Monthly Archives August 2014

Poor Taxes Pay More Than The Wealthy

August 29, 2014 Taxation in Ireland

DUBLIN – The results of a new study in Ireland show that cutting indirect taxes will greatly benefit low-income taxpayers, while income tax cuts will benefit the wealthy the most.

Wealthy taxpayers in Ireland pay a lower portion of their income as taxes than low-income taxpayers, according to the results of a new study published on August 28th by the Nevin Economic Research Institute (NERI).

Income taxes in Ireland are currently set at between 0.3 percent and 23 percent, however, all taxpayers are still required to pay indirect taxes, such as VAT and excise duties.

The experts of the NERI analyzed the full impact of taxes on taxpayers, and found that the lowest 10 percent of earners paid out more than 30 percent of their incomes as taxes, while the highest 10 percent of earners pay out 2...

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Tax Breaks on Bikes Needed in India

August 28, 2014 Taxation in India

NEW DELHI – Granting a new tax break on the sale of bicycles in India will help improve the economy, raise school attendance, boost accessibility health facilities, and help to rehabilitate the environment, especially in rural areas of the country.

India would enjoy a multitude of social and economic benefits by removing the 12 percent VAT charge on the sale of all bicycles costing less than INR 5 000 (approx. USD 82), according to information in a new report released by the independent Indian based think-tank The Energy and Resources Institute (TERI).

The experts of TERI concluded that dropping the tax would reduce the price of the cheapest tier of bikes in the country to between INR 2 500 (approx. USD 41) to INR 4 500 (approx. USD 74).

According to the results of research conducted by...

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Copper Exporters Get Tax Refund in Zambia

August 27, 2014 Taxation in Zambia

LUSAKA – Copper exporters in Zambia are set to receive a windfall tax refund as the government eases the paperwork for the industry.

On August 26th the Finance Minister of Zambia Alexander Chikwanda announced that the government would relax the rules applied to copper exporters, a move that will lead to the repayment of more than USD 600 million of previously withheld VAT refunds from the government to copper exporters.

Previously the government required all copper exporters to produce import certificates from the destination countries to which the metal was headed, and failure to produce the required certificates could result in penalties or a withholding of any tax refunds.

Copper exporters facing the documentary requirements claimed that the need to produce the certificates was too on...

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Singapore Breaks Tax Collection Records

August 26, 2014 Taxation in Singapore

Taxes in SingaporeSINGAPORE – Singapore has seen record-high tax collections, as an increasing number of businesses and individuals file their tax returns on time.

Tax collections in Singapore have hit an all-time high, reaching a level of SGD 41.6 billion, according to information in the annual report of the Inland Revenue Authority of Singapore, issued on August 26th.

The tax revenue level was 0.5 percent higher than in the previous year, when tax revenues hit SGD 41.4 billion.

The record-high tax collection level has been attributed to significant improvement in tax compliance by individuals and businesses, with 95.6 percent of individual taxpayers filing their returns on time, and 82.5 percent of businesses filing their returns before the deadline.

The improved collection level has also been supporte...

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Portugal to Tax Digital Devices

August 25, 2014 Taxation in Portugal

Digital Device TaxLISBON – Digital devices in portugal may soon become more expensive, as the government looks for new revenue streams to compensate artists in the country for losses arisign from digital piracy.

Late last week the Cabinet of Portugal approved a proposal to implement a new tax on the sale of numerous digital devices, including hard drives, mobile phones, and tablets, , with the collected revenues to be distributed to artists.

Portugal already has a tax on the sale of blank media such as CDs, DVDs and cassettes, but due to the decline in the use of such technology, the revenues collected from the tax has fallen by 90 percent in the last 8 years alone, only reaching EUR 600 000 last year.

The tax will be based on the storage capacity of the device, with the exact rate to be between EUR 0...

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