Consumption Tax tagged posts

Tax Reforms Urged For Australia

October 29, 2010 Taxation in Australia

Duranbah_17052009 522The International Monetary Fund has released a new report on the Australian economy, saying that the new mining tax system should be expanded and the national Goods and Service tax rate should be raised, along with changes to personal and corporate income taxes.

On October 28th the International Monetary Fund (IMF) released Australia: 2010 Article IV Consultation, an annual economic assessment of the country, prepared through a series of bilateral meetings with the IMF and the Australian government. Overall, the report praised Australia’s performance throughout the global financial crisis, but suggested several measures for the Government to ensure continued economic growth and heightened levels of social prosperity.

The report commended the Government’s plans to introduce a Mineral Reso...

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States’ Tax Systems Ranked

October 28, 2010 Taxation in USA

Unsettled WindA new study has been published, ranking the tax environments for business across all US states. It was shown that New York state currently stands as the worst state in the country in regards to taxation, while South Dakota was ranked as the best.

The US Tax Foundation has released its latest annual State Business Tax Climate Index (SBTCI), which ranks the effect of states’ tax systems, based on personal income taxes, corporate income taxes, property taxes, sales taxes and unemployment insurance taxes. The report claimed that today’s economy is characterized by highly portable employees and capital, and states need to consider this reality when evaluating the effect of their own tax policies...

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Malaysian GST Delayed Again

October 14, 2010 Taxation in Malaysia

An Evening at Kuala LumpurThe Malaysian Government has once again delayed replacing the country’s current sales tax with a new Goods and Service Tax system, which could have raised a reported MYR 8.8 billion (approx. USD 2.84 billion) annually.

On October 13th the Malaysian Government issued a statement saying that it has decided to indefinitely delay the implementation of its controversial Goods and Services Tax (GST). The tax was originally mooted in 2007, and was aimed at lessening the country’s heavily reliance on revenues drawn from the state-owned oil company Petronas. It was theoretically intended to kickoff a series of tax overhauls and simplifications, which would have potentially drawn a greater number of foreign investors into the country.

The Malaysian Finance Ministry indicated that the Government...

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Policy Changes Needed For Eastern Europe

August 12, 2010 International Tax CooperationTaxation in EU

International Monetary Fund [oct 25]Eastern European Governments will need to adopt new fiscal policy strategies in the near future, to adequately deal with a reduction in economic growth and a post-crisis international economic environment.

The International Monetary Fund (IMF) has projected overall economic growth of approximately 3.3 percent for the countries of Eastern Europe in 2010, with a notable increase in all stability measures. However, according to Bas B. Bakker and Anne-Marie Gulde of the IMF European Department, Governments will need to embrace the fact that in the near future they will not experience pre-crisis levels of economic prosperity.

To sustainable growth, fiscal policies need to be implemented to discourage excessive imports and domestic spending...

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St. Kitts and Nevis Releases VAT White Paper

April 23, 2010 Taxation in St. Kitts and Nevis

St. Kitts & Nevis FlagThe Government of St. Kitts and Nevis has released a white paper for public consultation on its intention to introduce Value Added Tax (VAT) in 2010.

On April 21st the Government of St. Kitts and Nevis released a detailed white paper outlining its full intention to replace a number of existing national taxes with a single unified VAT. The paper, which received Cabinet approval on April 19th, is intended to familiarize national taxpayers with the proposed rules. The white paper also signals the beginning of a 30 day consultation process on the suggested VAT system. Pending submissions for changes to the proposed VAT rules, two more readings of the paper will be held with corresponding consultations, followed by a final publication and passage into law. The St...

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