Monthly Archives February 2015

South Africa to Raise Income Taxes

February 26, 2015 Taxation in South Africa

PRETORIA – South Africans will soon be paying more taxes on their incomes, fuel, alcohol, and cigarettes.

In a speech delivered on February 25th the Minister of Finance of South Africa Nhlanhla Nene announced that the rate of tax on personal incomes will be raised for all but the lowest income-earners in the country.

The new increase in the rate of tax on personal incomes is the first hike since 1995, and will apply to all income brackets except for individuals earning less than ZAR 181 000 per year, and following the hike, the top marginal tax rate on incomes will rise to 41 percent.

In addition to the increase in income taxes, the government will also raise the national fuel levy by ZAR 0.805 per litre, noting that the rise will be offset by the recent drop in fuel prices.

The taxes on...

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Tax Credits for Film Boost Revenues in UK

February 25, 2015 Taxation in UK

LONDON – The tax credits given to large film productions in the UK have now been shown to boost tax revenues, increase employment, and actively draw more productions into the country.

On February 24th the British Film Institute issued a new statement showing that for every GBP 1 of tax relief provided to large scale film production leads to the collection of an additional GBP 2.48 in tax revenues, and a significant boost to production.

Currently the production of a film with a qualifying budget of at least GBP 20 million, will be eligible for a 25 percent rebate on expenditures in the UK up to GBP 20 million, with all further spending qualifying for a 20 percent rebate, under the condition that at least 10 percent of the film’s total production expenditure is in the UK.

In its statement,...

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Singapore to Hike Income Taxes

February 24, 2015 Taxation in Singapore

SINGAPORE – Low- and middle-income earners in Singapore will benefit from an immediate tax rebate, and will enjoy access to more healthcare and transport, funded by taxes hikes paid by the country’s richest taxpayers.

On February 23rd the government of Singapore announced that in 2017 the rates of personal income tax face by high-income earners will rise, and the extra tax revenues will be used to fund extra welfare and healthcare for low-income earners and retirees.

Currently the marginal rate of tax on incomes between SGD 16 000 and SGD 200 000 is 17 percent, rising to 18 percent on incomes up to SGD 320 000, and 20 percent on all incomes exceeding SGD 320 000.

From 2017 onwards the rates will be 18 percent for incomes between SGD 160 000 to SGD 200 000, and 19 percent on the next SGD...

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Egypt Hikes Cigarette Tax Again

February 23, 2015 Taxation in Egypt

CAIRO – Egypt is raising the rate of tax on cigarettes for the third time in a year, as the government tries to tackle the significant budget deficit.

Over the weekend the government of Egypt announced that the rate of tax applied on the sale of cigarettes will be raised, in an effort to raise extra tax revenues needed to help close the national budget deficit, and now the tax rate on the sale of locally produced and imported cigarettes priced at less than EGP 10 will go up by EGP 2.25 per pack, while the tax on packets priced between EGP 10 and EGP 16 will rise by EGP 3.25, and the all products costing over EGP 16 will go up by EGP 4.25.

This is not the first time in over the last year that the taxes on cigarettes were hiked, as only in July last year the rates were increased by 25 to 40...

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Greece Aims to Boost Tax Repayment

February 20, 2015 Taxation in Greece

ATHENS -The government of Greece is forgiving some overdue taxes and making it easier for low-income earners to settle their unpaid tax bills.

During a press conference held on February 19th the deputy Finance Minister of Greece Nadia Valavani indicated that the government will implement a new program to help taxpayers meet their tax obligations, by offering to cut some existing debts and by lowering the cap for the minimum payment required.

All currently outstanding debts which were incurred before the end of the 2013 year will be slashed by 50 percent, if the taxpayer can pay the remaining amount as a once-off payment, or in a scheduled series of payment with a minimum first payment of EUR 200.

Further, all taxpayers with debts outstanding at the end of the 2014 year will be eligible to...

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