personal income tax tagged posts

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...

Read More

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...

Read More

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...

Read More

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...

Read More

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 ...

Read More