Category Taxation In Europe
April 26, 2017 Taxation in UK
On April 25th the Office for National Statistics of the UK released a new report on the effects of taxes on household income in the UK, showing that the country’s poorest individuals feel a disproportionately hard effect from taxes.
It was shown that the poorest 10 percent of people in the UK country pay out as much as 42 percent of their income out in taxes, which include consumption taxes.
Conversely, the richest 10 percent of people pay 34.3 percent of their income out as taxes.
Further, the incomes of the top 20 percent of earners was shown to be approximately GBP 84,700, or as much as the bottom 20 percent, who earned one 12th of that amount, approximately GBP 7 200.
The repo...Read More
April 10, 2017 Taxation in Greece
New information released by local news sources in Greece has indicated that approximately one third of Greeks in Greece paid no taxes in 2016.
In total, 2016 saw 8 645 596 individual tax returns filed in the country, with a total amount declared income of EUR 74.2 billion.
In 2015 the total amount of income declared was EUR 73.9 billion.
The average level of income of Greek taxpayers in 2016 dropped by 1.1 percent compared to the previous year, however, the average level of tax paid rose by 3 percent.
The total amount of personal income tax paid in Greece in 2016 was EUR 8.2 billion, while in 2015 the taxes paid was EUR 7.8 billion.
According to the tax returns submit...Read More
April 5, 2017 Taxation in UK
Invest Northern Ireland, a regional development agency promoting investment into Northern Ireland, has dropped its suggestion that the country may gain devolved powers to set its own corporate tax rate by April 2018.
The group had previously attempted to entice investors into Ireland with the promise that in April 2018 the country would reduce its corporate tax rate to 12.5 percent.
It has now been revealed that the Department of Finance has admitted that there is a chance that the deadline for devolution of the tax powers “may slip”.
The cause of the delay has been attributed to a political stalemate which has led to a lack of agreement between political parties...Read More
April 5, 2017 Taxation in UK
The Mayor of London, Sadiq Khan, has announced that new taxes will soon be enacted on drivers in the city, in an effort to reduce urban pollution and help alleviate the burden of poor air quality.
The new taxes will come into effect from April 2019, and will see all high-polluting cars and vans driving in the to-be-established ultra-low emission zone (ULEZ) charged a daily tax.
The tax will apply to petrol cars that are older than 13 years old, and to diesel cars that are more than 4 years old.
The tax is expected to be set at GBP 12.50 per day.
The Mayor added that he wants to see the tax expended in the future to cover other highly-polluting vehicles like b...Read More
April 4, 2017 Taxation in Ireland
New information published by the consultancy group Ernst and Young has shown that entrepreneur in Ireland are dissatisfied with the rates of personal taxes in the country, claiming that the punitive rates are a hindrance to business activity.
The release by EY claimed that 72 percent of all entrepreneurs in Ireland see the country’s high level of personal taxes as a barrier to business growth.
Currently, individuals who earn in excess of EUR 32 800 in Ireland are required to pay a marginal tax rate of 40 percent, while in the UK the threshold for the highest tax rate is set at the equivalent of more than EUR 50 0...Read More