Tax Revenue tagged posts

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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Brazil Reports Significant Budget Improvement

February 26, 2010 Taxation in Brazil

To the groupThe Central Bank of Brazil has reported that the national budget surplus rose to BRL16.19 billion (approx. USD 8.8 billion) in January, a marked improvement over the previous month, and over the same period in 2009.

Signaling an economic recovery for the country, the Brazilian Government has announced that it has experienced the second highest budget surplus ever recorded in the month of January for the country. The surplus, which included revenues from the federal government, local governments and state enterprises, had increased to BRL16.19 billion (approx. USD 8.8 billion), compared to BRL7.36 billion (approx. USD 4.05 billion) indicated in January 2009, and compare to BRL276 million (approx. USD152 million) in December 2009...

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US Tax Revenues Continue to Fall

February 24, 2010 Taxation in USA

Income taxUS tax authorities have seen a fifth consecutive quarter of declining tax revenues, with the October-December period registering a 4.1 percent fall in national collections.

According to the Rockerfeller Institute’s State Revenue Flash Report, released February 23rd, the US is experiencing continued drops in all three major tax sources. The report claimed that amongst the 46 states which had made their data for the period already available, the total tax collections for the October-December quarter equaled USD134.5 billion, compared to USD140.2 in the same period of 2008. If inflation is taken into account, the tax revenue drop rises to 4.8 percent. Corporate income taxes experienced the most significant decline with a 5.8 percent drop across all states, followed by a 4...

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Cutting N. Ireland’s Tax Could Create 90000 Jobs

February 17, 2010 Taxation in UK

Stormont the seat of government in Northern IrelandAccording to a report released by the Northern Ireland Economic Reform Group (NIERG), reducing Northern Ireland’s corporate tax rate to 12.5 percent could create 90 000 new jobs within two decades.

The NIERG has claimed that the Northern Ireland Government’s current tax rate of 28 percent , and scheme of awarding grants to businesses, is not sustainable, and needs to be changed soon in order to spurn the nation’s economic development. Projections within the report show that reducing the corporate tax rate to the lowest EU allowable level will ultimately have a positive long term effect on Northern Ireland’s tax revenues and employment. The immediate consequence of the tax cut will be a £200 million drop in corporate tax revenues with further effects across income and Value Added taxes...

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