personal income tax tagged posts

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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New Zealanders and Chileans Face Lowest Tax Burden

April 13, 2017 International Tax Cooperation

Taxing wagesPARIS – Taxpayers in Chile are facing a tax wedge of only 7 percent, while those in Germany are burdened with 49.4 percent.

The Organization for Economic Cooperation and Development has released its annual Taxing Wages report, detailing the tax burden faced by individual taxpayers across different countries.

The country with the lowest tax burdens for single individuals was found to be Chile, with a tax burden of 7 percent, while the next lowest countries were New Zealand and Mexico with 17.9 percent and 20.1 percent respectively.

The countries with the highest tax burdens were Germany, Hungary and France, with tax burdens of 49.4 percent, 48.2 percent, and 48.1 percent respectively.

The average rate of the tax burden on labour income across all the countries of the OECD dropped for the ...

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Millions of Greeks Pay No Taxes

April 10, 2017 Taxation in Greece

Greek TaxesROME – A significant portion of Greeks claim that they do not need to pay any income taxes, nor did they earn any income.

New information released by local news sources in Greece has indicated that approximately one third of Greeks in Greece paid no taxes in 2016.

In total, 2016 saw 8 645 596 individual tax returns filed in the country, with a total amount declared income of EUR 74.2 billion.

In 2015 the total amount of income declared was EUR 73.9 billion.

The average level of income of Greek taxpayers in 2016 dropped by 1.1 percent compared to the previous year, however, the average level of tax paid rose by 3 percent.

The total amount of personal income tax paid in Greece in 2016 was EUR 8.2 billion, while in 2015 the taxes paid was EUR 7.8 billion.

According to the tax returns submit...

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High Personal Taxes Slow Down Irish Entrepreneurship

April 4, 2017 Taxation in Ireland

Personal Taxes in IrelandHigh Personal DUBLIN – Despite having a competitive environment for corporate taxes, Ireland is slowing down business growth and entrepreneurship with its high personal taxes.

New information published by the consultancy group Ernst and Young has shown that entrepreneur in Ireland are dissatisfied with the rates of personal taxes in the country, claiming that the punitive rates are a hindrance to business activity.

The release by EY claimed that 72 percent of all entrepreneurs in Ireland see the country’s high level of personal taxes as a barrier to business growth.

Currently, individuals who earn in excess of EUR 32 800 in Ireland are required to pay a marginal tax rate of 40 percent, while in the UK the threshold for the highest tax rate is set at the equivalent of more than EUR 50 0...

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Tax Cuts and Road taxes on Horizon in New Zealand

February 16, 2017 Taxation in New Zealand

Auckland traffic taxWELLINGTON – New Zealanders can look forward to tax cuts on their incomes, but may also need to face new forms of road taxes in the near future.

In a speech given on February 16th the Finance Minister of New Zealand Steven Joyce said that in the upcoming budget the government will be looking to lower personal income taxes and implement new tax system on roading.

The Minister did not reveal the exact extent of the tax cuts that he hopes to implement, but did say that it is the government’s goal to ease the tax burden faced by middle- and low-income earners as soon the as the government’s own fiscal position allows.

New Zealand’s fiscal position has been steadily improving over the last few years, with the national debt-to-GD ratio set to fall to 20 percent by 2020.

The current Nationa...

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