Tax Reform tagged posts

Tax Changes to Boost Jamaica’s Economy

October 31, 2013 Taxation in JamaicaTaxation in South America

JamaicaKINGSTON – Jamaica may soon implement several significant changes to the national tax system in the hopes of reversing the country’s four decade trend of slow economic growth.

On October 29th the Minister of Finance and Planning of Jamaica Peter Phillips tabled two new Acts in national Parliament detailing several proposed changes to the country’s tax legislation, as part of the government’s wider efforts to improve the overall efficiency of the national tax system.

According to the Minister, the current tax system in Jamaica does not adequately support the national economy, and is partially to blame for the lack of any significant economic growth over the last forty years.

Peter Phillips explained that the tax incentives currently being offered to businesses lead to the misallocation of t...

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IMF Recommends Global Tax Changes

October 14, 2013 International Tax Cooperation

 South Africa tax filingWASHINGTON D.C. – Income and consumption taxes around the world need to be hiked, new financial transaction taxes need to be implemented, and non-compliance needs to be stamped out.

Over the past weekend the International Monetary Fund released its latest Fiscal Monitor report, recommending that governments around the world should re-examine their national tax systems, and they have to expand national tax bases, and reevaluate the effectiveness and fairness of currently available tax allowances.

The IMF noted that by increasing tax rates on the incomes of wealthy individuals, governments may draw greater tax revenues, but they also warned against the implementation of disproportionately high marginal tax rates, saying that in most cases a rate of 60 percent should be considered as a maxim...

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Ireland is Not a “Tax Haven”

September 19, 2013 Taxation In EuropeTaxation in Ireland

Irish FlagsDUBLIN – Ireland should not bow down to baseless international pressure, and should not change its tax system to appease international interests.

While speaking to the subcommittee on global taxation of the Parliament of Ireland, Frank Barry, a leading national economist and the Chair of International Business and Economic Development at Trinity College Dublin, denounced international accusations that Ireland’s tax system facilitates excessive tax avoidance for multinational businesses, saying that such claims are tantamount to nothing more than political “grandstanding”.

Frank Barry’s comments came as a repose to the recent launch of an inquiry by the European Commission on the alleged special tax deals given to large multinational corporations by the governments of Ireland, the Net...

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New Taxes Coming for Mexico

September 10, 2013 Taxation in Mexico

Enrique Peña NietoMEXICO CITY – In order to implement new social security programs Mexico needs to go through with a overhaul of the national tax system.

In a speech given on September 9th the President of Mexico Enrique Peña Nieto announced a sweeping tax reform aimed at simultaneously boosting the economy, improving tax revenues, cutting down inefficiencies, and at funding a series of social reforms.

The President called for an increase to the top rate of personal income tax from 30 percent to 32 percent on incomes exceeding MXN 500 000, and he also announced his intentions to introduce a 10 percent individual tax on profits from dividend and stock market gains.

In his speech the president also announced a potential carbon tax to be implemented on the purchase of fossil fuels to be used for industrial ...

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India Takes First Step to Tax Reform

August 14, 2013 Taxation in India

make_money)online1NEW DELHI – The government of India is going to improve the national tax system and implement international standards for tax management, by removing legislative ambiguity, and by establishing a friendlier tax administration.

In a statement issued on August 13th the Ministry of Finance of India confirmed that the national government is setting up a new commission to examine the country’s tax system and to recommend potential changes to improve tax administration and the implementation of tax policies.

The new body, to be called the Tax Administration Reform Commission (TARC), is set to operate for a period of only 18 months, and will be made up of 5 experts, who are yet to be named, with significant experience in tax administration and policy making.

The Commission will be charged with as...

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