personal income tax tagged posts

Australian National Budget Released

May 12, 2010 Taxation in Australia

Financial crisis will hurt jobs, Swan warnsThe Australian Government has released its national budget for the 2010-2011 financial year. The tax system changes and spending cuts detailed within the new budget are expected to return the Government spending to a surplus within two years.

On May 11th the Australian Government publicized the 2010-2011 Commonwealth Budget, which “further strengthens the economy and secures future growth.” According to a statement released alongside the Budget, strict adherence to the planned stipulations will result in net Government debts peaking at 6.1 percent of GDP, half of the Government’s previous projections and only one tenth of the level currently seen across major advanced economies. The national budget deficit will reach AUD 40.8 billion (approx. USD 36.5) in 2010-2011, which is AUD 16...

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Philippines Urged to Change Tax Balance

May 11, 2010 Taxation in Philippines

Palacio del Gobernador 2Corporate and personal income taxes in the Philippines should be lowered to 25 percent, and Value Added Tax (VAT) raised to 15 percent, according to the Department of Finance (DOF) of the Philippines.

On May 10th the DOF issued a general statement to the next Government administration coming into power after the national elections, saying that the current national tax balance should be changed. The DOF claimed that PHP 73.92 billion could be raised if the recommended changes are carried out by the year 2015. The DOF suggested that VAT should be raised from the current level of 12 percent to 15 percent, personal and income taxes lowered to 25 percent, along with simplification of the personal income tax assessment structure and excise taxation on tobacco and alcoholic products...

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HMRC Expects an Extra 10 Billion in Revenue

May 6, 2010 Taxation in UK

Income taxThe UK’s HM Revenue & Customs (HMRC) department has made public its projections for personal income tax revenues for the 2010-2011 financial year. The department expects an additional GBP 10 billion (approx. USD 15.1 billion) to be realized, mainly from the two top marginal tax rates.

The HMRC recently released its latest projections for the personal income tax collections for the 2010-2011 financial year. The department expects the national revenue figure to rise by approximately GBP 10 billion to a total of GBP 161 billion (approx. USD 243.1 billion). Nearly GBP 9 billion (approx. USD 13.6 billion) of the extra revenue will be accounted for by taxpayers earning over GBP 40 000 (approx. USD 60 408)...

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Australian Tax Revenues Fell in 2009

April 28, 2010 Taxation in Australia

Australian Bureau of StatisticsAccording to the latest report by the Australian Bureau of Statistics (ABS), the country’s tax revenues fell during the last financial year. The total tax take, across all Government levels, fell to 26.9 percent of the GDP, compared to a level of 29.5 percent of GDP in 2007-08 fiscal year.

On April 27th the ABS published the latest issue of Taxation Revenue, Australia, 2008-09, containing statistics of revenues collected by tax authorities on a Commonwealth, state and local level. The publication reveals that the Australian Government’s annual tax collection fell by AUD 9.45 billion (approx. USD 8.74 billion) to AUD 338.9 billion (approx. USD 314.2) in the 2008-09 financial year. The total tax collection represents 26.9 percent of the national GDP, a fall of 3...

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