Tax Reform tagged posts

UK Needs Tax Overhaul

November 3, 2016 Taxation in UK

Income tax in the UKLONDON – A total revamp of the UK tax system could see the incomes of the country’s poorest individuals rise by as much as 26 percent.

In a new report the UK-based think tank the Institute for Economic Affairs (IEA) called for a massive overhaul of the national tax system, which, they claim, could improve economic efficiency and boost incomes of both low-income earners and high-income earners.

The IEA claims that the government should entirely drop 20 different taxes, including corporation tax, national insurance, capital gains tax, inheritance tax, council tax, business rates, the television licence fee, the apprenticeship levy, stamp duties, alcohol duties, tobacco duties, vehicle excise duty and air passenger duty.

Further, the personal income tax system should be revamped and replace...

Read More

Saudi Arabia Looks At New Taxes

June 9, 2016 Taxation in Saudi Arabia

RIYADH – Saudi Arabia is looking to enact a raft of new tax measures in order to offset its reliance on oil.

Earlier this week the Minister of Finance of Saudi Arabia Ibrahim Alassaf announced that the government is looking a series of new measures aimed at raising new tax revenues and reducing reliance on oil revenues.

One of the key measures announced by the Finance Minister is a proposed tax to be levied on the earnings of non-residents, a move which could raise significant new funds, as approximately one third of workers in the country are non-residents.

In addition to the income tax, a new sales tax of 5 percent will be enacted over the course of 2018.

Extra taxes will also be levied on tobacco products, with further fees to be charged on airport arrivals.

The new taxes are intende...

Read More

UAE May Soon Implement New Taxes

October 27, 2015 Taxation in UAE

DUBAI – The UAE may soon need to implement VAT or corporate taxes in order to compensate for falling oil revenues.

As the UAE faces decreasing tax revenue in the face of an ongoing rut in global prices for oil, the government has indicated that in the near future extra taxes may be implemented in order to continue paying for public services.

The UAE has traditionally been a major supplier of oil to the international market, with the sales being the most significant source of revenues for governments of the UAE.

However, as the international prices of oil have stayed at USD 50 or below for a significant amount of time, the governments are now strapped for funds.

In regards to this potential shortage of funds, the Minister of the Economy of the UAE Sultan Bin Saeed Al Mansouri said that tax...

Read More

Tax Overhaul Needed To Fund Election in Congo

June 5, 2015 Taxation In Africa

KINSHASA – The Democratic Republic of Congo needs to raise an additional USD 1.1 billion in taxes in order to run an election without compromising regular services and infrastructure.

In a statement issued on June 5th the International Monetary Fund recommended that the government of the Democratic Republic of Congo should urgently implement measures to reform taxes in order to raise the funds needed to pay for the upcoming national elections.

It is estimated that the cost of holding the presidential election and the series of votes leading up to the election will be as much as USD 1.1 billion, while the total national budget over the 2015 year is only USD 9 billion.

The IMF recommended that the government sets out to overhaul the tax administration system to increase efficiency ad boost...

Read More

Puerto Rico Rejects Tax Proposal

May 1, 2015 Taxation in Peurto Rico

SAN JUAN – Puerto Rico is facing doubt over its upcoming debt issuances , as the government rejects calls to reform taxes.

On April 30th the House of Representatives of Puerto Rico voted 28 to 22 to reject a proposed round of tax changes aimed at helping the country attract foreign investment and to fix the current budget deficit.

Under the details of the proposal, the current 7 percent sales tax would have been replaced with a value added tax levied at 16 percent.

Legislators also rejected alternative measures such a replacing the 7 percent sales tax with a sales tax levied at 1 percent alongside a value added tax set at 13 percent.

Shortly following the rejection of the proposal the Governor of Puerto Rico Alejandro Garcia Padilla held a televised national address in which he said that...

Read More