income tax tagged posts

UK Income Tax Dividend Credit Expanded

December 24, 2009 Taxation in UK

Day 62On December 18th, the UK’s HM Revenue & Customs released a brief Changes to the Income Tax Credit for Foreign Dividends. The changes will affect shareholders in offshore funds and in foreign companies with holdings of 10 or more percent of issued share capital, with more taxpayers now eligible for dividend tax credits.

Shareholders in offshore funds will be evaluated by whether they have holdings in equity based funds, or those heavily invested in interest bearing assets. Individuals with receiving distributions from equity based funds will now be entitled to dividend tax credits. Distributions from funds with over 60 percent of their assets being interest bearing, will be recognized as interest distributions and taxed accordingly.

The dividend tax credit has been extended to cover share...

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Framework for German Tax Cuts Reached

October 21, 2009 Taxation in Germany  No comments

Negotiations between the proposed coalition of Germany’s Christian Social Union (CSU), Christian Democratic Union (CDU) and Free Democratic Party (FDP) have reached a framework for future tax cuts.

Following a weekend of negotiations, statements were made on Monday the 19th of October, releasing some indications of Germany’s future tax direction. Much detail concerning the agreements reached and projections created during the negotiations has been kept secret, but clear indication has been made that all involved parties are dedicated to providing tax cuts and attempting to revive Germany’s struggling economy.

Horst Seehofer, Head of the CSU, in an October 19th press conference, said “We will certainly see tax relief in 2011,” without elaborating on the exact scope of the cuts, he sim...

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USA Tax Revenues Down

October 9, 2009 Taxation in USA  No comments

According to latest reports published by Internal Revenue Service (IRS) the government’s tax revenue fell 25%, compare to the same period last year.

The corporate taxpayers paid 56% less, while individual taxpayers payed 20% less. Taking in consideration such significant drops, the Congressional Budget Office estimates that only 14.3% of GDP this year will come from the tax collection. Historically, USA enjoys approximately 18% of GDP from tax revenue.

According to experts, the predominant cause behind the tax revenue downfall is the present economic climate, although the current taxation policy of the US Government is also putting pressure on tax collection in general...

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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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Sweden Cutting Income Tax

September 25, 2009 Taxation in Sweeden  No comments

The Swedish government has announced their plans to reduce the country’s income tax levels.

In an effort to bolster the ailing employment market, the Swedish Government has announced another round of income tax cuts. The tax cut will see a cut of SEK250 from the average worker’s monthly tax duty. It is intended that the lowered income tax levels will encourage Swedish citizens to return to the work force. Prior to the tax cuts, governmental estimates had placed unemployment in Sweden at 8.8% in 2009, reaching 11.4% in 2010.

The cut was announced by Fredrik Reinfeldt, Swedish Prime Minister, on 19th of September. It is scheduled to be presented to parliament on the 28th of September. If accepted, the income tax cuts will come into effect on the 1st January 2010...

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