Tax Revenue tagged posts

Nigeria Needs to Boost Tax-to-GDP Ratio

April 24, 2017 Taxation in Nigeria

Taxes in NigeriaABUJA – Nigeria has begun to take steps to boost its tax-to-GDP ratio beyond the miserly level of 6 percent.

Over the weekend at the 2017 Spring Meetings of the IMF-World Bank/IMF in Washington DC the Finance Minister of Nigeria said that the national government must take extra efforts to raise the national tax-to-GDP ratio.

Currently the tax-to-GDP ratio in Nigeria sits at approximately 6 percent, one of the lowest rates in the world.

The Minister said that revenue mobilisation if a key avenue for the government to pursue higher tax returns, adding that the primary focuses should be a growth in non-oil revenues, and an increase in budget transparency.

She further explained that the country’s “unacceptably low level of non-oil revenue” was driven heavily by the failure by tax authoritie...

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Tax Collections May Taper in New Zealand

March 15, 2017 Taxation in New Zealand

New Zealand Tax CollectionsWELLINGTON – As less tourist flock to New Zealand, and as the country’s housing boom dies down, the national government looks like it may soon see a drop in tax collections.

New Zealand’s continued higher-than-expected tax revenue results may not continue into the foreseeable future, according to information detailed in a new report released by the New Zealand Treasury.

Over the 12 month to December 2016, the tax revenues of New Zealand grew by 8.5 percent compared to the same period in the previous year.

The growth in tax revenues also outpaced the growth in the national GDP level, and similar growth levels have been seen over the last two years.

The primary drivers behind the higher-than-expected growth have been rises in the collection of GST and corporate income tax, and higher than...

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Tax Revenues Rise Unexpectedly in NZ

March 7, 2017 Taxation in New Zealand

Tax revenues in New ZealandWELLINGTON – The New Zealand government’s surplus has come out better than expected, as the government’s spending fell and its taking rose.

New information released on March 7th has shown that the government is seeing a larger surplus over the last 7 months than originally anticipated.

The level of tax collections seen over the seven months to the end of January were NZD 291 million higher than anticipated and forecast.

The level of expenditure seen by the government was approximately NZD 338 million lower than expected.

Overall the surplus seen on the government books was NZD 1.145 billion, a level which is NZD 703 million higher than the level anticipated previously.

The decrease in expenditure was accounted for mainly by differences between the projected costs of recovery from the re...

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Canada Sees a $50 Billion Tax Gap

February 14, 2017 Taxation in Canada

Canadian Tax GapOTTAWA – Canadians skip or evade as much as a quarter of all taxes owed in the country, according to the results of new research.

The results of new research completed by the Conference Board of Canada has indicated that the tax gap in Canada is now sits between CAD 8 billion and CAD 50 billion per year.

The tax gap is a measure of how much tax a government should be earning and how much tax is ultimately collected.

According to the Conference Board of Canada, tax gaps are mostly commonly caused by tax evasion, aggressive tax avoidance, non-payment of tax liabilities, and mistakes made by taxpayers, regardless of whether they are intentional or accidental.

It was noted that the tax gap across Canada may actually be much higher than calculated, as the study only concentrated on federal tax...

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Taxes Reach Highest Point Ever in Ireland

January 5, 2017 Taxation in Ireland

Tax collections in IrelandDUBLIN – An unprecedented level of tax collection in Ireland are paving the way for the government to enact tax cuts and spending increases.

The latest Exchequer Returns of Ireland released on January 4th have shown that in 2016 Irish tax authorities collected more tax revenues than in any other year on record.

The total of taxes collected over the course of the year reached a total of EUR 47.86 billion, an increase of 5 percent compared to the total collected in 2015, when collections were EUR 2.3 billion lower.

Along with being the highest collected amount, the revenue total was also EUR 639 higher than forecast by the Exchequer, an amount approximately equivalent to 1.4 percent above forecast.

The Finance Minister Michael Noonan said that the increased tax revenue levels allowed the...

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