Tax Revenue tagged posts

Japanese Tax Revenues At a 26 Year High

July 5, 2018 Taxation in Japan

Japanese tax revenuesTOKYO – Japan’s government has seen an incredible rise in tax revenues, with more funds coming in than any year in the last quarter of a century.

The government of Japan has announced that its tax collections for the 2017 fiscal year were the highest in the last 26 years.

The total amount of tax collected was approximately JPY 58.79 trillion (approximately USD 532 billion).

The total amount collected exceeded the government’s own projections by approximately JPY 1.1 trillion.

The revenue rise can be attributed primarily to rises in a 7.2 percent rise in income taxes, a 16.1 percent rise in corporate tax revenues, and a 1.7 percent increase in the collection of consumption taxes.

In addition to the higher-than-expected tax revenues, the government’s own sending was also below forecast ...

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NZ Enjoys Tax Boost

February 15, 2018 Taxation in New Zealand

NZ tax revenuesWELLINGTON – The New Zealand government has enjoyed a bout of increased tax revenues, despite an increase in its expenditures.

The New Zealand Treasury started this week by announcing that the tax revenues seen by the government, and, subsequently, the operating balance for the six months to December 31st 2017 were significantly higher than expected.

The Core Crown tax revenue for the period was NZD 37.2 billion, a level which is NZD 0.6 billion ahead of the forecast in the 2017 Half Year Economic and Fiscal Update.

The increased tax revenues were made up primarily of a NZD 0.3 billion boost to source deductions, and a NZD 0.2 billion boost to GST collections.

Along with the higher than expected revenues, there was also a higher than expected result to the expenditure of the government...

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Kenya’s Tax Revenue Slowing Down

December 13, 2017 Taxation in Kenya

Kenyan tax revenueNAIROBI – Tac collections in Kenya have slowed down, when compared to growth in the economy.

New information released by the World Bank in its 16th Kenya Economic Update report has shown that the tax-to-GDP ratio in Kenya has fallen to its lowest level in a decade.

Over the 2016/17 financial year, the tax-to-GDP ratio fell to approximately 16.9 percent, even though the total level of revenues rose by 13.3 percent.

However, the growth in the level of tax revenues was outpaced by growth of the nominal GDP levels, which reached 14.9 percent in the same time period.

The World Bank explained that while the economy in Kenya grew at an impressive rate, the government coffers didn’t enjoy the same positive boost due to inadequate efforts to ensure tax compliance.

It was noted in particular tha...

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Big Businesses Paying Big Taxes in the UK

December 6, 2017 Taxation in UK

Micro-writingLONDON – The biggest businesses in the UK saw increased income tax last year, despite a fall in VAT payments and tobacco duties.

The 100 biggest companies in the UK saw their income tax bill rise by a third last year, according to information released by The 100 Group, which represents these major businesses.

The corporate tax payment due by the big businesses rose to a level of GBP 6.4 billion for the year to March 2017.

The corporate tax bill is approximately one third higher than it was in the previous year.

The increase was attributed to higher than expected profits, and the implementation of a surcharge on banking profits.

Despite the increase in the level of corporate income tax, the overall taxes collected from the large businesses did not rise, as the level of collections of VA...

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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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