Yearly Archives 2016

Bermuda, Caymans, and Netherlands are World’s Worst Tax Havens

December 13, 2016 International Tax Cooperation

Bermuda ranked world's worst tax havenOXFORD – Oxfam has ranked the world’s worst tax havens, as efforts by other international organisations have been inadequate.

The international charity Oxfam has released a new report on the “wold’s worst corporate tax havens” ranking countries which contribute the most to international tax avoidance and evasion, and to the growing levels of income inequality around the world.

The countries ranked as part of the research for the report were judged on the “harmful tax policies”, such as low levels of corporate tax rates, offered tax incentives, and their lack of cooperation with international efforts to stamp out tax avoidance.

The 15 countries which were ranked as the worst in the world are Bermuda, Cayman Islands, Netherlands, Switzerland, Singapore, Ireland, Luxembourg, Cura...

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Spain Sets Lofty Target for Environmental Tax

December 12, 2016 Taxation in Spain

Environmental taxes in SpainMADRID – Spain is hoping a new environmental tax will help bring in half a billion Euro to help reduce the national deficit.

Spain has released its revised budget plan for 2017, which included several new taxes aimed at lower the budget deficit enough to meet the goals set out for it by the European Commission.

In the budget plan it was stated that the government would reform the current system of environmental taxes, with a particular aim at reducing the country’s output of greenhouse gases.

While the plan did not set out exactly how the tax system would be reformed to achieve the government’s goal, it was stated that the changes are expected to bring in approximately EUR 500 million in extra tax revenues.

Spain is hoping to bring in an extra EUR 7...

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Japan to Drop Bitcoin Sales Tax

December 9, 2016 Taxation in Japan

bitcoin tax in JapanTOKYO – Japan’s market for Bitcoin could recieve a long-awaited boost, as the government looks to drop a tax on the sale of crypto-currencies.

According to information released by CoinDesk, an international news outlet about crypto-currencies, Japan may soon drop its tax on the sale of Bitcoin and other crypto-currencies.

Currently, the purchase of crypto-currency in Japan is subject to a special 8 percent sales tax.

The drop in the tax was apparently detailed in a document released on December 8th by the leading Liberal Democratic Party and the Komeito party.

It is expected that if the tax is enacted, the government would institute a grace period of one months to allow currency retailers to adjust to the changes prior to the tax being dropped entirely.

It is expected that the removal of...

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France Approves YouTube Tax

December 8, 2016 Taxation in France

Youtube taxPARIS – France could soon start taxing the revenues of video-streaming sites, even though not based in the country.

This week the parliament of France voted on, and approved, a new measure to tax the advertising revenues of online video services available in France, a tax which has already come to be called the “YouTube Tax”.

The tax was initially proposed, and subsequently, dropped earlier this year during the discussions on the 2017 national budget plan.

Under the scope of the new rules, video streaming websites which derive any advertising revenues from French viewers will need to pay a tax of 2 percent of the profit earned, or a raised rate of 10 percent if the materials are violent or adult in nature.

The only exemption will be news websites which display advertising-supported vi...

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Financial Services Net GBP 71.4 Billion in Tax

December 7, 2016 Taxation in UK

UK financial sectorLONDON – The financial industry in the UK is underlining its contribution to the country, as the country comes closer to negotiations regarding Brexit.

A new report prepared by the accounting firm PWC for the City of London has shown that the UK’s financial services sector pays approximately GBP 71.4 billion per year in taxes.

The total of the taxes paid accounts for nearly 11.5 percent of the country’s total tax receipts.

According to the head of financial services at PWC, Andrew Kail, the report highlights the increasing reliance of the UK on the tax revenues derived from banking and insurance businesses in the country.

The report also pointed out that the revenues currently being collected due to the financial service industry may be at risk in the face of Brexit.

As it is not ye...

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