tax cut tagged posts

Hong Kong Needs to Drop Maritime Taxes

May 24, 2018 Taxation in Hong Kong

maritime industries Hong KongHONG KONG – Hong Kong should drop taxes for the maritime industry to boost up the flagging sector.

On May 21st Financial Services Development Council of Hong Kong released a new report with a suggestion of how to help the city develop a maritime financing and leasing industry.

Among the suggestion was a call for some significant overhauls for the tax system in place for the industry.

The Council called on the local government to enact tax concessions for maritime and ship leasing management and maritime and shipping-related supporting service activities.

However, instead of just calling for tax breaks, the Council encouraged the government to conduct full consultations with the industry when planning its tax review package.

Further, the report called for the negotiations and launch of ne...

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S.Korea Offers Extensive Tax Exemptions for R&D

July 29, 2016 Taxation in South Korea

SEOUL – Companies involved in robotics, artificial intelligence, 3D printing, and other high-tech areas will be eligible for extra tax breaks in South Korea.

On July 28th the government of Korea announced that it would implement several new tax measures in an aim to create several new “economic growth engines”.

The new tax regulations to be enacted by the government will allow small- and medium-sized businesses to claim up to 30 percent of their research and development expenses for tax purposes, if the expenses fall within the scope of 11 selected development sectors.

The chosen areas are all high-tech and potentially high-growth, such as artificial intelligence, 3D printing, hyper-plastics, robotics, and aerospace.

The 30 percent deductions are not open to large conglomerate organi...

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Ireland May Cut Taxes and Boost Spending

June 22, 2016 Taxation in Ireland

DUBLIN – Ireland’s improving financial position has given the government enough room to boost spending and to cut taxes.

On June 21st the Department of Finance of Ireland released its annual Summer Economic Statement, which outlines the broad fiscal and economic position of the country over the coming years.

In the statement it was shown that the budget deficit in Ireland has abated significantly over recent years, reaching a level of 2.8 percent of GDP in 2015, and, further, that in 2018 the government could see a budget surplus as early as 2018.

It is anticipated that the improved financial position will provide the government with an estimated “fiscal space” of EUR 1 billion in 2017.

Approximately 85 percent of the newly available funds are expected to be used for increased governm...

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Pakistan Needs to Drop Tax Rates

May 21, 2016 Taxation in Pakistan

ISLAMABAD – Pakistan’s tax authority needs to try and foster more trust with taxpayers by dropping tax rates.

At a meeting of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on May 20th the President of the FPCCI Riaz Khattak called on the government to reduce the rates of sales tax and direct taxes.

Riaz Khattak claimed that currently only 3 percent of the population of Pakistan pay any sales tax, bringing in a total of approximately PKR 300 billion per year.

He added that if the rate of the tax was reduced by 7 percent on all goods and services, the total collected could even be tripled, rising to as much as PKR 900 billion.

The President of the FPCCI also claimed that the government should introduce flat rates of tax for all business sectors, a move which will help...

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Thailand Lowering Taxes

January 5, 2016 Taxation in Thailand

Thai Money Money MoneyBANGKOK – The government of Thailand is hoping to boost tax collections by lowering taxes and looking the other way over businesses’ past tax in-compliance.

On January 4th the Finance Ministry of Thailand announced that in 2017 individual taxpayers may see a cut in the rate of their income taxes, and business may see an easing of their tax obligations from the start of the current year.

Currently, the marginal rate of income tax faced by individuals lies between 5 percent and 35 percent.

However, in 2017 the rate could be reduced, with the top rate falling closer to the corporate tax rate of 28 percent, while the lower tax rates could be reduced further to provide relief to low income families.

The Ministry believes that the reduction of the tax rate may not lead to a reduction in tax...

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