Pay Up and Fund UK Media, Jeremy Corbyn Tells Digital Giants

August 24, 2018 Taxation in UK

Jeremy CorbynLONDON – Jeremy Corbyn wants Google and other online giants to pay for a better BBC.

In a speech made at the Edinburgh TV Festival this week, the leader of the UK opposition, Jeremy Corby called for a new tax to be paid by internet giants in order to fund media in the UK.

Jeremy Corbyn referred to the internet giants such as Google and Facebook as digital monopolies which “profit from every search, share and like we make”.

He claimed that a windfall tax would be an adequate way to raise funds which could be used to pay for an improvement and expansion of “public interest media” such as the BBC.

He even indicated that the funds could be administered by an independent body, which would be charged with the betterment of media in the UK.

Alternatively, he said that the funds could com...

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Alipay Allows Tourist Tax Refunds

August 23, 2018 Taxation in ChinaTaxation in South Korea

Alipay tax refundSEOUL – Alipay, the world’s largest mobile payment network, is now leading the way for mobile tax refunds for tourists.

In a press release earlier this week, the mobile payment network announced that it is launching the first digital tax refund service in the world.

The new service will be open to tourists from China who have made purchases while visiting South Korea for tourism purposes.

With the new system, tourists using the Alipay system can skip the customary visit to the tax-refund kiosk and counter.

All that users will need to do is scan their passport at a specified location prior to departure.

At any point within 90 days of eligible purchases being made, the tourist can scan their tax refund receipts into the Alipay app, and the tax refund will be credited to them directly and ...

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Have Babies or Pay Tax, Says China

August 21, 2018 Taxation in China

fertility taxes in ChinaSHANGHAI – China could soon tax people for not having enough babies.

Hu Jiye, a finance professor at China University of Political Science and Law, is calling for the government to use taxes to encourage couples in the country to have more children.

The first of the two proposed taxes is a tax on the incomes of dual incomes couple with no children.

The professor claims that couples like these will end up consuming social resources, as they do not have kids to take care of them in their old age.

The collected taxes would offset the financial burden that the couples may eventually place on the government in the form of health care and social welfare.

Further, Hi Kiye called for the implementation of a fertility fund.

If enacted, the fund would see a tax paid by couples, with the collecte...

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Canada’s Tax Collectors Say the System is Biased

August 20, 2018 Taxation in Canada

CRA CanadaOTTAWA – Canada’s tax workers are saying that their own system makes is skewed to benefit the corporates and the wealthiest taxpayers.

Late last week the Professional Institute of the Public Service of Canada, a public employee union, released the results of new research and survey into the perceptions of tax evasion of tax auditors working at the Canadian Revenue Agency (CRA).

The survey asked approximately 1 700 CRA auditors and other tax professionals their opinions and perceptions on various matters in regards to tax compliance, collection, and regulations in Canada.

More than four-fifths of the professionals agreed with the statement “tax credits, tax exemptions, and tax loopholes disproportionately benefit corporations and wealthy Canadians compared to average Canadians.”

Nearly h...

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Wealthiest Hong Kong Investors Skip Property Tax

August 17, 2018 Taxation in Hong Kong

Hong Kong housingHONG KONG – Shell companies are helping Hong Kong’s wealthiest people pay less to purchase houses and property.

Hong Kong has some of the most expensive property and housing in the world, and recent media reports are indicating that some wealthy investors and buyers are managing to bypass the taxes aimed at reducing house prices.

Under the standard rules applicable for most locals, property purchases carry with them a stamp duty of 15 per cent, or an even higher 30 per cent duty of the purchaser is not a local.

However, some wealthy locals have been reducing the applicable rate of stamp duty to as low as 0.2 per cent.

The reduced rate applies if the property in question is held in a company, and the buyer purchases the company and not the underlying asset.

Share sales are eligible for ...

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