Monthly Archives April 2015

New Zealand Doesn’t Need Capita Gains Tax

April 30, 2015 Taxation in New Zealand

WELLINGTON – New Zealand should not implement a capital gain tax yet, as a lack of taxation may nt be the cause behind the current rise in house prices.

In a statement issued on April 30th the New Zealand Property Investors Federation claimed that there is no need to implement a capital gains tax on property sales in the country, as the current tax system already does enough to tax property investors.

Over the course of recent years New Zealand has seen revived calls for a capital gains tax, especially in the face of the currently escalating housing prices in the country.

However, according to the New Zealand Property Investors Federation, under current regulations any profits made from the sale of a property by an investor or speculator will be attributed to the personal income of the ...

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Fuel Efficient Cars Lower Tax Take in UK

April 29, 2015 Taxation in EU

LONDON – Tax revenues in the UK are coming under risk due to the consumers’ preference for efficient cars and plug-in vehicles.

According to new information issued by the UK Society of Motor Manufacturers and Traders (SMMT) earlier this week, nearly 70 percent of cars sold in the UK over the course of 2014 had low enough carbon emissions to qualify for an exemption from Vehicle Excise Duties.

Currently, the government grants exemptions from the vehicle excise duty on purchases of cars with emissions levels of less than 130 grams per kilometer.

In 2013 the collection of vehicle excise duties resulted in tax revenues of approximately GBP 6 billion, however, these revenues are coming under threat due to the increasing efficiency of new cars, and the popularity of low-emissions vehicles in th...

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Tax Delay Leads to Downgrade for Japan

April 28, 2015 Taxation in Japan

TOKYO – By delaying the upcoming hike to the rate of sales tax, Japan has garnered a downgrade to its credit rating.

On April 27th the international ratings agency Fitch Ratings downgraded the ratings of the sovereign debt of Japan, due to the country’s inaction to finding sources of revenues to compensate for the delay in the implementation of the country’s controversial hike to sales taxes.

Japan was scheduled to raise the rate of sales tax from 8 percent to 10 percent in April 2017, following an increase of 3 percent in April 2014.

According to Fitch Ratings the government of Japan has not done to account for the loss in revenues which will arise due to the delay in the implementation the raised tax rate.

It was also noted that last year the rate of corporate income tax in Japan w...

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China Drops Export Tax on Aluminum and Rare Earth Metals

April 24, 2015 Taxation in China

BEIJING – The international market for metals could undergo a significant adjustment, as China drops a 15 percent export tax on a number of metals.

On April 25th the government of China announced that the export tax on aluminum, rare earth metals, and selected other metals, such as tungsten and molybdenum.

The export taxes, which are set at 15 percent, were originally enacted to protect the supply of the metals in China, while simultaneously helping foster the mining industry and any other industry using the metals as raw materials.

The removal of the tax is part of a wider set of measures to streamline the taxation system in China and to reduce the red tape faced by businesses.

Soon after the announcement the benchmark for aluminum prices on the London Metal Exchange fell by 1...

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Tax Deductions Could Help Feed Millions of Americans

April 23, 2015 Taxation in USA

WASHINGTON D.C. – Hungry people across the USA could be better off if the government enacted one small tax deductions.

Late last week the US based non-government organization Feeding America issued a new press release detailing the proposed America Gives More Act, suggesting that the implementation of tax break for donated food could help alleviate hunger in the country.

It is estimated that in 2012 approximately 35 million tons of food were wasted in the USA by farmers, food producers, restaurants and small businesses.

According to Feeding America the America Gives More Act would allow businesses to donate usable foods and food products to non-profit organizations in exchange for the ability to write off the value of the donations.

Enacting such a tax break would allow Feeding America al...

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