Monthly Archives August 2017

Car Tax in Denmark Drops to 100%

August 31, 2017 Taxation in Denmark

Cars in DenmarkCOPENHAGEN – Cars in Denmark are about to become significantly cheaper, with taxes falling to only 100 percent.

On August 29th the government of Denmark announced that the tax rate applied to the sale of cars will soon be slashed, a moved which could lead to a significant drop in the cost of owning a motor vehicle.

Cars sold in Denmark currently face a tax rate of 180 percent.

The high tax rate has resulted in a situation whereby cars sold in Denmark are some of the most expensive in Europe, with marked differences in pricing between Denmark and its nearest neighbours.

The new rate which will be applicable to the sale of cars will be 100 percent.

The government has published the potential future prices of some popular car models, showing that the VW Golf and VW Passat could fall in pric...

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Tax Breaks Will Save Print News in Sweden

August 30, 2017 Taxation in Sweeden

NewspaperSTOCKHOLM – Sweden is setting out to combat fake news, by easing taxation on printed newspapers.

On August 29th the Minister of Finance if Sweden Magdalena Andersson announced that the government intends to introduce a new tax break for newspapers.

Currently, newspapers and periodical publications in Sweden are required to pay a tax of 2.5 percent on all advertising revenues exceeding SEK 75 million.

However, the government is now looking to drop the tax entirely.

The government hopes that by dropping the tax, it will help grow the industry and for a greater number of journalists to be trained and employed.

The ultimate goal of the move is to help increase the relevance of real news and journalism, instead of internet-led fake news.

Summarizing the move, a representative of the Ministry o...

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France and Germany Keep Chasing Tech-Giants

August 28, 2017 Taxation in FranceTaxation in Germany

tech giant taxPARIS – France and Germany are stepping up their fight against tax-dodging tech-giants, despite the failures of previous moves to address the problem.

Over the weekend the Finance Minister of France Bruno Le Maire announced that the governments of France and Germany may soon reveal a new “fair contribution” tax to be levied on the profits of large multinational tech firms, such as Google and Facebook.

The exact methodology and mechanics of the new tax have not been revealed, however, the Minister did explain that tax authorities may use the revenues of the companies as a “reference point” to determine what tax level they should face in order to ensure that they are making a contribution in the countries where they generate a profit.

Large tech companies have come under fire for s...

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IRS Already Tracking Bitcoin

August 25, 2017 Taxation in USA

bitcoin taxWASHINGTON D.C. – The IRS has spent years keeping track of Bitcoin movements to build a chain of evidence to catch money launderers.

New information released by the Inland Revenue Service through a Freedom of Information Act request has revealed that the tax authority has been tracking the seemingly anonymous use of Bitcoins since as early as 2017.

The information released shows that nearly 2 years ago the IRS paid for software which is able to analyse and track the movement of Bitcoins from one “wallet” to another.

The tracking allows the IRS to build a detailed history of transfers between various Bitcoin holders.

The information itself cannot be used to identify a Bitcoin holder directly.

However, when the Bitcoins are accepted by an entity which is bound by AML and KYC regulations...

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Hong Kong Hands Tax Breaks SMEs and Start-ups

August 19, 2017 Taxation in Hong Kong

Hong Kong business taxHONG KONG – Start-ups in Hong Kong will soon enjoy some tax reprieve, as the government looks to drop taxes for small business.

Late this week the Financial Secretary of Hong Kong Paul Chan Mo-po announced that the government was mulling a new tax measure to alleviate the tax burden faced by small and medium sized enterprises in the city.

The new system would be the first major reform in two decades to the taxation of business in the city.

Under the newly proposed rules, businesses in Hong Kong would see a tax rate of 10 percent on the first HKD 2 million earned each year.

The rate of taxation on any subsequent incomes would rise to the standard current rate of 16.5 percent.

It is expected that the decreased tax rate would result in a drop in the collection of tax revenues of approximate...

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