Monthly Archives January 2012

Philippines Brings Stall Holders into Tax Net

January 31, 2012 Taxation in Philippines

Philippines Brings Stall Holders into Tax Net MANILA – Tax inspectors in the Philippines will soon tighten tax controls for stall holders and small businesses in public markets in an effort to increase tax compliance across the country.

The government of the Philippines is initiating a new project to ensure that small business owners and stall operators across the country are complying with their tax obligations. The new initiative was revealed by Commissioner of the Bureau of Internal Revenue (BIR) Kim Jacinto Henares while speaking at a press conference on January 29th.

Under the new regulations BIR investigators will be tasked with carrying out “tax mapping” operations across public markets in the Philippines, predominantly to ensure that all small businesses issue official receipts and record their sales.

The BIR agents taking par...

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US State Business Environments Ranked

January 27, 2012 Taxation in USA

State taxes in the USA have been rankedWASHINGTON D.C. – Wyoming and South Dakota have the best tax climates for business across all of the states in the USA.

The Tax Foundation has released its latest study of business taxes across the USA, highlighting the difference in tax environments faced by enterprises across the country in the 2012 edition of the State Business Tax Climate Index released on January 25th .

The Index ranks each state based on the taxes applied directly on businesses and working individuals, and on the number of tax credits that tax authorities make available to locally registered companies.

The authors of the report explained that states which choose not to levy some of the most common taxes will be seen as being more competitive and having a friendlier business environment...

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Corporate Tax Burdens in Canada Continue to Drop

January 26, 2012 Taxation in Canada

Corporate Tax in CanadaOTTAWA – Canadian businesses have enjoyed a number of tax cuts over the last 12 years, and could soon see their Tax Freedom Day shift back into January.

On January 25th the Canadian Labour Congress released a new study on the tax liabilities faced by Canadian companies, claiming that corporate income tax collections are making up a decreasing amount of the government’s cumulative revenues.

According to the report, in 2010 Canadian businesses saw Corporate Tax Freedom day (CTF) fall on February 1st, and in 2012 the date is expected to move into late January. The CTF date is a hypothetical measure which indicates how many days of the year a company will need to work before they can cover their annual tax obligations in full. The CTF date has fallen earlier every year since 2000.

The move ...

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Switzerland Needs to Rebalance Taxes

January 24, 2012 Taxation in Switzerland

Changes in Swiss TaxationBERN – Switzerland needs to shift its fiscal focus away from personal income taxes towards taxes on consumption and real estate.

On January 24th the Organization for Economic Cooperation and Development released the latest annual Economic Survey of Switzerland, containing a summary of the country’s current economic position and recommendations for future fiscal policies.

According to the authors of the report, Switzerland has experienced healthy and balanced economic growth in the last few years, despite seeing a strong appreciation of the Swiss franc. The report suggested several measures to ensure that the country continues to see sustainable and balanced economic expansion.

Amongst the suggestions, the OECD pointed to several tax measures that would be beneficial to Switzerland, and ...

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Italian Authorities Chase EUR 60 Billion of Taxes

January 24, 2012 Taxation in Italy

Guardia di FinanzaROME – In 2011 tax authorities in Italy launched investigations on suspected cases of tax evasion worth more than EUR 58 billion.

On January 23rd the Guardia di Finanza (GDF), the Italian law enforcement agency dealing with financial crimes, released a statement revealing that in 2011 it launched 12 000 investigations on businesses and individuals suspected of evading their tax obligations.

According to the statement, undeclared and under reported incomes were the most common forms of tax evasion, with nearly EUR 50 billion of the neglected tax obligations being evaded by taxpayers sidestepping their individual income tax liabilities. The GDF is also conducting investigations on businesses suspected of evading payments of Value Added Tax (VAT) totaling EUR 8 billion.

In 2010 Italian tax au...

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