Monthly Archives April 2012

Spain to See Further Tax Hikes

April 30, 2012 Taxation in Spain

Taxes to rise in SpainMADRID – As protesters across the country continue to stand up against the continued austerity measures, the government of Spain is still looking at implementing a series of tax increases to raise much needed national revenues.

Over the weekend Spain saw an escalation in public protest regarding the plan of the country’s government to implement new austerity measures. The public protest were sparked after the Minister of the Economy of Spain Luis de Guindos revealed on Friday that the government would soon increase the rate of the Value Added Tax (VAT) and would conduct investigations into the feasibility of further changes to taxes.

Justifying the need for the tax hikes, the Prime Minister Mariano Rajoy said that Spain had no alternative such a decision, and he added that the economic sys...

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Canadians Face 1700 Percent Tax Increase in Last 50 Years

April 27, 2012 Taxation in Canada

Canadians Face 1 700 Percent Tax Increase in Last 50 YearsCALGARY – The total tax burden faced by Canadian families has risen by over 1 700 percent since 1961, and they now pay more in taxes than for housing, food or clothing.

Earlier this week, on April 26th, the Canadian non-government organization the Fraser Institute released the latest edition of its annual Canadian Consumer Tax Index report, which is described by the Institute as “…the most comprehensive and easily understood indicator of the overall tax bill of the average Canadian family.”

According to the Institute, the latest study has shown that “…taxes from all levels of government make up the single largest expenditure facing Canadian families,” and the study has indicated that tax payments have been the fastest growing expense for Canadian families over the last 50 years.

The resul...

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Individual’s Tax Burdens Rose in 2011 in OECD

April 26, 2012 International Tax Cooperation

Personal Income Taxes are rising around the worldCumulative tax obligations for individuals are rising around the world, with most OECD countries increasing the overall tax burden on taxpayers throughout 2011 by reducing tax allowances and increasing personal income tax rates.

On April 25th the Organization for Economic Cooperation and Development published the latest edition of its annual Taxing Wages Report, which showed that the average tax and social security burden on employees increased in 26 out of 34 OECD member countries during the course of 2011.

According to the report, in most cases the increased tax burden was due to a rise of effective rates of personal income taxes, and not due to hikes in social security contributions...

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New Zealand to Overhaul GST Rules

April 24, 2012 Taxation in New Zealand

GST claims for non-resident businessesNew Zealand will soon establish a GST registration system for non-resident businesses, allowing them to claim GST refunds.

On April 23rd the Minister of Revenue of New Zealand Peter Dunne released a statement outlining the government’s intention to overhaul the national Goods and Service Tax (GST) system, allowing foreign businesses to claim GST refunds.

According to the Minister, the GST system should be neutral for both non-residents and New Zealand companies doing business in New Zealand. However, under current regulations, non-resident businesses are not able to make claims for and receive a refund for GST. He suggested that the disparity “can mean that our GST system is a hurdle for non-resident companies looking to do business with New Zealand businesses.”

Peter Dunne indicated ...

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UK Businesses Already Pay Enough Tax

April 23, 2012 Offshore TaxationTaxation in UK

CBI Releases report on UK TaxLONDON – UK registered businesses are paying nearly one third of all taxes collected in the country and are perfectly entitled to use low tax jurisdictions as part of their corporate structures, according to the Confederation of British Industry.

Late last week the UK business lobbying organization the Confederation of British Industry (CBI) released a new report showing the magnitude of taxes collected by the HM Revenue and Customs from businesses operating in the UK. The time of publication of the report coincides with the launch of a new campaign, aimed at fighting the spreading sentiment amongst the media and public that businesses in the UK are not paying their fair share of taxes.

According to the CBI’s research, during the 2010 – 2011 fiscal year the total tax collections in the UK ...

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