September 3, 2015 Taxation in Canada
OTTAWA – Canada needs to extend disability tax breaks to taxpayers suffering from certain forms of diabetes, and also needs to enact greater taxes on sugar-laden soft drinks.
In a new statement issued on September 1st the Canadian Diabetes Association called on the federal government to enact new tax measures aimed at preventing the spread of diabetes in the country and at helping the sufferers of diabetes to pay for their significant medical bills.
The Association suggested that the government could enact a tax on the sale of sugary drinks, and claimed that a single serving of an average soft drink purchased in the country contains the equivalent of 10 teaspoons of sugar, an amount which, if consumed regularly, can greatly increase the risk of contracting diabetes.
It was noted that M...Read More
September 2, 2015 Taxation in New Zealand
WASHINGTON D.C. – A new tax ruling made by the IRS may mean that the US could see a greater number of community-run solar energy projects being started in the country.
On September 1st the non-profit US group Clean Energy States Alliance announced that the Internal Revenue Service has recently issued a new ruling regarding tax breaks available to individuals using solar power generators, potentially paving the way for much greater implementation of such technology.
The ruling came in the form of a Private Letter Ruling sent to a Vermont based individual who was an owner in a shared community solar panel farm.
The IRS ruled that the individual was eligible for a Residential Energy Efficient Property Tax Credit of 30 percent improvements to properties which generate renewable energy, despit...Read More
September 1, 2015 Taxation in France
PARIS – France may cut taxes for individuals, funding the cuts by reducing government spending.
During a radio interview which aired on August 31st the Finance Minister Michel Sapin suggested that over the next year the national government could implement tax cuts worth approximately EUR 2 billion in an effort to provide financial assistance to low-income earners.
The exact details of the nature and extent of the tax cuts and which taxpayers they will apply to were not disclosed, however, the Minister said that the official announcement to announce the cuts will be made next week.
However, despite the lack of concrete details, the Minister did suggest that the total value of the cuts may reach approximately EUR 2 billion.
He added that the money for the cuts would like come from cuts to ...Read More
August 31, 2015 Taxation in New Zealand
WELLINGTON – Foreign property speculators selling residential property in New Zealand may soon face a withholding tax to ensure that all liabilities are paid on the profits made.
On August 31st the Inland Revenue Department of New Zealand issued a statement confirming that public consultation has begun on the proposal to implement a withholding tax on the sale of any residential property held by a non-resident.
Under the details of the proposal, when a seller who is classified as an “offshore person” sells residential property in New Zealand, a portion of the gains shall be retained by the lawyer facilitating the sale, to be subsequently paid out to the Inland Revenue Department.
The amount to be withheld will be the lower of either 33 percent of the gain on the sale or 10 percent of...Read More
August 28, 2015 Taxation in Canada
OTTAWA – Taxes paid out by families in Canada have risen by almost 150 percent over the last 54 years.
The average Canadian family spends more each year on taxes than they do on food clothing and shelter, according to new research released by the Canadian non-government organization Fraser Institute.
In 2014 the average Canadian family paid out approximately CAD 28 887 for food, shelter and clothing combined, while earning CAD 79 010 in salaries, and at the same time they paid out a total of CAD 33 272 in taxes.
The outgoings are equivalent to 42.1 percent of the average income being paid out in taxes and 36.6 percent for basic necessitates.
It was noted that taxes have not always made up such a large portion of incomes, as in 1961 taxes accounted for 33...Read More