budget tagged posts

Portugal Approves New Austerity Hikes

November 28, 2012 Taxation in Portugal

Vitor GasparLISBON – Portugal hopes to see its revenues rise by 30 percent next year, which could enough to secure further bailout payments and to allow the country to participate on international credit markets.

On November 27th the parliament of Portugal voted on the national budget plan for 2013, approving an array of new taxes, tax increases, and spending cuts aimed at increasing the government’s revenues by EUR 5.3 billion.

As part of the new tax package, from 2013 all individual taxpayers will be required to pay a new social solidarity tax of 2.5 percent on their incomes.

At the same time, the threshold for the top marginal tax rate will be reduced from EUR 153 000 per year to EUR 80 000 per year, and the top tax rate will be increased from 46.5 percent to 48 percent.

Middle income earners will...

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Sri Lanka Unveils New Budget

November 8, 2012 Taxation in Sri Lanaka

Mahinda RajapakseCOLOMBO – Next year Sri Lanka will try to boost the collection of taxes and allocate greater funding to social development projects.

During the presentation of the national budget in Colombo on November 8th, the President of Sri Lanka Mahinda Rajapakse said that the plan indicated in the budget to increase the rates of some taxes next year will help the government to reduce the budget deficit to the lowest level in more than thirty years, and will allow Sri Lanka to increase the funds dedicated to the development of social and economic infrastructures.

During his speech, the President announced a new tax on buildings and properties held by supermarkets and other high end retail businesses with annual incomes exceeding LKR 500 million per quarter.

The import duties on foreign liquors and ...

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Portugal Approves Tax Hike Plans

November 1, 2012 Taxation in Portugal

austerity hits taxpayersLISBON – Portuguese taxpayers are could soon feel the brunt of new austerity measures, including new taxes and several tax increases.

On October 31st the Parliament of Portugal approved the first reading of the 2013 national budget, which contains several new austerity measures, including cutting government spending by EUR 1 billion, the implementing a new transaction tax, and increasing the rates of income, capital gains, wealth taxes, which will cumulatively bring additional revenues of approximately EUR 4.3 billion.

The changes outlined in the proposed budget are intended to reduce Portugal’s deficit to below 4.5 percent and to ensure that the country meets the terms of its EUR 78 billion bailout package from the International Monetary Fund and the EU.

The budget reading was approved by...

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Spain Braces for Tax Hikes

September 28, 2012 Taxation in Spain

Spanish AusterityMADRID – Spain will introduce new taxes, remove tax concessions, and reduce government spending in the 2013 fiscal year.  

On September 27th the Spanish Council of Ministers unveiled the proposed budget for the next financial year, aiming to  address the country’s worsening financial situation and to meet the criteria set out for the country as part of its bailout package by the EU and IMF , through reductions in government spending and the introduction of new taxes.

Amongst the tax changes detailed in the budget is the removal of several tax breaks which are currently offered to businesses and private taxpayers.

If the measures in the budget are approved by Parliament, factories and manufacturers in Spain will also face a tax on the amount of carbon dioxide emitted into the atmosphere.

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New Zealand Releases New Budget

May 24, 2012 Taxation in New Zealand

New Zealand Releases New BudgetWELLINGTON – The New Zealand government is tightening down on tax rules and eliminating inefficient tax rebates in order to ensure that the country reaches a budget surplus within three years.

On May 24th the Treasury of New Zealand revealed the latest national budget, outlying the government’s plan to build a more productive economy and to improve public services.

According to the Minister of Finance Bill English, who presented the budget, New Zealand is now on track to reach a budget surplus of approximately NZD 200 million within the next three years, and “responsible financial management” will be a key priority for the government in order to ensure that the country’s economy continues to expand.

Over the next year the government will aim to save NZD 109 million in tax revenues by clos...

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