Monthly Archives January 2017

EU Transaction tax May Still Go Ahead

January 27, 2017 Taxation in EU

Transaction tax on stocks and derivativesGENEVA – The pan-EU transaction tax may still be enacted, despite having lost momentum since its proposal nearly 5 years ago.

The long-debated and highly controversial plan to implement a multinational transaction tax in Europe is “within reach” according to the European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici.

The proposed tax would see all financial transactions conducted in participating countries taxed at 0.1 percent, if the transaction involves stocks, and 0.01 percent if the transaction involves derivatives.

The tax was first proposed in 2012, in an effort to raise funds and address the issues which are believed to have caused the global financial crisis in 2008.

The Commissioner explained that “…a deal is within reach, if we only co...

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Whisky Supports the UK Economy, But Needs Tax Break

January 26, 2017 Taxation in UK

Whisky taxLONDON – Excise duties on Scotch Whisky should be slashed in order to support an industry that accounts for at least 3 percent of the country’s trade balance.

New data in a report issued by the UK Department for the Environment, Food and Rural Affairs has shown that the national whisky industry provides a disproportionate benefit to the country, compared to the taxation levels that it faces.

It was shown that the level of exports of whisky from the UK is approximately GBP 4 billion each year, however, the net level of imports required by the industry is approximately GBP 200 million, resulting in a net trade balance of GBP 3.7 billion.

The level of the trade balance in the whisky industry is one of the highest is one of the highest in the country.

It was calculated that the national trad...

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Tobacco Tax Hikes Boosts Smoking in S.Korea

January 25, 2017 Uncategorized

Cigarette taxesSEOUL – While tax hikes on cigarettes are aimed at reducing the consumption of tobacco, it appears that the latest hike in Korea has led people to smoke more.

New information released over the weekend has shown that the number of cigarettes sold in South Korea rose shortly after the government instituted a hike in the rate of tax on the sale of cigarettes.

In 2015 the government of Korea raised the tax on the sale of cigarettes from KRW 2 500 per pack to KRW 4 500 per pack.

The year prior to the implementation of the tax hike, the number of cigarettes sold in the country was approximately 85.3 billion, a 17 percent rise compared to the previous year.

In the year of the price hike the number of cigarettes sold fell to 66.7 billion.

However, in 2016 the amount sold had risen to 72...

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Saudi Arabia Won’t Enact Remittance Tax

January 23, 2017 Taxation in Saudi Arabia

Remittance tax Saudi ArabiaRIYADH – Saudi Arabia has put an end to rumours that it will look at foreign remittance to make up its tax shortfalls.

On January 22nd a spokesperson for the ministry of Finance of Saudi Arabia confirmed that the country would not be implementing a remittance tax, despite recent rumours claiming otherwise.

Over the last several months several government officials have proposed and discussed the feasibility of implementing a tax on any remittance sent from Saudi Arabia by individuals who are not citizens of the country.

The tax was expected to be set at a rate of approximately 6 percent for individuals who have resided in Saudi Arabia for less than a year, with the rate falling each year, to be capped at 3 percent.

Saudi Arabia is often regarded as having the second highest volume of ove...

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Korea Embracing Digital Tax Payments

January 19, 2017 Uncategorized

Mobile tax payment KoreaSEOUL – The tax authority of Korea are opening new digital avenues for taxpayers to make payments, in order to free up resources to catch tax evaders.

On January 18th, the National Tax Service (NTS) of Korea issued a statement confirming that it is expanding the methods which may be used by taxpayers to make their tax payments.

From now on, the Value-Added Tax declared to the tax authority will be payable via the mobile application released by the NTS last year.

Further, the NTS will work with the Kakao Corp, the operator of the country’s largest mobile messaging and payment platform, to implement new functionality to allow taxpayers to make tax payments directly from the KaKao app.

In addition to the mobile payment options, tax payment will also be able to be made via ATMs around the ...

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