Tax Revenue tagged posts

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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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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