Tax Reform tagged posts

Hidden Cost of UK Business Taxes

July 16, 2010 Taxation in UK

Few PoundsUK businesses face a far greater tax burden than the headline tax rate would suggest, possibly leading to reduced levels of entrepreneurship and even subdued growth.

The UK Institute of Directors (IoD) has voiced its concern over the country’s tax treatment of businesses, claiming that almost five months of a company’s profits will be paid to the state every year.

UK businesses currently incur a 28 percent corporate tax rates, or a special 21 percent tax rate for small businesses. Additionally, companies also face employer National Insurance Contributions (NIC), business rates, road fuel duties, climate change levies, stamp duties. Additionally, individual businesses may face taxes particular to their specific business situation...

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IMF Backs Japanese Prime Minister on Tax Reform

July 15, 2010 Taxation in Japan

Asia21_026Japanese taxpayers could experience a significant increase to the national Sales Tax rate in the near future, after the International Monetary Fund called for fiscal reforms.

Japan’s political climate has been turbulent recently following the Prime Minister’s Sales Tax rate hike proposal. Naoto Kan claimed that a doubling of the current 5 percent Sales Tax rate would be an ideal step in addressing the nation’s ballooning debts, which have reached 218 percent of GDP. The tax issue was seen as a significant reason behind Naoto Kan’s political party suffering a defeat at the recent Japan Upper House elections...

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Isle of Man Begins Tax Reform Consultation

March 2, 2010 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in EUTaxation in Isle of ManTaxation in UK

National Transport Leyland Atlantean PDR1 C57 MAN (86) Douglas, Isle of Man.The Government of Isle of Man, a self-governing British Crown dependency, has begun public consultation on the potential tax changes which could be implemented on the island nation.

As reported earlier, at the Budget reading held on February 16th, Allan Bell, Isle of Man Treasury Minister, stated that the jurisdiction would hold an investigation into possible changes to its current tax regime in order to address issues raised by previous discussions held with the EU and its member states, particularly the UK. The scope of the consultation includes ascertaining the nature of changes which could be implemented for the jurisdiction, and the optimality of the proposed options.

Throughout the consultation the Government is seeking options which will fulfill conditions of the current EU Codes of...

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Cayman Islands Could Consider Taxes

September 4, 2009 Offshore BankingTax HavensTaxation in Cayman IslandsTaxation in UK  No comments

Budget deficits in the Cayman Islands are forcing the nation’s government to consider the introduction of taxes.

The Cayman Islands, which are undergoing a severe governmental budget deficit, are being encouraged to introduce taxes to its system by the British Government. Facing a budget deficit of US$82, the island nation has sought out loans to meet its financial obligations, such as pension and government worker payments. As it is a British Overseas Territory, the Cayman Islands require British Government approval before increasing their borrowing beyond 80% of its annual revenue.

In a letter dated the 27th of August addressed to McKeeva Bush, leader of the Cayman government,Chris Bryant, British Foreign Office Minister, denied the Cayman Islands permission to expand their borrowi...

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