taxpayers tagged posts

Extensive Tax Cuts in Hong Kong

February 3, 2012 Taxation in Hong Kong

John TsangThe government of Hong Kong has put forward a plan for the budget for the coming financial year containing several new tax measures aimed at reducing the tax burdens on taxpayers.

On February 1st the Financial Secretary of Hong Kong John Tsang outlined the budget plan for the 2012 – 2013 financial year, containing several tax changes which are expected to benefit more than 1.62 million taxpayers.

One of the primary changes outlined in the budget plan is a 75 percent reduction to profits taxes and salary taxes for the 2011 – 2012 financial year. If approved, the changes will cut the government’s revenues by approximately HKD 10.02 billion in the coming financial year.

In order to further reduce tax burdens , the basic allowance, married couple allowance, and dependant allowances have been i...

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UK Families Pay Too Much in Taxes, Cuts Needed

February 1, 2012 Taxation in UK

Family in UKThe average UK family will pay more than GBP 650 000 in taxes over its lifetime, with the amount ballooning to well over GBP 1 million for high earning families.

According to the report published on January 30 by UK Taxpayers’ Alliance, the members of an average UK family will pay more than GBP 656 000 in direct and indirect taxes over their lifetime, with over GBP 250 000 payments for income taxes, and an extra GBP 101 000 in Value Added Tax payments. Council tax and national insurance contributions were the next biggest liabilities faced by taxpayers.

The highest earning families in the UK will face cumulative tax liabilities of approximately GBP 1.3 million, while the families with the lowest earnings will see total obligations of GBP 235 000.

The results of the research are based on cu...

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US Taxpayers Work 2 Hours Daily for Taxes

May 6, 2011 Taxation in USA

Fayetteville, NCThe average US taxpayer with an eight hour work day will spend over a quarter of their time working to pay their taxes.

A new study has been released by the Tax Foundation, an independent think tank researching US federal and state tax policies, quantifying the state and federal taxes faced by taxpayers with full-time employment. The new research suggests that the average worker will need to spend 2 hours and 13 minutes per eight-hour workday in order to merely meet their tax requirements. The time is equivalent to approximately 27.7 percent of a standard working day. Individual income taxes account for the biggest portion of the time, requiring approximately 46 minutes per day...

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Hairdresser and Drug Councilor Ran Money Laundering Scheme

August 25, 2010 International Tax Cooperation

computer laptop keyboard HP Pavilion Entertainment PCFour UK citizens are facing money-laundering charges after allegedly using online music services to wrongfully receive over USD 300 000 in illicit royalties, with the support of eight individuals who are now charged with fraud.

An investigation by the Metropolitan Police’s eCrime unit (PCeU), with international assistance from the FBI, has resulted in four UK nationals being reprimanded and charged with money laundering, while another eight are being accused of conspiracy to defraud. The group is alleged to have used US-formed companies to upload 20 of their own musical files onto the online services iTunes Store and Amazon, and used over 1 500 stolen credit cards to make repeated purchases of those files...

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Australia Refining Tax Election System

June 17, 2010 Taxation in Australia

Cashmoney IIThe Australian Government has set out to refine the current system which allows individual taxpayers and businesses to make “elections”, or treatment choices, in their tax returns.

On June 16th Nick Sherry, Australian Assistant Treasurer, announced the release of a consultation paper which aims to gather public feedback on possible refinements to the nation’s “election” tax system. In the current form, Australian taxpayers are able to make choices in how their income is determined and reported. There are currently 216 such “elections” in Australian tax law...

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