US Needs Tax Reform Not Tax Cuts

August 9, 2010 Taxation in USA

George is Keeping an Eye On You!In the long-run, the US will garner greater benefits from overhauling its tax system and reducing national debt, than it would by issuing another stimulus package or reinstating Bush-era tax cuts for high-income earners.

Speaking in a television interview on August 8th, Bob Rubin, international economic expert and former US Treasury Secretary, said that a second round of “major” stimulus packages would be counterproductive for the US economy and undermine the current economic recovery, which he described as “slow and bumpy.” He went on to outline his proposed steps towards an economic revival, but conceded that “…the problem is that’s very easy to say and very hard to do.”

In the face of the US’s current debates surrounding the expiry of Bush-era tax cuts, Bob Rubin said that he wo...

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IRS Enhances International Tax Compliance Unit

August 6, 2010 International Tax CooperationTaxation in USA

Douglas Shulman, Chair of the OECD’s Forum on Tax AdministrationThe US Internal Revenue Service is taking further steps to improve international tax administration issues, through the creation of a department focused on emerging tax compliance issues and transfer pricing practices.

On October 1st the Internal Revenue Service (IRS) will rename and restructure its Large and Mid-Size Business Division (LMSB) to create a centralized unit for the improvement of international tax compliance standards. The new department will be called the Large Business and Internal Division (LB&I). The LB&I will inherit all LMSB assets and staff, and will be enlarged with an additional 175 economists, tax examiners, technical staff and transfer pricing experts...

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Irish Tax Collection Close to Projections

August 5, 2010 Taxation in Ireland

Dublin -  Irish Government BuildingTax collections in Ireland for this year are only 1.4 percent behind the Government’s preset target, which is a clear sign of a stabilizing economy, according to the Department of Finance.

The Irish Government collected approximately EUR 17.2 billion in gross tax receipts throughout the first seven months of 2010, according to the latest Exchequer Statement released August 4th. The tax revenue total was only EUR 247 million below the Government’s estimates, and an approximate EUR 1.5 billion less than in the same period last year. A significant drop in income tax collection was the primary contributor to the lagging results...

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Philippines Raises Tax Target

August 4, 2010 Taxation in Philippines

BW_Noynoy3The Philippines Bureau of Internal Revenue has publicized its intentions to raise the country’s tax ratio, through greater levels of efficiency in tax collection and stringent enforcement of compliance laws for taxpayers and Government staff .

The Bureau of Internal Revenue (BIR) of the Philippines has stated that it hopes to raise the national tax ratio (tax collection as a percentage of national GDP) to 15 percent within two years, from the current level of 12.9 percent. The goal will require increased cooperation and efficiency of both the BIR and the Bureau of Customs (BOC), which together contribute an approximate 95 percent of the Government’s total revenues...

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HIRE Act Figures Growing

August 3, 2010 Taxation in USA

Lens Flare!Nearly 5.6 million long-term unemployed Americans have been given paid-positions across the US, reportedly thanks to the Hiring Incentives to Restore Employment Act 2010.

Between February 2010 and June 2010, US businesses saved a potential USD 10.4 billion in total tax liabilities, by employing new staff eligible for the Hiring Incentives to Restore Employment (HIRE) Act. The statistics were presented on August 2nd by Alan B. Krueger, Chief Economist at the US Treasury Department, at a press conference at the Albany Medical Center.

The HIRE Act was conceived as an incentive for employers to provide paid positions to those hardest hit by the recent economic downturn. The Act grants businesses exemptions from the employer’s 6...

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