Monthly Archives February 2012

Philippines Tackles Tobacco Addiction with Taxes

February 29, 2012 Taxation in Philippines

Tobacco Excise Duties in Philippines to be RaisedMANILA – The government of the Philippines will update the nations excise taxes on the sale of cigarettes, to lower the country’s smoking rate and to increase government revenues.

On February 28th the House of Representatives of the Philippines held a hearing on a new bill proposing an overhaul to the excise taxes imposed on the sale of cigarettes in the Philippines, which will instate a single unitary tax rate to be adjusted annually in line with the level of inflation in the country.

The government currently estimates that the new tax could raise as much as PHP 400 billion in tax revenues by 2016, of which approximately PHP 225 billion will be used to create new projects to help local farmers convert their tobacco plantations to other types of crops.

The Department of Health of the Phi...

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South Africa Will Impose Carbon Tax

February 28, 2012 Taxation in South Africa

Carbon tax to be instated in South AfricaPRETORIA – South Africa will soon impose a new carbon tax, although the measure will only apply to less than 40 percent of all carbon dioxide released into the atmosphere.

The government of South Africa recently released its latest budget plan, which, amongst other measures, unveiled a proposal to instate a new carbon tax which would be levied on polluters from all sectors of the economy.

The new tax will be implemented in the 2013 – 2014 fiscal year, and will be charged at ZAR 160 for each ton of carbon dioxide released into the atmosphere, and the levy will increase by 10 percent each year until 2020.

In order to minimize the adverse economic effects of the proposed tax, a maximum of only 40 percent of an enterprise’s total emissions will be subject to the new system...

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Korean Opposition to Raise Taxes

February 27, 2012 Taxation in South Korea

Tax Increases Proposed in KoreaSEOUL – Opposition parties in South Korea are announcing their proposed tax plans ahead of the upcoming elections, saying that taxes on the wealthiest members of society must be raised.

On February 26th two opposition parties in South Korea, the Democratic United Party and the United Progressive Party, announced their proposed tax policies, ahead of the upcoming April 11th general elections, with both parties planning to raise greater tax revenues to fund the nation’s superannuation system.

According to political experts in Korea, if elected, the Democratic United Party (DUP), is likely to pursue a number of significant changes to the tax system, levying great tax rates on personal incomes of the country’s highest earners, and will increase the taxes faced by the country’s largest compa...

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US Considers Business Tax Reforms

February 23, 2012 Taxation in USA

Tax Reform Proposed in the USAWASHINGTON D.C. – The Obama administration has proposed a major update of the corporate tax rules in the USA, which would broaden the base for corporate taxes, simplify compliance, reduce the corporate tax rate, and encourage a greater level growth in the country’s manufacturing sector.

The five key points describing President Barack Obama’s proposed tax reform were detailed in The President’s Framework for Business Tax Reform, a joint report by the Department of the Treasury and the White House, published on Febraury 22nd.

The key concept behind the planned changes is to remove the multitude of tax loopholes, to revise the system of corporate subsidies currently used by American enterprises, and, at the same time, reduce the corporate tax rate from the current level of 35 percent t...

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Chinese MF Reveals Tax Policies for 2012

February 22, 2012 Taxation in China

China Reveals Tax Policies for 2012BEIJING – China’s budget deficit and debt levels are currently within a safe margin, allowing the government to implement new fiscal policies in 2012 in order to maintain the economic growth of the country.

In an interview conducted earlier this week, the Minister of Finance Xie Xuren described the intentions of the government of China to implement new proactive policies throughout 2012 to improve the national tax system, to increase the incomes and improve the livelihoods of taxpayers of China, and to expand the country’s investment infrastructure.

One of the primary goals of the Chinese government over 2012 is to improve the efficiency and structure of the national tax system in order to provide better economic conditions for small and medium sized enterprises in China, and as an ini...

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