Tax Amnesty Yields 10 000 Disclosures

January 8, 2010 Offshore BankingTaxation in UK

studying till the sun goes downNearly 10 000 UK nationals have opted to reveal their hidden offshore assets in the HM Revenue & Customs’ [HMRC] tax amnesty program.

The New Disclosure Opportunity (NDO), whose deadline closed on January 4th, is expected to result in £500 million retrieved in unpaid taxes and subsequent penalties over the next three years. The number of declarations is far below that of a similar scheme run by the HMRC in 2007, which yielded 45 000 disclosures. Yet according to HMRC statements, the department is not disappointed with the achieved results, as it has dealt with “more niche banks” with higher-asset base clients.

Having completed the initial steps of its NDO, the HMRC is promising to increase efforts into investigating tax evasion which utilizes offshore accounts to hide assets...

Read More

Sarkozy Vows to Instate Carbon Tax

January 7, 2010 Taxation in France

Nicolas SarkozyFrench President Nicolas Sarkozy has vowed to amend and instate a new carbon tax in France, after his original attempt was deemed to be unlawful.

Speaking at the first cabinet meeting of 2010, on January 5th, Nicolas Sarkozy informed ministers that he intends to see a new carbon tax law implemented in the country and come into effect on July 1st. The tax is expected to raise €3.5 billion annually, which will be used to aid households in reducing energy consumption. If successful, the carbon tax laws will see France as the largest economy so far to implement a carbon levy.

The carbon tax laws were initially planned to come into effect on January 1st, but were deemed unlawful by the French Constitutional Council on December 29th, 2009...

Read More

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...

Read More

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...

Read More

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 ...

Read More