VAT tagged posts

Portugal Launches Tax Lottery

February 11, 2014 Taxation in Portugal

Tax LotteryLISBON – Taxpayers in Portugal are now being offered rewards of cash and luxury cars in exchange for meeting their everyday tax obligations.

Late last week the Minister to the Presidency and Parliamentary Affairs of Portugal Luis Marques Guedes announced that starting from April this year the government will run a new lottery aimed at discouraging off-the-record cash sales and business transactions.

Under the rules of the new lottery, dubbed the Factura da Sorte or Lucky Invoice, all purchases made through a cash register in a retail store or with a properly issued invoice by other small service providers will be allocated with a lottery number for individual buyers, to be drawn for a weekly prize.

The government hopes that the incentive will discourage taxpayers and businesses from t...

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New Taxes in Bulgaria

November 16, 2012 Taxation in Bulgaria

tax on gamblingSOFIA – Bulgarians will soon feel the burden of extra taxes, as bank deposits and gambling revenues are brought into the tax net.

On November 15th the parliament of Bulgaria approved several amendments to the national Value Added Tax Act, which, amongst other changes, allows the VAT to be levied on interest earned from bank deposits and on the revenues of gambling operators.

From January 1st 2013 banks in Bulgaria will be responsible for withholding the 10 percent tax on interest earned from fixed term deposits its clients, and will also be charged with he task of transferring the collections to tax authorities.

It is expected that the bank tax should raise approximately BGN 120 million in the first year alone.

Supporters of the new regulations claim that through the tax wealthy individual...

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Scottish Business Opposing Tax Change

June 14, 2010 Taxation in UK

Business Leaders at Bute HouseRecently 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 Scottish business operators. According to the publication, 47 percent of Scottish firms are primarily concerned with the implications which an increase to CGT rates will have...

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UK VAT and NIC Increases Will Cut Jobs

May 28, 2010 Taxation in UK

ChangesRecent 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 cost of nearly 30 000 jobs lost throughout the country. Within four years, the figure would increase to 163 000 jobs lost across all employment sectors. Within a year of the rate change, consumer spending is also predicted to fall by approximately GBP 1.6 billion...

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Argentina Reports Tax Collection Spike

May 25, 2010 Taxation in Argentina

Cristina Fernandez de KirchnerThe 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 of the Government’s policies.

The AFIP highlighted some of the most impressive increases including a 36 percent increase to income tax payment collection, to a level of ARS 4...

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