Tax Rise tagged posts

Korean Opposition to Raise Taxes

February 27, 2012 Taxation in South Korea

Tax Increases Proposed in KoreaSEOUL – Opposition parties in South Korea are announcing their proposed tax plans ahead of the upcoming elections, saying that taxes on the wealthiest members of society must be raised.

On February 26th two opposition parties in South Korea, the Democratic United Party and the United Progressive Party, announced their proposed tax policies, ahead of the upcoming April 11th general elections, with both parties planning to raise greater tax revenues to fund the nation’s superannuation system.

According to political experts in Korea, if elected, the Democratic United Party (DUP), is likely to pursue a number of significant changes to the tax system, levying great tax rates on personal incomes of the country’s highest earners, and will increase the taxes faced by the country’s largest compa...

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No Tax Increase for Palestine, Despite Dropping Aid Levels

February 2, 2012 Taxation in Palestine

No Tax Increase for PalestinePalestinians do not want to see raised rates for income taxes, and prefer to address the government’s budget deficit through a reliance on foreign aid.

In the face of intense public pressure, on January 31st the Prime Minister of the Palestine National Authority Salam Fayyad scrapped the government’s proposal to raise income taxes in Palestine.

According to a recent research by local analysts, only 12 percent of Palestinians currently support the government’s proposal to double the rate of income tax to 30 percent. Amongst other measures to reduce the budget deficit, the government has also proposed including a greater number of business and operations in the tax net, and actively cutting government spending...

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More Taxes Won’t Help Greece

December 14, 2011 Taxation in Greece

Taxes 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...

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UK Reveals New Tax Rules

December 7, 2011 Taxation in UK

Tax changes in the UKLONDON – 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...

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Fiji Fights Poverty with Tax Cuts

November 29, 2011 Taxation in Fiji

Tax Rates in FijiSUVA – 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...

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