Category Taxation In Europe

Poland Drops Crypto Tax

May 21, 2018 Taxation in Poland

Tax on cryptocurrencyWARSAW – Poland’s treatment of cryptocurrency used to result in tax burdens greater than the value of the transactions made, but new tax rules are set to change that.

The Ministry of Finance of Poland has issued a new statement confirming that it will not be taxing incomes derived from transactions on cryptocurrencies.

Prior to the announcement, Poland was considered by some to be one of the worst countries in which to transact with cryptocurrencies due to the highly punitive tax measures enacted by the government.

Cryptocurrency transactions or trades previously led to a tax of 18 percent to 32 percent, regardless of it made a net profit or not.

Further, all cryptocurrency transactions were additionally required to pay a tax of 1 percent, as they were considered to be a transfer of pr...

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Think-Tank Calls for Massive Tax Shakeup in UK

May 9, 2018 Taxation in UK

tax windfall for millennialsLONDON – Give millennials cash, and tax baby-boomers to fund it, says think-tank.

The UK think-tank, the Resolution Foundation, has proposed a series of extensive tax overhauls, aimed at repairing the “broken” intergenerational contract between millennials and baby-boomers.

The headline suggestion of the Foundation was to bestow upon all taxpayers a windfall of GBP 10 000 when they turn 25, with the intent that the funds could be used to upskill, as a deposit for a house, or to start a business.

The payment would be funded by an overhaul to the inheritance tax system, which would see a new tax rate of 20 percent on all gifts in a lifetime to a total of GBP 500 000, and a rate of 30 percent on all further gifts.

Further, the Foundation called for council taxes to be scrapped, but re...

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Ireland Backs Away from EU Digital Tax

May 2, 2018 Taxation in Ireland

Digital tax in the EUDUBLIN – Ireland stands to lose out on tax revenues if the EU goes ahead with a proposed EU-wide digital tax.

Irish authorities have heard evidence indicating that a newly proposed pan-EU tax on digital revenues could have a significantly negative impact on tax revenues in the country.

The new tax would see large multinational online businesses charged a 3 percent tax on revenues earned from users in the EU.

The tax would be paid to the government of the country in which the users live.

Currently, large online businesses do not pay taxes based on the location of their users, but, instead, on the location of the registered offices.

The current system has driven businesses to register in low-tax areas such as Ireland, despite making the bulk of their profit in other countries.

The government...

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EU Digital Tax Sees Opposition

April 30, 2018 Taxation in EU

Digital tax in the EUBRUSSELS – Despite initial support, EU ministers are backing out of support for an international tax on digital companies.

Over the weekend at a meeting of the Finance Ministers of the EU discussed the recent proposal to levy a tax on the revenues major international online businesses.

The taxation of major online businesses, such as Amazon, Google, and Facebook, is a controversial subject in the EU.

Online businesses have been accused of skipping out on their tax obligations by shifting their profits to low-tax jurisdictions.

As a move to balance out the profit-shifting, a proposal has been made to tax the revenues of big online businesses at a rate of 3 percent.

The proposal appeared to have significant support earlier this year, however, at the Finance Ministers backed away from suppo...

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UK Sugar Tax is Already Working

April 9, 2018 Taxation in UK

sugar tax in the UKLONDON – The UK’s sugar tax has already forced drinks manufacturers to reduce their sugar, and will lead to young people consuming less sugar, while older consumers are showing very little sign of wanting to change.

New research conducted by experts at the UK Institute of Fiscal Studies has suggested that the country’s newly-enacted sugar tax will lead to a reduction in sugar consumption among only a select group of people in the country.

Under the new rules enacted on the 6th of April, drinks manufacturers will need to pay a tax of GBP 0.18 per litre on drinks with a sugar content exceeding 5 grams per 100 ml, and a higher tax of GBP 0.24 per litre on drinks with more than 8 grams per 100 ml.

The researchers believe that most consumers will see some reduction in their sugar consumptio...

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