Monthly Archives March 2014

Australia Launches Disclosure Program

March 28, 2014 Taxation in Australia

Tax in AustraliaCANBERRA – The tax authorities of Australia are offering significant reductions in penalties and fees to any taxpayer coming forward by the end of the year with information on their unpaid taxes and offshore incomes.

On March 27th the Australian Tax Office launched Project DO IT, a new voluntary disclosure program aimed at enticing taxpayers to come forward and disclose information about any assets or incomes hidden offshore, in exchange for reduced fees and some protection from prosecution.

Under the conditions of the new program, any individual, corporate entity, or trust coming forward prior to December 14th 2014 with information about their previously undisclosed incomes or assets, will face a penalty of only 10 percent of the taxes owing, compared to the standard rate of 90 percent, ...

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Sweden Needs to Increase Tax Revenues

March 27, 2014 Taxation in Sweeden

STOCKHOLM – The government of Sweden has new evidence that raising tax collections will not harm the national economy, and would help support national infrastructure.

Sweden, which currently has the fifth highest tax-to-GDP ratio in the world, needs to increase the overall tax burden over the next two years to maintain the current level of funding for social welfare, education, and healthcare, according to a new report released on March 26th by the National Institute of Economic Research.

In order to raise the tax revenues necessary to fund the government’s current expenditures without reducing the quality of social services provided, the overall national tax collections over the next two years would need to be increased by approximately SEK 100 billion, a move which would bring the natio...

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Ukraine Will See Tax Changes

March 26, 2014 Taxation in Ukraine

Tax changes in UkraineKIEV – The government of Ukraine wants to free the country from the grips of corruption, and bring the nation in line with modern taxation, economic and financial principals.

Addressing the members of a plenary meeting of the government on March 25th, the Prime Minister Arseniy Yatsenyuk of Ukraine described the economic, political and financial problems faced by the nation at the current stage, and stated that going into the future the country has to thoroughly change the entire tax system and the regime of tax administration to reflect the standards and practices of the modern world, ultimately helping to stabilize the national economy and grow tax revenues.

In his speech, as one of the main means of reducing the occurrence of corruption, tax evasion and other financial crimes in the co...

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Taxes Could Improve Health in France

March 25, 2014 Taxation in France

Healthy Foods FrancePARIS – The consumption of unhealthy foods could be drastically reduced in France, and the need for greater healthcare funding could be met much easier, by implementing new tax measures raised by lawmakers.

Late last week the Standing Committee of Social Affairs of the Senate of France presented to the members of the Upper House a new report focusing on the issue of “behavioral taxes”, and proposing a number of changes aimed at expanding the national tax base while making steps to improve the health of citizens.

It was noted in the report that a key to fostering wider acceptance by the public of health orientated taxes is to label them as a “contribution to public health” instead of “behavioral taxes”, as “…the term behavioral taxation has a moralistic nature and makes the citizen fe...

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Korea Fights Untaxed Gold Trade

March 24, 2014 Taxation in South Korea

gold in koreaSEOUL – Korea intends to ease the process of trading gold in the country, in the hopes of putting a stop to the untaxed and undocumented trade of the precious metal.

From March 24th the equity exchange of South Korea, Korea Exchange Inc., will begin trading gold, a move that is expected to raise as much as USD 280 million in extra tax revenues, while actively reducing the occurrence of undocumented gold trades on the black market, and eliminating some commonly used methods of evading taxes and hiding incomes.

All gold purchases through the exchange will face a 10 percent value added tax, if the buyer takes possession of the gold, although the tax obligation will be waived if possession of the gold does not change.

In order to encourage a greater amount of trading to be conducted throug...

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