excise duties tagged posts

New Zealand Customs Face Off with Oil Industry

September 4, 2015 Taxation in New Zealand

WELLINGTON – The oil industry in New Zealand is facing a tax bill of NZD 71 million for almost 30 years of allegedly unpaid tax.

On September 4th Z Energy, a New Zealand petrol company, issued a new statement confirming that the New Zealand Customs Service is pursuing as much as NZD 71 million back-taxes from a fuel terminal operation co-owned by four national petrol companies.

Currently Customs New Zealand collects excise duties on all petrol leaving refineries, prior to the petrol being pumped away for distribution.

As there is only one major pipeline leading away from the main refinery in the country, the pipe is used to also carry diesel and jet fuel.

The pipeline generates a small amount of waste product referred to as “slop”, which can be extracted and later commingled with other fu...

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Turkey to Hike Tax on Electronics

July 3, 2015 Taxation in Turkey

ISTANBUL – Computers, mobiles and tablets in Turkey will soon become more expensive, as the government turns to taxes to help align the current account deficit.

During a press conference on July 6th the Finance Minister of Turkey indicated that within two months’ time the national government will hike the rate of tax applied to the import electronic goods into the country.

The Minister explained that the import of high-end electronics, such as tablets, telephones, and personal computers, is a significant contributor to the country’s current account deficit.

The new tax measure is intended to help realign the deficit, and is expected to work hand-in-hand with the government’s recent launch of a new program aimed at encouraging greater levels of exports of electronics from Turkey.

Re...

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Scotch Whisky Tax is Unfair

December 23, 2014 Taxation in UK

LONDON – The high tax burden placed on the sale of whisky is placing a financial burden on taxpayers in the UK and the domestic scotch industry, and is considered to be unfair by most taxpayers.

On December 21st the Scotch Whisky Association issued a new statement with the results of recent research showing that a large proportion of taxpayers in the UK are not aware of the high tax burden placed on the purchase of scotch whisky.

According to the experts of the Scotch Whisky Association, as much as 89 percent of people in Scotland believe that the amount of taxes imposed on the sale of whisky in the UK is unfair, and should be reduced, while at the same time the Associations also concluded that two thirds of all taxpayers are unaware of the tax burden on whisky.

Currently the average bott...

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Sin Tax Reform Pays Off for Philippines

July 1, 2013 Taxation in Philippines

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MANILA – The Philippines is seeing a significant rise in the collection of sin tax, and the government is setting out to take extra steps to ensure that the new found revenues are not lost to smuggling and unreported sales.

In an interview given to the Philippines newspaper Inquire on June 30th the Commissioner of the Bureau of Internal Revenue (BIR) Kim Henares said that the collection of tax from the sale of tobacco and alcohol, often referred to as sin tax, over the first four months of this year rose by nearly 25 percent compared to the same period in the previous year, reaching PHP 21.75 billion.

According to the information given by the Commissioner, the reason for such a significant rise is a recent sin tax reform, leading to an increase in the taxes collected from the purchase of...

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Philippines Approves Hike to Sin Tax

December 12, 2012 Taxation in Philippines

Cigarettes and alcoholMANILA – Taxpayers in the Philippines will soon feel a sting in their wallet as the government narrowly approves the long debated and strongly contested hikes to the taxes levied on alcohol and tobacco.

At a meeting of the Senate of the Philippines on December 11th a vote was held on the future of the hotly debated “sin taxes” on cigarettes and alcohol, passing the long discussed measure and approving several rounds of hikes to the excises taxes on both types of products.

From January 1st 2013 excise duties on all alcoholic beverages and tobacco products will be increased, with further rises scheduled at the start of each year until 2017.

The raised tax rates will be broken down by product types, with higher strength liquors and more luxurious drinks having higher taxes than cheap low-str...

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