Monthly Archives May 2017

Russia Will Tax Cryptocurrencies

May 31, 2017 Taxation in Russia

Cryptocurrency taxMOSCOW – Russia hopes to get a tighter hold of cryptocurrencies by treating them as regulated digital goods.

In a statement made by the deputy chairwoman of the Central Bank of Russia, Olga Skorobogatova, it was revealed that the national government is looking at legislation to formalize the treatment and taxation of cryptocurrencies like Bitcoin.

The new rules would see all cryptocurrencies classified as digital goods, and taxed as such.

Along with taxing the currencies, the new legislation will allow the government to monitor and, to a certain extent, control the creation and distribution of cryptocurrencies.

The chairwoman explained that the need for the new taxation and regulation of cryptocurrencies is due to the fact that the currency is not backed by any reserves, a situation whic...

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Weight-loss Guru Calls for Obese Taxes

May 31, 2017 Taxation in UK

Fat TaxLONDON – Clothes and air travel for obese people should be taxed, according to a controversial UK weight-loss expert.

Steve Miller, a UK television celebrity and weight-loss advocate, has come forward to advocate a new tax or surcharge to be levied on the purchase of clothing aimed at obese people.

He suggested that the charge should be applied on the purchase of clothing of size 20 and higher.

Similarly he advocated that airline seats for obese individuals should cost more.

In the past Steve Miller has called for obese healthcare staff to be required to wear badge to identify them as being fat.

Along with the tax on large clothing, the weight-loss advocate called for retail outlets which sell large clothing to provide customers with weight management advice along with their purchases.

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New Zealanders Payout $1.5 Million Tax in Life

May 22, 2017 Taxation in New Zealand

WELLINGTON – New Zealanders are spending 15 years per household to pay off their tax obligations.

On May 22nd the New Zealand taxpayer advocacy group the Taxpayers’ Union published a new report showing that an average household in the country pays as much as NZD 1.48 million in tax over the course of its lifetime.

The total amount of tax paid is calculated based on an adjusted salary of NZD 98 818.

Based on the calculations, the average New Zealand household pays out approximately 15 years of earnings in the form of taxes.

For the average family, the total amount of taxes paid is made up of approximately NZD 826 000 in income taxes, NZD 375 000 in GST, NZD 121 000 local council rates, and NZD 40 000 petrol taxes.

Any households that fall significantly far from the average earner, eith...

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Taxes Could Curb Obesity in Australia

May 22, 2017 Taxation in Australia

obesity in AustraliaBRISBANE – Doctors in Australia are calling on the government to introduce new measures aimed at curbing the spread of obesity.

At a conference held in Brisbane recently, a leading endocrinologist Prof John Prins called for greater tax measures to discourage the spread of obesity in Australia.

The doctor said that the currently proposed tax measures such as fat taxes and sugar taxes are overly simplistic and do not cover the extent and intricacies of the issue of obesity.

He suggested that along with the already proposed tax measures, the government could also investigate the feasibility of reducing GST on healthy foods, such as fruits and vegetables.

Further, he called for extra disincentive measures to be applied, such as increased health and life insurance premiums, raised prices for...

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Thai Authorities Chase Luxury Car Scheme

May 20, 2017 Taxation in Thailand

Luxury Car ThailandBANGKOK – Thai authorities have are launching investigations into thousands of under-taxed luxury cars.

The tax authorities of Thailand have revealed that they are launching a new investigation into the purchases and import of approximately 10 000 high-end luxury cars, following a preliminary investigation which demonstrated that local automobile dealers are evading their tax obligations when importing cars.

Currently, any car imported into Thailand with a price exceeding THB 8 million are taxed as luxury items, with the rate set in accordance with the price.

Often the tax can be several times the value of the car itself.

In an effort to circumvent the tax, or to at least lower the amount paid, importers have underdeclared the value of the cars by as much as 40 percent.

Following the dis...

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