Monthly Archives December 2016

Tax Changes Slash Tax Bills in Canada

December 29, 2016 Taxation in Canada

Tax changes in CanadaOTTAWA – Many Canadians will breath a sigh of relief in 2017, as new tax changes tax effect and slash tax bills country-wide.

On December 28th the Canadian Taxpayers Federation released its annual report summarising the potential effects that upcoming tax changes will have on Canadian taxpayers in the coming year.
It was claimed that the majority of Canadians throughout the country will see an overall drop in their annual tax obligations.

The major changes which will lead to the reduced taxes is a significant alternations to the Employment Insurance premiums, which will save employees an average of CAD 132 in tax each year, and a further CAD 185 per year for employers.

The other major change will be a continuation and expansion of the Canada Child Benefit system, which will predominantl...

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Saudi Arabia Delays Remittance Tax

December 28, 2016 Taxation in Saudi Arabia

Remittance tax Saudi ArabiaRIYADH – Saudi Arabia may not implement its remittance tax as spoon as previously thought.

In a recent media interview the Minister of Finance of Saudi Arabia Mohammed Al-Jadaan stated that the previously proposed tax on remittance by non-residents in Saudi Arabia will be delayed.

It was recently proposed that any non-resident sending money out of Saudi Arabia will be taxed at a rate of 6 percent, if the individual has been living in Saudi Arabia for less than a year.

Any individuals who have lived in Saudi Arabia for more than a year will see a reduced tax rate, which would be capped at 2 percent for those in the country for five years or more.

The Minister added that the conditions of the tax are yet to be finalised, and it is possible that the measure could include exemptions for rem...

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Saudi Arabia Eyes Remittance Tax

December 22, 2016 Taxation in Saudi Arabia

Two FivesRIYADH – Saudi Arabia wants to cash in on the country’s expansive remittance market with a tax on residents sending money overseas.

On December 21st the Shura Council of Saudi Arabia debated a proposal to implement a tax on remittance of money out of Saudi Arabia by non-residents.

The proposed tax would see outward remittance taxed at a rate of 6 percent, if the individual ordering the transfer has been in Saudi Arabia for one year or less.

By the time that the individual has been residing in Saudi Arabia for 5 years, the tax would be dropped to a rate of 2 percent.

It is estimated that Saudi Arabia currently has the second highest volume of outward remittance in the world, with only the USA seeing more transfers.

The consideration of the new tax is a product of the attempts by the gov...

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Japan to Implement Unified Beer Tax

December 22, 2016 Taxation in Japan

Beer Taxes in JapanTOKYO – Beer pricing in Japan could undergo a significant change, as the government mulls an overhaul to the taxation of the popular drink.

The government of Japan is proposing new tax regulations which would see a reduction in the price high-malt beers, with a corresponding price increase for low-malt beers.

Current regulations in Japan define beer as a beverage which has a malt content of at least 67 percent, with the lower malt-content beers being defined as either “happoshu” or “hodgepodge”.

The newly proposed legislation would see the malt threshold lowered to 50 percent, a moved which would see a greater range of imported beverages being defined as beer.

The current taxes on beer are set at JPY 77 for a can of beer, JPY 47 for happoshu, and JPY 28 for hodgepodge.

If the new ...

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Sweden Taxes Terrorist Financiers

December 16, 2016 Taxation in Sweeden

Sweden taxes terroristsSTOCKHOLM – Sweden has retrieved unpaid taxes from 120 individuals suspected of financing terrorist activities.

A new collaborative project between Swedish tax authorities and security police is paying off dividends by raising tax revenues while also strangling the flows of terrorist financing.

The project, which was initially launched a year ago, revolves around ongoing investigations by the security Service, Säpo, to try and identify individuals suspected of enabling terrorist financing or actively participating in the funnelling of money to terrorist organisations.

The names and details of all suspected individuals are passed to tax authorities who conduct investigations into the tax affairs of the people, including comparisons of their declared incomes against their lifestyles.

It ...

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