Monthly Archives June 2016

Argentina Approves Tax Amnesty

June 30, 2016 Taxation in Argentina

BUENOS AIRES – The government of Argentina hopes that a newly approved tax amnesty will help pay for years of unpaid pension payments.

In a vote held on June 29th the Senate of Argentina approved a new temporary tax amnesty programme aimed at boosting tax revenues and to repay owing debts to pensioners.

The tax amnesty will allow taxpayers in Argentina to declare their previously hidden assets and funds, in exchange for lowered penalties and fees.

In order to participate in the programme, taxpayers will not only need to declare their assets, but also either make a cash payment to the government or buy bonds or make an investment which would benefit the country over the long-term.

It is expected that the declared assets will be taxed at a rate of up to 15 percent.

The funds raised from th...

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Sri Lanka Eyes Capital Gains Tax

June 29, 2016 Taxation in Sri Lanaka

UK Taxman Targets Criminal OrganizationsCOLOMBO – Sri Lanka’s stock market is dropping following indications that the government will enact a capital gains tax.

Early this week at a forum of Foreign Correspondents’ Association the Minister of Development of Sri Lanka Patali Champika Ranawaka claimed that the national government will soon impose a tax on gains from land transactions and sales of equities.

The new tax is aimed to raise extra tax revenues, in order to shore up government funds, while also satisfying part of the International Monetary Fund’s conditions for a loan of USD 1.5 billion.

The Minister stated that the exact details of the tax are not yet know, but he did say that “there will definitely be a capital gains tax on land transactions plus the stock exchange.”

This is not the first time that Sri Lanka ...

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Indonesia May Soon Launch Tax Amnesty

June 29, 2016 Taxation in Indonesia

Indonesian rupiahJAKARTA – Indonesia is taking steps to launch a new tax amnesty program.

On June 28th a Commission of the House of Representatives of Indonesia approved a new tax amnesty program, which will be put to vote in Parliament the following day.

Under the tax amnesty program, any taxpayers coming forward to declare any previously undeclared assets held in Indonesia will be levied at a rate of only 2 percent over the first three months of the program, to be raised to 3 percent over the following three months, and 5 percent over the following three months.

Overseas assets which are declared will face a penalty of 4 percent over the first three months, 6 percent over the next three months, and 10 percent over the last three months.

If ratified on June 29th, the tax amnesty will come into effect in...

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Gambling Tax Revenues Rise on S.Korea

June 27, 2016 Taxation in South Korea

SEOUL – Taxes on gambling are bringing in more revenues in Korea, though the rise are not expected to last over the rest of the current year.

New information released on June 27th by the National Gambling Control Commission of Korea indicates that the total tax revenues derived from taxation of gambling activities rose by 4 percent in 2015 compared to the level seen in the previous year.

The total of tax revenues collected from gambling activities reached KRW 2.42 trillion in 2015, compared to a total of KRW 2.32 trillion over the course of the previous year.

The rise in tax collections was spurred by a 12.1 percent increase in collection of taxes from casinos, and a 1.6 percent rise in collection of taxes from horse racing, which amounted to KRW 478.8 billion and KRW 1...

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Greens Propose Sugar Tax in Australia

June 23, 2016 Taxation in Australia

CANBERRA – Doctors are praising a new proposal by Australia’s Green Party to levy a tax on sugary drinks.

While speaking at the Obesity Australia Summit at the University of Sydney on June 23rd the leader of the Green party of Australia Richard Di Natale called for a tax of 20 percent to be levied on the sale of sugary beverages.

He claimed that such a tax could result in savings to the economy of as much as AUD 2 billion over the course of four years.

The money which could be raised would be used to run obesity prevention programs, dental programs, and to provide extra funds to the healthcare system.

The leader of the Greens also added that recent research suggests that a tax of 20 percent could result in as many as 1 600 lives being saved over the course of 20 years, while simultaneou...

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