Tax Rise tagged posts

Dubai Needs to Extend Taxation

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...

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Oman Eyes Tax Hikes

November 25, 2014 Taxation in Oman

Taxes in OmanMUSCAT – 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.
The Council suggested that the government implement a tax of 2 percent on international remittance services used by expats in the country, ...

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Taxpayers Protest Tax Hikes in Albania

November 24, 2014 Uncategorized

taxes in AlbaniaTIRANA – Taxpayers in Albania have launched into protest, claiming that new tax measures enacted by the government to secure international credit will not help reduce unemployment, boost economic growth, or cut the national debt.

Over the weekend protestors took to the streets of the capital of Albania, Tirana, to stand up against a number of recently approved tax changes, claiming that the amendments will further weaken the financial position of taxpayers with low-incomes.

The recent tax hikes were part of a deal struck between the government of Albania and the International Monetary Fund to secure a loan to the country of EUR 330.9 million, in exchange for tax raises and the enactment of several new measures to help fight crime, tax evasion and fraud.

The protesters, led by the oppositi...

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New Taxes Approved in Hungary

November 20, 2014 Taxation in Hungary

Taxes in HungaryBUDAPEST – Hungary will implement a series of new tax hikes on alcohol, shampoo, soap, and large foreign firms.

On November 18th the government of Hungary announced that a series of new taxes and tax hikes will be instated, despite the fact that a significant number taxpayers publically protested the changes during a widespread “public outrage day”.

Among the new tax rate hikes is a 10 percent increase to the top rate of the controversial advertising tax, increasing from 40 percent to 50 percent.

Other controversial measures include the extension of the current “chip tax” on unhealthy products to include alcohol, the extension of environmental fees to include shampoos, soaps and other healthcare products, and a hike to the rate of the so-called “Tesco fee” on foreign-owned locally-oper...

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US Internet Tax Will Cost 15 Billion

October 10, 2014 Taxation in USA

WASHINGTON D.C. – If the US Senate does not pass the Permanent Internet Freedom Act, Americans will pay nearly USD 15 billion per year just to access internet.

If the currently active ban on taxes for internet access in the USA is allowed to lapse later this year, as is currently scheduled, the total cost of newly arising taxes could be as much as USD 14.7 billion per year, according to information in a new report issued on October 8th by the independent policy institute American Action Forum.

Currently the Internet Tax Freedom Act prohibits the implementation of internet access taxes by local and state governments in the USA, however, the Act is set to expire in December this year.

The Act may be replaced by the Permanent Internet Freedom Act, which has won approval in the House of Repr...

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