April 24, 2017 Taxation in Egypt
Egypt is currently considering a new legislative proposal which would see foreign companies operating in selected sectors of Egypt’s economy receive substantial tax rebates.
The potential tax rebates could be as high as 40 percent, and would be offered to foreign companies working in food, education, electricity, pharmaceuticals, and manufacturing.
Further, the tax rebate will be accompanied by new measures to ease and speed up the process of launching a business in the country, which had previously taken as long as three years, and would now take as little as 60 days.
The two new measures are aimed directly at sourcing new foreign investment into Egypt, as the country is...Read More
April 24, 2017 Taxation in Nigeria
Over the weekend at the 2017 Spring Meetings of the IMF-World Bank/IMF in Washington DC the Finance Minister of Nigeria said that the national government must take extra efforts to raise the national tax-to-GDP ratio.
Currently the tax-to-GDP ratio in Nigeria sits at approximately 6 percent, one of the lowest rates in the world.
The Minister said that revenue mobilisation if a key avenue for the government to pursue higher tax returns, adding that the primary focuses should be a growth in non-oil revenues, and an increase in budget transparency.
She further explained that the country’s “unacceptably low level of non-oil revenue” was driven heavily by the failure by tax authoritie...Read More
April 21, 2017 Taxation in USA
On April 18th the results of a new study were published in the medical journal PLOS Medicine, with an evaluation of the outcomes of the first tax on sugar sweetened beverages enacted in the USA.
In March 2015 a “penny per ounce” tax was added to the sale of sugar-sweetened beverages in the USA, a measure which saw an effective cost hike of USD 0.12 per can of drink sold, and a rise of USD 0.68 per two litre bottle sold.
The results of the study suggested that the overall sales of the drinks fell by nearly 10 percent during the course of the past year.
It was also seen that bottled water, and other untaxed...Read More
April 19, 2017 Taxation in USA
The Tax Foundation has released its annual Tax Freedom Day report, showing the date that American taxpayers can stop working to pay the government, and can start working to pay themselves.
According to the latest calculations, the Tax Freedom Day in the USA in 2017 will fall on April 23rd, the 113th day of the year.
The total tax bill faced by taxpayers in the USA over the course of this year will be USD 5.1 trillion, which represents 31 percent of the nation’s income, and is made up of USD 3.5 trillion in federal taxes, and USD 1.6 trillion state and local taxes.
The total tax burden is more than the nation will collectively spend on food, clothing, and shelter combined.
It was...Read More
April 18, 2017 Taxation in Saudi Arabia
The Shura Council of Saudi Arabia has given its endorsement to a new selective tax measure which will see harmful substances heavily taxed.
The new taxes will apply to carbonated drinks, energy drinks, and tobacco, in an effort to curb the spread of obesity and health problems.
The taxes are also intended to raise an extra SAR 10 billion in tax revenues per year, as part of the government’s plan to close it SAR 279 billion budget gap.
Upon approval of the new measure, carbonated sold in Saudi Arabia will face a tax burden of 50 percent of the sale price, while tobacco and energy drinks will face a tax of 100 percent of the sale price.
The new tax shall now be provided to th...Read More