Tax Rise tagged posts
September 2, 2013 Taxation in Japan
TOKYO – Plans to hike sales tax in Japan should go forward, but will need to be accompanied by extra public spending or tax cuts.
While talking to representatives of the national media on August 31st the Minister of Economics of Japan Akira Amari informed about the results of discussions held over the course of the week by a government appointed panel of 60 different economists, union representatives, and business leaders, on the topic of Japan’s upcoming hike to sales tax.
He specifically stated that the majority of the experts in the group have now voiced their explicit support for the measure.
During the discussions 46 of the panel members gave their full support to the tax, while 10 other members called for a delay to its implementation, and 3 insisted that the tax should be cancelled...Read More
August 26, 2013 Taxation in France
PARIS – France must shift its focus away from tax hikes and look towards spending cuts.
In an interview with the newspaper Le Journal du Dimanche on August 25th the vice-president of the European Commission Olli Rehn said that tax levels in France have reached its realistic limit, and the country is now at a “fateful point”, as any further rate hikes will now only serve to “…break growth and weigh on employment.”
Olli Rehn noted that if the French government wishes to improve its fiscal position, it must implement cuts to public spending instead of relying solely on hikes to tax rates.
The current tax-to-GDP ratio in France is estimated to be approximately 44.2 percent, one of the highest in the OECD, and the third highest in Europe only behind Denmark and Sweden.
The Commissioner...Read More
August 6, 2013 Taxation in France
PARIS – The heavy handed austerity measures and tax hikes implemented by the French government may be slowing the country’s economic growth.
Reductions in inefficient spending, and not tax hikes, are the key to fueling France’s economic recovery, according to a new report released on August 5th by the International Monetary Fund (IMF).
The tax burdens faced by individuals and businesses in France are already some of the highest in Europe, and it is now critical for the national government to re-balance its recovery efforts by reducing the reliance on tax hikes, and instead concentrating on cutting inefficient spending on social security and local governments.
Any increases to tax rates beyond current levels are likely to hamper economic growth by stifling investment and job creation.
The I...Read More
June 28, 2013 Taxation in UK
LONDON – The UK can no longer reduce its budget deficit by implementing major spending cuts, and the government will soon need to consider raising council rates, hiking GST or freezing personal income tax thresholds.
On the 26th of June the UK government held its annual Spending Review, revealing the initial estimates for the national budgetary plan for the upcoming year, and within one day the the UK based think tank Institute of Fiscal Studies (IFS) released an analysis of the announcement, saying that the government’s intentions are unsustainable and will necessitate a series of new tax hikes in order to implement.
In the latest Review the government stated that over the course of the next fiscal year approximately GBP 11...Read More
May 6, 2013 Taxation in Norway
OSLO – New hikes to taxes on profits earned by the oil industry in Norway are set to fund a tax cut for all other businesses in the country.
In a press conference held on May 5th in Oslo the Prime Minister of Norway Jens Stoltenberg announced that the country’s corporate tax rate would soon be dropped from 28 percent to 27 percent, but the tax obligations faced by businesses in the oil industry would be increased.
The cut to the corporate tax rate will cost the government approximately NOK 3 billion, but the move is expected to boost economic activity around the country.
To fund the cut to corporate taxes, the special petroleum tax levied on profits drawn by oil extractors will be raised from 50 percent to 51 percent.
The subsidies provided to oil companies will also be reduced, with the...Read More