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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 08/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 07/09
Flaws Uncovered In UK PAYE Tax System, Tax-News.com |
| 06/09
German Cabinet Agrees 'Future Package', Tax-News.com |
| 03/09
South Africa Rejects Mining Tax, Tax-News.com |
| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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'Tax Freedom Day' Has Arrived In Canada,
by Mike Godfrey, Tax-News.com, Washington 20 June 2006
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Tax Freedom Day arrived five days earlier in 2006 compared to last year
as tax cuts filtered into the system, although Canadians must still effectively
work for almost half of the year before all of their tax liabilities are paid,
according to the Fraser Institute, the free market think tank.
This year, Canadians started working for themselves on June 19th. Last year,
it was June 24th and the latest that Tax Freedom Day has ever fallen in Canada
was on June 25th, in 2000.
Tax Freedom Day then decreased to June 18 in 2001 before increasing to June
22 in 2002 and 2003, and June 23 in 2004.
“Although this year marks a reversal of the recent upward trend in taxation,
Tax Freedom Day falls over a month and a half later than it did 45 years ago,”
noted Niels Veldhuis, senior research economist at the Institute.
“In 1961, the earliest year for which the calculation has been made,
Canada’s Tax Freedom Day was May 3," he added.
The Fraser Institute calculates Tax Freedom Day to provide a simple reference
point about the impact of government tax collection. The Institute has been
researching the comprehensive tax burden on the average family in Canada and
in each of the provinces since 1977.
However, Veldhuis points out that Tax Freedom Day is not intended to measure
the benefits Canadians receive from governments in return for their taxes.
“Tax Freedom Day is not a reflection of the quality of the product, how
much of it each of us receives, or whether we get value for our money. It’s
up to individual Canadians to decide how much value they receive in return for
their tax dollars,” he commented.
Tax Freedom Day calculations include all taxes levied on Canadians such as
income taxes, property taxes, and sales taxes, as well as profit taxes, health,
social security and employment taxes, import duties, license fees, taxes on
the consumption of alcohol and tobacco (so-called 'sin' taxes), natural resource
fees, fuel taxes, hospital taxes, and a host of other levies.
According to the Institute, tax relief announced in the 2006 federal budget
has contributed to the decline. The reduction in the Goods and Services Tax
(GST) from 7 percent to 6 percent accounted for one day of the five day decrease
in Tax Freedom Day. In addition, many provincial governments also reduced taxes
in 2006.
Government expectations of tax revenues can also contribute to a decline in
Tax Freedom Day, which is calculated using provincial and federal government
tax revenue forecasts.
“The good news for Canadian taxpayers is that the federal government
and most provincial governments reduced tax rates in 2006,” commented
Veldhuis.
However, conservative projections of tax revenues, especially relative to projected
increases in personal incomes, can result in the reduction of Tax Freedom Day,
Veldhuis explained.
“Unfortunately, given the conservative budget estimates of tax revenues
there could well be an upward revision to Tax Freedom Day once actual tax revenues
are tallied," he warned.
In 2006, the average Canadian family (with two or more individuals) earned
$79,396 in income and paid a total of $36,650 in taxes. The cash income of the
average Canadian family increased by 4.2 percent ($3,172) between 2005 and 2006.
This compares to a much smaller increase of 1.4 percent ($510) in the total
tax bill of the average Canadian family.
The largest increase came in the form of income taxes — up $482 for the
average Canadian family. Other notable increases were in property taxes ($145)
and profit taxes ($114).
The largest decreases for the average Canadian family from 2005 to 2006 were
in sales taxes ($123) and natural resource levies ($155).
Tax Freedom Day can vary across Canada depending on provincial tax rates. This
year, the earliest provincial Tax Freedom Day fell on June 6 in Alberta, while
the latest date fell on June 27 in Quebec.
All 10 Canadian provinces experienced a decrease in their Tax Freedom Days
between 2005 and 2006.
This year's study found that the Canadian tax system remains broadly progressive,
with the top 30 percent of income earners paying 65.9 percent of all taxes and
earning 59.1 percent of all income, while the bottom 30 percent of all income
earners pay 4.7 percent of all taxes and earn 9.4 percent of all income.
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