November 24, 2014 Uncategorized
TIRANA – Taxpayers in Albania have launched into protest, claiming that new tax measures enacted by the government to secure international credit will not help reduce unemployment, boost economic growth, or cut the national debt.
Over the weekend protestors took to the streets of the capital of Albania, Tirana, to stand up against a number of recently approved tax changes, claiming that the amendments will further weaken the financial position of taxpayers with low-incomes.
The recent tax hikes were part of a deal struck between the government of Albania and the International Monetary Fund to secure a loan to the country of EUR 330.9 million, in exchange for tax raises and the enactment of several new measures to help fight crime, tax evasion and fraud.
The protesters, led by the oppositi...Read More
November 20, 2014 Taxation in Hungary
BUDAPEST – Hungary will implement a series of new tax hikes on alcohol, shampoo, soap, and large foreign firms.
On November 18th the government of Hungary announced that a series of new taxes and tax hikes will be instated, despite the fact that a significant number taxpayers publically protested the changes during a widespread “public outrage day”.
Among the new tax rate hikes is a 10 percent increase to the top rate of the controversial advertising tax, increasing from 40 percent to 50 percent.
Other controversial measures include the extension of the current “chip tax” on unhealthy products to include alcohol, the extension of environmental fees to include shampoos, soaps and other healthcare products, and a hike to the rate of the so-called “Tesco fee” on foreign-owned locally-oper...Read More
November 19, 2014 Taxation in USA
WASHINGTON D.C. – New research shows that a portion of America’s traffic congestion can be attributed to tax breaks, which almost exclusively benefit only the wealthy.
The tax benefits currently offered to taxpayers in the USA who are provided a carpark by their employer are significantly attributing to traffic congestion in the country, while the tax breaks offered for the use of public transport and bicycles are not doing enough to convince people to stop driving their cars, according to the information provided in a new report released by the US based non-government organization TransitCentre.
Currently, parking benefits of up to USD 250 per month provided by an employer to their employee will be exempt from the calculation of the employee’s personal income tax obligations, while simi...Read More
November 18, 2014 Taxation in Japan
TOKYO – Japan’s economy has taken a sudden plunge, casting some doubt on weather the government will proceed with the hike to sales tax planned for next year.
According to new information made available by the government of Japan on November 17th, the economy of Japan has slid into a recession, and now some economists pinning the blame on the increase to the rate of the country’s sales tax from 5 percent to 8 percent in April this year.
Over the third quarter of this year Japan was expected to see a 2.1 percent rise in the national GDP, and a 0.8 percent rise in consumer consumption, however, in reality, the GDP actually shrank by 1.6 percent and private consumption only rose by 0.4 percent.
The disappointing economic performance in the third quarter follows a sudden decline in econom...Read More
November 17, 2014 Taxation in UK
LONDON – New information has been released disproving the recent claims that the richest taxpayers in the UK are paying less taxes than low income earners.
The top 0.01 percent of earners in the UK pay out a greater share of the nation’s total tax revenue collections than the bottom third of earners in the country, according to new information released by the UK based journalist Fraser Nelson, following a Freedom of Information request lodged by him to the HM Revenue and Customs.
According to the information provided by the HMRC, the top 3 000 income earners in the UK provide approximately 4.2 percent of the government’s total revenue collections, while the lowest paid nine million taxpayers in the country paid out only 4 percent of the total tax revenues.
Fraser Nelson indicated tha...Read More