2009 Sets UK Tax Return Compliance Record

February 3, 2010 Taxation in UK

31 JanThe number of UK nationals who filed their Self Assessment (SA) tax returns online in 2009 reached a record high, according to the HM Revenue & Customs (HMRC).

The HMRC reported on February 1st that 6 429 899 individuals had filed their SA returns online before the January 31st deadline. The figure represents approximately three quarters of submitted returns and marks a 12 percent improvement over the previous year, where only 5 759 006 individuals made timely online submissions. According to the HMRC in excess of 9.5 million SA returns are issued across the UK each year.

In a media statement the HMRC revealed that nearly 6 percent of all online SA returns were submitted on the 29th of January...

Read More

Germany Intends to Buy Stolen Bank Data

February 2, 2010 International Tax CooperationOffshore BankingOffshore TaxationTaxation in GermanyTaxation in LiechtensteinTaxation in Switzerland

IMG_5252 - Angela German Government officials have announced their intention to purchase information regarding 1 500 German nationals who allegedly hold undisclosed wealth in Swiss offshore accounts, which could net the Government an approximated €100 million in tax revenues and penalties.

The German Government has disclosed that it has been offered information by an anonymous informant regarding numerous German nationals allegedly holding undisclosed wealth in Swiss bank accounts. In a statement made on February 1st German Chancellor Angela Merkel stated that the Government should do everything within its power to obtain this data, on the condition that it is proven relevant to its fight on tax evasion...

Read More

Australian Inflation Remains Low, Economy Underutilized

January 29, 2010 Taxation in Australia

Financial crisis will hurt jobs, Swan warnsNewly released Australian Consumer Price Index (CPI) figures show that the country’s inflation was 2.1 percent for the first two quarters of the current financial year, at the lower end of the Australian Reserve Bank’s (ARB) target spectrum.

Although the relatively small inflation is gladly greeted by consumers across the country, ARB economist claim that it is indicative of an economy that is not being fully utilized and has room for further growth. The newest figures, released on January 27th, represent a 0.5 percent growth in the CPI, down from 1.0 percent in September. Underlying inflation for the December quarter was 0.6 percent, 0.2 percent below the September quarter.

According to a media release by Wayne Swanson, Treasurer of Australia, the primary contributors to the rise in ...

Read More

South Africa Sets Record Tax Year

January 28, 2010 Taxation in South Africa

I hate tax returns!The South African Revenue Service (SARS) has announced that the 2009 year broke records in tax return efficiency, filing and improved compliance.

In a media release the SARS announced that the 2009 tax season had set “phenomenal” new records. The number of tax returns submitted by the November 20th deadline rose by 26 percent, exceeding 4 million for the first time. Individual tax return filing, including overdue 2008 returns, reached 3.9 million. Approximately 79 percent of individual tax payers filed their tax-returns before the deadline, compared to 58 percent in 2008. Electronic filing of individual returns rose by over 100 percent and surpassed 2 million for the first time...

Read More

Four Nations Under EU Commission Scrutiny

January 27, 2010 International Tax CooperationTaxation in EU

Economic downturn.Malta, Latvia, Lithuania and Hungary are scheduled to appear in front of the European Union Commission (EC) to determine whether the countries have undertaken enough suitable action to address their ailing financial situations.

The meeting which was scheduled for January 27th, is part of the EC Excessive Deficit Procedure, initiated for all four countries when they posted national deficits that were considered to be too large. The procedure is aimed at determining whether each nation has taken adequate efforts to cut public spending and build public finances in order to improve primary economic sectors. Failure to take necessary measures could result in EU penalties or sanctions.

The EC Excessive Deficit Procedure is applied to any EU nation whose deficit reaches above 3 percent of nationa...

Read More