insurance tagged posts

UK Emergency Budget Released

June 23, 2010 Taxation in UK

Budget 2010The UK Government has released its long-anticipated Emergency Budget, outlining several important changes to the national tax system, including increase to Value Added Tax (VAT), Capital Gains Tax (CGT), and a new Bank Tax.

On June 22nd the UK’s Chancellor George Osborne presented the national Emergency Budget. The new Coalition Government’s budget aims to bring the UK out of its current recession, and address the country’s growing deficit and cut it to a neutral level.

In regards to business taxation, the budget statement was headlined by the announcement of a reduced corporate tax rate. On April 1st 2011, the current 28 percent corporate tax rate will be cut by 1 percent...

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Scottish Business Opposing Tax Change

June 14, 2010 Taxation in UK

Business Leaders at Bute HouseRecently the results of several surveys have been published, showing Scottish consumer groups and business owners are apprehensive about the proposed changes expected to be announced in the June 22nd UK emergency budget. Specifically, increases to Value Added Tax (VAT) and Capital Gains Tax (CGT) have been target by researchers as having the biggest negative effects on Scottish consumers and business-owners.

On June 14th the Scottish Chambers of Commerce (SCC) released a report with the results of a survey carried out on Scottish business operators. According to the publication, 47 percent of Scottish firms are primarily concerned with the implications which an increase to CGT rates will have...

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UK VAT and NIC Increases Will Cut Jobs

May 28, 2010 Taxation in UK

ChangesRecent research indicates that the proposed increases to the UK’s Value Added Tax (VAT) rate would dampen consumer spending by GBP 3.6 billion, while lowering national employment by 163,000 over the same period.

On May 27th the British Retail Consortium (BRC) released a statement detailing the alleged future economic effects of the Government’s proposed 2.5 percent VAT rate increase. The BRC claims that the rate change would decrease the Government’s deficit by approximately GBP 11.3 billion within its first year, but at a cost of nearly 30 000 jobs lost throughout the country. Within four years, the figure would increase to 163 000 jobs lost across all employment sectors. Within a year of the rate change, consumer spending is also predicted to fall by approximately GBP 1.6 billion...

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Details Emerging For UK Tax Changes

May 13, 2010 Taxation in UK

Day 115 - VoteDetails are emerging about the possible upcoming changes to UK tax system, following the creation of a new coalition Government between the Conservative Party and the Liberal Democrats. Despite both parties varying pre-election promises, a concise picture is beginning to emerge about possible alterations to taxes in the near future.

Following the UK’s May 6th General Election the Conservative Party and Liberal Democrats formed a coalition. The two parties are now attempting to consolidate their differing economic and taxation policies. Currently, the discussion revolves around National Insurance Contributions, Capital Gains Tax, and Inheritance Tax...

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St. Kitts and Nevis Releases VAT White Paper

April 23, 2010 Taxation in St. Kitts and Nevis

St. Kitts & Nevis FlagThe Government of St. Kitts and Nevis has released a white paper for public consultation on its intention to introduce Value Added Tax (VAT) in 2010.

On April 21st the Government of St. Kitts and Nevis released a detailed white paper outlining its full intention to replace a number of existing national taxes with a single unified VAT. The paper, which received Cabinet approval on April 19th, is intended to familiarize national taxpayers with the proposed rules. The white paper also signals the beginning of a 30 day consultation process on the suggested VAT system. Pending submissions for changes to the proposed VAT rules, two more readings of the paper will be held with corresponding consultations, followed by a final publication and passage into law. The St...

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