Drinks and Smokes Targeted for Tax in UAE

October 2, 2017 Taxation in UAE

Drinks CansABU DHABI – Drinking energy drinks and smoking cigarettes is about to become more expensive in the UAE.

On October 1st the United Arab Emirates began collecting sin-taxes on selected products deemed to be harmful to human health, with the newly raised funds being used to plug the growing deficits seen by the government over recent years.

The new taxes have come to be called “sin taxes” and will be levied on the sale of cigarettes, tobacco, soft drinks, and energy drinks.

The rate of the tax has been set at 100 percent for the sale of energy drinks and tobacco, and a smaller rate of 50 percent of soft drinks.

The “sin tax” is the precursor for further taxes to be enacted in the near future, with a 5 percent VAT to be levied from January next year on selected goods.

The new taxes ...

Read More

Cuba to Doll Out Farm Land And Tax It

September 29, 2017 Taxation in Cuba

Cuba taxing farmsHAVANA – Cuba hopes to wean itself off its reliance on foreign nations for food and money by granting more land to farmers, and then taxing them on it.

Last week the government of Cuba unveiled a series of new rules regarding land ownership and the gradual implementation of taxes on land ownership.

The new rules are aimed at simultaneously boosting the country’s ability to grow its own foods, while also increasing tax revenues.
Currently, the government doles out idle land to private citizens or entities, if the land will be used for food production.

Under the new rules, the land given to farmers will now be granted for a period of 20 years, instead of the previous period of 10 years, and, further, the lease on the land will be renewable upon expiry.

The amount of land granted for agri...

Read More

Turkey Hikes Taxes

September 29, 2017 Taxation in Turkey

Tax hike in TurkeyISTANBUL – The government of Turkey is instituting a range of tax hikes, raising the rate on personal incomes, corporate incomes, car prices, and lotto winnings.

On September 27th, the Naci A?bal of the Ministry of Finance of Turkey announced that the government will seek to introduce a number of new tax hikes in order to boost the national military budget.

If the new changes are approved, the income tax rate faced by businesses in the finance sector will rise from the current rate of 20 percent to a new rate of 22 percent.

Personal income tax will also rise, with the rate on the third income tax bracket rising from 27 percent to 30 percent.

The taxes on motor vehicles will also rise significantly, increasing by 40 percent.

Further, the taxes on cars will see an extra levy charged next ...

Read More

UK Facing Major Backlash on APD

September 25, 2017 Taxation in UK

Emirates APDLONDON – International airlines are gearing up to fight the UK government over its excessive taxation of international flights.

Over the last week, two international airlines joined a campaign calling for the government of the UK to drop its Air Passenger Duty, or to at least cut the rate.

Currently, any passenger flying out of the UK or the Isle of Man is required to pay an Air Passenger Duty at a rate of GBP for economy seats, and GBP 26 for all other classes.

The rate applies to flights of less than 2 000 miles, with longer flights, or flights on private jets, being set at GBP 75 for less than 2 000 miles, and GBP 150 for over 2 000 miles.

The rates are expected to rise in November this year to approximately GBP 78 and GBP 156 for the longer flights.

The campaign to either cut the ra...

Read More

France to Tax Netflix and YouTube

September 22, 2017 Taxation in France

Netflix TaxPARIS – Online video providers in France are about to be slapped with a tax, which will fund the development and filming of new local media content.

France has received tentative approval to implement a tax on the revenues garnered by online video services which have French viewers, even in cases where the company is not established or registered in France.

The tax will be levied at a rate of 2 percent on the revenues from subscription-based services, such as Netflix.

Further, video-sharing sites with no subscriptions, such as YouTube, will be taxed based on their advertising revenues from French viewers.

The funds from the tax will be used to fund the French film board, which will then go on to subsidies local original media content, such as TV shows, video games, and movies.

The film ...

Read More