 |
|
|
 |
|
|
|
|
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. |
| |
| 29/07 New
Lowtax Editor Column, by Kitty Miv |
| 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 |
| 19/07 Expats
Turn Backs On US Taxes, Tax-News.com |
| 16/07
Congress Approves US Financial Reform Bill, Tax-News.com |
| 15/07 New
Lowtax Editor Column, by Kitty Miv |
| 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 |
| 09/07
Antigua Pursuing Trade Sanctions Against US, Tax-News.com |
| 08/07 New
Lowtax Editor Column, by Kitty Miv |
|
06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 05/07
Australian Mining Tax Agreement Reached, Tax-News.com |
| 02/07 Online
Trading For Expats, Investors Offshore special feature |
| 29/06 EC
To Extend Common System Of VAT, Tax-News.com |
| 28/06
Lowtax Dubai, annual update |
| 25/06 Jersey
Considers Tax Future, Tax-News.com |
| 22/06 VAT
Hiked In UK Emergency Budget, Tax-News.com |
| 21/06 Steady
Progress In TPP Negotiations, Tax-News.com |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
| 14/06 Ethical
Moonshine, Penelope Wise blog entry |
| 11/06 Germany
Purchases Stolen Tax Data Disc, Tax-News.com |
|
08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 07/06 G-20
Shelves Global Bank Tax, Tax-News.com |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 31/05
OECD And EU Strengthen Tax Cooperation, Tax-News.com |
| 28/05
Lowtax Guernsey, annual update |
| 25/05
Lowtax Jersey, annual update |
| 24/05 Lithuania
Summary PBTG Guide, added to Personal Business Tax Guide |
| 21/05
Lowtax Liechtenstein, annual update |
| 18/05 Latvia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 17/05 Offshore
And The Euro, Jeremy Hetherington-Gore blog entry |
| 14/05 IO
Focus: Barbados, Investors Offshore special feature |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
 |
| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
| |
|
| |
| 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. |
| |
|
|
UK Tax Freedom Day Falls On May 14,
by Robert Lee, Tax-News.com, London 13 May 2009
|
Tax Freedom Day, or the day in the year when the average Briton has earned enough
to pay his annual tax bill, will fall on May 14 this year, according to independent
think-tank the Adam Smith Institute.
The ASI has calculated that this is the earliest Tax Freedom Day since 1973
which, on the face of it, is good news for taxpayers. However, it still means
that for 135 days of the year, every penny earned by the average UK resident
will have been taken to support government expenditures. Moreover, the ASI points
out that the traditional Tax Freedom Day measure only reflects the money actually
raised by the government in taxes, not the full amount it spends. If the government
deficit is factored in, Tax Freedom Day does not come until June 25 –
the worst figure since 1984.
This gap between Tax Freedom Day based on actual revenues and Tax Freedom Day
based on government spending is now the widest it has been since the early 1970s
– and possibly since World War II.
According to Gabriel Stein, Chief Economist at Lombard Street Research who
calculates Tax Freedom Day every year, the figures indicate a bleak future for
British taxpayers: "Running up deficits can be described as a form of deferred
taxation. The effect will be that when the economy recovers – as it will
eventually do – the UK tax burden is likely to rise much faster than would
otherwise have been the case and Tax Freedom Day is likely to creep later and
later in the year."
The Institute says that the reason that Tax Freedom Day will arrive so early
in 2009 is not so much that the tax burden has been dramatically reduced as
it is that tax revenues have collapsed due to the sharp downturn in the economy.
Dr Eamonn Butler, director of the Adam Smith Institute, commented: "It's
nice to see Tax Freedom Day come early, but our research doesn't leave me optimistic.
Under Gordon Brown's stewardship of the economy, the government's annual deficit
went from near-balance in 1998 to more than 3% in 2007. And that was when the
UK economy was growing strongly. Now the Chancellor is forecasting a 13.3% deficit.
Young people have the right to feel very angry, because they'll be carrying
the burden of these mistakes for years to come."
Tax Freedom Day shows the total tax paid each year by a taxpayer on average
income, including indirect taxes, local taxes and National Insurance contributions,
as a percentage of that individual's total income. It is calculated by comparing
general government tax revenue with the Net National Income. The total of all
government tax revenue – direct and indirect taxes, local taxes and National
Insurance contributions – is calculated as a percentage of NNI at market
prices. The result is then converted to days of the year, starting from January
1.
By way of comparison, Tax Freedom Day for US taxpayers arrived on April 14
this year – eight days earlier than it fell last year – according
to the Tax Foundation, a non-partisan tax policy think tank.
.
|
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|
TAX-NEWS.COM
Free Tax-News Feed