Tax Rise tagged posts
May 25, 2016 Taxation in UK
LONDON – If the UK leaves the EU, taxes in the country will need to be raised, resulting in a post-tax wage drop of 2 percent.
The results of a new study published in May 23rd by the UK-based National Institute of Economic and Social Research show that taxes in the UK would need to be raised if the country choses to leave the EU.
If the UK were to leave the EU, the level of migrants coming to the UK from other EU countries would drop significantly.
The models used in the study indicated that the drop in migration would result in an increase in the portion of the population which are either too old or too young to work, placing a much greater reliance on collecting taxes from the diminished working population.
Leaving the EU would also result in a 9 percent drop in GDP, and a 1 percent dr...Read More
December 31, 2015 Taxation in Oman
The government of Oman has given approval in principal to the proposal of raising corporate income tax and lowering spending in order to mitigate the negative financial impact of the international drop in oil prices.
In order to lessen the reliance on oil-based revenues, which are subject fluctuation and international demand, the government will raise the rate of corporate income tax in the foreseeable future in order to widen the tax base and establish a wider array of revenue streams.
Further, in order to lessen budgetary pressures, the government will also reduce spending on projects and staff salaries and bonuses.
Further, the subsidies on oil products ...Read More
August 17, 2015 Taxation in Finland
HELSINKI – Taxpayers in Finland are likely to see a hike in their everyday expenses, as the government’s proposed budget outlines several tax hikes on essential goods.
Last week the Ministry of Finance of Finland released a proposed budget plan for the coming year, raising the possibility of several tax hikes and cuts to tax credits.
The proposed budget contained hikes to the taxes levied on tobacco, housing, heating, and motor vehicles, with cuts to the tax credits currently available for interest payments on home loans.
Soon after the release of the proposal, the Taxpayers Association of Finland issued an analysis of the changes.
According to the Association, the tobacco tax hike will raise the price of a 20 pack of cigarettes by an average of EUR 0...Read More
August 6, 2015 Taxation in UAE
WASHINGTON D.C. – The UAE should implement a VAT, excise tax on vehicles and corporate taxes in order to reduce its reliance on oil.
In a new statement issued on August 4th the International Monetary Fund called on the United Arab Emirates to implement new tax measures in order to create extra buffers against the volatility of oil prices.
The main tax issues recommended were a 5 percent Value Added Tax and a 15 percent excise duties on passenger vehicles.
It was also suggested the UAE should implement taxes on businesses, especially corporate income tax, as currently only foreign banks are obligated to pay an income tax, while other business face only a small number of municipal taxes.
According to the IMF, the UAE already has some protection from fluctuations in oil prices due to previo...Read More
November 25, 2014 Taxation in Oman
MUSCAT – Oman may soon slash government spending and raise tax rates in order to bolster government coffers in the face of dropping oil prices.
On November 24th the Oman News Agency issued a report claiming that the government-appointed Shoura Council has brought forward a proposal to enacting several tax hikes in order to raise more funds to counteract the negative fiscal effects of dropping prices for oil around the world.
It is currently estimated that if the price of the Brent oil exported by Oman does not rise above the forecast price of USD 80 per barrel over the course of next year, the government will face a budget deficit of OMR 3.05 billion.Read More
The Council suggested that the government implement a tax of 2 percent on international remittance services used by expats in the country, ...