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International Tax »

Russian Lawmakers Propose Solidarity Tax On Top Earners

A group of Russian lawmakers is planning to put forward a legislative amendment that would raise income tax from 13 percent to 30 percent for the country's wealthiest individuals, as a "solidarity tax" to finance the development of Russia's regions as well as the newly-annexed regions Crimea and Sevastopol. Continue Reading »

International Law »

US Courts Uncertain Over Obamacare Tax Credits

Two United States Courts of Appeals have produced conflicting rulings on the premium tax credit provision within the Affordable Care Act that could still have a serious effect on President Barack Obama's health care law. Continue Reading »


Politics & Economics »

UK Taxpayers Being Dragged Into Higher Tax Bands

An estimated 4.6 million taxpayers are expected to pay tax under the UK's 40 percent higher rate of income tax in 2014-15, up from 3.6 million in 2011-12. Continue Reading »

Offshore »

Irish Pharmaceutical Firm Shire In USD55bn Merger

US-based pharmaceuticals giant AbbVie plans to merge with the Dublin-headquartered Shire in a USD55bn deal that is expected to reduce the group's effective tax rate to 13 percent. Continue Reading »


Business »

IRS Having Difficulties Auditing Large Partnerships

After being asked to study the challenges large partnerships pose for the Internal Revenue Service, and present its findings before the United States Senate Permanent Subcommittee on Investigations, the Government Accountability Office has shown that the agency audited only 0.8 percent of such entities in the 2012 fiscal year, compared to 27.1 percent for large corporations. Continue Reading »

E-Commerce »

US Senate Bill Lumps Online Sales Tax With Internet Moratorium

With the United States House of Representatives having recently passed the Permanent Internet Tax Freedom Act that would permanently extend a moratorium on internet access taxation, but with the more controversial Marketplace Fairness Act, which would allow states to impose sales taxes on online purchases, stuck in its Judiciary Committee, certain lawmakers have had the idea of linking the two into one bill in the Senate. Continue Reading »


Aviation »

Egypt Confirms USD25 Airport Departure Tax

Egypt has confirmed that it is adding a USD25 airport departure tax to flight fares to boost revenue for the cash-strapped state. Continue Reading »

Marine »

Philippine Bill Extends Shipping Income Tax Exemption

With the Philippine Overseas Shipping Development Act expiring this year, a bill has been introduced into the House of Representatives, seeking to extend the expiring income tax exemption granted to the country's shipping industry. Continue Reading »

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