Monthly Archives April 2017

Millions of Greeks Pay No Taxes

April 10, 2017 Taxation in Greece

Greek TaxesROME – A significant portion of Greeks claim that they do not need to pay any income taxes, nor did they earn any income.

New information released by local news sources in Greece has indicated that approximately one third of Greeks in Greece paid no taxes in 2016.

In total, 2016 saw 8 645 596 individual tax returns filed in the country, with a total amount declared income of EUR 74.2 billion.

In 2015 the total amount of income declared was EUR 73.9 billion.

The average level of income of Greek taxpayers in 2016 dropped by 1.1 percent compared to the previous year, however, the average level of tax paid rose by 3 percent.

The total amount of personal income tax paid in Greece in 2016 was EUR 8.2 billion, while in 2015 the taxes paid was EUR 7.8 billion.

According to the tax returns submit...

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Inaction on Devolution Will Cost N.Ireland

April 5, 2017 Taxation in UK

Tax in Norther IrelandBELFAST – Norther Ireland may be losing its greatest opportunity to attract investors, according to some economic experts.

Invest Northern Ireland, a regional development agency promoting investment into Northern Ireland, has dropped its suggestion that the country may gain devolved powers to set its own corporate tax rate by April 2018.

The group had previously attempted to entice investors into Ireland with the promise that in April 2018 the country would reduce its corporate tax rate to 12.5 percent.

It has now been revealed that the Department of Finance has admitted that there is a chance that the deadline for devolution of the tax powers “may slip”.

The cause of the delay has been attributed to a political stalemate which has led to a lack of agreement between political parties...

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Car Tax to Address London’s Air Quality

April 5, 2017 Taxation in UK

Smog in LondonLONDON – London’s streets could soon be quieter and the air could be cleaner, thanks to the Mayor’s new tax on inner-city drivers.

The Mayor of London, Sadiq Khan, has announced that new taxes will soon be enacted on drivers in the city, in an effort to reduce urban pollution and help alleviate the burden of poor air quality.

The new taxes will come into effect from April 2019, and will see all high-polluting cars and vans driving in the to-be-established ultra-low emission zone (ULEZ) charged a daily tax.

The tax will apply to petrol cars that are older than 13 years old, and to diesel cars that are more than 4 years old.
The tax is expected to be set at GBP 12.50 per day.

The Mayor added that he wants to see the tax expended in the future to cover other highly-polluting vehicles like b...

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High Personal Taxes Slow Down Irish Entrepreneurship

April 4, 2017 Taxation in Ireland

Personal Taxes in IrelandHigh Personal DUBLIN – Despite having a competitive environment for corporate taxes, Ireland is slowing down business growth and entrepreneurship with its high personal taxes.

New information published by the consultancy group Ernst and Young has shown that entrepreneur in Ireland are dissatisfied with the rates of personal taxes in the country, claiming that the punitive rates are a hindrance to business activity.

The release by EY claimed that 72 percent of all entrepreneurs in Ireland see the country’s high level of personal taxes as a barrier to business growth.

Currently, individuals who earn in excess of EUR 32 800 in Ireland are required to pay a marginal tax rate of 40 percent, while in the UK the threshold for the highest tax rate is set at the equivalent of more than EUR 50 0...

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Digital Policy Misses the Mark with UK Farmers

April 1, 2017 Uncategorized

Taxes on farmersLONDON – Farmers in the UK are not looking forward to digitizing their taxes, primarily due to their poor internet access.

The four biggest farming unions in the UK, the NFU, NFU Cymru, NFU Scotland and the Ulster Farmers’ Union, have now called on the UK government to reconsider its proposed implementation of the “Make Tax Digital” policy, as many farmers simply do not have access to the internet.

The unions argued that approximately 5 percent of people in the UK do not have access to broadband internet, and many of these people are the farmers who will be negatively impacted by the policy.

It was also noted that these are currently an insufficient number of software providers and programs which are capable of handling the complexity of agricultural taxes, as tax returns for farms ...

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