Monthly Archives January 2018

Electric Cars Cutting NZ Road Funds

January 31, 2018 Taxation in New Zealand

electric vehicle taxesWELLINGTON – Electric cars could be jeopardizing the future of New Zealand’s highways.

The principal adviser for the Automobile Association of New Zealand, Barney Irvine, has issued a warning that the increasing uptake of electric vehicles in the country could threaten the funding needed to maintain and develop the national road infrastructure.

Currently, the maintenance, upgrades, development, and police enforcement of the national highway system is funded from the National Land Transport Fund.

The money used in the fund is derived from the tax levied on the sale of petrol, with approximately NZD 0.50 per litre being diverted to the fund.

Diesel cars also contribute to the fund via an annual tax bill levied at a rate of approximately NZD 0...

Read More

Taxes To Become Easier in Romania

January 30, 2018 Taxation in Romania

taxes in romaniaBUCHAREST – Romanian taxpayers will soon see a tax reprieve, as the new government promises to make paying taxes easier.

Romania’s new government is introducing a range of tax changes aimed at boosting economic growth and vastly cutting the administration and red tape associated with meeting tax requirements.

The new government will reduce the rate of VAT on most sales from 19 percent to 18 percent, while the rate applied to the sale of small personal dwellings will now fall under the scope of the already reduced rate of 5 percent.

Further, many taxes paid by individuals will be merged or cut, meaning that personal taxpayers can expect to pay a maximum of 10 different taxes per year.

Simultaneously, the number of different taxes paid by businesses will be reduced to a maximum of 50.

T...

Read More

Cigarette Taxes Fluctuate Widely Across USA

January 26, 2018 Taxation in USA

cigarette taxWASHINGTON D.C. – The taxes on cigarettes range widely across the USA, and the differences may be leading to smuggling.

The Tax Foundation has released the results of their new research showing the range of taxes applied across different states in the USA on the sale of cigarettes.

All cigarettes sold in the USA are subject to a state tax and a federal tax.

The federal tax for a 20-pack of cigarettes is USD 1.0066, regardless of where it is sold.

However, the taxes levied by each individual state authority varies widely.

New York state and Connecticut levy the highest rate of tax, at USD 4.35 per pack, followed by Rhode Island, Massachusetts, and Hawaii, at USD 4.25, USD 3.51, and USD 3.20 respectively.

Conversely, North Dakota, Georgia, and Virginia have the lowest tax rates at USD 0...

Read More

Trump Enacts New Solar Tax

January 24, 2018 Taxation in USA

Solar tariffWASHINGTON D.C. – President Trump has made a move which will see a hike in price for solar panels and other solar equipment.

Earlier this week the Trump administration of the USA announced that a new duty will be enacted on the import of solar panels into the country.

Solar panels and other solar equipment coming into the USA will be faced with a tariff of up to 30 percent.

Officially, the tariff is intended to encourage the growth and expansion of the domestic solar manufacturing industry.

However, while government analysis predicts that the solar tariff will help the US economy, independent analysts do not hold the same view.

Some experts believe that the measure will not lead to the creation of extra jobs, and while it may lead to a slowdown in solar adoption, it will not help review...

Read More

Sugar Taxes Make You Drink More Beer

January 24, 2018 Taxation in UK

sugar taxesLONDON – Taxes will reduce soda consumption, but it may only be replaced an even more harmful amount of lager.

New research published in the Journal of Epidemiology & Community Health has suggested that a tax on sugary sweetened drinks may lead to a higher consumption of beer.

By analysing historic sales data of beverages in the UK, researchers were able to determine that a relationship exists between the cost of sugar-sweetened drinks and substitute purchases of other alcoholic drinks.

The researchers found an indication that a tax on sodas and other sweetened drinks would lead to a higher level of consumption of larger.

However, while the consumption of larger would rise, the consumption of cider, spirits, and some wines would drop.

The exact nature of how spending patterns change vari...

Read More