Personal Tax tagged posts

UK’s Marriage Tax Break a “Complete and Utter Flop”

February 16, 2016 Taxation in UK

Calculator and MoneyLONDON – 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.

The...

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India Drops Tax on Gold Deposits

January 25, 2016 Taxation in India

gold in indiaNEW DELHI – The government of India is hoping to make use of the vast reserves of gold held by consumers in the country, and is now offering tax benefits to taxpayers willing to deposit their gold and jewellery in the Gold Monetization Scheme.

Late last week the government of India announced that the regulations of the national Gold Monetization Scheme will be amended to make it more attractive for consumers, and also that the gains made by taxpayers from the scheme will be exempt from taxation.

The Gold Monetization Scheme allows the public to deposit any gold jewellery, bars, or coins for a pre-set period of time in exchange for interest redeemable in gold or money.

The interest rate can be repaid either as more gold, or as money, with the amount to be paid back to be set based on the p...

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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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