February 16, 2017 Taxation in New Zealand
In a speech given on February 16th the Finance Minister of New Zealand Steven Joyce said that in the upcoming budget the government will be looking to lower personal income taxes and implement new tax system on roading.
The Minister did not reveal the exact extent of the tax cuts that he hopes to implement, but did say that it is the government’s goal to ease the tax burden faced by middle- and low-income earners as soon the as the government’s own fiscal position allows.
New Zealand’s fiscal position has been steadily improving over the last few years, with the national debt-to-GD ratio set to fall to 20 percent by 2020.
The current Nationa...Read More
February 16, 2017 Taxation in Australia
Implementing taxes on unhealthy foods and introducing subsidies on fruits and vegetables in Australia could save lives, billions in expenditure, while costing taxpayers and consumers virtually nothing, according to the results of a new study published on February 14th in the international Medical PLOS Medical.
The study evaluated the combined and individual effects of implementing taxes on fat, salt, sugar, and sugar-sweetened beverages, and also implementing subsidies on fresh fruits and vegetables.
Individually, a sugar tax was the most effective measure, followed by a salt tax, a saturated fat tax, and, lastly, a tax on sugary drinks...Read More
February 14, 2017 Taxation in Canada
The results of new research completed by the Conference Board of Canada has indicated that the tax gap in Canada is now sits between CAD 8 billion and CAD 50 billion per year.
The tax gap is a measure of how much tax a government should be earning and how much tax is ultimately collected.
According to the Conference Board of Canada, tax gaps are mostly commonly caused by tax evasion, aggressive tax avoidance, non-payment of tax liabilities, and mistakes made by taxpayers, regardless of whether they are intentional or accidental.
It was noted that the tax gap across Canada may actually be much higher than calculated, as the study only concentrated on federal tax...Read More
February 13, 2017 Taxation in New Zealand
The New Zealand Shipping Federation has recently spoken out against taxation rules, which, it claims, are unfairly putting local shipping operators at a disadvantage.
Currently New Zealand has an Emissions Trading Scheme which sees oil fuel companies buy carbon credits to pass on to clients.
It was claimed that the Emissions Trading Scheme ultimately costs operators as much as NZD 250 000 per ship.
However, foreign ships which visit New Zealand and only make one or two stops are exempt from the tax, despite the fact that they do complete deliveries within the country.
According to the New Zealand Shipping F...Read More
February 10, 2017 Taxation in UK
In a new article published on February 8th in the medical journal, the British Medical Journal, the researcher Richard Layard suggested that a new tax on personal incomes be enacted in the UK, with the revenues being ringfenced exclusively for use in the national medical system.
It was proposed that the new tax be levied on top of existing taxes and levies, although some tax cuts could be enacted to the personal income tax system to compensate for the rise.
The exact rate for the tax should be set to cover the total of the expenses of the medical system.
The rate could be varied based on the needs of the medical system, and taxpayers’ satisfaction ...Read More