tax regulation tagged posts

New Bill to Update Tax Rules in New Zealand

August 9, 2016 Taxation in New Zealand

WELLINGTON – New rules in New Zealand will ease tax administration for small businesses while increasing the burdens on potential tax cheats.

On August 7th the Minister of Revenue of New Zealand Michael Woodhouse announced that a bill has been introduced to the New Zealand Parliament, with newly proposed rules aimed at simplifying the tax obligations of small businesses while also closing some potential loopholes in the country’s trust laws.

As part of the new bill, small businesses would be allowed to use the Accounting Income Method for calculating and paying their Provisional Tax obligations, if the business is using an approved accounting software.

Provisional Tax in New Zealand is a system whereby the overall income tax obligations of a business are spread out over several payment...

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South Africa Launches Extensive Tax Review

July 18, 2013 Taxation in South Africa

Judge Dennis DavisJOHANNESBURG – South Africa is looking at new means of boosting tax revenues, and eliminating tax evasion, while ensuring that the national mining sector makes a fair contribution to society.

At a press conference held in Johannesburg on July 17th the Finance Minister of South Africa Pravin Gordhan announced that a new Tax Review Committee has been formed to determine whether the current tax system in South Africa is self-sufficient and sustainable enough to support the government’s expenditure plans into the foreseeable future.

According to the chairman of the Committee Judge Dennis Davis, who also spoke at the press conference, a full review will be conducted on whether the tax system may be changed to better support economic growth, boost employment levels, enhance social development, ...

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Tax Devolution Debate Begins in Wales

July 8, 2010 Tax HavensTaxation in UK

Llandudno Junction Office / Swyddfa Cyffordd Llandudno
A new report has sparked fresh debate on the concept of the Government of Wales attaining partial tax varying powers from the UK Government. Proponents of the idea argue that tax devolution will bring a greater sense of fiscal responsibility and economic planning for the Welsh Government.

The Welsh Assembly Government and the majority of political parties have welcomed the release of a new report by the Holtham Commission on the possible methods of bestowing greater tax revenue responsibilities to the Welsh Government. Currently, the Welsh national budget is based on the Bennet Formula, which is calculated on spending of the Government of England. Under the report’s proposal, the Welsh Government would be able to vary personal income tax rates by three pence to the pound...

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Japan Releases Annual Tax Guidelines

December 23, 2009 Taxation in Japan

Yukio Hatoyama, Japan's next leaderOn December 22nd, the Japanese Government revealed its tax reform plan for the fiscal year beginning April 1st, 2010.

The newly published tax guidelines are aimed at decreasing Japan’s public debt figure, which is currently at an approximated 180 percent of GDP. In order to achieve the goal, the tax plan will attempt to support Prime Minister Yukio Hatoyama’s earlier announced intentions of maintaining Japanese Government Bond issuance at JPY44 trillion (USD483 billion).

The most controversial announcement of the tax reform is replacing surcharges on gasoline sales with a tax charged at the same rate. The move comes contrary to Prime Minister Yukio Hatoyama’s election campaign where he promised to abolish the gasoline levy...

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Cayman Islands to Increase Fees and Taxes

October 8, 2009 Offshore TaxationTax HavensTaxation in Cayman Islands  No comments

The Cayman Islands government has tabled a new budget which proposes to raise taxes and fees for the nation, though this has ensured the approval of the British government in attaining the loans necessary for the ailing jurisdiction.

In the face of a KYD40.8 million fall in revenues and a KYD56.2 million escalations in expenditure, the Cayman Islands government had sought assistance in the form of loans. Permission to increase the British jurisdiction’s debt balance was denied by the British government. It was requested that the Cayman Islands increase their tax base or levels to ensure that it does not post a budget deficit in the following fiscal year. With the new budget, permission has been given for the Cayman Islands to pursue and accept rescue loans.

It is estimated by the Cayman ...

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