Monthly Archives June 2013

UK Eyes Tax Breaks on Social Investment

June 7, 2013 Taxation in UK

English Pound coinsLONDON – The UK is investigating the potential use of tax breaks to encourage investment into social projects.

On May 6th the government of the UK released a new consultation paper on the issue of introducing targeted tax relief for taxpayers making investments into enterprises where the primary objective is to provide a social benefit.

Under current tax rules, only equity-based investments qualify for tax rebates and credits, but social enterprises more commonly rely on unsecured debt financing, meaning that the tax breaks for social investment are poorly targeted

The government is now looking into legislative changes which will broaden the scope of the tax breaks available for investment into social enterprises to include projects seeking unsecured debt financing.

As a further incentive...

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Tax Collections on the Rise in the USA

June 6, 2013 Taxation in USA

Tax Collections in the USAWASHINGTON D.C. – Collections of state-level taxes in the USA are undergoing a strong recovery, with the overall tax take up by 9.3 percent in the first quarter of this year.

Collections of state taxes in the USA have continued to grow for the third year in a row, according the Nelson A. Rockefeller Institute of Government in new research published on June 5th.

According to the results of the research, over the course of the January–March quarter, the collections of state-level taxes were 9.3 percent higher than during the same period in 2012.

The overall increase in tax collections was comprised of a 17.6 percent rise in revenues from personal income taxes, and a 3.5 percent increase in corporate income taxes, along with approximately 6.0 percent growth in the collection of sales taxes.

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Argentine Breaks Tax Revenue Records

June 5, 2013 Taxation in Argentina

tax Revenues in ArgentinaBUENOS AIRES – Tax revenues in Argentina are hitting record high levels, in part due to the country’s escalating inflation rates.

In an announcement made on May 3rd the national tax authority of Argentina (Administración Federal de Ingresos Públicos) revealed that tax collections over the month of May have hit an all time high through a time when the government had not hiked any tax rates and had not made any changes to national tax legislation.

According to the tax authority, tax revenues over the course of the months were ARS 77.8 billion, up by 27.4 percent compared to May 2012, when revenues only hit ARS 66.0 billion.

The soaring tax revenues have been attributed to the country’s exceptionally high inflation rate, which helps buoy consumer prices and collections of consumption taxe...

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Andorra To Adopt Personal Income Tax

June 4, 2013 Taxation in Andorra

Income taxANDORRA LA VELLA – Andorra is taking steps towards shedding its image as as tax haven jurisdiction by enacting a tax on incomes.

Late last week the Prime Minister of Andorra Antoni Marti announced that by June 30th the country will put forward a new bill to introduce personal income taxes, the first time that such a tax will be enacted in the country.

The introduction of the personal income tax system is aimed at “progressively bring its tax system in line with international standards”.

Currently no personal income tax is levied on individuals based in the country, although a nominal corporate income tax rate of up to 10 percent was introduced last year.

The Prime Minister did not reveal the extent or conditions of the proposed personal income tax, but more details are expected to be rel...

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