Monthly Archives May 2017

Taxes Putting Churches in Danger in Canada

May 18, 2017 Taxation in China

Churches in CanadaOTTAWA – Churches in Canada are now seeking extra tax bills after enjoying exemptions for years, and the new financial pressure is putting the religious groups under extra pressure.

Some churches in Canada are currently undergoing investigations launched by local tax authorities, aimed at seeing the religious organizations pay a level of taxes that is more in line with a business.

Typically churches in Canada do not need to pay council tax, however, tax authorities are now taking steps to see churches pay at least a portion of the tax.

Investigators have allegedly visited churches to investigate the use and purpose of each room in the church, in order to determine what proportion of the building is used for community or religious purposes.

The exact amount of tax to be paid is being calc...

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Greeks Set to Pay EUR 620 in Taxes

May 11, 2017 Taxation in Greece

Taxes in GreeceATHENS – Tax returns from Greek taxpayers are starting to be filled, and early figures show that those that need to pay extra tax are only set to dish out EUR 620 each.

With less than two months to go, only 5 percent of all Greeks who need to file a tax return have done so, according to new information released by the Greek Independent Authority for Public Revenue.

In total only 368 537 returns have been filed.

Approximately 53.8 percent of the returns submitted did not make a claim for any tax refunds, nor did it state that the taxpayer had any extra taxes to pay beyond the amount which has already been withheld.

Nearly 16 percent of the returns filed claimed that a tax refund would need to be issued, with an average refund amount of EUR 312.

Approximately 31 percent of taxpayers would ...

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Young UK Taxpayers Told to Keep Paying For Life

May 5, 2017 Taxation in UK

Taxes for young peopleLONDON – Young taxpayers in the UK may be told that they will be paying taxes past retirement, a pain that older taxpayers would be spared.

A leading economist in the UK has suggested that National Insurance Contributions should be paid by taxpayers even after retirement.

The economist, Sir Andrew Dilnot, said that it is “perfectly plausible” that workers would be required to pay the NIC in order to help fund social insurance systems or social care.

He added that a decision about such a possibility should be taken by Ministers no later than November this year.

Sir Andrew Dilnot added that the NIC should not be charged at its full rate on any individuals who have already reached retirement age, as “…that’s wasn’t the deal they signed up to.”

However, despite suggesting that ...

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Blackmoney Crackdown Boosts Taxes in India

May 4, 2017 Taxation in India

Indian RupeesNEW DELHI – By barring the use of selected bank notes, the government of India has managed to force millions of people to finally pay their taxes.

The efforts made this year by the government of India to drive down the use of black money and tax evasion have worked, with a large number of people now coming into the reach of the tax net.

Since the start of the crackdown on black money, the number of individuals who have filed tax returns has risen by approximately 9.5 million.

The tax net could even spread further, as the tax authorities are still on the lookout for taxpayers who are likely to have committed some tax evasion.

For the purposes of finding the tax evaders, the tax authority has compiled a list of 1...

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UK Needs to Raise an Extra GBP 15 Billion

May 3, 2017 Taxation in UK

taxes in the UKLONDON – In order to close its budget gap, the UK will either need to amp up taxation or drastically cu public spending.

The UK needs to find an extra GBP 15 billion over the next few years in order to close its budget plan on time, according to new information in a report released by the Institute of Fiscal Studies.

The need to collect an extra GBP 15 billion is unlikely to sit well with taxpayers, as the needed funds may be raised through increased taxes.

The alternative means to raise the needed funds is to enact further cuts to public spending and funding of social programs.

It was noted in the repot that the public spending by the government is currently sitting at the same level as it was prior to the Global Financial Crisis, despite several years of austerity measures.

In the re...

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