UK taxpayers have spent the almost six months paying off their tax obligations, and can now begin earning for themselves. According to research carried out by the UK think-tank the Adam Smith Institute, the Tax Freedom Day fell on May 30th in the UK in 2011. According to data published by the Institute, in 2011 UK taxpayers needed 149 days to pay their overall tax liabilities in full. This year’s date is three days later than in 2010, with the change being ... Read More

The government of Cuba is loosening national business and tax regulations in an attempt to spur growth in the national job market, and reduce the financial burden of state-sector wages. The Cuban Council of Ministers released a statement, which was published on May 27th in the national newspaper Granma, saying that new regulations would soon be instated to ease tax burdens on small private enterprises. The publication detailed the outcomes of a Cabinet meeting chaired by the President of Cuba Raul ... Read More

Over the course of this week Egypt has taken several steps towards setting a new path towards an economic recovery and rebuild, after a recent turbulent period of political instability and power shifts. On May 25th Prime Minister of Egypt Essam Sharaf held a nationwide televised address, where he indicated that the government is currently working on several economic and tax policy changes aimed at improving the country’s economic stability and assure future development. The Prime Minister assured taxpayers that throughout any ... Read More

The UK oil industry is standing up in protest to a recent hike in their tax liabilities, claiming that the increased tax burdens place a number of oil extraction projects in danger of closing down or being dropped. Oil & Gas UK, a UK energy extraction trade association, published a new report on May 25th, detailing the potential effects that a recent tax increase will have on the industry. The research suggested that unless the government reverses already taken actions, the UK ... Read More

A ban on the government financing of mining activities has been called for in Europe, following allegations of gross tax evasion by resource sector operators in Africa. Fifty members of the European Parliament have signed an open letter to the EU president and the European Commission, calling for a temporary suspension on all government financing of international mining projects. The moratorium is to be upheld until adequate standards can be put in place to protect the tax revenues and development opportunities ... Read More

The government of Philippines is aiming to instate tax reductions in order to make a significant positive impact in efforts to reduce the country’s levels of greenhouse gas emission and bolster public acceptance of eco products. The House of Representatives of the Philippines is one step closer to instating a new green tax measure, after having approved the first reading of a new bill which would see a 30 percent decrease in the factory price of eco-friendly automobiles. The new draft bill ... Read More

The government of Pakistan is readying to release its latest budget plan, and is sending strong indication that in the next year it will renew its fight against tax evasion and the underground economy. With a little more than a week to go before the June 3rd reveal of Pakistan’s latest government budget plan, the Federal Finance Minister Dr Abdul Hafeez Shaikh has given further indication on the government’s intentions to improve tax compliance in the coming fiscal year. At a ... Read More