Monthly Archives January 2014

UK Corporate Income Tax Down, But Tax Payments Up

January 31, 2014 Taxation in UK

business tax in the UKLONDON – Large businesses in the UK have indeed been paying less taxes in recent years, however, their overall contribution to the budget and society has been growing significantly.

On January 30th PricewaterhouseCoopers released its latest annual Total Tax Contribution report, showing that while there has been reduction in the income tax obligations of the UK’s biggest businesses in recent years, the total amount of taxes, duties and levies being paid out has steadily increased each year.

According to the report, during the last calendar year the companies UK FTSE 100 made cumulative tax payments of approximately GBP 78 billion, accounting for 14.1 percent of all taxes collected in the country in 2013, and, statistically, such an amount of revenue is the highest on record since 2005.

Read More

Austreity Measures Feed Grey Economy

January 30, 2014 Taxation in Spain

Grey Economy in SpainMADRID – The combined negative effects on the economy of government austerity measures, ongoing global financial turmoil, and a collapse in the national housing market, have fueled the grey economy in Spain.

On January 29th the trade union group Gestha issued a new statement revealing that the combined value of all financial and business activity in the Spanish grey market now accounts for nearly a quarter of the national GDP.

By using data collected from the Ministry of Finance of Spain, the experts of Gestha found that in 2012 the underground economy in the country was worth approximately EUR 253 billion, 24.6 percent of the GDP at the time, and since 2008 grey economic activity in Spain has grown at an alarming rate of at least EUR 15 billion per annum.

As one of the most noticeable ind...

Read More

92 Billion Flows Through BVI Each Year

January 29, 2014 Taxation in British Virgin Islands

British Virgin IslandsGENEVA – Experts ave confirmed that the BVI is still the world’s most popular offshore center, and the amount of money controlled by BVI entities is disproportionately too large in the global market.

The British Virgin Islands now has one of the highest levels of foreign direct investments (FDI) in the world, seeing almost as much financial flows as Russia, and just as much as Australia and the UK combined, according to new information in the latest Global Investment Trends Monitor report released on January 28th by the United Nations Conference on Trade and Development (UNCTAD).

In the newly published report the experts of the UNCTAD showed that in 2013 the BVI saw foreign direct investments totaling USD 92 billion, the fourth highest amount among any country that year, only falling behi...

Read More

Antigua and Barbuda Dropping Taxes

January 28, 2014 Taxation in Antigua and Barbuda

Antigua and BarbudaST. JOHN’S – Low-income earners, single parents and government workers in Antigua and Barbuda will soon be better off, as the government lowers taxes, hikes benefits, and begins paying owing salaries.

Late last week the Minister of Finance and Economy of Antigua and Barbuda Harold Lovell unveiled the national budgetary plan for 2014, containing several changes which are intended to vastly improve the standard of living in the country while stabilizing the national economy.

In line with the proposed measures, starting from the beginning of this calendar year, the tax-free threshold on personal incomes will be raised from XCD 3 000 per month to XCD 3 500 per month, and, in addition, all personal incomes of up to XCD 15 500 will be taxed at a rate of 8 percent, instead of the previous rate...

Read More

Tax Revenues Fall in New Zealand

January 24, 2014 Taxation in New Zealand

Tax revenue in New ZealandWELLINGTON – Tax collections in New Zealand have been lower than expected, but the slowdown has not put a damper on the government’s ambition to reach a budget surplus within 2 years.

On January 24th the Treasury of New Zealand released the Financial Statements of the Government for the first five months of the budgetary year, showing that even though tax collections in the country were slightly below forecast, the tax revenues still showed significant growth, and the deficit of the government’s operating balance shrank, while public expenditure did not increase.

According to the Statements, tax revenue has reached a level of NZD 23.88 billion, but was NZD 514 million, 2.1 percent, below the government’s own forecasts made in December 2013.

The poor performance was attributed to lowe...

Read More