income tax tagged posts

Santa Also Pays Taxes

December 26, 2012 Taxation in Ukraine

ChristmasKIEV – Actors and performers in Ukraine are under the scrutiny of the country’s tax authorities,  and have been warned to pay their taxes.

Only one day after Christmas the State Tax Service of Ukraine issued a statement reminding all self-employed actors playing the part of Santa, known locally as Did Moroz, to ensure that they meet their tax obligations on any money earned during the holiday season.

According to the statement, investigators at the Service have already poured through online advertisements from actors who offer holiday performances as Did Moroz, noting the large number of actors and their pay scales, saying that a Santa may earn up to UAH 3 500 for a single performance.

In an effort to encourage greater tax compliance amongst the holiday actors, the Service also called up...

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Debates Boil on UK Top Tax

September 9, 2011 Taxation in UK

Ed BallsTensions are rising over the UK’s 50 percent top income tax rate, as the country’s leading analysts weigh in with their opinions on the topic, and the government delays on making any decisions regarding the tax’s lifespan.

In the latest development on the debate in the UK over the 50 percent income tax rate, on September 8th the Shadow Chancellor of the Exchequer Ed Balls said that cutting the tax should not be a priority for the government, and that supporters of such a move are not being realistic. The Shadow Chancellor maintained that the government should not look to a reduction of the tax. He added that instead, the country would be better served by a significant cut rate of the value added tax.

According to current estimates, the 50 percent top income tax rate will raise GBP ...

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France’s Richest Taxpayers Plead for Extra Tax

August 25, 2011 Taxation in France

French call for New High Income taxSome of France’s wealthiest individuals have called for the government to instate a one time tax on the ultra-rich, to aid the country’s financial situation.

In an open letter publicised on August 23rd some of France’s wealthiest taxpayers claimed that they would rather pay an extra one time tax than see the country undergo extensive austerity measures and spending cuts. It was explained that such a tax would also be preferable to seeing permanent cut being instated to tax exemptions enjoyed by high income earners.

The letter was accompanied by a petition signed by 16 of the wealthiest people in France. Amongst the signatories was L’Oréal heiress Liliane Bettencourt, along with some of the country’s most prominent corporate executives.

According to local taxation experts, the signatorie...

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New Extra Tax on France’s Highest Earners

August 19, 2011 Taxation in France

tax on MillionaresThe government of France is investigating means to raise tax revenues in order to put a reign on the national budget deficit, with a new tax on the highest income earners being seen as a viable option.

In a press interview to the local media made on August 19th in Paris the Minister of the Budget of France Valérie Pécresse said that new tax measures will be implemented for individual taxpayers, with a raised rate for the country’s highest earners.

The Minister revealed that a working group has already been created to study the potential effects and to estimate realizable revenues from an extra tax to be instated on individuals’ earning in excess of EUR 1 million...

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Irish Tax Revenues Fall by 19%

January 6, 2010 Taxation in Ireland

The Four CourtsIreland’s total tax collections fell by €7.7 billion to €33 billion in 2009.

Figures released by Ireland’s Department of Finance show that the country’s economy and tax revenues are still reeling from last year’s financial crisis, though the situation is experiencing marginal improvements. According to the Exchequer Statement released on January 5th, tax collections for the 12 month ending in December were 3.9 percent lower than the Department’s targets, and down by 19 percent compared to 2008. Although the Exchequer deficit for the year was lower than expected, at €24.6 billion.

In 2009 only Corporate Tax and Excise duty collections exceeded government projections, rising by 4.3 and 1.4 percent, respectively, though in comparison to 2008 the figures dropped by 23 and 13...

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