A new report from a prominent UK think-tank has recommended increases to personal taxation, and full implementation of Value Added Tax (VAT), along with significant public spending cuts. The proposed changes are claimed to be necessary in order to decrease the Government deficit sooner. On April 30th UK’s National Institute of Economic and Social Research (NIESR) released the quarterly Prospects for the UK Economy report, which valuates the current state of the UK economy. According to the report, the UK economy is in ... Read More

The Federal Council (FC) of Switzerland has instructed the Swiss Federal Department of Finance (FDF) to create three new pieces of legislation regarding salary schemes and compensation practices, targeting primarily inappropriate pay packages in financial institutions. In a meeting held on April 28th the FC issued a directive to the FDF to create drafts for three new laws concerning the regulation and taxation of compensation issued in Switzerland. With the current international focus on financial sector salaries and bonuses, Switzerland has already begun ... Read More

According to the latest report by the Australian Bureau of Statistics (ABS), the country’s tax revenues fell during the last financial year. The total tax take, across all Government levels, fell to 26.9 percent of the GDP, compared to a level of 29.5 percent of GDP in 2007-08 fiscal year. On April 27th the ABS published the latest issue of Taxation Revenue, Australia, 2008-09, containing statistics of revenues collected by tax authorities on a Commonwealth, state and local level. The publication reveals that ... Read More

In a recent speech given by the Deputy Managing Director of the International Monetary Fund (IMF) to the Finance Ministers of the Association of Southeast Asian Nations (ASEAN), the key economic and fiscal issues, that the IMF perceives as currently facing ASEAN nations, were revealed. On April 26th the IMF published a previously unreleased transcript of a speech given by Naoyuki Shinohara, Deputy Managing Director of the IMF, at the 14th ASEAN Finance Ministers’ Meeting, held on April 8th 2010 in Nha Trang, ... Read More

UK based companies are opting to make early than scheduled dividend payouts in order to avoid increased personal taxation obligations for recipients. On April 26th UK company registrar firm Capita Registrars released a report indicating that many UK companies are opting to make early dividend payments, in order for shareholders to avoid the recent top personal-tax rate increase. On April 6th the marginal tax rate for taxpayers earning above GBP 150 000 rose to 50 percent, from the previous level of 40 percent. ... Read More