October 31, 2014 Taxation in Spain
MADRID – On October 30th the Congress of Spain voted on and approved several legislative reforms paving the way for the introduction of the country’s heavily debated “Google Tax”.
Under the conditions of the Google Tax, any aggregation service, such as search engine, may be charged by a publisher, news outlet or content holder for using any exert from their published content.
According to some technical and taxation experts, the conditions of the new system will require large search engines, such as Google, to pay Spanish publishers for linking to their content, as links are normally accompanied by a small exert of the content in question.
The new rules will come into effect on January 1st 2015.
Many technical experts have pointed out that similar taxes have been implemented across ...Read More
October 30, 2014 Taxation in USA
WASHINGTON D.C. – The IRS is providing some tax relief for taxpayers effected by Ebola, as was previously done in the past for victims of the earthquakes in Haiti, and the tsunami in Japan.
On October 29th the US Internal Revenue Service issued two notices stating that until the start of 2016 select donations made or payments received in regards to the Ebola outbreak in some nations in Africa may qualify to be exempt from income tax.
From now on payments or funds received in relation to any medical, quarantine or funeral expenses directly related to the Ebola outbreak in Guinea, Liberia, or Sierra Leone, will not be subject to personal income taxes.
Further, the IRS stated that if an employee request for their employer to make a donation on their behalf to a registered Ebola-related chari...Read More
October 30, 2014 International Tax Cooperation
BOSTON – Taxes could be the key to addressing the global issue of income inequality, while, simultaneously, raising enough funds to help provide education and healthcare to children living in poverty.
In a statement issued on October 29th the international aid body Oxfam International claimed that since 2009 the number of billionaires in the world has doubled, and that implementing a small tax on the wealthy will raise enough tax revenues to help fund the eradication of poverty.
According to the experts at Oxfam, enacting a worldwide wealth tax of 1.5 percent on the total wealth held by a billionaire would raise global tax collections by approximately USD 74 billion per year.
The extra tax revenues collected would be enough to provide education for each of the 57 million children around th...Read More
October 28, 2014 Taxation in UK
LONDON – The UK’s GBP 70 billion dollar video game industry will benefit greatly from a tax break to encourage employers to spend money on more staff training.
On October 27th the UK based videogame industry body TIGA and the digital trade body BIMA issued a joint statement suggesting that the UK should introduce a tax break for small and medium sized businesses in the creative sector providing training to employees.
In the statement the two groups suggested that the proposed tax break could operate like the currently available research and development tax break, whereby business which do spend money on qualifying expenses should be able to offset the spending against the corporate tax obligations.
According to the experts of TIGA, the video game sector, and other creative industries in...Read More
October 24, 2014 Taxation in South Africa
CAPE TOWN – South Africa will soon have to enact a selection of tax hikes and spending cuts in order to meet its own tax revenue targets.
While delivering the medium term budget policy statement on October 23rd the Finance Minister of South Africa Nhalanhla Nene indicated that over the next three years the government may be forced to hike taxes.
Unless the government can significantly reduce expenditures and boost tax revenues immediately, the total government debt of the government of South Africa could reach SAR 2.4 trillion by the end of the 2017 financial year.
During the medium term budget policy statement the Finance Minister announced that the level of economic growth in South Africa is expected to fall this year from a level of 2.7 percent to as little as 1...Read More