Plastic Bag Tax Proposed in Guam

February 19, 2018 Taxation in USA

Plastic bag taxHAGÅTÑA – Plastic bags could soon carry a tax or fee in Guam, both for shoppers and businesses.

Shopping in Guam could become more expensive for fans of the humble plastic bag, as a new bill has been introduced to add taxes for imported bags and those given to shoppers.

Under the scope of the new rules, shops and restaurants which distribute a plastic bag to a customer without charging a USD 0.25 fee will face a fine of USD 500 for the first offence, and a USD 1 000 fine for any subsequent offence.

The businesses themselves would also pay a tax of USD 0.10 per plastic bag imported into Guam.

The tax is not specifically aimed at being a significant source of new revenue, but an incentive for businesses and consumers to wean themselves off their reliance on plastic bags.
The bag tax wou...

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OECD Says Tax Emissions More

February 15, 2018 International Tax Cooperation

tax on emissionsWASHINGTON D.C. – Developed countries around the globe are not taxing polluters enough to compensate for the harm they are doing to the environment.

The OECD has issued a new report which states that governments around the world are not using taxes to effectively slow down climate change.

Taxes are claimed to be an effective means of encouraging emitters to reduce their emissions levels or to move towards cleaner energy or more energy efficient products and methods.

However, an analysis of the taxes on emissions across 42 OECD and G20 countries between 2012 and 2015 indicated that such taxes are underutilized.

Aside from taxes on road transport, nearly 81 percent of emissions were untaxed in 2015.

The emissions which were taxed were taxed at less than EUR 30 per tonne of carbon dioxide...

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NZ Enjoys Tax Boost

February 15, 2018 Taxation in New Zealand

NZ tax revenuesWELLINGTON – The New Zealand government has enjoyed a bout of increased tax revenues, despite an increase in its expenditures.

The New Zealand Treasury started this week by announcing that the tax revenues seen by the government, and, subsequently, the operating balance for the six months to December 31st 2017 were significantly higher than expected.

The Core Crown tax revenue for the period was NZD 37.2 billion, a level which is NZD 0.6 billion ahead of the forecast in the 2017 Half Year Economic and Fiscal Update.

The increased tax revenues were made up primarily of a NZD 0.3 billion boost to source deductions, and a NZD 0.2 billion boost to GST collections.

Along with the higher than expected revenues, there was also a higher than expected result to the expenditure of the government...

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American Crypto Investors Hiding from IRS

February 14, 2018 Taxation in USA

Cryptocurrency incomeWASHINGTON D.C. – Americans who have already submitted their tax returns either have not invested in cryptocurrencies or are lying about the incomes the cryptocurrency have helped them realize.

The tax preparation business Credit Karma has released new information which indicates that taxpayers in America may be hiding their taxable incomes from cryptocurrency investments.

The business revealed that of the 250 000 individual taxpayers who have already filed their annual obligations, only 100 made any specific mention of gains from cryptocurrency.

It is estimated that approximately 7 percent of Americans hold investments in Bitcoin.

Also, a previous survey by Credit Karma indicated that as many as 57 percent of respondents have realised gains from cryptocurrency.

Based on the available inf...

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Oman Doubles Down on Cigarette Taxes

February 12, 2018 Taxation in Oman

Cigarette taxesMUSCAT – Oman is using cigarette taxes as a main point in their plan to fight non-communicable diseases.

Over the weekend the government of Oman launched their new National Policy and Multi-Sectoral Plan on Prevention and Control of Non-Communicable Diseases, which includes hefty hikes to the rates of tax levied on the sale of tobacco.

The rate of tax on the sale of cigarettes will now be doubled, in an effort to curb the rate of smoking in the country, and, subsequently, the occurrences of smoking-related illness.

The rate of tax on cigarettes was OMR 0.4, which was set in 2016, following 17 years of unwavering tax levels.

It is estimated that approximately 14 percent of men in Oman smoke, while the rate of smoking among women is approximately 0.5 percent.

Along with the tax hike, the...

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