Monthly Archives July 2017

Wales Asks Taxpayers What to Tax Next

July 5, 2017 Taxation in UK

Taxes in WalesCARDIFF – Wales is looking to stretch its taxation muscle and is seeking ideas from the public about what tax it should try to implement.

The Finance Secretary of Wales Mark Drakeford is calling on national taxpayers to come forward with ideas for new taxes which could be established in the country.

The Minister is said to be seeking an opportunity to test out the country’s newly devolved tax powers by potentially introducing new taxes.

It is expected that in the near future the Minister will put forward some potential taxes as ideas, with a majority of the ideas being those previously raised by the local think-tank the Bevan Foundation.

Potential candidates for new taxes so far include a tax on packaging for takeaways, sugar tax, water tax, a levy on tourism, or an innovation tax cred...

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Nigeria Expects $1 Billion from Tax Amensty

July 4, 2017 Taxation in Nigeria

tax evasion in NigeriaABUJA – Nigeria is tempting tax dodgers to come forward in exchange for immunity for harsh prison sentences and staggering penalties.

Nigeria has launched a new tax amnesty scheme intended to encourage taxpayers to come clean about their previously undeclared incomes and assets.

The new scheme runs from July 1st 2017 until December 31st 2017, and will grant participants immunity from prosecution for tax offences, and will protect them from harsh penalties and interest charges.

Under normal circumstances, taxpayers in Nigeria who commit tax fraud may be liable for imprisonment of up to 5 years, forfeiture of assets, and penalties of up to 21 percent of the taxes outstanding compounded per year.

To improve the effectiveness of the tax amnesty scheme, authorities have already begun compiling...

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Without a Tax Overhaul, Pakistan Cannot Meet Tax Targets

July 3, 2017 Taxation in Pakistan

Pakistan taxISLAMABAD – Pakistan has yet again failed to meet its targets for tax collections, a shortcoming that has led to renewed outcry from across the country.

Over the weekend members of the business community of Pakistan and a number of parliamentarians in opposition parties cried out for the government to thoroughly re-examine its tax policies, following another round of disappointing tax collections.

Over the previous financial year, the Federal Board of Revenue collected PKR 3 392 billion, however, the target for collections for the year was PKR 3 621 billion.

The shortfall of PKR 229 billion did not go unnoticed by the opposition Pakistan People’s Party or the business community, which claims that the government is not doing enough to meets its revenue targets or to grow tax revenues each ...

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