personal income tax tagged posts

South Africa Eyes Global Income Tax

July 21, 2017 Taxation in South Africa

Income Tax in South AfricaPRETTORIA – Within 2 years South Africans working overseas will be paying taxes in South Africa on their foreign incomes.

South African taxpayers working overseas may soon see a drastic rise in their tax bill, as tax authorities make moves to begin levying income tax on money earned while working overseas.

The South African Revenue Service released a proposed amendment to the national tax code, which would require any South African taxpayer working outside the country to continue paying income tax on their foreign earnings.

Under current regulations, any South African taxpayer who is out of the country for 183 per year, and meets some pre-set income thresholds will not be required to pay income tax on their overseas earnings.

The proposed legislation does allow for a rebate on the taxe...

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Bracket Creep Strikes Thousands in New Zealand

July 10, 2017 Taxation in New Zealand

Taxes in New ZealandWELLINGTON – An increasing number of taxpayers in New Zealand are being forced to pay the highest tax rate in the country, despite not being particularly wealthy or affluent.

In a new press release issued on July 10th, the New Zealand tax advocacy group the Taxpayers’ Union claimed that approximately 659 000 taxpayers in the country now pay the country’s top marginal tax rate, despite the fact that the national population numbers just under 4.8 million.

The number of taxpayers paying the top marginal tax rate is equivalent to 18.1 percent of the population.

The Union claims that in the UK the number of people paying the highest tax rate is only 364 000, even though the UK has 14 times the population of New Zealand.

It was also claimed that the number of people paying the top rate is ...

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More Tax Cuts on Way in New Zealand

June 26, 2017 Taxation in New Zealand

Bill English tax cutsWELLINGTON – New Zealand’s Prime Minister has made a campaign promise of more tax cuts, on top of the tax cuts that are already planned to come into effect in April next year.

In a speech over the weekend, the Prime Minister of New Zealand Bill English indicated that if his party is re-elected in the coming election, taxpayers across the country could look forward to another round of tax cuts.

Currently, the National Party, which is led by Bill English, has promised that from April next year, a series of tax cuts will reduce the weekly tax burden of 1.3 million households by approximately NZD 26 each.

Some critics have criticised the cuts by saying that wealthy individuals and households will enjoy a disproportionately greater tax benefit, though supporters of the cut have said that the t...

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Taxes Could Fix Inequality in Hong Kong

June 12, 2017 Taxation in Hong Kong

Hong KongHONG KONG – The who may be the next Welfare Minister of Hong Kong is calling for taxes to fund anti-inequality measures in the city.

Hong Kong should considering levying a capital gains tax or amending the rates charged on personal incomes, according to a statement made by Law Chi-kwong, a prominent academic in Hong Kong.

While giving a televised interview over the weekend, Law Chi-kwong, who is expected to be appointed the next Welfare Minister of Hong Kong, said that income inequality in Hong Kong is rising.

The creeping inequality is most apparent among the elderly, many of whom are on the verge of poverty.

The academic suggested that a capital gains tax could be used to reduce the level of income inequality in the country.

He added that the standard 15 percent rate of tax on income co...

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60% Marginal Rate Still Plaguing British Workers

June 2, 2017 Taxation in UK

marginal tax rates in the UKLONDON – Hundreds of thousands of Uk taxpayers will see a tax rate of 60 percent this year, unless the government does somethign to close up an unplanned loophole.

As many as 800 000 individual taxpayers in the UK will face a marginal tax rate of 60 percent, according to the conclusion of new research conducted by the UK think tank the Institute of Fiscal Studies.

Under the current tax regulations in the UK, individuals who earn between GBP 100 000 and GBP 123 000 will face a marginal tax rate of 60 percent, due to a loss of their tax-free personal tax allowance.

The high marginal tax rate is an anomaly, and was not initially intended to be part of the tax system, however, the government has consistently failed to fix the situation.

If the government does not remedy the oversight in th...

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