Personal Tax tagged posts

Ministers Face Taxation in Samoa

June 6, 2017 Taxation in Samoa

Church tax in SamoaAPIA – The clergy of Samoan churches may soon have to pay tax on the monetary gifts that they are given, despite protestation from the churches and members of the public.

The government of Samoa has now approved legislation which will force church ministers in the country pay taxes.

Currently, personal donations made to the ministers by people within their congregation are not taxed on personal donations made to them due to their work in the church.

The government hopes to tax such donations, as it sees the funds as being an income and believes that all individuals in the country should pay their share of the national tax burden.

The government has allowed a tax-free threshold to be implemented, with ministers who earn less than USD 7 500 being allowed to forego paying taxes in the offer...

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Young UK Taxpayers Told to Keep Paying For Life

May 5, 2017 Taxation in UK

Taxes for young peopleLONDON – Young taxpayers in the UK may be told that they will be paying taxes past retirement, a pain that older taxpayers would be spared.

A leading economist in the UK has suggested that National Insurance Contributions should be paid by taxpayers even after retirement.

The economist, Sir Andrew Dilnot, said that it is “perfectly plausible” that workers would be required to pay the NIC in order to help fund social insurance systems or social care.

He added that a decision about such a possibility should be taken by Ministers no later than November this year.

Sir Andrew Dilnot added that the NIC should not be charged at its full rate on any individuals who have already reached retirement age, as “…that’s wasn’t the deal they signed up to.”

However, despite suggesting that ...

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Belarus Drops Social Parasite Tax

March 10, 2017 Taxation in Belarus

Social Parasite tax in BelarusMINSK – The Belarus tax for unemployed individuals will not be collected this year, although the tax has not actually been dropped or suspended.

On March 9th the President of Belarus Alexander Lukashenko announced that in 2017 the government would freeze collection of the “social parasite” tax.

The tax, which was adopted in 2015, is required to be paid by any individual taxpayer in Belarus who works less than 183 days in any given year.

The rate of the tax is set at a rate equivalent to approximately USD 250 per year.

Originally the tax was set up in order to compensate the government for the tax revenue losses suffered due to taxpayers’ unemployment.

Any individuals who have already paid their taxes for the 2016 year will be refunded their payment, if they work more than the requ...

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Cut Pension, Spread Taxes, IMF Tells Greece

February 8, 2017 Taxation in Greece

Greek taxesROME – Greece needs to cut its pension spending, while also spreading personal tax obligations across more people, according to the IMF.

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...

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Family Tax Breaks Cause Disparity in S.Korea

November 24, 2016 Taxation in South Korea

Tax breaks for Korean families with childrenSEOUL – Efforts by the government of South Korea to boost the national birthrate through tax breaks have led to a growing divide between the taxes paid by families and single people.

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...

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