personal income tax tagged posts

New Zealanders Payout $1.5 Million Tax in Life

May 22, 2017 Taxation in New Zealand

WELLINGTON – New Zealanders are spending 15 years per household to pay off their tax obligations.

On May 22nd the New Zealand taxpayer advocacy group the Taxpayers’ Union published a new report showing that an average household in the country pays as much as NZD 1.48 million in tax over the course of its lifetime.

The total amount of tax paid is calculated based on an adjusted salary of NZD 98 818.

Based on the calculations, the average New Zealand household pays out approximately 15 years of earnings in the form of taxes.

For the average family, the total amount of taxes paid is made up of approximately NZD 826 000 in income taxes, NZD 375 000 in GST, NZD 121 000 local council rates, and NZD 40 000 petrol taxes.

Any households that fall significantly far from the average earner, eith...

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Taxes Could Curb Obesity in Australia

May 22, 2017 Taxation in Australia

obesity in AustraliaBRISBANE – Doctors in Australia are calling on the government to introduce new measures aimed at curbing the spread of obesity.

At a conference held in Brisbane recently, a leading endocrinologist Prof John Prins called for greater tax measures to discourage the spread of obesity in Australia.

The doctor said that the currently proposed tax measures such as fat taxes and sugar taxes are overly simplistic and do not cover the extent and intricacies of the issue of obesity.

He suggested that along with the already proposed tax measures, the government could also investigate the feasibility of reducing GST on healthy foods, such as fruits and vegetables.

Further, he called for extra disincentive measures to be applied, such as increased health and life insurance premiums, raised prices for...

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Greeks Set to Pay EUR 620 in Taxes

May 11, 2017 Taxation in Greece

Taxes in GreeceATHENS – Tax returns from Greek taxpayers are starting to be filled, and early figures show that those that need to pay extra tax are only set to dish out EUR 620 each.

With less than two months to go, only 5 percent of all Greeks who need to file a tax return have done so, according to new information released by the Greek Independent Authority for Public Revenue.

In total only 368 537 returns have been filed.

Approximately 53.8 percent of the returns submitted did not make a claim for any tax refunds, nor did it state that the taxpayer had any extra taxes to pay beyond the amount which has already been withheld.

Nearly 16 percent of the returns filed claimed that a tax refund would need to be issued, with an average refund amount of EUR 312.

Approximately 31 percent of taxpayers would ...

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Undocumented Migrants Pay $2 Billion in Tax

April 28, 2017 Taxation in USA

Tax returns in the USAWASHINGTON D.C. – Undocumented migrants in the USA are paying out more than their fair share in income tax, according to a new study.

In a report released earlier this week the US think tank the Institute on Taxation and Economic Policy (ITEP) showed that some undocumented immigrants in the USA pay a total of USD 2 billion in state and local taxes per year.

The new study revolves around the taxes paid by individuals who fall within the scope of the DACA program, which allows some illegal migrants to live in the country, if they were brought to the USA at a young age.

Currently approximately 1.3 million undocumented migrants who are enrolled in the DACA system paid income taxes.

The young taxpayers are estimated to have paid approximately 8...

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UK’s Poor Drowning in Taxes

April 26, 2017 Taxation in UK

UK income taxesLONDON – Poor people in the UK are feeling the impact of tax much harder then their wealthy counterparts.

On April 25th the Office for National Statistics of the UK released a new report on the effects of taxes on household income in the UK, showing that the country’s poorest individuals feel a disproportionately hard effect from taxes.

It was shown that the poorest 10 percent of people in the UK country pay out as much as 42 percent of their income out in taxes, which include consumption taxes.

Conversely, the richest 10 percent of people pay 34.3 percent of their income out as taxes.

Further, the incomes of the top 20 percent of earners was shown to be approximately GBP 84,700, or as much as the bottom 20 percent, who earned one 12th of that amount, approximately GBP 7 200.

The repo...

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