tax break tagged posts

China Offers Tax Break on Electric Cars

July 10, 2014 Taxation in China

electric vehicles in ChinaBEIJING – Electric vehicles are about to become cheaper in China as the government pairs subsidies with a new purchase tax waiver.

In a statement issued on July 9th the government of China confirmed that from September 1st this year to the end of 2017 the 10 percent purchase tax on any electric vehicles will be waived.

The exemption will be applied to the sale of all hybrids, plug-in hybrids, fully electric cars, and fuel-cell cars sold within the specified time period.

The government hopes that lowering the purchase price of environmentally friendly cars will work in unison with already instated subsidies to help spur sales, in order to reach the government’s target for the sale of low-emissions vehicles.

It is expected that the move to help improve the sale of innovative green cars w...

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Corporate Tax Breaks Too High in Sierra Leone

April 17, 2014 Taxation in Sierra Leone

FREETOWN – The government of Sierra Leone is spending eight times more on tax breaks for foreign companies than it is on the national health system.

Earlier this week the international development agency Christian Aid released a new report showing that the tax exemptions and incentives offered to multinational corporations operating in in Sierra Leone are too generous, and drastically reduce government tax revenue.

According to Christian Aid, over the course of 2012, foreign businesses operating in Sierra Leone received approximately SLL 966.6 billion (approx. USD 223 million) worth of exemptions from customs duties and GST.

The revenue foregone by the government is seven times bigger the national spending on education, or eight times bigger the government’s expenditures on health care, a...

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Cuba Offers Tax Cuts for Foreign Investment

April 1, 2014 Taxation in Cuba

HAVANA – Cuba is opening its doors to foreign businesses and investors with a slew of tax cuts meant to entice more enterprises to start working in the county.

Over the weekend the National Assembly of Cuba voted on and approved new legislation regarding the treatment of foreign investments coming into the country, significantly lowering the tax burden faced by overseas entrepreneurs operating or setting a business in Cuba.

The new rules are intended to cumulatively ease the process of establishing a business in Cuba, with a specific emphasis on increasing assurance for new investment applications, and decreasing overall tax obligations faced by these enterprises.

The most significant tax change being touted by the government is a 15 percent cut to the current 30 percent rate of profit t...

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China Looks At Tax Changes for Individuals

March 7, 2014 Taxation in China

Taxation in ChinaBEIJING – Low income earners in China may soon feel some financial reprieve, as the government mulls raising the tax free threshold and giving some concessions for unavoidable personal expenses.

In a press conference held during the annual National People’s Congress on March 6th, the Finance Minister of China Lou Jiwei revealed that the government is currently looking at the possibility of changing the current regulations of personal income taxes, to fairly reduce income inequality in China.

Lou Jiwei indicated that one of the key changes under consideration at the moment by the government of China is raising the tax-free threshold on personal incomes from RMB 3 500 per month to as much as RMB 5 000 per month.

However, the Finance Minister specifically noted that an increase of the thr...

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Multinationals Overuse Ghana’s Tax Incentives

February 27, 2014 Taxation in Ghana

Tax Incentives in GhanaACCRA – Ghana’s reliance on tax incentives is draining the national coffers while hurting the country’s standing with its neighbors in the region.

The preliminary results of a new study being conducted by Action Aid Ghana are showing that since the year 2000 the national government has spent approximately USD 1.2 billion annually on tax incentives for multinational businesses in an attempt to attract greater levels of foreign direct investment.

The new data was presented by Action Aid and the Integrated Social Development Center at a national conference on February 26th aimed at encouraging the media to take a stronger stance against some of the perceived exploitation of the country by international corporations.

The results of the study indicated that the amount given out each year in...

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