Taxes an Election Hot Topic in New Zealand

September 15, 2017 Taxation in New Zealand

Tax in New ZealandWELLINGTON – The elections in New Zealand are heating up, and taxation is shaping up to be an increasingly important issue.

On September 14th the New Zealand Labour Party stated that it would not implement any new taxes in the country until at least 2021.

The Labour Party is the current opposition party, which has been attempting to oust the ruling National Party.

However, the Labour Party has been facing criticism for their lack of concrete tax plan and their promise to launch a working group which will evaluate whether any tax changes should be implemented in New Zealand.

Now the party has confirmed that the working group will still be formed, however, any changes suggested by the group will not be enacted until the next national election in 2021.

However, the party will still continue w...

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Book Stores Pay More Tax Than Amazon

September 14, 2017 Taxation in UK

Taxes on bookshelfLONDON – Amazon is simultaneously outselling UK bookshops, while also paying only a fraction of the tax that they pay.

A new report released by the UK think-tank the Centre for Economics and Business Research has claimed that the UK division of Amazon pays a fraction of the taxes that local bookshops pay on their activities.

Based on the conclusion reached by the researchers of the report, UK bookshops pay an estimated GBP 12 million in corporate income tax, an amount which equates to approximately GBP 0.91 per GBP 100 of turnover.

However, Amazon paid out a total of GBP 15.8 million in 2015 on approximately GBP 1.5 billion in turnover.

The effective tax rate faced by the online giant comes to a much lower effective tax rate of only GBP 0.08 per GBP 100 of turnover.

It is estimated that...

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EU Countries To Take on Multinationals

September 13, 2017 Taxation in EU

EU TaxationBRUSSELS – Several Finance Ministers from the EU have banded together to propose a new tax on the earnings of large multinational tech firms.

The Finance Ministers of France, Germany, Italy, and Spain have penned a letter calling for the European Union to take a tougher stance on multinational tech-giants and their ability to dodge taxes in Europe.

Following the letter, the topic of taxation of such businesses has been scheduled to be discussed at a joint-meeting of national Finance Ministers and EU meeting to be held soon in Estonia.

The Finance Ministers are taking objection to multinationals’ ability to carry out business and make profits from activities in one country, while diverting the profits to the low-tax jurisdictions where they are registered.

The authors of the letter are e...

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Switzerland Accepting BitCoin for Taxes

September 11, 2017 Taxation in Switzerland

tax payments via bitcoinGENEVA – Two local governments in Switzerland now accepts tax payments via BitCoin.

Last week the Swiss municipality of Chiasso announced that next year it will begin accepting tax payments via BitCoin.

From January 2019 onward, tax bills of up to CHF 250 will be payable with cryptocurrency.

If the initial trial for the payment proves to be successful, the system will be expanded to accept larger amounts.

The move to accept cryptocurrency comes as an effort to compensate for the tax revenues being lost due to the diminishing local banking sector, and also in order to solidify the local cryptocurrency industry.

The local government has reputedly made significant efforts to establish the region as a prime location to base a cryptocurrency start-up.

Chiasso is not the first part of Switzerlan...

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Potential Capital Gains Tax Discussed in New Zealand

September 7, 2017 Taxation in New Zealand

Capital gains taxWELLINGTON – New Zealand’s opposition party is drip-feeding the country more details on its proposed tax on housing and property.

In the run up to the national election in New Zealand, the focus is shifting to the prospect of the introduction of a tax on land or the capital gains from the sale of the property.

New Zealand has seen significant and persistent upwards movement in the price of the property, leading some to label the situation as a “housing crisis”.

The current leader of the opposition Labour party, Jacinda Arden, has suggested that her party will implement a capital gains tax or a land tax to address the issue.

However, previously she had not committed to the nature of the tax or to whether the tax will include taxpayers’ prime place of residence.

She has now confirmed ...

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