Monthly Archives November 2014

Zimbabwe Dropping Tax On Beer and Diamonds

November 28, 2014 Taxation in Zimbabwe

HARARE – Zimbabwe is dropping taxes on beer, platinum and diamonds in order to boost the national economy.

On November 27th the Finance Minister of Zimbabwe Patrick Chinamasa announced that the government will reduce the rates of a number of taxes in order to foster greater levels of economic activity in selected local industries, including mining, diamond cutting, and beer production.

In order to encourage diamond miners to refine the diamonds instead of exporting them in raw form, the government has confirmed that I will drop the 15 percent royalty charged on the export of locally refined diamonds.

The government will also defer the implementation of the 15 percent export tax on raw platinum, which was scheduled to come into effect on 2017.

In an effort to encourage more exports from Z...

Read More

Canada Needs Dual Tax System

November 27, 2014 Taxation in Canada

income taxes in CanadaOTTAWA – Canada needs to implement new marginal tax rates and to institute a new system for taxing investment incomes in order to prevent the widening of income inequality in the country.

On November 26th the Canadian based research institute C.D. Howe Institute issued a new report on the effect of the tax system in Canada, claiming that a significant tax reform could help reduce inequality in the country, and would help reduce tax avoidance by wealthy individuals.

The experts of C.D. Howe Institute noted that a significant reason for the widening levels of inequality in Canada can be attributed to the increasing ability of the country’s wealthiest taxpayers to circumvent their tax obligations through a selection of corporate structures and with the help of specialized tax professionals...

Read More

IRS Can’t Stop Tax Fraud by Prisoners

November 26, 2014 Taxation in USA

Tax fraud in the USAWASHINGTON D.C. – The IRS’s inactivity regarding tax fraud committed by prisoners has resulted in a drastic spike in the number of attempts by prisoners to commit tax fraud.

Over the course of 2012 prisoners in the USA and their accomplices attempted to perpetrate ate least USD 1 billion worth of tax fraud, according to new information released on November 25th by the US Treasury Inspector General for Tax Administration (TIGTA).

When the TIGTA first began to maintain records of the occurrences of tax fraud committed using the social security number of a prisoner in 2010, there were an estimated 37 000 such instances per year, with a total value of USD 166 million, however, in the 2012 financial year, the numbers have risen to 137 000 and USD 1 billion respectively.

The experts of TIGTA c...

Read More

Oman Eyes Tax Hikes

November 25, 2014 Taxation in Oman

Taxes in OmanMUSCAT – Oman may soon slash government spending and raise tax rates in order to bolster government coffers in the face of dropping oil prices.

On November 24th the Oman News Agency issued a report claiming that the government-appointed Shoura Council has brought forward a proposal to enacting several tax hikes in order to raise more funds to counteract the negative fiscal effects of dropping prices for oil around the world.

It is currently estimated that if the price of the Brent oil exported by Oman does not rise above the forecast price of USD 80 per barrel over the course of next year, the government will face a budget deficit of OMR 3.05 billion.
The Council suggested that the government implement a tax of 2 percent on international remittance services used by expats in the country, ...

Read More

Taxpayers Protest Tax Hikes in Albania

November 24, 2014 Uncategorized

taxes in AlbaniaTIRANA – Taxpayers in Albania have launched into protest, claiming that new tax measures enacted by the government to secure international credit will not help reduce unemployment, boost economic growth, or cut the national debt.

Over the weekend protestors took to the streets of the capital of Albania, Tirana, to stand up against a number of recently approved tax changes, claiming that the amendments will further weaken the financial position of taxpayers with low-incomes.

The recent tax hikes were part of a deal struck between the government of Albania and the International Monetary Fund to secure a loan to the country of EUR 330.9 million, in exchange for tax raises and the enactment of several new measures to help fight crime, tax evasion and fraud.

The protesters, led by the oppositi...

Read More