July 21, 2016 Taxation in UK
LONDON – New evidence suggest that an increasing number of motorists in the UK are skipping out on vehicle taxes.
In its annual report released on July 20th the UK Driver and Vehicle Licensing Agency (DVLA) showed that revenues from the collection of vehicle tax in the UK has fallen by GBP 93 million between 2014/15 and 2015/16.
Vehicle excise duty is currently the primary tax faced by motorists in the UK, however, up to October 2014 the system used to was called the “tax disc” system.
It is believed that a significant portion of the reduction in tax revenues could be attributed to a rise in tax evasion by motorists.
Prior to the swap from the tax disc system to the vehicle excise duty, it was estimated by the government that an increase in evasion would result in a tax drop of GBP 80 ...Read More
July 20, 2016 Taxation in Israel
TEL AVIV – Scooters and motorbikes in Israel will slash taxes on scooters from 40 percent to 25 percent in an effort to reduce traffic jams.
The Finance Minister of Israel Moshe Kahlon announced that the taxes on small motorbikes would be decreased, in an effort to cut congestion and emissions.
Until June 30th 2017 the tax on the sale of small motorbikes will be reduced from 40 percent to 25 percent.
In order to fall within the scope of the tax cut, the motorbike must be less than 125cc and be rated at less than 11 kilowatts.
It is believed that the reduction in the price of small motorbikes will lead to a greater uptake by people, ultimately leading to reduced emissions levels and reduced congestion in urban areas.
It is believed that congestion in Israel causes enough economic damage to...Read More
July 19, 2016 Taxation in New Zealand
WELLINGTON – A carbon tax in New Zealand could help reduce emissions, while raising enough revenue to lower consumption tax, corproate tax rates, and to introduce a tax-free threshold for personal incomes.
In a press release issued on July 18th the Green party of New Zealand claimed that new research completed by experts from the University of Auckland and the Cambridge University has shown that the country should implement a carbon tax in order to pay for cuts to consumption tax.
According to the results of the research, if New Zealand implemented a carbon tax and hiked the price of carbon to NZD 75 per tonne, then the overall emissions level in New Zealand could be reduced by 14.2 percent.
Along with the reduction in harmful emissions, the national GDP could rise by 2...Read More
July 18, 2016 Taxation in Philippines
MANILLA – Excise taxes on oil products in the Philippines could be raised to account for 2 decades of stagnant rates.
Over the weekend the Finance Secretary of the Philippines Carlos Dominguez III announced that the government may soon increase the rate of excise tax on fuel products.
The rate of excise tax on fuel and fuel products in the Philippines is currently set at up to PHP 4.50 per litre, a rate which was set and left un-adjusted since 1997.
Carlos Dominguez III explained that now is a perfect time to raise the rate of the excise tax, as the prices of oil and oil products around the world are at record lows.
It has been proposed that the rate of the tax be raised to approximately PHP 10 per litre for oil, oil products, and gasoline, while the rate of diesel be raised to PHP 6 per...Read More
July 15, 2016 Taxation in New Zealand
WELLINGTON – A new ruling could see new charges and taxes rolled out across home solar panels in New Zealand.
Earlier this week the Electricity Authority in New Zealand gave the green light to a local electricity lines company to levy a charge on customers with solar panels, a decision which is being seen by many as a new “solar tax”.
In April this year the lines company Unison, which services the Hawke’s Bay region of New Zealand, announced that it would raise the services charges for any customers who use solar panels, and feedback any excess generated power back to the grid.
The decision is widely believed to be the first of its kind in New Zealand, and fears have arisen that it will pave the way for a greater implementation of charges and “solar taxes” to be levied by other pow...Read More