Monthly Archives August 2016

Egypt Launches Tax Dispute Settlement Process

August 31, 2016 Taxation in Egypt

CAIRO – Egypt hopes to lure back investors into the country by settling the overflowing backlog of tax disputes.

On August 30th the parliament of Egypt approved new legislation aimed at easing the process of settling tax disputes, in an effort to attract foreign investors back into the country.

Currently, there are approximately 6 000 tax disputes awaiting evaluation by the national court system, which are cumulatively estimated to be worth as much as EGP 47 billion.

In addition. approximately another 150 civic disputes are awaiting judgment.

Under the new system court proceedings may be placed on hold for at least three months upon request to tax authorities, at which time the case will be examined and resolved by a committee of tax experts who do not have a connection to the tax author...

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UK Families GBP 800k in Tax

August 31, 2016 Taxation in UK

Wealth Tax in South AfricaLONDON – Most families in the UK will need to work for approximately 20 years just to pay off their lifetime tax bills.

New research released by the UK think-tank the Taxpayers’ Alliance shows that an average UK family will pay over GBP 800 thousand in taxes over their lifetime.

The average UK family with a gross household income of GBP 41 027 will pay taxes of GBP 826 030, after adjustment to 2014-15 prices.

Based on the income levels and the total tax bill for both direct and indirect taxes, and average family would work for 20 years just to cover their tax obligations.

Low-income families with a household earning of GBP 13 841 would see a total tax bill of GBP 319 732, and would take 23 years to work off the obligation.

However, families in the top 20 percent of earners, would see a ...

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Qatar to Levy Airport Tax

August 29, 2016 Taxation in Qatar

air travelDOHA –

From August 30th the government of Qatar will levy an airport tax on passengers coming through the Hamad International Airport.

The new tax will be levied at a rate of QAR 35 (approx. USD 9.60), on all passengers, including transit passengers.

The tax will begin to be levied on all tickets issued from August 30th for travel starting from December 1st.

Any tickets already purchased, or tickets for travel prior to December will escape the new tax.

The revenues gathered from the tax are intended to be used to help pay for expansions in the airport’s capacity and infrastructure.

The implementation of airport taxes in Gulf States is an increasingly popular option to raise extra tax revenues, as governments struggle to raise revenues amidst continually low prices for oil.

It is est...

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Vanuatu Eyes Personal Income Tax

August 26, 2016 Taxation in Vanuatu

PORT VILA – Vanuatu may finally implement an income tax on workers, in an effort to raise funds to pay for free education for children.

The Prime Minister of Vanuatu Charlot Salwai has indicated that in the near future the country will start levying an income tax on personal income for local taxpayers, a tax which had not previously been applied in the country.

While speaking at the diamond jubilee of the Lycee de Luganville school the Prime Minister stated that the government needs to implement the tax in order for the country to take greater control of its own funding and to lessen its own reliance on development funding in the form of donations from other countries.

Significant portions of the taxes to be collected will be used to pay for free education of students up to year 10 of s...

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UK Tax Dodgers Fined 200% for Evaded Taxes

August 25, 2016 Taxation in UK

Tax Freedom DayLONDON – The UK Treasury is cracking down on international tax evaders, with newly proposed rules seeing tax dodgers fined for twice the amount of taxes that they originally skipped.

On August 24th the UK Treasury released a consultation paper proposing significantly hiked penalties for tax cheats.

Under the newly proposed rules any taxpayers with undeclared assets, incomes, or interests hidden offshore could face penalties of 100 percent to 200 percent of the taxes owed, unless they come forward and clear up their outstanding obligations by September 2018.

The new penalties will be levied on the basis that the taxpayers has “failed to correct” their tax standing with tax authorities.

Currently the fines levied for hiding assets and incomes overseas can be reduced or even wiped away ...

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