Category Taxation In Europe

UK Needs New Health Tax

February 10, 2017 Taxation in UK

Taxes to fund the NHSLONDON – The UK health system needs its own dedicated tax to ensure that it has an independent and reliable source of funding in the future.

In a new article published on February 8th in the medical journal, the British Medical Journal, the researcher Richard Layard suggested that a new tax on personal incomes be enacted in the UK, with the revenues being ringfenced exclusively for use in the national medical system.

It was proposed that the new tax be levied on top of existing taxes and levies, although some tax cuts could be enacted to the personal income tax system to compensate for the rise.

The exact rate for the tax should be set to cover the total of the expenses of the medical system.

The rate could be varied based on the needs of the medical system, and taxpayers’ satisfaction ...

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Cut Pension, Spread Taxes, IMF Tells Greece

February 8, 2017 Taxation in Greece

Greek taxesROME – Greece needs to cut its pension spending, while also spreading personal tax obligations across more people, according to the IMF.

On February 7th the International Monetary Fund released its latest report on the state of the economy of Greece, suggesting that a number of new tax reforms are needed in order for the country to become economically sustainable.

One of the ley reforms described in the report is a broadening of the personal tax system, in order to make the system more equitable.

It was explained that by spreading the tax burden across more taxpayers, the rates levied on personal incomes could be lowered, and the extra tax revenues could be used to cover government expenditure.

Currently the government of Greece has consistently reduced its levels of spending on infrast...

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HMRC Considers Dropping Paper Tax Returns

February 2, 2017 Taxation in UK

HMRC UKLONDON – Innovative new technology could spell the end of paper tax returns in the UK.

The HM Revenue and Customs has released a new version of its Making Tax Digital policy document, suggesting that in the near future the standard tax return faced each year by businesses and individual will be a thing of the past.

It was proposed that the annual paper tax return be preplaced with an online system to be updated by the individual or business-owner once every quarter.

The improved system should reduce and spread out the task of ensuring compliance with tax requirements over the course of the year, reducing the burden of the end-of-year crunch.

Alongside with filling the taxes online, taxpayers will also be able to pay their owing taxes through the same online system.

As part of the digital r...

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EU Transaction tax May Still Go Ahead

January 27, 2017 Taxation in EU

Transaction tax on stocks and derivativesGENEVA – The pan-EU transaction tax may still be enacted, despite having lost momentum since its proposal nearly 5 years ago.

The long-debated and highly controversial plan to implement a multinational transaction tax in Europe is “within reach” according to the European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici.

The proposed tax would see all financial transactions conducted in participating countries taxed at 0.1 percent, if the transaction involves stocks, and 0.01 percent if the transaction involves derivatives.

The tax was first proposed in 2012, in an effort to raise funds and address the issues which are believed to have caused the global financial crisis in 2008.

The Commissioner explained that “…a deal is within reach, if we only co...

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Whisky Supports the UK Economy, But Needs Tax Break

January 26, 2017 Taxation in UK

Whisky taxLONDON – Excise duties on Scotch Whisky should be slashed in order to support an industry that accounts for at least 3 percent of the country’s trade balance.

New data in a report issued by the UK Department for the Environment, Food and Rural Affairs has shown that the national whisky industry provides a disproportionate benefit to the country, compared to the taxation levels that it faces.

It was shown that the level of exports of whisky from the UK is approximately GBP 4 billion each year, however, the net level of imports required by the industry is approximately GBP 200 million, resulting in a net trade balance of GBP 3.7 billion.

The level of the trade balance in the whisky industry is one of the highest is one of the highest in the country.

It was calculated that the national trad...

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