Corporate Taxes tagged posts

Tax Collections In China Jump Significantly

July 20, 2011 Taxation in China

Tax Collection in ChinaTax revenues in China have surged ahead by 30 percent in the first half of the year, giving the government extra room to handle the continuously rising debts held by local governments.

In a statement released on July 19th the Ministry of Finance of China revealed that in the first half of the calendar year national tax revenues had risen by 29.6 percent, when compared to the same period last year. According to data contained in the release, total tax revenues for the six months reached more than RMB 5 trillion (USD 773 billion). The half year tax revenue increases is below the 32.4 percent growth in tax collections seen in the first quarter of the year, but the Ministry of Finance says that the government is still pleased with the latest results.

The rise in China’s tax revenues was attrib...

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OECD Recomends Tax Reforms for Belgium

July 13, 2011 Taxation in Belgium

Tax Reform in BelgiumBelgium needs to shore up its finance, lower tax rates, and introduce better eco tax measures, in order to protect itself from future economic disturbances.

Throughout the financial turmoil of recent years, Belgium has been praised for its handling of the downturn, having felt only a relatively minor impact from the disturbances, which was followed by a quick recovery. However the country is now at an impasse, seeing its debt-to-GDP ratio increase to 97 percent, which is putting an indefinite delay on the government’s plans to create funds for potential financial problems in the future.

In a report released on June 12th the Organization of Economic Cooperation and Development (OECD) identified shortfalls in the Belgian tax system which will need to be addressed if the country wants to dec...

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Greece To Reform Tax and Close Tax Offices

July 5, 2011 Taxation in Greece

Greece To Reform TaxThe Greek Finance Ministry is scrambling to revise the country’s tax system, as the nation faces extensive austerity measures and rising debts.

In a statement made in Athens on July 5th, the recently appointed Finance Minister of Greece Evangelos Venizelos said that the country will need to rapidly launch a number of initiatives to stem the country’s worsening recession and return the economy back to growth.

Before July 8th Evangelos Venizelos is expected to launch a government committee that will be charged with identifying, assessing, and planning means for Greek tax authorities to combat rampart tax evasion. The committee will also assist the government in its national tax collection reforms, which are aimed at reducing operating costs and eliminating the occurrence of tax fraud...

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Bulgaria Will Not Change 10 Percent Tax Rate

May 5, 2011 Taxation in Bulgaria

 Prime Minister Boyko BorisovThe Prime Minister of Bulgaria has stated that the country will not see a change in its corporate tax rate or economic decision making processes as a result of joining the Euro Plus Pact.

While speaking to the parliament of Bulgaria on May 4th, Prime Minister Boyko Borisov defended his party’s intention for the country to join the Euro Plus Pact, saying that the move is beneficial for the country and will not lead to Bulgaria loosing decision making power over its economic and taxation policies. The speech was made in response to a recent decision of the Budgetary Committee to vote against Bulgaria’s support for the Pact. In an effort to sway parliament, the Prime Minister said, “…development of Bulgaria could not happen without support [ by Bulgaria] for the Euro Plus Pact.”

Th...

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Canadians To See Substantial Tax Cuts Soon

May 4, 2011 Taxation in Canada

Steven HarperThe Conservative Party of Canada has won a majority position in parliament in the latest national general election, paving the way for a pro-business policies by the government, and promising tax cuts in the near future.

Following the Canadian general election on May 2nd, Stephen Harper has been confirmed as the Prime Minister of the country for the third time, and as the leader of the now majority ruling Conservative Party. Holding the majority position in parliament is a new advantageous reality for the Conservatives, and the country’s new political make-up is set to lead to several changes to the tax system, and a more business orientate policy outlook for the government.

The Conservative Party has been a long-time supporter of lowering the country’s corporate tax rate, but its effo...

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