Category Taxation in North America
April 28, 2017 Taxation in USA
In a report released earlier this week the US think tank the Institute on Taxation and Economic Policy (ITEP) showed that some undocumented immigrants in the USA pay a total of USD 2 billion in state and local taxes per year.
The new study revolves around the taxes paid by individuals who fall within the scope of the DACA program, which allows some illegal migrants to live in the country, if they were brought to the USA at a young age.
Currently approximately 1.3 million undocumented migrants who are enrolled in the DACA system paid income taxes.
The young taxpayers are estimated to have paid approximately 8...Read More
April 27, 2017 Taxation in USA
On April 26th the Trump Administration released its blueprint for upcoming tax reforms to be enacted in the USA.
The new blueprint is intended to be used as a guide and direction for lawmakers as they debate the proposed tax reform bill over the coming months.
The new plan has been hailed as the “biggest individual and corporate tax cut in American history”.
The key points of the plan revolve around the reduction of corporate income tax from a rate of 35 percent to 15 percent, and a reduction in the number of tax thresholds for personal income, from the current seven to three.
The number of tax deductions available for households would doubl...Read More
April 21, 2017 Taxation in USA
On April 18th the results of a new study were published in the medical journal PLOS Medicine, with an evaluation of the outcomes of the first tax on sugar sweetened beverages enacted in the USA.
In March 2015 a “penny per ounce” tax was added to the sale of sugar-sweetened beverages in the USA, a measure which saw an effective cost hike of USD 0.12 per can of drink sold, and a rise of USD 0.68 per two litre bottle sold.
The results of the study suggested that the overall sales of the drinks fell by nearly 10 percent during the course of the past year.
It was also seen that bottled water, and other untaxed...Read More
April 19, 2017 Taxation in USA
The Tax Foundation has released its annual Tax Freedom Day report, showing the date that American taxpayers can stop working to pay the government, and can start working to pay themselves.
According to the latest calculations, the Tax Freedom Day in the USA in 2017 will fall on April 23rd, the 113th day of the year.
The total tax bill faced by taxpayers in the USA over the course of this year will be USD 5.1 trillion, which represents 31 percent of the nation’s income, and is made up of USD 3.5 trillion in federal taxes, and USD 1.6 trillion state and local taxes.
The total tax burden is more than the nation will collectively spend on food, clothing, and shelter combined.
It was...Read More
March 25, 2017 Taxation in Canada
Uber and similar applications and services will soon fall under the scope of the Canadian GST system, according to an announcement made during the release of the latest national budget.
Currently, Uber and similar ride-hailing services in Canada do not fall under the scope of GST, unlike traditional taxis services.
According to the Finance Minister of Canada Bill Morneau, the move to apply GST to Uber rides already has precedent, as traditional taxis are taxed, meaning that the moves is “consistent with what Canadians expect”.
He added that the change is part of the government’s efforts to make the tax system fairer, more consistent, and ...Read More