Monthly Archives November 2015

South Africa Sees Successful Tax Season

November 30, 2015 Taxation in South Africa

PRETORIA – South Africa’s push towards electronic filing of tax returns has resulted in faster processing tax returns and payment of tax refunds.

Over the weekend the South African Revenue Service (SARS) announced that at the end of the current tax season approximately 5.94 million tax returns had been filed.

Approximately 4.2 million of the returns were filed by individuals for the 2015 financial year, and approximately 1.69 million of the returns were previously unfilled returns from past tax seasons.

It was noted that the tax authority’s efforts to encourage online filing, are paying off, as now approximately 99.96 percent of taxpayers filed their returns electronically, with only 2 000 returns being filed with paper.

The move to electronic filing has greatly sped up the processing ...

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UK Losing Vehicle Excise Duty Revenues

November 29, 2015 Taxation in UK

LONDON – Dropping the UK’s “tax disc” system has resulted in a significant loss in tax revenues, and a rise in tax evasion.

The scrapping of UK “tax disc” system has led to a greater number of people skipping out on their vehicle taxes, according to new information issued by the UK government on November 26th.

Prior to October 2014 all cars in the UK were liable to display a round paper sticker in their windshield to indicate that all appropriate duties on the particular car have been paid, however, the system has now been updated and is managed via an electronic database.

It has now been shown that since the introduction of the electronic excise duty system, the tax revenues collected from cars has fallen by GBP 80 million.

The total amount of taxes collected per year from excise du...

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Meat tax Will Improve Health, Reduce Emissions Levels

November 26, 2015 International Tax Cooperation

LONDON – New research is calling for taxes to be placed on the sale of meat, as such a move will ultimately reduce obesity rates, diabetes, cancer, and carbon emissions levels.

Taxes on the sale of meat and meat products would encourage consumers to eat less meat, subsequently leading to less intensive farming of livestock, and reduced emissions levels, according to information in a new report released by the international think tank Chatham House.

It was concluded that a “carbon tax” of approximately USD 2.66 per kilo of beef could reduce meat consumption by as much as 14 percent.

It was noted that any such tax could be met with strong public resistance, however, the potential outcry could be overcome if the government takes adequate steps to explain the reasoning and need for the ta...

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Sugar Tax Would Help New Zealand, Fat Tax Might Not

November 25, 2015 Taxation in New Zealand

WELLINGTON – A tax on sugary drinks will reduce obesity in New Zealand, but taxing fatty foods and dropping taxes on fruits and vegetables may not have the same effect.

On November 19th the Treasury of New Zealand made public a report prepared in February this year, with analysis of several tax proposals aimed at reducing the rates of obesity in the country.

The report contained analysis of the potential impact of introduction of a tax on the sale of sugary drinks, the introduction of a tax on foods high in saturated fats, and the effects of dropping GST on fresh fruits and vegetables.

The Treasury concluded that a tax on the sale of sugar sweetened drinks could have positive results in the government’s efforts to cut down the effects and occurrence of obesity.

It was noted that whil...

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UK Pubs Are Paying Too Much Tax

November 24, 2015 Taxation in UK

LONDON – Pubs in the UK pay the second highest total rate of tax in the UK compared to all other industries, and pay six times as much for their business rates then they should.

In a new report released this week the British Beer and Pub Association (BBPA) claimed that British pubs pay one of the highest tax burdens of any industry in the country.

In total, pubs in Britain cumulatively paid GBP 7.3 billion in taxes, or approximately GBP 140 000 each, a level equivalent to approximately 34 percent of their annual turnover.

The majority of the tax burden faced by British pubs was attributed to VAT, excise duties, and business rates.

It was also noted that the business rates are set based on the expected turnover of pubs, however the expectations are set by tax authorities at the levels of a...

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