December 1, 2015 Taxation in UK
LONDON – Lawmakers in the UK are pushing for a sugar tax, claiming that the tax would reduce obesity rates, especially among children.
Earlier this week the Parliament Health Committee in the UK called on the government to implement a 20 percent tax on the sale of sugar laden beverages.
The tax is aimed at reducing the rate of obesity, and related illnesses, in the country, by reducing the consumption of sugar-filled drinks.
It is currently estimated that one third of UK children leaving primary school are overweight or obese, and children from low income families are twice as likely as their peers to be obese or overweight.
Obesity has been linked to diabetes, and other health related problems, both in the short term and long term.
Obesity and related health issues are estimated to co...Read More
PRETORIA – South Africa’s push towards electronic filing of tax returns has resulted in faster processing tax returns and payment of tax refunds.
Over the weekend the South African Revenue Service (SARS) announced that at the end of the current tax season approximately 5.94 million tax returns had been filed.
Approximately 4.2 million of the returns were filed by individuals for the 2015 financial year, and approximately 1.69 million of the returns were previously unfilled returns from past tax seasons.
It was noted that the tax authority’s efforts to encourage online filing, are paying off, as now approximately 99.96 percent of taxpayers filed their returns electronically, with only 2 000 returns being filed with paper.
The move to electronic filing has greatly sped up the processing ...Read More
November 29, 2015 Taxation in UK
LONDON – Dropping the UK’s “tax disc” system has resulted in a significant loss in tax revenues, and a rise in tax evasion.
The scrapping of UK “tax disc” system has led to a greater number of people skipping out on their vehicle taxes, according to new information issued by the UK government on November 26th.
Prior to October 2014 all cars in the UK were liable to display a round paper sticker in their windshield to indicate that all appropriate duties on the particular car have been paid, however, the system has now been updated and is managed via an electronic database.
It has now been shown that since the introduction of the electronic excise duty system, the tax revenues collected from cars has fallen by GBP 80 million.
The total amount of taxes collected per year from excise du...Read More
November 26, 2015 International Tax Cooperation
LONDON – New research is calling for taxes to be placed on the sale of meat, as such a move will ultimately reduce obesity rates, diabetes, cancer, and carbon emissions levels.
Taxes on the sale of meat and meat products would encourage consumers to eat less meat, subsequently leading to less intensive farming of livestock, and reduced emissions levels, according to information in a new report released by the international think tank Chatham House.
It was concluded that a “carbon tax” of approximately USD 2.66 per kilo of beef could reduce meat consumption by as much as 14 percent.
It was noted that any such tax could be met with strong public resistance, however, the potential outcry could be overcome if the government takes adequate steps to explain the reasoning and need for the ta...Read More
November 25, 2015 Taxation in New Zealand
WELLINGTON – A tax on sugary drinks will reduce obesity in New Zealand, but taxing fatty foods and dropping taxes on fruits and vegetables may not have the same effect.
On November 19th the Treasury of New Zealand made public a report prepared in February this year, with analysis of several tax proposals aimed at reducing the rates of obesity in the country.
The report contained analysis of the potential impact of introduction of a tax on the sale of sugary drinks, the introduction of a tax on foods high in saturated fats, and the effects of dropping GST on fresh fruits and vegetables.
The Treasury concluded that a tax on the sale of sugar sweetened drinks could have positive results in the government’s efforts to cut down the effects and occurrence of obesity.
It was noted that whil...Read More