Monthly Archives October 2012

Tax Amnesty For Ghana’s Tax Evaders

October 31, 2012 Taxation in Ghana

Parliament of GhanaACCRA – Ghana is offering tax evaders an opportunity to come clean and start paying their taxes again, in exchange for protection from interest and penalties.

On October 30th the parliament of Ghana approved Internal Revenue (Tax Amnesty) Bill 2011, launching a tax amnesty for individual taxpayers who have not met their tax obligations or have not completed all necessary tax filing procedures.

Commenting on the tax amnesty and its intended benefits, the Minister of Finance and Economic Planning Kwabena Duffuor said that it will promote growth the economy of Ghana and will improve the national fiscal position by widening the country’s tax net, as it” …would offer a number of liable taxpayers an opportunity to start afresh in fulfilling their tax obligations.”

Under the conditions of the amn...

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Disgruntled Divorcees Whistleblow on Ex-Partners

October 30, 2012 Taxation in UK

HM Revenue & CustomsLONDON – The UK is encouraging divorcees and former business associates to dob in their tax evading ex-partners in exchange for cash rewards.

In an interview with the newspaper Daily Mail on October 29th the tax partner at the UK law firm Reynolds Porter Chamberlain Adam Cragg said that new documents obtained by the firm from the HM Revenue and Customs show that UK tax authorities are increasingly paying rewards to individuals who submit anonymous information about tax evaders.

According to Adam Cragg, the cumulative amount of payments made by the HMRC to informants who offered information on suspected cases of tax evasion increased by 21 percent during the year, from approximately GBP 310 thousand to GBP 374 thousand.

Elaborating on where the HMRC receives the information, Adam Cragg said...

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Foreigners To Face More Tax in Hong Kong

October 28, 2012 Taxation in Hong Kong

john tsangHONG KONG – Foreign investors looking to enter the property market in Hong Kong will now face new tax barriers, as the local government looks to quell the potential risk of a bubble in the housing market.

From October 26th a new 15 percent tax was imposed in Hong Kong on the purchase of property by local and foreign corporate entities and by all individuals who do not permanently reside in Hong Kong.

At the announcement of the new tax the Financial Secretary of Hong Kong John Tsang also revealed that the tax rate applicable on the resale of property, which is already instated in Hong Kong, was also raised by 5 percent, with all homes sold within the first six month of purchase now facing a tax of 20 percent, and sales of homes held by investors for a period of between 7 and 12 months subj...

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Australia’s Mining Provides No New Revenue

October 26, 2012 Taxation in Australia

Sandvik DI600 (Titon) DTH DrillCANBERRA – Australia’s controversial mining tax has hit a major hurdle, as allegations arise that it will not provide any tax revenues at all.

Over the course of the week accusations have surfaced in Australia that the country’s new Minerals Resource Rent Tax (MRRT) has not resulted in any increase to government tax revenues in the three months since it was instated and the situation may not improve during the rest of the year.

On October 22nd the government cut its forecasts for the revenues which would be raised from the MRRT in the 2012 fiscal year from AUD 3.7 billion to AUD 2 billion.

Within days, on October 24th, the Australian media published new analysis concluidng that the country’s three biggest mining companies were not liable to pay any tax under the MRRT system for the first q...

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Tax and Borrowing Powers on the Horizon for Wales

October 25, 2012 Taxation in UK

Welsh FlagLONDON – The devolution of financial powers to Wales from the UK has taken a leap forward, with the governments of both countries confirming their intentions on the issue.

In a joint statement released on October 24th the UK Government and the Welsh Government announced that both parties have established a common position on the devolution of capital borrowing powers from the UK to Wales, on the condition that Wales is able to establish an independent revenue stream.

The issue of establishing a source of revenue for Wales is currently being investigated by the independent Commission on Devolution in Wales, commonly referred to as the Silk Commission, which is currently conducting a review on the fiscal and economic ramifications of granting tax setting responsibilities to the government of...

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