Corporate Taxes tagged posts
September 23, 2016 International Tax Cooperation
Governments of major economic powers around the world are beginning to lower their corporate tax rates for the first time since the Global Financial Crisis in 2008, according to information contained in a new report released recently by the Organization for Economic Cooperation and Development.
In 2014 the governments of Japan, Spain, Israel, Norway, and Estonia all lowered the rate of taxes on corporate income, while the government of Italy, France and the UK all announced that they would cut corporate income taxes in the foreseeable future.
It is believed that the widespread reduction in corporate tax rates is intended to...Read More
March 17, 2016 Taxation in Canada
CALGARY – New research from Canada indicates that increasing the rates of personal income tax and sales tax is a more efficient means of improving tax revenues then raising corporate income tax.
Hiking the rate of corporate income is not a guaranteed way to raise tax revenues, and severe increase could actually result in reduced tax collections and flagging economic activity, according to the results of a study released by the University of Calgary on March 16th.
The new research is based on the historic relationship between the rate of corporate income tax set by provincial tax authorities in Canada, the resulting change in the tax revenues collected, and the economic output of the province over the years between 1972 and 2010.
It was shown that while some hikes to the rate of corporat...Read More
September 19, 2012 Taxation in Ireland
BELFAST – In an effort to boost its economic growth Northern Ireland is looking at increase employment and encourage job creation by cutting corporate taxes.
While answering questions from representatives of the media on September 18th on job losses in Northern Ireland following several large companies abandoning their production in favor of establishing new production facilities in China, the Employment and Learning Minister of Northern Ireland Stephen Farry said that the country could double the number of new jobs created over the next two decades if the corporate income tax rate is dropped to 12.5 percent.
Under present conditions Northern Ireland is forecast to see an additional 57 000 new jobs created over the next twenty years, but, according to a new report Preparing For A Lower Cor...Read More
September 14, 2012 Taxation in Sweeden
STOCKHOLM – Sweden is cutting taxes and launching new economic initiatives in order to stimulate growth of the national economy.
At a press conference held in Stockholm on September 13th the Prime Minister of Sweden Fredrik Reinfeldt announced that in 2013 the government will slash the corporate tax rate from the current level of 26.3 percent to 22 percent.
Explaining why the government is opting to cut corporate taxes first, the Prime Minister said “…corporate taxes are probably the most damaging tax of all.”
In August the government vowed to spend nearly SEK 22 billion on new initiatives to stimulate economic growth and reduce the rate of unemployment in Sweden, and the new tax cut will account for approximately SEK 16 billion of the available funds.
Approximately SEK 8...Read More
April 12, 2012 Taxation in UAE
DUBAI – The United Arab Emirates will not be implementing any corporate or personal income taxes for at least another two years, and proposals to institute a Value Added Tax system are equally far off into the future.
During an interview on a local television channel on March 11th the Minister of Finance and Industry of the United Arab Emirates Hamdan bin Rashid Al Maktoum confirmed that the UAE will not see the introduction of a corporate income tax in the budget plan for the years 2012 or 2013, and said that the UAE also currently has no plans to impose any government service fees, and does not intend to implement income taxes on individuals’ incomes.
However, he did concede that tax authorities are conducting new feasibility studies on potentially instating corporate and personal inc...Read More