Tax Revenue tagged posts

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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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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