Yearly Archives 2017

Canada Foreign-Buyer Tax Proves Effective

January 9, 2017 Taxation in Canada

Vancouver 2015VANCOUVER – Canada’s attempt to use taxes to stop sky-rocketing housing prices appears to have worked, although more data is needed before authorities can confirm the full effect of the tax measure.

The latest data made available by the Ministry of Finance of Canada has shown that the number of property transactions involving foreign buyers in the province of British Columbia has fallen significantly since the introduction of a tax on foreign purchases.

Approximately 5 months ago the province of British Columbia introduced a 15 percent tax on the purchase of property by foreign buyers.

The tax was intended to rein in widespread speculative purchases by foreign investors.

Purchases by foreign buyers who do not live in Canada has been a factor widely attributed to significant rises in resi...

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Cigarettes and Soft-Drinks Taxes to Rise in Saudi Arabia

January 6, 2017 Taxation in Saudi Arabia

Cigarettes in Saudi ArabiaRIYADH – Prices of cigarettes in Saudi Arabia could double by April 2017, as the government sets out to enact heavy new taxes on selected goods.

According to new information released by the official news of Saudi Arabia, the Saudi News Agency, the government has not yet implemented its highly punitive tax on tobacco and soft drinks.

The government plans to introduce a tax of 50 percent on the sale of all soft drinks sold in the country, with a raised tax of 100 percent if the drink is considered to be an “energy drink”.

Further, the government wants to levy a tax of 100 percent on the sale of tobacco products.

The taxes were first proposed in December 2015 during a meeting of the Gulf Cooperation Council, and were signed into law by the government of Saudi Arabia in late 2016.

Howeve...

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Taxes Reach Highest Point Ever in Ireland

January 5, 2017 Taxation in Ireland

Tax collections in IrelandDUBLIN – An unprecedented level of tax collection in Ireland are paving the way for the government to enact tax cuts and spending increases.

The latest Exchequer Returns of Ireland released on January 4th have shown that in 2016 Irish tax authorities collected more tax revenues than in any other year on record.

The total of taxes collected over the course of the year reached a total of EUR 47.86 billion, an increase of 5 percent compared to the total collected in 2015, when collections were EUR 2.3 billion lower.

Along with being the highest collected amount, the revenue total was also EUR 639 higher than forecast by the Exchequer, an amount approximately equivalent to 1.4 percent above forecast.

The Finance Minister Michael Noonan said that the increased tax revenue levels allowed the...

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