Personal Tax tagged posts

Tax Overhaul for California

September 30, 2009 Taxation in USA  No comments

The taxation landscape of the US state of California could face unprecedented changes in the near future, seeing the removal of traditional forms of sales and corporate taxation.

Arnold Schwarzenegger, Governor of California, has called for a special Legislature sessions to approve the transformation of California’s taxation system. The changes which he seeks to be approved are detailed in a report published on the 29th of September by the Commission on the 21st Century Economy, a fourteen member group appointed by California’s Democratic leaders to report on improvements to the tax system.

If approved, California’s tax system will see the removal of its traditional sales tax of 5% and corporate taxes of 8.84%. Personal taxation will lose its six tax rates and be replaced with two...

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New Jersey and New York Worst for Tax

September 29, 2009 Taxation in USA  No comments

The states of New York and New Jersey are the worst in the US for doing business, due to their taxation policies.

According to a study published by the Washington D.C. based Tax Foundation, New York and New Jersey are the worst in the country for doing business, as ranked by the State Business Tax Climate Index. New Jersey was ranked last amongst the 50 states, with New York following at 49th. The study aims to create an index to compare state tax policy by analysis of a state’s corporate, personal, sales, property unemployment insurance tax burdens.

The fall in rankings for the two states came during the country’s financial downturn, when state tax deficits forced a rise in personal taxation levels. According to Kail Padgitt, lead economist on the study, the top personal tax rate of 8...

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Insurers Threaten to Leave the UK

September 16, 2009 Taxation in EUTaxation in UK  No comments

The Association of British Insurers has warned that unless taxation is made more competitive in the UK, insurance providers and their executives will shift their business offshore.

The Association of British Insurers (ABI) called on the British government to address aspects of the taxation system in order to quell concerns of the insurance industry. In a paper titled “UK Competitiveness: the way forward for insurance”, published on the 15th of September, the AIB released results of a survey conducted on insurance providers and their managers, along with a list of proposals of changes in British taxation.

According to the ABI publication, 81% of UK based insurers believe that if the British taxation system stays the same as it is now the number of insurance providers resident in the UK...

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Ireland Faces Tax Shuffle

August 25, 2009 Taxation in EUTaxation in Ireland  No comments

Ireland could see the balance of its taxation system reshuffled, creating new taxes and diminishing those already established.

Ireland may soon see a restructuring of its taxation system, if suggestions by Ireland’s Commission on Taxation to the Government are accepted. The Commission, which was created in 2008 to examine Ireland’s taxation structure, is expected to release a report by the 28th of August with its recommended taxation changes.

The report will feature 250 recommendations to the Irish government. Key changes within the report include the introduction of new taxes under the proviso that they are accompanied by reduction or complete removal of other taxes, leaving the final taxation liability of a household the same as it was before.

The Commission on Taxation is expected to ...

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India Consider Corporate Tax Cuts

August 14, 2009 Taxation in India  No comments

The Indian Government has proposed lowering corporate tax rates, abolishing equity trading tax and funding it all by improving tax compliance.

In an effort to raise net tax collection, the Indian government is proposing further changes to their taxation system. Spearheading the new bout of changes is the idea of lowering corporate tax rates to 25% from their current 30%. This would be the lowest corporate tax rate ever seen in India. Proposals of abolishing taxation on equity trades had also been floated. The changes are being introduced for the sole purpose of spurning on the Indian economy.

The funding for these tax cuts will come from increased efforts to improve taxation compliance, especially in personal taxation...

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