Tax Reform tagged posts

Japan Sets Out on Tax Reform

December 15, 2017 Taxation in Japan

Japanese taxTOKYO – Japan will hikes taxes for some, while pushing big businesses to boost wages.

The government of Japan has approved a sweeping set of tax reform measures aimed at boosting tax revenues, while also increasing inflation in the country.

Japan has faced deflation for a significant period of time, and, further, an ageing population means that the country is expecting to feel the economic cost of a rising welfare bill in the near future.

As a means countering the unwanted effects of deflation and welfare costs, the government hopes to encourage large businesses to increase wages, in turn boosting consumer spending.

Under the scope of the tax reform, the rate of corporate income tax in Japan would fall from 30 percent to 20 percent for businesses which stop hoarding cash in order to dra...

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Taxes an Election Hot Topic in New Zealand

September 15, 2017 Taxation in New Zealand

Tax in New ZealandWELLINGTON – The elections in New Zealand are heating up, and taxation is shaping up to be an increasingly important issue.

On September 14th the New Zealand Labour Party stated that it would not implement any new taxes in the country until at least 2021.

The Labour Party is the current opposition party, which has been attempting to oust the ruling National Party.

However, the Labour Party has been facing criticism for their lack of concrete tax plan and their promise to launch a working group which will evaluate whether any tax changes should be implemented in New Zealand.

Now the party has confirmed that the working group will still be formed, however, any changes suggested by the group will not be enacted until the next national election in 2021.

However, the party will still continue w...

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Trump Reveals New Tax Plan

April 27, 2017 Taxation in USA

Trump Tax PlanWASHINGTON D.C. – The US Trump administration has pushed out its tax reform plan, touting new tax cuts, but without any new tax revenue streams.

On April 26th the Trump Administration released its blueprint for upcoming tax reforms to be enacted in the USA.

The new blueprint is intended to be used as a guide and direction for lawmakers as they debate the proposed tax reform bill over the coming months.

The new plan has been hailed as the “biggest individual and corporate tax cut in American history”.

The key points of the plan revolve around the reduction of corporate income tax from a rate of 35 percent to 15 percent, and a reduction in the number of tax thresholds for personal income, from the current seven to three.

The number of tax deductions available for households would doubl...

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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...

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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...

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