Tax Revenue tagged posts

HMRC Expects an Extra 10 Billion in Revenue

May 6, 2010 Taxation in UK

Income taxThe UK’s HM Revenue & Customs (HMRC) department has made public its projections for personal income tax revenues for the 2010-2011 financial year. The department expects an additional GBP 10 billion (approx. USD 15.1 billion) to be realized, mainly from the two top marginal tax rates.

The HMRC recently released its latest projections for the personal income tax collections for the 2010-2011 financial year. The department expects the national revenue figure to rise by approximately GBP 10 billion to a total of GBP 161 billion (approx. USD 243.1 billion). Nearly GBP 9 billion (approx. USD 13.6 billion) of the extra revenue will be accounted for by taxpayers earning over GBP 40 000 (approx. USD 60 408)...

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Tax Revenues Fall in Hong Kong

May 4, 2010 Taxation in Hong Kong

Honk-KongAt a recent press conference the Commissioner of Inland Revenue of Hong Kong revealed that tax revenues in the special administrative region of the People’s Republic of China fell by 6 percent during the 2009-2010 financial year.

On May 3rd Chu Yam-Yuen, Commissioner of Inland Revenue Department of Hong Kong, held a press conference publicizing the 2009-2010 financial year tax revenue results. In total, HKD 179.1 billion (approx. USD 23.07 billion) was collected, compared to HKD 190.53 billion (approx. 24.5 billion) in the 2008-09 financial year. Corporate tax revenues were reported to have fallen by 26 percent, to HKD 76.6 billion (approx. USD 9.7 billion). Conversely, personal tax revenues and property tax revenues rose by 6 percent and 79 percent respectively...

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Australian Tax Revenues Fell in 2009

April 28, 2010 Taxation in Australia

Australian Bureau of StatisticsAccording to the latest report by the Australian Bureau of Statistics (ABS), the country’s tax revenues fell during the last financial year. The total tax take, across all Government levels, fell to 26.9 percent of the GDP, compared to a level of 29.5 percent of GDP in 2007-08 fiscal year.

On April 27th the ABS published the latest issue of Taxation Revenue, Australia, 2008-09, containing statistics of revenues collected by tax authorities on a Commonwealth, state and local level. The publication reveals that the Australian Government’s annual tax collection fell by AUD 9.45 billion (approx. USD 8.74 billion) to AUD 338.9 billion (approx. USD 314.2) in the 2008-09 financial year. The total tax collection represents 26.9 percent of the national GDP, a fall of 3...

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Thailand Growth Projection Increased

March 31, 2010 Taxation in Thailand

2757-Thailand-Bangkok-Government HouseThe Ministry of Finance of Thailand has revised its 2010 Economic Projections, now expecting the economy to grow by 4.5 percent, compared to the previous estimate of 3.5 percent made in December 2009.

The Thailand Ministry of Finance issued a press release on March 29th announcing the revised growth projections and positive future outlook for economic expansion. In the new Government estimate Thailand’s annual economic growth rate is expected to reach between 4 percent and 5 percent in 2010...

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China Sets New Tax Goals

March 17, 2010 Taxation in China

Chinatown Parade celebration of 60 years of the PRCThe Government of the People’s Republic of China (PRC) has set out five macro-level goals that will be upheld in its approach to taxation policy in 2010, and taxation authorities of all levels must also follow three new “transformations”, in order to best implement the new goals.

At the recently convened National Taxation Policy and Regulation Working Conference in Shenzhen, Xie Xuezhi, Deputy Administrator of the State Administration of Taxation (SAT), relayed the Chinese Government’s praise to national tax authorities in implementing tax policies and regulations in 2009. He said that in 2010 the Government intends to build upon the progress by implementing five new wide-reaching goals in tax policy implementation.

The new goals consist of sustaining the PRC’s stable and rapid ec...

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