Monthly Archives September 2017

Finland Dropping Coal in Favour of Nuclear

September 5, 2017 Taxation in Finland

CoalHELSINKI – Finland hopes that carbon tax will help the country shed its position as the highest user of coal in Scandinavia.

Finland is aiming to phase out the use of coal for power generation by raising carbon taxes and introducing legislation to encourage the use of nuclear power.

The government of Finland hopes that by 2030 the country will no longer rely on the use of coal for national power-generation.

In order to replace the power currently sourced from coal, the country will shift its reliance towards nuclear power stations.

Two new stations are being constructed, and are expected to come online in 2018 and 2024.

Currently, Finland sources 10 percent of its power from coal-burning plants, the highest coal-utilization rate in Scandinavia.

The director general in Finland’s energy dep...

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Irish Tax Will Lead To Smuggling

September 4, 2017 Taxation in Ireland

Soda TaxDUBLIN – Ireland would be opening the door to smuggling if it introduces a tax on soda.

Late last week the Irish Beverage Council, an industry advocacy group operating in Ireland, states that tax authorities would see a significant loss of revenues if the government enacted a tax on sugary beverages next year, as is currently planned.

The group claimed that if the tax on sugary-sweetened beverages is enacted, then consumers will begin sourcing a portion of their drinks from Northern Ireland, which will foster the creation of a grey-market for such drinks.

It is estimated that the tax would result in an 11 percent loss in sales due to smuggling.

The loss in sales would equate to an EUR 30 million loss in retailer sales, and a proportionate loss in tax revenues.

In comparison, the tax itse...

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Non-Doms Contribute Billions to the UK

September 1, 2017 Taxation in UK

Non-dom taxation UKLONDON – Non-doms in the UK are contributing billions in taxes each year, potentially to the surprise of many UK citizens.

New data released by the UK HM Revenue and Customs has shown that non-domiciled individuals in the UK are paying more than GBP 9 in taxes each year.

Under current UK law, some individuals who are residents in the UK but claim to have a permanent home outside the UK are able to enjoy some selected breaks on their non-UK incomes, unless their funds are moved to the UK.

The subject of the taxation of non-doms is a controversial one, and has been debated heatedly by politicians and the public.

However, UK tax authorities have now revealed that these taxpayers actually contribute much more to the national coffers than previously thought.

Over the course of 2014-15, non-d...

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