Tax Reform tagged posts

Chile Approves Tax Reform

May 16, 2014 Taxation in Chile

tax reform in chileSANTIAGO – Chile is stepping closer to implementing an extensive tax reform to help raise funds needed to improve the national education system.

In a vote held on May 14th the lower house of Congress has given its approval to a proposal to extensively overhaul the national tax system, ultimately aimed at raising more tax revenues to fund new social programs and welfare measures.

The reform of the tax system is aimed at helping the government raise tax revenues by approximately USD 8.2 billion, with a significant portion of the new funds already earmarked to fund a complete overhaul of the national education system.

As part of the overhaul, the lower house approved an increase to the rate of corporate income tax rate from 20 percent to 25 percent by the end of 2017, along with the closing ...

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Australia Needs Tax Reforms

April 15, 2014 Taxation in Australia

Taxes in AustraliaSYDNEY – The tax burdens faced by Australian will continue to rise disproportionately, unless the national government moves to update and reform current tax regulations.

On April 14th PricewaterhouseCoopers Australia (PWC) released a new report demonstrating the immediate need for tax reform to stabilize the current economic environment and to prevent the negative effects of any further long-term decline in tax revenues.

In its newly published report, PWC underlined that, while Australia has demonstrated strong economic resilience over the last two decades, there are now indications that this growth is already tapering off and losing momentum, with no evidence that the diminishing pattern will be reversed.

According to projections completed by PWC, if the current levels of growth of ...

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Chile Pursues Tax Reforms

April 1, 2014 Taxation in Chile

Chile Pursues Tax ReformsSANTIAGO – Chile may soon lower the tax obligations faced by individuals, while raising taxes for businesses and politicians, in order to help improve equality and fund social development.

On March 31st the President of Chile Michelle Bachelet revealed a comprehensive tax reform package aimed at significantly raising tax revenues in order to fund new investments “…that will lead to a better Chile for all.”

The proposed tax reform package is expected to raise national tax collections by approximately USD 8.2 billion per year, with a significant portion already earmarked for healthcare and education investments.

The proposed tax changes will also improve income distribution, eliminate the occurrence of tax evasion, provide greater incentives for investment into business, and will help furt...

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Ukraine Will See Tax Changes

March 26, 2014 Taxation in Ukraine

Tax changes in UkraineKIEV – The government of Ukraine wants to free the country from the grips of corruption, and bring the nation in line with modern taxation, economic and financial principals.

Addressing the members of a plenary meeting of the government on March 25th, the Prime Minister Arseniy Yatsenyuk of Ukraine described the economic, political and financial problems faced by the nation at the current stage, and stated that going into the future the country has to thoroughly change the entire tax system and the regime of tax administration to reflect the standards and practices of the modern world, ultimately helping to stabilize the national economy and grow tax revenues.

In his speech, as one of the main means of reducing the occurrence of corruption, tax evasion and other financial crimes in the co...

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Hong Kong Needs Tax Changes

March 5, 2014 Taxation in Hong Kong

Hong KongHONG KONG – The cost of social programs in Hong Kong will inevitably rise over the next 30 years, and the government should implement tax changes now to be ready to support the ageing population.

On March 3rd a working group, set up by the government of Hong Kong in July 2013, released its anticipated report on the potential directions for economic and fiscal development of the territory over the next 30 years, and on the tax and administrative changes which need to be implemented to facilitate such plans.

The report indicated that after 2018 the economic output of the special administrative region may begin to diminish as the combined effects of an ageing population and local housing constraints put a limit on the effective workforce, and this process will put additional pressure on alr...

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