Figures have shown that millions of United Kingdom’s elderly are over-paying on their taxes. In a report published on October 22nd, the National Audit Office (NAO) released figures indicating that the UK is seeing gross-overpayment of tax by pensioners. According to the NAO, overpayments by the elderly have an especially exasperating economic effect as the income of the average pensioner is approximately 25% less than that of the rest of the population, sitting at £16,000. The NAO report claimed that due to ... Read More

The UK Conservative Party has promised to cut the current Government’s proposed £6 annual tax on fixed landlines, if they were to be elected in 2010. Already using taxation as a fighting point for its election campaign, the UK Conservative Party is extending a promise to cut the proposed 50 pence a month levy on all of the UK’s landlines. The tax, which has come to be dubbed the “broadband tax”, has not yet been instated, but stands as a key point to ... Read More

Negotiations between the proposed coalition of Germany’s Christian Social Union (CSU), Christian Democratic Union (CDU) and Free Democratic Party (FDP) have reached a framework for future tax cuts. Following a weekend of negotiations, statements were made on Monday the 19th of October, releasing some indications of Germany’s future tax direction. Much detail concerning the agreements reached and projections created during the negotiations has been kept secret, but clear indication has been made that all involved parties are dedicated to providing tax ... Read More

With an amendment to its taxation laws, the jurisdiction of Singapore is verged on the edge of becoming an OECD White listed country. The 19th of October saw the Singaporean government pass a new bill with the aim of combating cross-border tax evasion and ensuring that the nation’s laws are in compliance with international taxation standards. Following guidelines mooted by the Organisation for Economic Co-operation and Development (OECD), the country’s Income Tax Act has been altered to allow other complying nations to ... Read More

New Zealand's ASB bank has given indicators that it may settle with the Inland Revenue Department (IRD) in their structured financing tax evasion case against the bank. Warwick Bryan, Investor Relations Analyst for the Commonwealth Bank of Australia (CBA), made indications that ASB Bank might opt for an out of court settlement with the IRD, who is pursuing the bank for allegedly evaded tax liabilities. While commenting on Westpac Bank's loss of a similar case against the IRD, Warrick Bryan said ... Read More