tax liabilities tagged posts

Taxes in Canada Jump 1,787 Percent

April 24, 2013 Taxation in Canada

Tax Day in CanadaVANCOUVER – The taxes paid out by Canadian families are now at the highest level since the 1960s, and tax obligations are currently the biggest expense imposed on households in the country.

Over the last five decades, since 1961, the average tax liabilities faced by a household in Canada has grown by 1 787 percent, according to the results of new research published by the Fraser Institute earlier this week.

In 2012 approximately 42.7 percent of the income of an average family in Canada went towards paying their tax obligations.

Comparatively, an average family will direct approximately 36.9 percent of its income towards covering the cumulative cost of food, housing and clothing.

The growth of the total tax liabilities has also exceeded the growth of the national consumer price index, which...

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Refundable Tax Credit System Proposed in Ireland

July 6, 2010 Taxation in Ireland

Dublin -  Irish Government BuildingA proposal has been raised in Ireland to introduce a system of refundable tax credits, whereby an estimated 113,000 low income earners would be entitled to receive extra tax refund payments.

On July 6th the Green Party of Ireland released a statement supporting a Refundable Tax Credit (RTC) system. The RTC was proposed by Social Justice Ireland (SJI) in their report Building a Fairer Tax System: The Working Poor and the Cost of Refundable Tax Credits, released the previous day. The SJI, an independent political group concerned with social policy justice in Ireland, claimed that RTCs would be a cost-efficient fiscal policy to improve the economic situation of over 240,000 Irish nationals, after accounting for the children and dependants of low-income workers.

Currently, taxpayers in Irelan...

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US Tax Freedom Day on April 9

April 6, 2010 Taxation in USA

2007 California Corporate Tax, shows penaltyApril 9th, the 99th day of 2010, has been calculated as the date on which the US as a nation has earned enough income to finance its annual Government tax burden and start working for itself.

In its yearly calculation the Tax Foundation has announced that the 2010 Tax Freedom Day (TFD) will fall on April 9th. The date, which may change yearly, is calculated based on the latest US total national income figures and annual tax liabilities faced by taxpayers, and aims to illustrate the hypothetical point at which earners have collected enough income to satisfy their annual taxation obligations. According to the Tax Foundation the total average effective tax rate across all states in the US for the year 2010 is 26.90 percent...

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IRS Issues Tax-Exempt Status Loss Warning

January 25, 2010 Taxation in USA

washdc040208-02The US Internal Revenue Service (IRS) has issued a warning to non-profit organizations that they could be in danger of losing their tax-exempt status in 2010.

On January 21st the IRS issued a news release reminding all US tax-exempt organizations that Pension Protection Act of 2006, which was enacted in 2007, requires them to file their annual information forms annually, or face losing their status after three consecutive non-filings. This year will be the first in which the law will be enforced. The information of all non-compliant entities will subsequently be published and made available to both state tax and charity officials...

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