Irish Tax Revenues Fall by 19%

January 6, 2010 Taxation in Ireland

The Four CourtsIreland’s total tax collections fell by €7.7 billion to €33 billion in 2009.

Figures released by Ireland’s Department of Finance show that the country’s economy and tax revenues are still reeling from last year’s financial crisis, though the situation is experiencing marginal improvements. According to the Exchequer Statement released on January 5th, tax collections for the 12 month ending in December were 3.9 percent lower than the Department’s targets, and down by 19 percent compared to 2008. Although the Exchequer deficit for the year was lower than expected, at €24.6 billion.

In 2009 only Corporate Tax and Excise duty collections exceeded government projections, rising by 4.3 and 1.4 percent, respectively, though in comparison to 2008 the figures dropped by 23 and 13...

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Thailand’s Tax Collection to Surpass Targets

January 5, 2010 Taxation in Thailand

2757-Thailand-Bangkok-Government HouseThailand’s tax collections are expected to exceed Government targets by at least 10%.

The Thailand Government’s fiscal stimulus measures and tax base extension efforts will see tax collections “easily” surpass the THB1.097 trillion target set by the Revenue Department for the financial year ending September 30th, 2010. The rapid upsurge in revenue has been laid down to Thailand’s improving economic situation and extended efforts to raise the profitability of the country’s taxation system.

Following several months of growing collection figures and healthy economic indicators, Thailand’s Finance Ministry raised the country’s 2010 economic growth target to 3.5 percent, in the last days of 2009...

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Credit Card Non-Payment Rises

December 31, 2009 Taxation in USA

commerce bank card 3Consumer payment of credit card bills is falling in the US, with continued late-payment and un-collectible rates rises: revealed in Moody’s Credit Card Charge-Offs, Delinquencies Rise in November, released on December 29th.

In November the balance of US credit cards deemed to be un-collectible rose to 10.56 percent, fifty basis points higher than in the previous month. The charge-off rate on US credit cards is expected to rise further to 12 to 13 percent in mid 2010. The delinquency rate, a measure of debts that are 30 to 180 days late, has also risen to 6.2 percent. The average principal payment rate on credit card slipped by 0.89 percent to 16.42 percent. The excess spread and the yield on credit cards fell to 7.7 and 21.09 percent, respectively.

On a single positive note, the measure ...

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€95 Billion Yielded in Tax Amnesty

December 30, 2009 Taxation in Italy

TREMONTI GiulioIn excess of €95 billion of previously undeclared assets, almost €15 billion more than initially anticipated, have been disclosed to the Italian government in the country’s latest tax amnesty.

Assets worth nearly 6 percent of the national GDP have been declared by Italian nationals during the tax amnesty, and 98 percent of the amount has already been transferred back to Italy, mainly from offshore tax havens. The successful result of the controversial tax amnesty was announced in a statement of Economy Ministry on December 29th. This was the fourth, and, so far, most successful tax amnesty program initiated by the Government on September 15th, 2009.

The tax amnesty provides an opportunity for Italian nationals to disclose their undeclared assets in exchange for a reduced to 5 percent...

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Australian State Tax Report Released

December 29, 2009 Taxation in Australia

Another Opera House PhotoThe average business in South Australia faces a higher tax burden than in any other state across the country. The conclusion is drawn by the Australian Institute of Public Affairs (IPA) in the report Business Bearing the Burden 2009
released in the last days of the passing year.

The report examined the impact of state taxes across Australia on a medium sized business. According to the report, the tax liability in South Australia was ranked as highest, despite having the lowest payroll taxes in the country. With average annual tax obligations of AUD247,437, the South Australian businessmen pay almost AUD5,000 more than their colleagues in Western Australia.

The report revealed large differences between states in the five key taxes: payroll taxes, land taxes, land transfer duties, stamp dut...

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