Thailand’s tax collections are expected to exceed Government targets by at least 10%. The Thailand Government’s fiscal stimulus measures and tax base extension efforts will see tax collections “easily” surpass the THB1.097 trillion target set by the Revenue Department for the financial year ending September 30th, 2010. The rapid upsurge in revenue has been laid down to Thailand’s improving economic situation and extended efforts to raise the profitability of the country’s taxation system. Following several months of growing collection figures and healthy ... Read More

Ahead of the Pre-Budget Report (PBR), due to be delivered on December 9th by Alastair Darling, Chancellor to the Treasury, a slew of speculation has arisen regarding possible tax rates increases and installation of new tax types in the UK. Though the PBR deals with government spending and economic forecasts, this year is likely to see an increased focus on the issue of taxation as the UK government copes to deal with financial crisis induced budget deficits. Common media discussion centers around the ... Read More

Swinford Bridge, a private toll bridge in the UK, which grants its owner various tax exemptions, was sold at auction to an anonymous bidder on December 3rd, for GBP 1,080,000. The Swinford Toll Bridge in Oxfordshire, England, was built in 1767 by the Earl of Abingdom. The unique tax properties of the structure were granted when it received its own Act of Parliament “An Act for building a Bridge cross the River Thames, from Swinford, in the County of Berks, to Eynsham, in ... Read More

The Icelandic Government gave final approval to tax reforms and announced that the implementation of the new system will begin January 1st, 2010. Initial tax reforms plans were announced on June 18th 2009, which consisted of restructuring of personal taxes from the current flat-rate to a three tier system, along with increases in capital gains, VAT and tax-free exemptions. Beginning in 2010 Iceland will replace its lat-rate personal tax rate of 24.1% with a three tiered system. Those earning less than ISK200,000 ... Read More

The outlines of India's Good and Service Tax (GST) plans are starting to emerge, with the first discussion paper on the idea being released on November 11th. The initial details concerning the structure of India's upcoming GST implementation have been released by the Empowered Group of State Finance Minister. Though the paper is not a complete account of every aspect of the new GST system, it is the first comprehensive discussion to both its format and implementation. The group has stated that the new ... Read More

The South Korean Government expects its tax collection to grow by 9.2% annually, between 2011 and 2013. According to the report submitted by the Finance Ministry to the National Assembly of Korea, the nation will see an annual increase of approximately 9.2% in its tax collection and a 5% rise in GDP, annually between the years of 2011 and 2013. Government figures place the expected income at approximately KRW187 trillion for 2011, KRW 204 trillion in 2012 and KRW223 trillion in 2013. Plans ... Read More

Swiss voters have approved an increase in the country's Value Added Tax (VAT). In a nation-wide referendum, held on the 27th of September, Swiss voters approved raising each of Switzerland's three VAT rates. As of January 2011, the standard VAT rate in Switzerland will be 8%, compared to the current 7.6%. The VAT for lodging services will increase by 0.2% to 3.8%, and reduced rate items like food, newspapers and medicine will see a rate rise of 0.1% to a level of 2.5%. ... Read More