budget tagged posts

CBO Lowers Estimate of US Tax Revenue

April 21, 2014 Taxation in USA

US BudgetWASHINGTON D.C. – The Obama administration may be overestimating the tax revenues it will collect in the near future, and, as a result, the budget deficit over the next 10 years could be as much as USD 1.7 trillion higher than expected.

The proposed tax changes in the national budget plan, submitted by the Obama administration to Congress in March, will increase tax revenues and lower the national deficit, but not by as much as currently projected, according to a new report released late last week the Congressional Budget Office (CBO).

In its report the CBO showed that the measures set out in the plan would result in a cumulative budget deficit of USD 6.6 trillion over the next 10 years, approximately USD 1...

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UK Presents New Budget

March 20, 2014 Taxation in UK

Chancellor of the ExchequerLONDON – In 2014 taxpayers in the UK will be paying less taxes, in line with the new tax policy outlined by the government in the budget for the coming financial year.

On March 19th the Chancellor of the Exchequer of the UK George Osborne presented the national budget for the 2014 year, announcing a slew of economic and political changes aimed at making corporate taxes more competitive and creating a simple and fair tax system in the country, while continuing to achieve strong economic growth and reduce the negative effects in the national economy.

In his presentation the Chancellor confirmed that in order to fulfill the policy objectives and achieve further economic growth the government would need to implement several different tax changes over the course of the year.

One of the main ...

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Ireland Hikes Taxes, Cuts Welfare

October 16, 2013 Taxation In EuropeTaxation in Ireland

Tax Collection in IrelandDUBLIN – Ireland is cutting spending and hiking taxes in the hopes of stabilizing the national economy.

On October 15th the Finance Minister of Ireland Michael Noonan presented the plan for government’s budget for 2014, with more than EUR 2.5 billion in new revenues derived from tax rises and spending cuts.

According to the Minister “…one of the primary tasks of this budget is to lay down the conditions for a successful exit from the bailout program at the end of this year”.

The main tax changes announced in the budget are the introduction of a new bank levy based on the tax paid on deposit interest in 2011, and a 5 percent hike to the deposit interest retention tax (DIRT), currently set at 36 percent, charged on interest earned by individuals.

The new bank levy is expected to bring ...

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Tax Changes in New Budget for Iceland

October 3, 2013 Taxation In EuropeTaxation in Iceland

Tax Collections in the USAREYKJAVIK – Tax changes in Iceland will help the country balance its budget, and will lead to the first budgetary surplus since 2008.

On October 2nd the Finance Minister of Iceland Bjarni Benediktsson unveiled in parliament the government’s budget plan for 2014, detailing tax changes intended to stabilize the national budget, while improving the standard of living and increasing real wages in the country.

One of the the key points in the coming budget was a gradual decrease by 0.34 percent over the course of the next three years the rate of payroll tax, lowering taxpayers’ burdens by ISK 3.8 billion over the time period.

In an effort to further increase the spending power of low- and medium-income earners, the government will raise the tax-free threshold on earnings from interest payments ...

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France Details New Taxes and Spending Cuts

September 26, 2013 Taxation In EuropeTaxation in France

Pierre MoscoviciPARIS – France will tackle the national budget deficit by cutting spending, while encouraging economic activity through targeted tax changes.

On September 25th the Finance Minister of France Pierre Moscovici and the Budget Minister Bernard Cazeneuve unveiled the government budget for the 2014, detailing nearly EUR 3 billion worth of tax hikes, and an approximately EUR 15 billion of cuts to public spending.

In order to boost competitiveness in the economy and to spur job creation, the announced tax changes are primarily aimed at reducing the overall tax burden faced by businesses.

As a means of addressing the issue of unemployment, the government will raise the rate of the tax allowance granted under the Crédit d’Impôt Compétitivité Emploi system from 4 percent to 6 percent, grantin...

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