Tax Reform tagged posts

Think-Tank Calls for Massive Tax Shakeup in UK

May 9, 2018 Taxation in UK

tax windfall for millennialsLONDON – Give millennials cash, and tax baby-boomers to fund it, says think-tank.

The UK think-tank, the Resolution Foundation, has proposed a series of extensive tax overhauls, aimed at repairing the “broken” intergenerational contract between millennials and baby-boomers.

The headline suggestion of the Foundation was to bestow upon all taxpayers a windfall of GBP 10 000 when they turn 25, with the intent that the funds could be used to upskill, as a deposit for a house, or to start a business.

The payment would be funded by an overhaul to the inheritance tax system, which would see a new tax rate of 20 percent on all gifts in a lifetime to a total of GBP 500 000, and a rate of 30 percent on all further gifts.

Further, the Foundation called for council taxes to be scrapped, but re...

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Tax Working Group Wants to Make NZ a Better Place

March 6, 2018 Taxation in New Zealand

Tax Working Group NZWELLINGTON – A new working group is weighing up the pros and cons of introducing sugar taxes, environmental taxes, and capital gains tax in New Zealand.

In a speech given on March 2nd the head of the New Zealand Tax Working Group, Michael Cullen, provided an indication of the future of taxation in New Zealand.

The Tax Working Group was established by the government at the end of last year to evaluate new tax measures and the potential impact that those tax measures will have on the country.

Michael Cullen provided an indication that the Group would focus on taxes which are aimed at changing taxpayers’ behaviour, such as taxes on goods and activities associated with obesity.

The Group will also tackle the questions of new environmental taxes and the taxation of water extracted for comme...

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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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