Monthly Archives June 2014

Taxes Boost Inflation in Japan

June 27, 2014 Taxation in Japan

Consumer spending in JapanTOKYO – The recent tax hikes in Japan have seriously hampered consumer demand in May, as shoppers spent more in the month prior to the increases.

Inflation levels in Japan over the month of May rose by the highest amount since 1982 due to the country’s recently implemented sales tax hike, according to new information released on June 27th by the Ministry of Internal Affairs.

Consumer prices in the country rose by 3.4 percent in May, compared to the same month in the previous year, following a year-on-year rise of 3.2 percent over the month of April.

The sudden increase in prices was accompanied by a reduction in consumer spending of 4.6 percent in April, and a further 8 percent over the course of May.

The sales tax in Japan was raised from 5 percent to 8 percent in June this year, and ...

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Taxes on Savings Outstrip Taxes on Sinning in the UK

June 26, 2014 Taxation in UK

Tax in the UKLONDON – Homeowners and individuals receiving an inheritance in the UK will soon be paying more tax than individuals buying cigarettes and alcohol.

Earlier this week, information released by the Treasury of the UK showed that by the end of the 2016 the cumulative tax revenues from inheritance tax, land tax and stamp duties on the purchase of shares will exceed the tax revenues from the sale of alcohol and tobacco, leading some experts to claim that “savers” are facing higher taxes than “sinners”.

According to this latest available information, by the end of 2016 the tax collection from “savers” will reach GBP 21.9 billion, while the taxes faced by sinners will only be GBP 21 billion.

The disparity between the taxes faced by savers and sinners has spurred a number of Member of...

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Slovakia Sees Success in Fight on Tax Evasion

June 25, 2014 Taxation in Slovakia

slovakia taxBRATISLAVA – Slovakia’s push to eliminate tax evasion is paying dividends, as tax revenues undergo a marked rise this year.

On June 24th the Ministry of Finance of Slovakia issued a new statement claiming that a recent push by the government to prevent tax evasion has yielded positive results, bringing in EUR 290 million more in tax revenues, and potentially helping the country meet its own target for lowering the national deficit.

According to the newly issued statement, over the course of this year the government will collect EUR 290 million more in taxes than was forecasted in February 2014, with the increase in collections estimated to be equivalent in size to 0.4 percent of the national GDP this year.

The positive effect of the clamp down on tax evasion will also have an ongoing imp...

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UK Needs Tax on Sugary Drinks

June 23, 2014 Taxation in UK

Soda TaxLONDON- The UK may need to implement a tax on sugar sweetened beverages, in order to improve the health of children in the country.

Over the weekend the UK based non-government organization Consensus Action on Salt and Health (CASH) released a new report outlining a proposed plan to combat the occurrence of childhood obesity in the UK, specifically recommending that the government implements a tax on beverages sweetened with sugar.

According to the experts of the group, if food and beverage manufacturers in the country do not willingly take steps to help improve the nation’s diet, then it will be up to the government to intervene by introducing a tax on sugary beverages, and, potentially, other calorie dense products.

In the newly published report, CASH indicated that the government shoul...

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Spain to Institute Tax Cuts

June 22, 2014 Taxation in Spain

tax cut in spainMADRID – Taxpayers in Spain are about to the see their total tax bills fall by a total of as much as EUR 7.6 billion, as the government moves to cut taxes for companies and individuals.

On June 21st the Minister of Finance of Spain Cristobal Montoro announced that the government will cut the rate of personal income tax and corporate income tax, after several years of heavy austerity measures and tax rises.

The tax cuts will take place over the course of the next two years, and will see the rate of corporate income tax fall from 30 percent to 25 percent.

At the same time as the corporate tax cuts, the taxes for individuals will also fall, as taxpayers with incomes exceeding EUR 300 000 will see their marginal tax rate fall from 52 percent to 45 percent, while individuals earning EUR 12 45...

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