Tax Rise tagged posts

Finland Looks to Raise Taxes by EUR 1 Bil

August 8, 2014 Taxation in Finland

Taxes in FinlandHELSINKI – Finland is looking to hike excise duties, raise the taxes faced by high income earners, and lowering taxes for low income earners, while boosting government revenues.

On August 7th the Finance Minister of Finland Antti Rinne released the first draft of the proposed national budget for 2015, outlining several tax measures intended to raise tax revenues by approximately a billion euros.

The Finance Minister announced that in 2015 the excise duties on electricity, tobacco, confectionery, and fuel will be raised, a move which is expected to bring in an extra EUR 370 million of tax revenues.

Rate hikes will also be enacted on landfill tax and road duty, in order to raise tax collections by an extra EUR 185 million.

Moves will also be made to widen the national tax base, including li...

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Scottish Independence Will Hike Taxes

November 27, 2013 Taxation In EuropeTaxation in UK

Scottish taxLONDON – The financial burden of Scotland’s independence will be borne by the country’s taxpayers, as they will face steep and permanent tax hikes within four years of the country leaving the UK.

In a letter dated November 26th the Chief Secretary to the Treasury Danny Alexander warned the First Minister of Scotland Alex Salmond that, according to the results of calculations completed by the Treasury, Scottish taxpayers would face a tax hike of approximately GBP 1 000 per person per year if Scotland obtains independence from the UK.

Scotland is scheduled to conduct a nationwide referendum on the question of national independence on September 18th, and if a clear approval is shown, the country could leave the UK within two years.

The Treasury’s warning comes the day before the government o...

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Panel Support Contentious Tax Hike

September 2, 2013 Taxation in Japan

Akira AmariTOKYO – 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...

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French Taxes at “Fateful Point”

August 26, 2013 Taxation in France

Paris-20PARIS – 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...

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Tax Hikes Wont Help France

August 6, 2013 Taxation in France

President of France, François HollandePARIS – 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...

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