Corporate Taxes tagged posts

New Jersey and New York Worst for Tax

September 29, 2009 Taxation in USA  No comments

The states of New York and New Jersey are the worst in the US for doing business, due to their taxation policies.

According to a study published by the Washington D.C. based Tax Foundation, New York and New Jersey are the worst in the country for doing business, as ranked by the State Business Tax Climate Index. New Jersey was ranked last amongst the 50 states, with New York following at 49th. The study aims to create an index to compare state tax policy by analysis of a state’s corporate, personal, sales, property unemployment insurance tax burdens.

The fall in rankings for the two states came during the country’s financial downturn, when state tax deficits forced a rise in personal taxation levels. According to Kail Padgitt, lead economist on the study, the top personal tax rate of 8...

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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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Insurers Threaten to Leave the UK

September 16, 2009 Taxation in EUTaxation in UK  No comments

The Association of British Insurers has warned that unless taxation is made more competitive in the UK, insurance providers and their executives will shift their business offshore.

The Association of British Insurers (ABI) called on the British government to address aspects of the taxation system in order to quell concerns of the insurance industry. In a paper titled “UK Competitiveness: the way forward for insurance”, published on the 15th of September, the AIB released results of a survey conducted on insurance providers and their managers, along with a list of proposals of changes in British taxation.

According to the ABI publication, 81% of UK based insurers believe that if the British taxation system stays the same as it is now the number of insurance providers resident in the UK...

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Speech Gives Australian Tax Hints

August 21, 2009 Taxation in Australia  No comments

Indications to possible outcomes of the current Australian tax review were given on the 20th of August by Ken Henry, Australian Treasury Secretary.

In his speech to the Australian Industry Group, Ken Henry gave indications as to the direction of some changes to the Australian taxation system that will take as a result of its current review procedure.

Significant attention was given to the concept of changing Australia’s future taxation system to maximize its efficiency and improve incentives for investment. The key point indicated by Ken Henry was the possibility of shifting taxation arrangements to increase the competitiveness of equity investments over debt investments, both from local and international business...

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India Consider Corporate Tax Cuts

August 14, 2009 Taxation in India  No comments

The Indian Government has proposed lowering corporate tax rates, abolishing equity trading tax and funding it all by improving tax compliance.

In an effort to raise net tax collection, the Indian government is proposing further changes to their taxation system. Spearheading the new bout of changes is the idea of lowering corporate tax rates to 25% from their current 30%. This would be the lowest corporate tax rate ever seen in India. Proposals of abolishing taxation on equity trades had also been floated. The changes are being introduced for the sole purpose of spurning on the Indian economy.

The funding for these tax cuts will come from increased efforts to improve taxation compliance, especially in personal taxation...

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