Tax Reform tagged posts

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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Kenya Will Improve Tax System

February 26, 2014 Taxation in Kenya

Taxes in KenyaNAIROBI – The government of Kenya will attract new investors into the country using tax breaks, a revamped tax system, and a new tax filing process.

In a statement made at the State House on February 25th the President of Kenya Uhuru Kenyatta that the government is looking to make new changes to the national tax system, on top of several updates already made this year, in order to attract more foreign investors, and to ensure that the country is the primary business hub of the region.

According to the President, the government will eliminate selected tax rules which currently result in double taxation for multinational firms operating in Kenya, and a plethora of complimentary legislative changes and updates will also be made to significantly reduce the administrative and taxation barriers...

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Bulgaria Eases Gambling Tax

December 5, 2013 Taxation in Bulgaria

SOFIA – Bulgaria is slashing the tax obligations of gambling operators by up to two thirds in the hopes of wiping out illegitimate operators and encouraging the formation of more genuine providers.

On December 4th the members of the Parliament of Bulgaria voted on and approved several amendments to the national Gambling Act, in an effort to make the country a more attractive destination for obtaining a gambling operating license, while also tightening compliance in the industry, and raising the amount of tax revenues gathered from providers.

Currently businesses offering any form gambling products are obliged to pay a 15 percent tax on the revenues earned, however, under the amended rules, operators will be required to pay a one-off licensing fee of BGN 100 000 and a 20 percent tax on the...

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