February 8, 2017 Taxation in Greece
On February 7th the International Monetary Fund released its latest report on the state of the economy of Greece, suggesting that a number of new tax reforms are needed in order for the country to become economically sustainable.
One of the ley reforms described in the report is a broadening of the personal tax system, in order to make the system more equitable.
It was explained that by spreading the tax burden across more taxpayers, the rates levied on personal incomes could be lowered, and the extra tax revenues could be used to cover government expenditure.
Currently the government of Greece has consistently reduced its levels of spending on infrast...Read More
February 7, 2017 Taxation in Philippines
On February 6th the President of the Philippines Rodrigo Duterte announced that he intends to see greater levels of taxation on “idle land” in the country.
Idle land is property which is intentionally left undeveloped by its owner, in the hopes that the value of the property will rise at a greater rate than the potential profits to be drawn from development work.
The President did not specify how much he will raise taxes, but did say “…I will tax idle lands heavily. If it hasn’t been developed for 10 to 20 years, I will double its real estate tax or triple unless you are willing to lend it to somebody or to the barangay for the people to use it.”Read More
The HM Revenue and Customs has released a new version of its Making Tax Digital policy document, suggesting that in the near future the standard tax return faced each year by businesses and individual will be a thing of the past.
It was proposed that the annual paper tax return be preplaced with an online system to be updated by the individual or business-owner once every quarter.
The improved system should reduce and spread out the task of ensuring compliance with tax requirements over the course of the year, reducing the burden of the end-of-year crunch.
Alongside with filling the taxes online, taxpayers will also be able to pay their owing taxes through the same online system.
As part of the digital r...Read More
February 1, 2017 Taxation in Philippines
On January 31st at a hearing of the Senate Ways and Means Committee of the Philippines, the Finance Undersecretary Karl Kendrick Chua announced that the national Department of Finance is proposing new tax rules which would see microenterprises taxed at a rate of only 8 percent.
Under current regulations businesses of all sizes face a corporate income tax of 30 percent.
The greatly reduced tax rate of 8 percent would be calculated on a business’s gross sales, if the level of sales is PHP 3 million or less per year.
Alongside the reduced rate, businesses taking advantage of the new rules would also only need to file tax returns once a year, instead of quarterly.
It is believed that...Read More
January 27, 2017 Taxation in EU
The long-debated and highly controversial plan to implement a multinational transaction tax in Europe is “within reach” according to the European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici.
The proposed tax would see all financial transactions conducted in participating countries taxed at 0.1 percent, if the transaction involves stocks, and 0.01 percent if the transaction involves derivatives.
The tax was first proposed in 2012, in an effort to raise funds and address the issues which are believed to have caused the global financial crisis in 2008.
The Commissioner explained that “…a deal is within reach, if we only co...Read More