Tax Revenue tagged posts

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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Tax Revenues Rise 24.4% in Argentina

November 2, 2016 Taxation in Argentina

Tax revenues in ArgentinaBUENOS AIRES – Argentina’s inflation has continued to see double-digit jumps in tax collections, although the improvement may be attributed the country’s sky-high inflation levels.

New information released by the tax authority of Argentina Administración Federal de Ingresos Publicos (AFIP) shows that over the 12 months ending October 2016, the level of tax revenues collected rose by 24.4 percent compared to the same timeframe in 2015.

Over the 12 months tax authorities collected a total of ARS 167.196 billion, compared to the last year’s 12 month total of ARS 134.417 billion.

The significant rise in tax collections is not the highest seen over the course of the year, as total tax collections for the 12 months ending September 2016 were 30 percent higher than in the previous year.

It i...

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New Zealand Sees $1.8 Billion Surplus

October 14, 2016 Taxation in New Zealand

Tax revenue in New ZealandWELLINGTON – An unexpected surplus in New Zealand has bought the idea of tax cuts back to the table.

On October 14th the government of New Zealand announced that over the year ending June 2016 the country saw a surplus of NZD 1.8 billion, as tax revenues rose above expectation while expenses were lower than previously forecast.

The government showed that over the 12 months Core Crown Tax Revenues grew by NZD 3.8 billion compared to last year, while Core Crown Expenses grew by a comparatively smaller NZD 1.6 billion.

While announcing the surplus the Minister of Revenue Bill English indicated that reducing sovereign debt was the primary goal for the government, but indicated that the newly found revenues also open up some extra spending opportunities which were not previously realistic.

H...

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Legal Weed Would Bring Millions For Australia

August 2, 2016 Taxation in Australia

MarijuanaCANBERRA – Legalising marijuana would bring in millions in extra tax revenues for Australia, but it would also see a doubling of the smoking rate among adults.

According to the results of new research published in the August issue of the journal American Economic Review, Australia could see tax revenues jump by as much as AUD 1 billion if marijuana were to be legalised.

The revenues to be gathered from the sale of legal marijuana in Australia will vary based on the taxation scheme to be enacted, and it is estimated that at a minimum level the new tax revenues will amount to AUD 77 million, or to a maximum of AUD 915 million.

The tax revenue estimates are based on the assumption that all current smokers will switch to legal alternatives, however, if current smokers continue to purchase fro...

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