Tax Revenue tagged posts

Ireland Chasing Down Deficit Gap

October 4, 2017 Taxation in EU

Tax revenue in IrelandDUBLIN – Ireland’s tax collection level is below the mark set by the government, but it seems that the chances of closing the gap are realistic.

On October 3rd the Minister of Finance of Ireland stated that the tax shortfall seen so far through this year has narrowed, and that the deficit could even be eliminated by the end of the year.

The tax revenues collected by the Ministry of Finance have been above target for several years, however, this year has proven to be an exception, with a drop in collections.

In April this year, the deficit was at approximate 2.4 percent below the government’s own target.

The gap had dropped to 0.8 percent by July, and an even lower 0.7 percent by August.

The deficit has now dropped to a level of 0.6 percent.

It is now believed that the gap could be c...

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Non-Doms Contribute Billions to the UK

September 1, 2017 Taxation in UK

Non-dom taxation UKLONDON – Non-doms in the UK are contributing billions in taxes each year, potentially to the surprise of many UK citizens.

New data released by the UK HM Revenue and Customs has shown that non-domiciled individuals in the UK are paying more than GBP 9 in taxes each year.

Under current UK law, some individuals who are residents in the UK but claim to have a permanent home outside the UK are able to enjoy some selected breaks on their non-UK incomes, unless their funds are moved to the UK.

The subject of the taxation of non-doms is a controversial one, and has been debated heatedly by politicians and the public.

However, UK tax authorities have now revealed that these taxpayers actually contribute much more to the national coffers than previously thought.

Over the course of 2014-15, non-d...

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Without a Tax Overhaul, Pakistan Cannot Meet Tax Targets

July 3, 2017 Taxation in Pakistan

Pakistan taxISLAMABAD – Pakistan has yet again failed to meet its targets for tax collections, a shortcoming that has led to renewed outcry from across the country.

Over the weekend members of the business community of Pakistan and a number of parliamentarians in opposition parties cried out for the government to thoroughly re-examine its tax policies, following another round of disappointing tax collections.

Over the previous financial year, the Federal Board of Revenue collected PKR 3 392 billion, however, the target for collections for the year was PKR 3 621 billion.

The shortfall of PKR 229 billion did not go unnoticed by the opposition Pakistan People’s Party or the business community, which claims that the government is not doing enough to meets its revenue targets or to grow tax revenues each ...

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Blackmoney Crackdown Boosts Taxes in India

May 4, 2017 Taxation in India

Indian RupeesNEW DELHI – By barring the use of selected bank notes, the government of India has managed to force millions of people to finally pay their taxes.

The efforts made this year by the government of India to drive down the use of black money and tax evasion have worked, with a large number of people now coming into the reach of the tax net.

Since the start of the crackdown on black money, the number of individuals who have filed tax returns has risen by approximately 9.5 million.

The tax net could even spread further, as the tax authorities are still on the lookout for taxpayers who are likely to have committed some tax evasion.

For the purposes of finding the tax evaders, the tax authority has compiled a list of 1...

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UK Needs to Raise an Extra GBP 15 Billion

May 3, 2017 Taxation in UK

taxes in the UKLONDON – In order to close its budget gap, the UK will either need to amp up taxation or drastically cu public spending.

The UK needs to find an extra GBP 15 billion over the next few years in order to close its budget plan on time, according to new information in a report released by the Institute of Fiscal Studies.

The need to collect an extra GBP 15 billion is unlikely to sit well with taxpayers, as the needed funds may be raised through increased taxes.

The alternative means to raise the needed funds is to enact further cuts to public spending and funding of social programs.

It was noted in the repot that the public spending by the government is currently sitting at the same level as it was prior to the Global Financial Crisis, despite several years of austerity measures.

In the re...

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