budget tagged posts

UK Budget Announcement Delivered

March 26, 2010 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in UK

Alastair Darling in BirminghamChancellor Alastair Darling delivered the much anticipated 2010 UK Budget announcement on March 24th, introducing a raft of new taxation measures and confirming several propositions laid down in the 2009 Pre-Budget Report (PBR).

As was announced in the 2009 PBR, the Chancellor substantiated the long standing expectations that taxpayers with personal incomes of above GBP 150 000 will see marginal tax rates rise to 50 percent, and a restriction in pension tax relief. Inheritance tax allowances will be frozen at GBP 325 000 for 2010 and 2011. Alastair Darling also announced that from April 2011 National Insurance Contributions (NIC) will rise by an extra 1 percent.

As stipulated within the new Budget, on April 1st 2011 corporate tax rates for companies earning in excess of GBP 1...

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Brazil Reports Significant Budget Improvement

February 26, 2010 Taxation in Brazil

To the groupThe Central Bank of Brazil has reported that the national budget surplus rose to BRL16.19 billion (approx. USD 8.8 billion) in January, a marked improvement over the previous month, and over the same period in 2009.

Signaling an economic recovery for the country, the Brazilian Government has announced that it has experienced the second highest budget surplus ever recorded in the month of January for the country. The surplus, which included revenues from the federal government, local governments and state enterprises, had increased to BRL16.19 billion (approx. USD 8.8 billion), compared to BRL7.36 billion (approx. USD 4.05 billion) indicated in January 2009, and compare to BRL276 million (approx. USD152 million) in December 2009...

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UK Pre-Budget Report Delivered

December 10, 2009 Taxation in UK

G20 meeting, St. Andrews, ScotlandOn December 9th, Alastair Darling, Chancellor of the Exchequer, gave the 2009 Pre-Budget Report (PBR), an economical forecast required to be delivered at the end of each year by the HM Treasury to the the country’s Parliament. This year, cutting the country’s budget deficit was the key priority, clearly indicated by the Chancellor and by debates raised by the PBR.

Reduction of Government spending in select non-priority areas, and raising taxes on middle and high-income earners are the financial engines which stand behind the proposed plans of economic recovery. The most controversial and widely discussed measures revealed in the PBR are a tax on bonuses, and a rise in National Insurance Contribution (NIC) payments.

Effective from December 9th, any bonus scheme in the banking industry pa...

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South Korean Economy Witnessing Recovery

September 23, 2009 Taxation in South Korea  No comments

The Korean Government has announced an expected 3.9% increase in their tax collections for 2010.

According to statements made by the Korean Ministry of Strategy and Finance, on the 23rd of September, the country will see an extra KRW3.1 trillion tax receipts in 2010. The total tax take is projected to reach KRW171.1, approximately equivalent to US$143.1 billion.

The details of the increased tax receipt are expanded in the Korean government’s draft budget plan, which will be submitted to the National Assembly on October 1st. Income tax is expected to rise by 9.0% to KRW37.0 trillion. Value Added Tax (VAT) has a projected 5.0% rise to KRW48.7 trillion. Bucking this trend, corporate taxes are expected to experience a fall of 2.0% to KRW35...

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