Personal Tax tagged posts
February 8, 2017 Taxation in Greece
On February 7th the International Monetary Fund released its latest report on the state of the economy of Greece, suggesting that a number of new tax reforms are needed in order for the country to become economically sustainable.
One of the ley reforms described in the report is a broadening of the personal tax system, in order to make the system more equitable.
It was explained that by spreading the tax burden across more taxpayers, the rates levied on personal incomes could be lowered, and the extra tax revenues could be used to cover government expenditure.
Currently the government of Greece has consistently reduced its levels of spending on infrast...Read More
November 24, 2016 Taxation in South Korea
Tax benefits available to couples with children in South Korea have effectively increased the disparity between taxes paid by families and single taxpayers in the country, according to the results of new research released in the journal of the Korea Academic Society of Taxation.
South Korea has several tax breaks available for families with children, with the breaks being cumulative for more than one child.
The tax measures were enacted in order to counter the country’s dwindling birth rate, which currently sits at approximately 1...Read More
April 1, 2016 Taxation in USA
WASHINGTON D.C. – In 2015 the IRS focussed its audits on individuals with incomes of more than USd 10 million and on individuals claiming to have no income at all.
Over the course of 2015 1 228 117 individual income tax returns were audited by the US Internal Revenue Service, according to a statement issued on March 31st by the US think tank the Tax Foundation.
Approximately 0.8 percent of all filers were audited during 2015, a rate equivalent to an estimated 1 in every 120 households in the country.
The Tax Foundation found that taxpayers were more likely to be audited if they had high levels of income or, conversely, reported no income.
Approximately 35 percent of all filers with incomes higher than USD 10 million were audited, with 19 percent of those earning between USD 5 million and...Read More
March 30, 2016 Taxation in Israel
JERUSALEM – Fifty high-level executives of banks and financial institutions in Israel will soon face salary cuts, as new tax rules are brought in to cap excessive pay packets.
Earlier this week the parliament of Israel approved tax changes aimed at capping the salaries of high-level executives at a maximum of ILS 2.5 million (approx. USD 657 thousand) in order to reign in income inequality.
Any salary payments of over ILS 2.5 million per year paid by a bank or financial institution will no longer be deductible when calculating corporate income tax obligations of the business.
The new regulations will also apply to small financial institutions which do not pay such high salaries, but still have a wide pay disparity between top-level and bottom-level workers, as any salary which more than 3...Read More
February 16, 2016 Taxation in UK
LONDON – The UK’s tax break for married couples has proven unsuccessful, with only 8 percent of eligible taxpayers bothering to register for the GBP per week concession.
Earlier this week the UK government’s tax break for married couples was described as a “complete and utter flop” by the opposition Labour Party, as new data reveals that uptake of the new tax break is a fraction of what was originally expected.
The tax break for married couples allows a transfer of GBP 1 060 worth of personal tax allowances between married couples and partners in a civil union, a move which could result in tax savings of up to GBP 212 per year for the couple.
Currently the personal tax allowance threshold is set at GBP 10 600, an amount under which a person does not need to pay any income tax.