Monthly Archives March 2018

NZ Will Review Smoking Taxes

March 16, 2018 Taxation in New Zealand

taxes on smokingWELLINGTON – Taxes on cigarettes may be leading to inequality and increased rates of crime in New Zealand.

The government of New Zealand has announced that it will review the impact that taxes on tobacco have had on the country, as there are some indications that the measures have not all proven to be good.

Tobacco taxes in New Zealand have consistently risen by 10 percent in January for a number of years.

The hikes are intended to be the main pillar of the government’s smoke-free 2025 policy.

More tax hikes are already scheduled to be enacted up until 2020.

The government will now review what impact the tax hikes have had on the country, and to what extent have the hikes encouraged smokers to quit.

The review will also look at what financial impact smoking has had on smokers and socie...

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Mossack Fonseca Closing Down

March 15, 2018 Taxation in Panama

Mossack FonsecaPANAMA CITY – The scandal behind the Panama Papers has now brought down the firm at the centre of the controversy.

On March 14th the infamous law firm at the centre of the Panama Papers scandal, Mossack Fonseca, announced that they are ceasing their operations.

The Panama Papers scandal revolved around a large collection of documents which were stolen and leaked to media and investigative journalists, which detailed the clients of the firm, and how they used offshore structures to hide their wealth and assets.

In a statement, the firm said: “The reputational deterioration, the media campaign, the financial circus and the unusual actions by certain Panamanian authorities, have occasioned an irreversible damage that necessitates the obligatory ceasing of public operations at the end of the...

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Don’t Forget the VAT, Say UAE Authorities

March 14, 2018 Taxation in UAE

Dubai taxABU DHABI – Businesses in the UAE are being reminded to comply with their new VAT obligations.

The Federal Tax Authority (FTA) of the United Arab Emirates has issued new guidance to all businesses in the area, advising them of their responsibilities as VAT-registered entities.

The main guideline was the reminder that any prices for goods or services displayed, offered, or advertised by the business must be inclusive of all VAT and Excise duties which will be owed on the sale.

The FTA said that not displaying taxes on the sale price is equivalent to misleading consumers.

Any businesses that do not display taxes on its products will be liable to pay a fine of AUD 15 000 per tax which is not already included in the price.

The introduction of VAT in the UAE has hit some minor roadblocks, ...

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UK Mulls the Idea of Gum Tax

March 13, 2018 Taxation in UK

cleaning chewing gumLONDON – Chewing gum costs so much to clean up each year, that the UK government may start taxing it to recoup their losses.

On March 13th the Chancellor of the Exchequer of the UK Philip Hammond is expected to announce the launch of a new public consultation of potential tax measures aimed at eliminating or reducing the spread of single-use plastics.

Taxes on single-use plastic items are an increasingly popular measure around the world, and the UK looks set to join the ranks of countries with similar taxes.

The Exchequer indicated that the consultation will also include discussions on whether any such tax should be levied on chewing gum, which is made up of compounds similar to those seen in plastic products.

Currently, chewing gum is the second most common type of rubbish found on the ...

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Anti-corruption Tax in Vietnam Allows Money Laundering

March 13, 2018 Taxation in Vietnam

Vietnamese DongHANOI – Vietnam’s crackdown on corruption could prove itself to be effective, or it could be a handy tool to facilitate money laundering.

Over the weekend a delegate of the National Assembly of Vietnam Truong Trong Nghia said that the newly proposed tax to be paid by civil servants with undeclared incomes and assets could lead to money laundering.

The government of Vietnam recently proposed that civil servants with undeclared or under-declared incomes and assets will be liable to pay a 45 percent tax on the true value of the assets unless the individual can provide adequate explanations of how the assets were acquired.

However, Truong Trong Nghia believes that a simple tax of 45 percent will lead to money laundering, as the offending civil servant will simply pay the fee and keep the re...

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