Personal Tax tagged posts

Azerbaijan Drops Interest Tax, Imposes Capital Flow Tax

January 20, 2016 Taxation in Azerbaijan

Swiss Bank SecrecyBAKU – As the Azerbaijani manat sees a continued decline, the government is now resorting to tax measures to ensure that capital is not transferred overseas.

Earlier this week the head of the Central Bank of Azerbaijan Elman Rustamov announced that new tax measures will soon be implemented to help reign in capital outflows from the country, and to encourage deposits to be kept in locals banks.

From February 1st this year, all interest paid on deposits held in local banks and local branches of foreign banks will be exempt from taxation, which was previously set at 10 percent.

Further, all money transfers abroad, including, foreign direct investment, foreign securities purchases, and foreign property purchases, will be taxed at a rate of 20 percent, however, the tax will not apply to forei...

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US Tax Brackets Forecast for 2016

October 16, 2015 Taxation in USA

WASHINGTON D.C. – Researchers have made forecasts of the new tax brackets which the US will use next year in order to prevent bracket creep for individual taxpayers.

On October 14th the Tax Foundation issued the results of new research detailing estimates of the tax brackets and rates to be faced by individual taxpayers in the USA over the 2016 year.

The national tax authority of the USA, the Internal Revenues Service, adjusts the tax brackets faced by individuals every year in order to ensure that taxpayers do not face the problem of bracket creep, whereby annual salary adjustments to force taxpayers into a higher tax bracket despite their actual purchasing power never increasing.

It is estimated that the lowest tax rate of 10 percent will apply to individuals earning up to USD 9 275, w...

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Canadian Families Spend More on Tax Than Food, Shelter and Clothes

August 28, 2015 Taxation in Canada

OTTAWA – Taxes paid out by families in Canada have risen by almost 150 percent over the last 54 years.

The average Canadian family spends more each year on taxes than they do on food clothing and shelter, according to new research released by the Canadian non-government organization Fraser Institute.

In 2014 the average Canadian family paid out approximately CAD 28 887 for food, shelter and clothing combined, while earning CAD 79 010 in salaries, and at the same time they paid out a total of CAD 33 272 in taxes.

The outgoings are equivalent to 42.1 percent of the average income being paid out in taxes and 36.6 percent for basic necessitates.

It was noted that taxes have not always made up such a large portion of incomes, as in 1961 taxes accounted for 33...

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Thailand to Give Tax Breaks for Children

June 22, 2015 Taxation in Thailand

BANGKOK – Taxpayers in Thailand may soon see a reduction in personal taxes, and a extra tax benefits for each child they have.

In an effort to address the issue of a rapidly ageing population the government of Thailand will implement new tax breaks to encourage taxpayers to have children, according to director-general of the Revenue Department Prasong Poonthanes.

Currently taxpayers are entitled to an allowance of THB 15 000 per child under the age of 18, or per child under the age of 25 while they are enrolled in an education institution.

The allowance is currently granted for up to three children, however, according to the director-general said that the limit could be raised to an unlimited number of children.

Further, the Revenue Department is looking raise the personal tax allowances ...

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Poorest Households in the UK Lose Half of Salary to Tax

December 22, 2014 Taxation in UK

LONDON – The lowest earning taxpayers in the UK pay a disproportionately high amount of taxes compared to their income levels, losing as much as half of their salaries to taxation.

On December 22nd the UK non-government organization the Taxpayers’ Alliance issued a new report detailing the difference in the amount of taxes paid by the low- and high-incomes earners in the UK.

The experts of the Taxpayers’ Alliance showed that households in the top 10 percent earning households in the UK pay an average of GBP 30 023 more in taxes than they receive back in benefits and tax breaks.

These richest households earn approximately 27 times more than households in the lowest 10 percent, however, after tax payments are taken into account they earn only 5.8 times more than the lowest earners.

Con...

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