Monthly Archives October 2010

Tax Reforms Urged For Australia

October 29, 2010 Taxation in Australia

Duranbah_17052009 522The International Monetary Fund has released a new report on the Australian economy, saying that the new mining tax system should be expanded and the national Goods and Service tax rate should be raised, along with changes to personal and corporate income taxes.

On October 28th the International Monetary Fund (IMF) released Australia: 2010 Article IV Consultation, an annual economic assessment of the country, prepared through a series of bilateral meetings with the IMF and the Australian government. Overall, the report praised Australia’s performance throughout the global financial crisis, but suggested several measures for the Government to ensure continued economic growth and heightened levels of social prosperity.

The report commended the Government’s plans to introduce a Mineral Reso...

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States’ Tax Systems Ranked

October 28, 2010 Taxation in USA

Unsettled WindA new study has been published, ranking the tax environments for business across all US states. It was shown that New York state currently stands as the worst state in the country in regards to taxation, while South Dakota was ranked as the best.

The US Tax Foundation has released its latest annual State Business Tax Climate Index (SBTCI), which ranks the effect of states’ tax systems, based on personal income taxes, corporate income taxes, property taxes, sales taxes and unemployment insurance taxes. The report claimed that today’s economy is characterized by highly portable employees and capital, and states need to consider this reality when evaluating the effect of their own tax policies...

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New Corruption Index Released

October 27, 2010 International Tax Cooperation

Cash DepositThe 2010 edition of the international Corruption Perception Index has been released, ranking New Zealand, Denmark and Singapore as the least corrupt countries in the world.

On October 27th Transparency International (TI) published the latest edition of its annual Corruption Perception Index (CPI). The yearly publication aims to rank nations based on the perceived effects of corruption on their business and public sectors. The information is based on aggregate information on the topic from national business surveys and research conducted by special interest groups...

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Germany Lowers Eco-tax, Raises Tobacco Tax

October 26, 2010 Taxation in Germany

TabacolateThe German Government has bowed to industry pressure and decided to ease the tax burden faced by energy intensive and high-emissions companies, instead opting to hike taxes on tobacco products.

On October 24th Germany’s government coalition agreed to revise its planned taxation measures on fuels and energy, easing the tax burdens faced by the energy industry. To offset the budgetary shortfalls, the move will be paired with an tax rate increase on cigarettes and tobacco products. Michael Fuchs, aleader in the Germany’s ruling Christian Democratic Union (CDU), claimed that the move was necessary to retain employment levels in the country’s energy industry and maintain energy prices for consumers, ultimately leading to benefits in the national economy...

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Corporate Taxes Falling, Indirect Taxes Rising

October 22, 2010 International Tax Cooperation

show me the money!Having come out of one of the most turbulent economic periods in recent years, governments worldwide have begun to reevaluate their tax policies, raising average indirect tax levels by 0.2 percent in 2010, and dropping corporate tax rates by 0.45 percent in the same time.

In the wake of the financial crisis, and the subsequent budget deficits and economic imbalances, governments worldwide are increasingly turning their attention towards reviewing their taxation policies to maximize growth and tax revenues. Over the course of the 2010 year, the worldwide average corporate income tax rate fell from 25.44 percent to 24.99 percent, and the average indirect tax rate rose from 15.41 percent to 15.61 percent. This information was provided in the new report 2010 Corporate and Indirect Tax Survey, ...

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