Monthly Archives November 2011

Tax Changes Announced in the UK

November 30, 2011 Taxation in UK

George Osborne Announces Tax ChangesLONDON – The UK Chancellor of the Exchequer George Osborne outlined upcoming tax changes in the UK during the annual Autumn Statement.

On November 29th the UK Chancellor of the Exchequer George Osborne delivered the annual Autumn Statement, in which he outlined the government’s upcoming intentions regarding the economy and fiscal policy.

Under plans for boosting the nation’s economic expansion, the government of the UK announced a number of tax changes which are aimed at aiding small and medium sized enterprises in the country.

In order to encourage investment into startup companies, the government of the UK will soon implement the new Seed Enterprise Investment Scheme, which grants taxpayers a 50 percent relief on their income tax liabilities when investing into the shares of newly ...

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Fiji Fights Poverty with Tax Cuts

November 29, 2011 Taxation in Fiji

Tax Rates in FijiSUVA – The government of Fiji is taking action to eradicate poverty in the country by lowering taxes for almost all of the nation’s taxpayers.

Over the weekend the Prime Minister of Fiji Frank Bainimarama made his annual budget address in Suva, announcing a number of tax changes aimed at lowering tax burdens for the majority of taxpayers, and raising taxes for the country’s highest earners.

From the start of next year the tax threshold in Fiji will be raised to FJD 15 600, from the current level of FJD 15 000. All earnings above the threshold, and up to a level of FJD 22 000 will be taxed at a new rate of 7 percent, compared to the current rate of 25 percent. Earnings exceeding FJD 22 000 will be levied at a rate of 20 percent...

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Tax Collections to Fall in Australia

November 28, 2011 Taxation in Australia

Tax Revenues in AustraliaCANBERRA – The Australian government is seeing a reduction in collection of capital gains tax, as the European debt crisis maintains its grip on the global economies.

On November 27th the Treasurer of Australia Wayne Swan released a statement describing the economic outlook of the country, with particular emphasis on the revenue forecasts for capital gains taxes.

According to the Treasurer, the prices of Australian stocks are stagnating, or even falling, with the national share market having dropped 15 percent since May this year. Due to the decrease, the government of Australia has lowered its previous forecast for the level of collections of capital gains by AUD 7 billion over the next four years...

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Japan Passes Recovery Funds Tax Bill

November 25, 2011 Taxation in Japan

Japanese TaxesTOKYO – The major political parties of Japan have come to some agreement on the matter of taxation, taking the first steps to increasing rates and raising extra funds for the country’s rebuild following the recent spate of natural disasters.

Months of political debate came to an end on November 24th when the Lower House of Parliament of Japan approved new legislation which paves the way for the government to hike some tax rates as a means of raising revenues to fund earthquake recovery programs.

The legislation allows the government to instate an increase to the country’s personal income tax rate, for a period of 25 years starting from 2013. The extra funds raised by the tax rate increase will be used exclusively to service the government’s sovereign debts...

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UK’s Top Tax Rate Lowering Revenues

November 24, 2011 Taxation in UK

A stack of pound coinsLONDON – The UK’s top marginal tax rate is actively driving high income earners out of the country, leaving middle and low income individuals to plug any arising budget gaps.

On November 23rd the UK Centre for Economics and Business Research (CEBR) released a new report claiming that the country’s top marginal tax rate of 50 percent is not in sync with the realities of the modern business environment, and is encouraging high earning individuals to leave the UK, ultimately lowering the government’s tax take.

According to the report, rate of 50 percent is actively driving a “modern generation of wealth creators” to move overseas or look at means of lowering their tax liabilities through the use of offshore tax planning...

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