March 10, 2017 Taxation in Belarus
On March 9th the President of Belarus Alexander Lukashenko announced that in 2017 the government would freeze collection of the “social parasite” tax.
The tax, which was adopted in 2015, is required to be paid by any individual taxpayer in Belarus who works less than 183 days in any given year.
The rate of the tax is set at a rate equivalent to approximately USD 250 per year.
Originally the tax was set up in order to compensate the government for the tax revenue losses suffered due to taxpayers’ unemployment.
Any individuals who have already paid their taxes for the 2016 year will be refunded their payment, if they work more than the requ...Read More
March 9, 2017 Taxation in UK
On March 8th, the chancellor of the exchequer of the UK Philip Hammond announced that VAT will soon be applied to the roaming charges incurred by UK tourists.
The VAT will be levied on the roaming charges incurred by individuals using the services of a UK-based mobile-provider, when they are travelling outside of the EU-bloc.
The VAT will be levied at a rate of 20 percent, meaning that the cost of using roaming services while travelling will rise by 20 percent for all UK SIM card holders.
The Chancellor claimed that the new tax measure was introduced to combat tax evasion, and also to bring the tax treatment of roaming charges in line ...Read More
March 8, 2017 Taxation in EU
On March 7th, the European Court of Justice ruled that no member-states of the EU may apply a reduced rate of VAT on the sale of digital books, newspapers, or other publications.
According to current EU regulations, EU-member countries are allowed to apply a reduced rate of VAT on the sale of books, a tax measure which is aimed at increasing the instances of reading throughout member countries.
The reduced rates would also apply to newspapers, and other printed materials.
The Court was brought forward to interpret the rules regarding the application of VAT on books and newspapers, following a legal challenge where some EU-member states claimed that the reduction of VAT on e-books and ...Read More
March 7, 2017 Taxation in New Zealand
New information released on March 7th has shown that the government is seeing a larger surplus over the last 7 months than originally anticipated.
The level of tax collections seen over the seven months to the end of January were NZD 291 million higher than anticipated and forecast.
The level of expenditure seen by the government was approximately NZD 338 million lower than expected.
Overall the surplus seen on the government books was NZD 1.145 billion, a level which is NZD 703 million higher than the level anticipated previously.
The decrease in expenditure was accounted for mainly by differences between the projected costs of recovery from the re...Read More
March 6, 2017 Taxation in Egypt
Over the course of this week the Cabinet of Egypt is expected to receive the proposed legislation for a new stamp tax to be applied on stock market transactions.
It is currently expected that the tax would be levied at a rate of 0.125 percent on any transaction on the stock market, rising to a rate of 0.15 percent in its second year of operation, and 0.175 percent in its second year of operations.
Based on the number and size of transactions seen on the stock market presently, the tax could raise as much as EGP 1 billion per year.
It is not expected that the tax will result in a drop in the number of value of transactions, as the stam...Read More