Tax Breaks for Start-Ups Fall Flat in South Africa

July 25, 2017 Taxation in South Africa

Tax breaks for startupsPRETORIA – Tax breaks aimed at fostering a thriving small-business and start-up environment in South Africa have been labelled a resounding failure.

New information released by the South African Revenue Service indicates that the government’s endeavour to boost investment into small business has failed, as over the last two years only one entity has taken advantage of a special tax break for businesses making grants to small businesses.

Currently, an entity which makes grants to small businesses is able to enjoy tax exemptions, if it is registered for the exemption with tax authorities.

The businesses which receive the grants from a registered entity would also enjoy exemptions.

The program of exemptions was started in March 2015, and was intended to encourage a greater level of inves...

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New Zealanders Mull Tourist Tax

July 25, 2017 Taxation in New Zealand

Tourism Tax in New ZealandWELLINGTON – New Zealanders are looking to tax incoming tourists in order to help pay for the maintenance of national parks, reserves, and huts.

The results of a new survey released in New Zealand on July 24th has shown that local taxpayers support the prospect of a new tax to be paid by tourists.

Approximately 64 percent of respondents said that they would support a so-called “tourist tax” which would be paid by international tourists upon arrival to the country.

The funds from the proposed tax would be diverted to the national Department of Conservation, for the development of national reserves, huts, and for conservation efforts.

The public call for a tourist tax comes as the government funding for the Department of Conservation continues to dwindle, while the number of tourists c...

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South Africa Eyes Global Income Tax

July 21, 2017 Taxation in South Africa

Income Tax in South AfricaPRETTORIA – Within 2 years South Africans working overseas will be paying taxes in South Africa on their foreign incomes.

South African taxpayers working overseas may soon see a drastic rise in their tax bill, as tax authorities make moves to begin levying income tax on money earned while working overseas.

The South African Revenue Service released a proposed amendment to the national tax code, which would require any South African taxpayer working outside the country to continue paying income tax on their foreign earnings.

Under current regulations, any South African taxpayer who is out of the country for 183 per year, and meets some pre-set income thresholds will not be required to pay income tax on their overseas earnings.

The proposed legislation does allow for a rebate on the taxe...

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Kuwait Prepares Tax on Unhealthy Goods

July 17, 2017 Taxation in Kuwait

Consumption tax KuwaitKUWAIT – Kuwait will soon and that taxes on unhealthy products in an effort to raise taxes while reducing its reliance on oil revenues.

It has been reported by local news sources in Kuwait that the national Ministry of Finance has prepared a new bill for the implementation of new taxes on the sale of tobacco, soft drinks, and energy drinks.

The new tax falls in line with the taxes agreed upon for such products by the members of the Gulf Cooperation Council.

The new tax will be applied to the sale of tobacco and energy drinks at a rate of 100 percent, while the rate applied to soft drinks will be set at 50 percent.

The original tax scheme agreed-upon by the members of the Gulf Cooperation Council also called for a 100 percent tax on alcoholic beverages and pork, however, these products a...

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Tax Stamps Coming to Alcohol in Philippines

July 13, 2017 Taxation in Philippines

Taxes on alcoholMANILLA – The Philippines will try to crack down on untaxed alcohol by extending the tax stamp system to such drinks, and not just to tobacco.

Finance Secretary Carlos G. Dominguez III of the Philippines has stated that from next year the government will require that tax stamps be affixed to alcohol, in order to better track whether appropriate levels of excise tax are being paid on alcohol.

The tax stamp system was raised approximately 5 years ago, as part of the government’s sin tax reform, which saw greater levels of taxation being levied on goods and products deemed to be harmful.

So far the tax reform has been concentrated on the application of tax stamps to cigarettes and tobacco, and the struggle to minimise the illicit use of fake tax stamps on these products.
However, some poli...

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