Monthly Archives September 2013

Tax Breaks For Dubai Hotels

September 30, 2013 Taxation In AsiaTaxation in UAE

Dubai HotelsDUBAI – Dubai intends to lure more mid-range hotels into the city using a new tax break.

While giving a speech at The Hotel Show in Dubai on September 29th the director general of the Dubai Department of Tourism and Commerce Marketing Helal Saeed Almarri announced that the government will soon drop the 10 percent municipality tax normally levied on the nightly rate of rooms in hotels in Dubai.

The tax break will be granted only to three-and four-star hotels for a period of four years from the day that building consent is issued.

Applications for the tax break will only be open for the next three years.

Helal Saeed Almarri explained that the time limits of the tax break are intended to encourage hotel operators to “… bring forward their construction timelines, creating more three and four s...

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Slovakia Boosts Revenues and GDP

September 27, 2013 Taxation In EuropeTaxation in Slovakia

Tax revenues in SlovakiaBRATISLAVA – Slovakia will see an additional EUR 132 million in tax revenues this year, with a significant portion of the new-found windfall coming from a crack down on tax evasion.

In a statement issued on September 26th the Ministry of Finance of Slovakia confirmed that tax revenues for the year are likely to exceed previous expectation due to the combined effects of higher-than-expected economic growth, and due to the government’s efforts to clamp down on the occurrence of tax evasion.

Tax revenues for the current year are now expected to exceed budgetary forecasts by EUR 132 million, or equivalent to nearly 0.2 percent of the national GDP.

The increase has been partially attributed to a pickup in the economy of Slovakia, which was foretasted in June to grow by 0...

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France Details New Taxes and Spending Cuts

September 26, 2013 Taxation In EuropeTaxation in France

Pierre MoscoviciPARIS – France will tackle the national budget deficit by cutting spending, while encouraging economic activity through targeted tax changes.

On September 25th the Finance Minister of France Pierre Moscovici and the Budget Minister Bernard Cazeneuve unveiled the government budget for the 2014, detailing nearly EUR 3 billion worth of tax hikes, and an approximately EUR 15 billion of cuts to public spending.

In order to boost competitiveness in the economy and to spur job creation, the announced tax changes are primarily aimed at reducing the overall tax burden faced by businesses.

As a means of addressing the issue of unemployment, the government will raise the rate of the tax allowance granted under the Crédit d’Impôt Compétitivité Emploi system from 4 percent to 6 percent, grantin...

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US Tax Revenues on the Up

September 25, 2013 Taxation in North AmericaTaxation in USA

Tax Collections in the USAWASHINGTON D.C. – Tax revenues in the USA are continuing to show a persistent increase, having risen for the 15th consecutive quarter in a row.

Over the course of the second quarter of 2013 the total tax revenues collected by state and local governments in the USA reached USD 382.2 billion, rising by 7.2 percent compared to the same period last year, according to the latest Quarterly Summary of State and Local Government Tax Revenue released by the US Census Bureau on September 24th.

The latest increase is the 15th consecutive quarter growth, with all of the major subcategories of tax showing improvements over the last three month period.

The largest increase among the subcategories of tax was seen in the collection individual income tax, rising by 18...

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Millions Avoiding Taxes in Indonesia

September 24, 2013 Taxation in Asia-PacificTaxation in Indonesia

Indonesian rupiahJAKARTA – Tax dodging is a significant problem in Indonesia, seriously hindering the government’s ability to fund social and economic projects.

While delivering the opening address at a seminar of the Indonesian Tax Consultants Association in Jakarta on September 23rd, the Director General of Taxation of Indonesia Fuad Rahmany said that each year nearly 40 million individuals and businesses are skipping out on their tax obligations.

The total amount of taxes which remain unpaid every year could be as high as IRD 1 000 trillion, while, in comparison, the government expects to bring in IRD 1 148 trillion over the course of this year.

Explaining the significance of the tax avoidane, the Director General said that this is a “…national issue because tax is inseparable from statehood, but In...

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