Monthly Archives May 2011

UK Workers Need 149 Days to Cover Their Taxes

May 31, 2011 Taxation in UK

UK Workers Need 149 Days to Cover Their TaxesUK 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 attributed to the government’s recent increase to the rate of the national Value Added Tax (VAT).

Britons need to work approximately 39 days per year to pay their personal income tax, an additional 26 days for their National Insurance Contribution, an extra 29 days for their annual average Value Added Tax liabilities, a further 12 ...

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Cuba Cuts Taxes to Encourage Private Enterprise

May 30, 2011 Taxation in Cuba

Taxation in CubaThe 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 Castro earlier in the week.
According to the release, self-employed taxpayers and entrepreneurs whose businesses employ less than five workers will now be exempt from paying payroll taxes in 2011. It is expected that the change will provide the greatest benefit to the hospitality sector...

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Egypt to Keep Subsidies and Freeze Property Tax

May 27, 2011 Taxation in Egypt

Prime Minister of Egypt Essam SharafOver 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 policy changes that are to be carried out in the near future, the government would strive to maintain the majority of its current subsidy programs, especially towards food staples and other everyday necessities...

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UK to Suffer From Oil Tax Hike

May 26, 2011 Taxation in UK

UK oil taxThe 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 will see oil production fall by more than a billion barrels over the next five years, alongside with other significant negative economic effects.

In March the UK government raised the supplementary tax on oil and gas producers’ profits from 20 percent to 32 percent, in order to fund tax decreases on consumer petrol ...

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EU Needs to Halt Direct Investment into Mining in Africa

May 25, 2011 Taxation in EUTaxation in Zambia

EU Needs to Halt Direct Investment into Mining in AfricaA 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 for the countries in which the mining takes place.

According to the letter, each year sees millions of Euros flow from the European Investment Bank (EIB) into international mining and resource extraction projects, for the purposes of encouraging development initiatives on the Afri...

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