Category Taxation In Europe

Electric Cars Will Lead to Tax Changes

July 27, 2017 Taxation in UK

electric cars in the UKLONDON – Electric cars may be good for the environment, but they will not be good for the UK’s tax revenues.

Taxation and car experts in the UK have come forward to warn that the government will need to implement new car taxes in the future.

The warning has come within days of the government of the UK announcing that by 2040 all new vehicles purchased in the country will need to be electric.

Currently, approximately 65 percent of the purchase price of fuel in the UK is made up of taxation, in the form of VAT and fuel duties.

As an increasing number of consumers switch to electric vehicles, the revenues drawn from fuel sales will fall.

It is estimated that for every GBP 1 spent on charging a car, the government will earn approximately GBP 0.05.

Further, as home solar-arrays become more rel...

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Car Sales Down, Emissions Tax Up

July 6, 2017 Taxation in UK

car emissions taxLONDON – New UK taxes on car emissions are having the intended effect of convincing consumers to buy low-emissions vehicles.

Society of Motor Manufacturers and Traders of the UK has reported that new car registrations in the country have slowed down since the introduction of new emissions taxes.

In June this year a total of 243 454 new cars were registered, a level which is estimated to be 4.8 percent lower than in the previous month.

Similar decreases have been seen since March this year, thought the Society claims that the extent of the monthly reductions has been diminishing.

The drops in purchasing may have been caused due a relative increase in sales prior to April, when consumers opted to buy cars prior to the tax hike.

The new emissions tax is levied at a fixed amount which var...

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Wales Asks Taxpayers What to Tax Next

July 5, 2017 Taxation in UK

Taxes in WalesCARDIFF – Wales is looking to stretch its taxation muscle and is seeking ideas from the public about what tax it should try to implement.

The Finance Secretary of Wales Mark Drakeford is calling on national taxpayers to come forward with ideas for new taxes which could be established in the country.

The Minister is said to be seeking an opportunity to test out the country’s newly devolved tax powers by potentially introducing new taxes.

It is expected that in the near future the Minister will put forward some potential taxes as ideas, with a majority of the ideas being those previously raised by the local think-tank the Bevan Foundation.

Potential candidates for new taxes so far include a tax on packaging for takeaways, sugar tax, water tax, a levy on tourism, or an innovation tax cred...

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Romania Embarks on Massive Tax Overhaul

June 30, 2017 Taxation in Romania

Tax overhaul in RomaniaBUCHAREST – Romania, one of Europes most corrupt countries, is taking steps to claw back tax revenues from businesses continually dodging their tax obligations.

On June 29th the government of Romania announced that it intends to overhaul the national tax system to support economic growth and tax collections.

Currently, businesses in Romania pay a flat-rate corporate tax of 16 percent on profits.

However, under the new proposal businesses would pay a turnover tax, as it is believed that the change would help boost tax collections from businesses which continually report losses.

The tax would be levied at a rate of 1 percent to 3 percent, based on the level of turnovers seen by the business, with the lowest tier applying only to micro-sized operations seeing less than EUR 500 000 per year...

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Greeks Work 203 Days to Pay Tax

June 28, 2017 Taxation in Greece

Tax Freedom DayATHENS – Greeks work for nearly two-thirds of the year just to raise enough money to pay their taxes.

According to the results of new research conducted by the Greek think-tank Dragoumis Center for Liberal Studies, Greek taxpayers need to spend 203 days working this year in order to earn enough to simply cover their annual tax bill.

The new research shows that in 2017, Tax Freed Day, in Greece will fall on July 23rd.

Tax Freedom Day is a theoretical measure of how long it takes the average taxpayer to pay off their tax obligations.

The date of Tax Freedom Day this year is 15 days later than in 2016, and nearly 2 months later than in 2006.

Only two countries in the EU have a Tax Freedom Day falling later than Greece, being Belgium and Greece.

Conversely, some countries saw Tax Freedom Day...

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