Category Taxation In Europe

Big Businesses Paying Big Taxes in the UK

December 6, 2017 Taxation in UK

Micro-writingLONDON – The biggest businesses in the UK saw increased income tax last year, despite a fall in VAT payments and tobacco duties.

The 100 biggest companies in the UK saw their income tax bill rise by a third last year, according to information released by The 100 Group, which represents these major businesses.

The corporate tax payment due by the big businesses rose to a level of GBP 6.4 billion for the year to March 2017.

The corporate tax bill is approximately one third higher than it was in the previous year.

The increase was attributed to higher than expected profits, and the implementation of a surcharge on banking profits.

Despite the increase in the level of corporate income tax, the overall taxes collected from the large businesses did not rise, as the level of collections of VA...

Read More

EU May Class UK as Tax Haven

November 29, 2017 Taxation in UK

UK tax havenLONDON – The UK faces the risk of being classified as a tax haven, once it leaves the protective veil of the EU.

In a new report, the thinktank Tax Justice Network claimed that the EU could potentially classify the UK as a tax haven following the completion of Brexit negotiations.

The researchers at the Tax Justice Network evaluated several countries against the EU’s own classification of what is a tax haven.

The countries which were found to be tax havens were Luxembourg, Ireland, the Netherlands, Cyprus, Malta, and the UK.

However, the EU also has a policy of not classifying its member states as tax havens.

The researchers believed that if the UK leaves the EU, and the exit negotiations do not end positively, then the EU will have the capability of classifying the UK as a tax haven.

Read More

Italy Steps Closer To “Web Tax”

November 28, 2017 Taxation in Italy

italy taxROME – Italy looks set to be a leader in the world by implementing one of the first digital sales taxes.

Over the weekend the Senate of Italy approved the implementation of a new tax on digital sales.

The tax is designed to expand the tax net to include multinational internet businesses which sell goods and services to Italians, but do not pay any local taxes by virtue of being registered in a different jurisdiction.

The new tax will require the online businesses to withhold a tax of 6 percent at the time of the sale, passing the revenues to the tax authorities.

The tax is expected to come into effect in January 2019, and will raise approximately EUR 114 million per year in extra tax revenues.

The exact mechanics of the tax have not yet been confirmed, but the government is expected to re...

Read More

Inheritance Tax Up By GBP 1 Billion

November 24, 2017 Taxation in UK

Inheritance taxLONDON – More people dying and expensive houses mean that the UK government will enjoy an extra GBP 1 billion windfall.

New information released by the UK Office for Budget Responsibility shows that UK taxpayers will soon hand over nearly GBP 1 billion more in inheritance taxes than previously forecast.

In March this year, the government’s own projections showed that between 2016 and 2022 approximately GBP 32.4 billion will be collected from inheritance taxes.

However, this forecast has already been reviewed upward by approximately GBP 900 million over that timeframe.

The increase in the expected collection has been attributed to a higher than forecast mortality rate, and increase in the value of the houses and assets that fall under the scope of the tax, and an improved rate of enforc...

Read More

Digital Identity Coming for Scottish Taxpayers

November 16, 2017 Taxation in UK

digital identityEDINBURGH – Paying taxes in Scotland is set to become easier under the government’s project to emulate Estonia’s digital identity system.

The government of Scotland is currently researching the feasibility of implementing a digital-identity system for its taxpayers, similar to the system already in place in Estonia.

Estonia currently stores all information regarding a taxpayer digitally, with “pockets” of information being stored and encrypted in a blockchain format.

The various pieces of information can only be accessed by delegated individuals from departments or authorities related to that information.

The information in its entirety can only be viewed by the person in question, or their legal representative.

By leveraging this information collection system, the tax authorities in...

Read More