Anti-corruption Tax in Vietnam Allows Money Laundering

March 13, 2018 Taxation in Vietnam

Vietnamese DongHANOI – Vietnam’s crackdown on corruption could prove itself to be effective, or it could be a handy tool to facilitate money laundering.

Over the weekend a delegate of the National Assembly of Vietnam Truong Trong Nghia said that the newly proposed tax to be paid by civil servants with undeclared incomes and assets could lead to money laundering.

The government of Vietnam recently proposed that civil servants with undeclared or under-declared incomes and assets will be liable to pay a 45 percent tax on the true value of the assets unless the individual can provide adequate explanations of how the assets were acquired.

However, Truong Trong Nghia believes that a simple tax of 45 percent will lead to money laundering, as the offending civil servant will simply pay the fee and keep the re...

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Reality of Bed Taxes Creeping Up in NZ

March 9, 2018 Taxation in New Zealand

Wellington bed taxWELLINGTON – New Zealand’s capital is eyeing up bed taxes and tourism taxes, despite backlash from the industry.

Earlier this week the city council of the capital of New Zealand, Wellington, opted to investigate the feasibility of widening the taxes applied to tourism-based industries in the area.

At the start of March, the Council announced that it was looking at instating a bed tax on accommodation providers in the city.

The proposal was met with almost immediate backlash from the hospitality industry.

It was claimed by the industry that a targeted bed tax would place a tax burden on providers, despite the fact that tourism benefits several industries at the same time.

The Council has now stated that it will broaden its view and try and create a new means by which a greater portion of...

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EC Chases Tax Dodging Luxury Yachts

March 9, 2018 Taxation in EU

tax on luxury boatsBRUSSELS – Greece, Malta, and Cyprus may lose their status as prime destinations for registering luxury yachts.

On March 8th the European Commission issued a statement confirming that it has opened infringement procedures against Cyprus, Greece, and Malta for their tax treatment of luxury yachts.

The alleged infringement concerns the member states establishing and enforcing guidelines which may greatly reduce the VAT applied to the lease of luxury yachts and boats.

Under current EU rules, member states are able to forego applying VAT to the supply of services which are utilized and enjoyed outside of the EU.

The three member states issued guidelines in which the larger the boat, the more of the lease is estimated to take place outside of the EU.

The rules made it easier for large yacht...

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EU Eyes Taxes on Harleys and Bourbon

March 7, 2018 International Tax Cooperation

taxes on harleyWASHINGTON D.C. – A tax war is brewing between the USA and the EU, as a threat to tax EU steel leads to a threat to tax bourbon and Harley Davidson imports.

Earlier this week the EU Commissioner for Trade, Cecilia Malmström, indicated that the EU may retaliate against the US’s threat of import taxes on metal.

The retaliatory taxes will come in the form of targeted levies in the import of items manufactured in the USA.

The items in questions are specifically chosen to cause political pressure against the Trump administration.

Among the items to be taxed are bourbon, orange juice, jeans, t-shirts. Cosmetics, motorbikes, pleasure boats, steel, industrial products, and corn.

The goods chosen are produced in key political states or swing states or are associated with manufacturers which h...

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Tax Working Group Wants to Make NZ a Better Place

March 6, 2018 Taxation in New Zealand

Tax Working Group NZWELLINGTON – A new working group is weighing up the pros and cons of introducing sugar taxes, environmental taxes, and capital gains tax in New Zealand.

In a speech given on March 2nd the head of the New Zealand Tax Working Group, Michael Cullen, provided an indication of the future of taxation in New Zealand.

The Tax Working Group was established by the government at the end of last year to evaluate new tax measures and the potential impact that those tax measures will have on the country.

Michael Cullen provided an indication that the Group would focus on taxes which are aimed at changing taxpayers’ behaviour, such as taxes on goods and activities associated with obesity.

The Group will also tackle the questions of new environmental taxes and the taxation of water extracted for comme...

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