Speculation Arises Over UK’s Tax Outlook

December 8, 2009 Taxation in UK

George Osborne 0482amAhead of the Pre-Budget Report (PBR), due to be delivered on December 9th by Alastair Darling, Chancellor to the Treasury, a slew of speculation has arisen regarding possible tax rates increases and installation of new tax types in the UK. Though the PBR deals with government spending and economic forecasts, this year is likely to see an increased focus on the issue of taxation as the UK government copes to deal with financial crisis induced budget deficits.

Common media discussion centers around the announcement of a possible one-year only tax on banker’s bonuses, at the PBR. Only payouts exceeding a pre-set threshold are anticipated to be subject to the additional tax measure, which is expected to earn in excess of £1 billion for the year...

Read More

Tax Haven Bridge Sold in UK

December 6, 2009 Tax HavensTaxation in UK

Swinford Toll BridgeSwinford Bridge, a private toll bridge in the UK, which grants its owner various tax exemptions, was sold at auction to an anonymous bidder on December 3rd, for GBP 1,080,000.

The Swinford Toll Bridge in Oxfordshire, England, was built in 1767 by the Earl of Abingdom. The unique tax properties of the structure were granted when it received its own Act of Parliament “An Act for building a Bridge cross the River Thames, from Swinford, in the County of Berks, to Eynsham, in the County of Oxford”. By concessions granted within the act, the toll bridge entitles its owner to exemptions from income tax, inheritance tax, Value Added Tax and capital gains tax, along with exclusive rights to bridge building within a three mile radius of the Swinford Toll Bridge’s location.

Currently, the Swinfo...

Read More

India’s Tax Take Increases

December 4, 2009 Taxation in India

The ManIndia’s Central Board of Direct Taxes (CBDT) announced on December 2nd that their net direct tax collections for the first eight month of the current fiscal year had risen by 3.71%, compared to the same period in the previous year.

In what the Indian Income Tax Department (ITD) labeled as “impressive growth,” the CBDT reported net tax collections of INR1,838 billion for the April up to November period, from INR1,776 billion in the equivalent period in the previous fiscal year. PIT collection, which includes Fringe Benefit Tax, Security Transaction Tax and Banking Cash Transaction Tax, totaled INR703 billion, compared to the previous year’s INR672 billion, making a rise of 4.53%. Corporate Taxes collected for the period increased by 3.17%, from INR1,097 billion to INR1,132 billion...

Read More

Australia Updates Offshore Voluntary Disclosure Initiative

December 3, 2009 Offshore BankingOffshore TaxationTax HavensTaxation in Australia

Getting FleecedThe Australian Taxation Office (ATO) has announced an update to their Offshore Voluntary Disclosure Initiative (OVDI) for nationals with unreported income from offshore activities.

Amid a worldwide escalation of Government tax amnesties, Australia has joined the fray and offered its citizens an opportunity to volunteer up information regarding any unpaid tax obligations in relation to their offshore bank accounts.

In the OVDI program, only taxpayers with additional previously undeclared taxable incomes of greater than AUD20,000 will be forced to pay a penalty of 10% on the surplus income for that year. Additionally, information volunteers are also offered general interest concessions through the OVDI program...

Read More

Auto Purchase Tax Cut to Continue into 2010

December 2, 2009 Taxation in China

Chinese Policewoman directing traffic at junctionWith booming car sales in the last months, experts and Chinese officials are confident that the country’s automobile sales tax cuts will continue next year.

Although there is no official confirmation of any future moves, in his last interview Chang Xiaocun, head of China’s Commerce Ministry’s department of market system development, was quite confident that the Government is interested in extending the auto purchase tax cut program. Additionally to his words, some experts believe that the tax cut program could even be extended to more types of passenger cars.

The auto purchase tax cut program was started by the Government of the People’s Republic of China on January 20th, 2009, and reduced auto sales tax by 50% on cars with engine capacities below 1.6L...

Read More