Monthly Archives June 2017

Romania Embarks on Massive Tax Overhaul

June 30, 2017 Taxation in Romania

Tax overhaul in RomaniaBUCHAREST – Romania, one of Europes most corrupt countries, is taking steps to claw back tax revenues from businesses continually dodging their tax obligations.

On June 29th the government of Romania announced that it intends to overhaul the national tax system to support economic growth and tax collections.

Currently, businesses in Romania pay a flat-rate corporate tax of 16 percent on profits.

However, under the new proposal businesses would pay a turnover tax, as it is believed that the change would help boost tax collections from businesses which continually report losses.

The tax would be levied at a rate of 1 percent to 3 percent, based on the level of turnovers seen by the business, with the lowest tier applying only to micro-sized operations seeing less than EUR 500 000 per year...

Read More

NZ Needs Sugar Tax, Says Jamie Oliver

June 29, 2017 Taxation in New Zealand

Jamie OliverWELLINGTON – Jamie Oliver is saying the New Zealand government could see an increase in revenues while also improving the health of children in the country by imposing a tax on sugar.

The internationally recognised chef Jamie Oliver has struck out at the New Zealand government over its inaction towards implementing a tax on the sale of sugary drinks.

Jamie Oliver’s criticism was delivered via a video which was recorded especially for the Fizz Symposium, which was held in Auckland on June 26th to discuss the possibility and practicality of a potential tax on sugary drinks.

It was claimed by Jamie Oliver that the new tax would be “new money for the children of New Zealand”.

He stressed that if a tax on sugary drinks was implemented, the newly raised funds should be earmarked and used...

Read More

Greeks Work 203 Days to Pay Tax

June 28, 2017 Taxation in Greece

Tax Freedom DayATHENS – Greeks work for nearly two-thirds of the year just to raise enough money to pay their taxes.

According to the results of new research conducted by the Greek think-tank Dragoumis Center for Liberal Studies, Greek taxpayers need to spend 203 days working this year in order to earn enough to simply cover their annual tax bill.

The new research shows that in 2017, Tax Freed Day, in Greece will fall on July 23rd.

Tax Freedom Day is a theoretical measure of how long it takes the average taxpayer to pay off their tax obligations.

The date of Tax Freedom Day this year is 15 days later than in 2016, and nearly 2 months later than in 2006.

Only two countries in the EU have a Tax Freedom Day falling later than Greece, being Belgium and Greece.

Conversely, some countries saw Tax Freedom Day...

Read More

Electric Cars May Cause Tax Headache for the UK

June 27, 2017 Taxation in UK

electric cars in the UKLONDON – Electric cars may be better for the environment, but they may also be taking the UK down the road to a multi-billion pound budgetary shortfall.

The government of the UK is facing a GBP 23 billion gap in its budget if it continues to encourage motorists to switch to electric vehicles, according to new research released on June 26th by the think-tank Policy Exchange.

The UK government is banking on the presumption that the collection of fuel duty in the country will keep rising over the coming decade, hitting as much as GBP 40 billion per year in 2030, up from the current level of GBP 28 billion per year.

However, the think-tank has now suggested that the income goal does not factor in the government’s own effort to meet green targets.

It is expected that the push to reduce carbo...

Read More

More Tax Cuts on Way in New Zealand

June 26, 2017 Taxation in New Zealand

Bill English tax cutsWELLINGTON – New Zealand’s Prime Minister has made a campaign promise of more tax cuts, on top of the tax cuts that are already planned to come into effect in April next year.

In a speech over the weekend, the Prime Minister of New Zealand Bill English indicated that if his party is re-elected in the coming election, taxpayers across the country could look forward to another round of tax cuts.

Currently, the National Party, which is led by Bill English, has promised that from April next year, a series of tax cuts will reduce the weekly tax burden of 1.3 million households by approximately NZD 26 each.

Some critics have criticised the cuts by saying that wealthy individuals and households will enjoy a disproportionately greater tax benefit, though supporters of the cut have said that the t...

Read More