Tax Rise tagged posts
December 14, 2011 Taxation in Greece
ATHENS – Greek taxpayers cannot handle any more increases to their tax obligations, and the country needs to find new sources for an economic recovery.
On December 13th Poul Thomsen, the chief of the mission of the International Monetary Fund, held a telephone conference with members of the press, summarizing the Fund’s assessment of the current economic situation in Greece, published on the same day.
Poul Thomsen suggested that Greece has relied too heavily on raising taxes in its efforts to close the national budget deficit, saying that the country has reached the limits of what can be achieved through tax hikes and new tax measures...Read More
December 7, 2011 Taxation in UK
LONDON – The UK’s new Draft Finance Bill has been released, outlining a wealth of proposed tax changes, including new controlled foreign company rules, lowered tax rates, and measures to stop the occurrence tax evasion.
On December 6th the Exchequer Secretary of the UK David Gauke released the government’s Draft Finance Bill 2012, setting out a number of changes to the tax system, including lowering the corporate income tax rate to 24 percent by 2013, reducing the rate of the national inheritance tax by 4 percent, and expanding the tax credits available to companies carrying out research and development in the UK.
The Bill also introduced changes to the controlled foreign companies rules, with the intention of greatly increasing the appeal of the UK as an international business destin...Read More
November 29, 2011 Taxation in Fiji
SUVA – The government of Fiji is taking action to eradicate poverty in the country by lowering taxes for almost all of the nation’s taxpayers.
Over the weekend the Prime Minister of Fiji Frank Bainimarama made his annual budget address in Suva, announcing a number of tax changes aimed at lowering tax burdens for the majority of taxpayers, and raising taxes for the country’s highest earners.
From the start of next year the tax threshold in Fiji will be raised to FJD 15 600, from the current level of FJD 15 000. All earnings above the threshold, and up to a level of FJD 22 000 will be taxed at a new rate of 7 percent, compared to the current rate of 25 percent. Earnings exceeding FJD 22 000 will be levied at a rate of 20 percent...Read More
September 6, 2011 Taxation in Australia
Australia needs to change its current tax treatment of alcohol, which now results in boxed wines being sold cheaper than bottled water.
Calls have been raised to change the way that wine is taxed in Australia in order to cut down on the occurrence of excessive drinking, and significantly raise national tax revenues. The proposal was brought forward in a report published on September 5th by the Australian Alcohol Education and Rehabilitation Foundation.
According to the authors of the report, the amount of taxes on wine should be based on the level of alcohol in the drink. Currently, Australia’s tax system for the sale of wine is based on the sales price of the product...Read More
July 12, 2010 Taxation in Japan
Japan’s ruling political party has suffered a major setback in its plan to instate tax hikes, after experiencing a defeat at the national Upper House elections.
According to media exit-polls, the Democratic Party of Japan (DPJ) has won fewer than 50 seats of the contested 121 seats in the Upper House Government elections, held on June 11th. The result has been attributed to the party’s proposal of doubling the national sales tax rate to a level of 10 percent. The DPJ previously stated that it was aiming at attaining at least 54 seats. Official election results, scheduled for release by June 13th, are expected to confirm that the DPJ will hold a maximum of 110 seats of the total 242 Upper House seats.
Naoto Kan, Prime Minister of Japan and DPJ leader, has stated that he intends to stay ...Read More