Recently the results of several surveys have been published, showing Scottish consumer groups and business owners are apprehensive about the proposed changes expected to be announced in the June 22nd UK emergency budget. Specifically, increases to Value Added Tax (VAT) and Capital Gains Tax (CGT) have been target by researchers as having the biggest negative effects on Scottish consumers and business-owners. On June 14th the Scottish Chambers of Commerce (SCC) released a report with the results of a survey carried out on ... Read More

Recent research indicates that the proposed increases to the UK’s Value Added Tax (VAT) rate would dampen consumer spending by GBP 3.6 billion, while lowering national employment by 163,000 over the same period. On May 27th the British Retail Consortium (BRC) released a statement detailing the alleged future economic effects of the Government’s proposed 2.5 percent VAT rate increase. The BRC claims that the rate change would decrease the Government’s deficit by approximately GBP 11.3 billion within its first year, but at a ... Read More

The Government of Argentina recently revealed its latest tax collection figures, showing a 30.7 percent increase in collections for the month of April. On May 24th the Argentinean tax administration Administración Federal de Ingresos Públicos (AFIP) published the Government’s tax collection results. In April the Government collected ARS 30.1 billion (approx. USD 7.75 billion), representing a 30.7 percent increase from April 2009. Cristina Fernandez, President of Argentina, called the latest results “historic”, and further claimed that the increase displays the effectiveness and appropriateness ... Read More

The Bulgarian Government has given clear indication that it will not raise its Value Added Tax (VAT) rates in order to reduce the current budget deficit. Speaking at a television interview on May 23rd, Simeon Djankov, Finance Minister of Bulgaria, denied any speculation regarding possible increases to the nation’s VAT rates. Economists across Europe, and political figures within the country, have called for a rise to the current 20 percent VAT flat-rate in order to eliminate the budget deficit. The current monetary imbalance ... Read More

The Organization of Economic Cooperation and Development (OECD) has released its bi-annual Economic Brief of Finland, with an assessment of the country's economy and tax system and recommendations for changes. According to the newly published report, Finland was one of the OECD-member nations most effected during the global economic downturn, and, although, it had fared relatively well coming out of the contraction, economic changes must now be made. The proposed changes in the tax system will ensure enhanced tax efficiency and future economic ... Read More