Monthly Archives November 2010

SABMiller Accused of Dodging Taxes in Africa

November 30, 2010 International Tax CooperationOffshore TaxationTax Havens

wyszynkOne of the world’s largest beer manufacturing companies, SABMiller, has been accused of actively dodging its taxes in the developing countries where it operates, leading to nearly GBP 20 million in lowered tax revenues across the African continent.

On November 29th ActionAid, an international anti-poverty agency, launched a campaign accusing SABMiller, the world’s second largest beer company, of avoiding their full tax obligations in the developing nations where it operates, by actively structuring its operations and subsidiaries to lower the company’s overall corporate income tax obligations. While ActionAid does not contest the legality of the actions, the group protest the GBP 20 billion effect that the actions has on the economies of African nations and the fights against poverty.

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Slovak Republic’s Economic Prospects Reviewed

November 29, 2010 Taxation in Slovakia

Slovakian FlagsThe Organization for Economic Cooperation and Development has evaluated the economic performance of the Slovak Republic, saying that country has the potential to see strong growth in the near future if a series of tax changes and economic reforms are instated to ensure a sustainable rate of development.

Late last week the Organization for Economic Cooperation and Development (OECD) released Economic Survey of the Slovak Republic 2010, an annual report on the economic conditions, projections and challenges facing the country. According to the report, the Slovak Republic’s economy is now recovering well and the real GDP growth figure will reach 3.5 percent in 2011, and 4.4 percent in 2012...

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Zambia To See Mining Tax Windfall

November 26, 2010 Taxation in Zambia

a little friction (12231)The Zambian Government has come to an agreement with locally operating mining companies, resulting in greater future tax certainty for the mining industry, and a ZMK 1.426 trillion payment of taxes in arrears for the Government.

Discussions between the Zambian Government and mining companies operating in the country have come to a fruitful conclusion, with mineral extraction operators agreeing to pay tax authorities ZMK 1.426 trillion in owing taxes. The payback amount is approximately ZMK 413 billion greater than previously expected by the Government. This announcement was made by the Finance and National Planning Minister of Zambia Situmbeko Musokotwane while speaking to parliament on November 25th.

The now-settled disagreement between the Zambian Government and nationally operating mini...

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Northern Ireland Requesting Corporate Tax Rate Reduction

November 25, 2010 Taxation in UK

2010 Manifesto LaunchThe First Minister of Northern Ireland is calling for the UK Government to lower the corporate income tax rate in Northern Ireland to match the 12.5 percent rate paid by businesses in the Republic of Ireland.

On November 24th the UK’s Prime Minister David Cameron visited Northern Ireland, where he was urged by the First Minister of Northern Ireland Peter Robinson to lower the corporate tax rate faced by businesses operating in the country, claiming that a reduced rate will allow the country’s economy to flourish and attract greater levels of international business migration.

While speaking to David Cameron, Peter Robinson said that it is unfair that the Republic of Ireland (ROI) is receiving a GBP 7 billion bail-out from the UK Government while adamantly refusing to discuss raising its ...

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Hungary Starts Income Tax Reforms

November 24, 2010 Taxation in Hungary

HungaryThe Hungarian government has approved several changes to its tax system, including a new flat-rate model for personal income taxes, reduced corporate income taxes, and incentives for families to have extra children.

On November 23rd the Hungarian Government passed into law a series of heavily debated changes to the tax system, significantly revising the country’s tax regulations. It is hoped that the alterations will boost national tax revenues, while spurning job creation and economic health.

As of January 1st 2011 the current Hungarian tax bracket system for personal incomes will be replaced with a flat-rate tax model. Currently, tax payers are levied at tax rates of 17 percent to 32 percent, based on their incomes...

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