchange for money.
It was further stated...Read More