TOKYO - The major political parties of Japan have come to some agreement on the matter of taxation, taking the first steps to increasing rates and raising extra funds for the country’s rebuild following the recent spate of natural disasters. Months of political debate came to an end on November 24th when the Lower House of Parliament of Japan approved new legislation which paves the way for the government to hike some tax rates as a means of raising revenues to fund ... Read More

TEL AVIV - The government of Israel is bowing to public pressure, and increasing tax rates on high earning individuals, while easing tax burdens for middle and low income earners. On October 30th the Israeli cabinet approved several changes to the national tax system. The alterations are aimed at lowering the cost of living for middle and low income taxpayers, and supplementing any government revenue drops by raising tax rates applicable to high income individuals. Under the proposed changes, individuals earning ... Read More

LONDON - Millions of UK workers are set to find a pleasant surprise in their letter box in the coming months, as the HM Revenue and Customs begins a new campaign to reconcile tax overpayments made by taxpayers over the last 8 years. On October 19th the UK HM Revenue and Customs (HMRC) announced that it is set to issue a multitude of tax refunds in order to cover overpayment of individual tax liabilities dating back as far as 2003. The tax refunds are ... Read More

WASHINGTON - A significant portion of American millionaires face lower tax rates than their middle income counterparts, with some paying as little as 19 percent tax. The public policy research arm of the US Congress Congressional Research Service (CRS) released a new report this week, which aimed to examine the overall tax obligations of the richest taxpayers in the USA. According to the report, nearly 25 percent of the richest taxpayers in the USA face a lower overall tax rate than some ... Read More

WASHINGTON - The White House is attempting to clear up a shroud of misinformation and confusion regarding potential wealth taxes, having released a communiqué that aims to clarify details regarding the impact of the proposed changes. In a communiqué published on the White House blog on September 25th the White House communications director Dan Pfeiffer set out to rebuke false claims made by those who oppose a potential tax on the country’s highest earners. According to the statement, the administration of President ... Read More