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NZ Accountants Call For Simpler Small Business Tax 5/18/2012 New Zealand’s tax system has become overly complex, the country’s Institute of Chartered Accountants has said, calling for simplification of the rules for small businesses and setting out proposals for reform.
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China Plugs Its Tax Help For SMEs 5/14/2012 China’s Minister of Finance Xie Xuren, at a seminar, has emphasized the
support that should be given by pro-active fiscal policies to the development
of small and medium-sized enterprises in the country.
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HMRC Warned Of RTI Impact On Small Firms 5/1/2012 The Low Incomes Tax Reform Group has said that the UK tax
authority, HM Revenue and Customs, has underestimated the impact of Real Time Information
on small employers.
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France Sees Dip In 'Auto-Entrepreneurs' 4/18/2012 Urssaf, the French organization responsible for the collection of social contributions,
has recently unveiled details of its latest assessment of the country’s
‘auto-entrepreneur’ regime, with its fiscal benefits for individual
traders in France, taken at the end of December 2011.
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Singapore Eases Small Business Tax Compliance 4/3/2012 At the annual Budget Seminar organized by the Tax Academy of Singapore, Moses
Lee, the Commissioner of Inland Revenue, has disclosed that the Inland Revenue
Authority of Singapore is to introduce a further simplification of tax
filing for small companies.
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Ireland Appoints 'Start-Up Ambassador' In China 3/30/2012 Enterprise Ireland has appointed an 'International Start-up Ambassador' in China as part of the government's Action Plan for Jobs 2012.
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US Lawmakers Mull Small Business Tax Reforms 3/13/2012 The House of Representatives Committee on Ways and Means has held a hearing to
examine how the United States tax code affects closely-held businesses, and how and under which sets of rules
such firms should be taxed within any future tax reform.
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UK Panel Recommends Small Business Tax Reforms 3/8/2012 Practical changes to the UK's tax system will help ease the burdens imposed on small businesses, the Office of Tax Simplification has said.
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South African Budget Unveiled 2/24/2012 Despite the concerns previously expressed over prospective South African public
sector debt levels, Minister of Finance Pravin Gordhan’s 2012 Budget confounded expectations by looking for reduced fiscal deficits,
rather than increases, in the next three years, despite tax relief measures and significant increases
in government spending.
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UK Tax Amnesty Targets Electricians 2/15/2012 HM Revenue and Customs has unveiled its newest tax amnesty scheme, offering electricians the opportunity to pay the taxes they owe with lower penalties.
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UK Offers Online Seminars To Taxpayers 2/14/2012 The UK tax authority HM Revenue and Customs has launched a 'webinar' programme, offering online tax help to businesses and the self-employed.
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UK Outlines 2012 Tax Enforcement Plans 2/13/2012 The UK tax authority, HM Revenue and Customs has outlined that in the coming year
it will focus its tax enforcement efforts on taxpayers that fail to make tax returns
and those that are liable to pay tax at the highest personal income tax rates,
as well as launching targeted campaigns in two specific sectors.
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HMRC Revamps UK Business Record Checks 2/9/2012 The UK tax authority HM Revenue and Customs is to take a fresh approach to its business records checks programme in the coming financial year. The move comes following a review of the programme, and the revamped approach will be launched early in the 2012/13 financial year.
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E-Filing Record Set By UK's Self-Assessors 2/9/2012 HM Revenue and Customs saw a record 7.65m Self Assessment tax returns filed online this year, with a total 9.45m returns sent on time.
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French Start-Ups Hindered By Red Tape 2/8/2012 The general council responsible for industry, energy and technology in France has recently published a report on the development of start-up businesses,
reviewing support networks, the fiscal and social environment as well as the conditions
for accessing finance, and has put forward a series of recommendations.
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Hong Kong To Launch Microfinance Pilot Scheme 2/3/2012 The Hong Kong Mortgage Corporation Limited has announced that it will shortly seek approval to launch a microfinance pilot scheme with a trial period of three years, from mid-2012.
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Sarkozy's Presidential Rival Outlines Fiscal Pledges 2/2/2012 French Socialist candidate for the Elysée, François Hollande,
has recently unveiled details of his presidential election programme, containing
a raft of fiscal measures, designed to stimulate the economy, to support small- and medium-sized companies in France, and to
reduce the public deficit to 3% of gross domestic product in 2013.
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Tax Disputes Service Launched For UK SMEs 1/10/2012 The UK's small and medium-sized businesses will benefit from the introduction of a new dispute resolution service, with the launch of a pilot scheme underway.
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French SME Body Welcomes 'Social VAT' 1/10/2012 Underlining the need to reduce the cost of labour in France and to widen the base
for financing welfare, the French industry body representing small- and medium-sized
companies, CGPME, has called for a rise in value-added tax and for
a rise in the general social contribution in return for lower employer contributions.
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EU Looks To Reduce Regulatory Burden On Small Businesses 11/25/2011 The European Commission is proposing a new approach which will seek wherever
possible to exempt small businesses from European Union legislation, or to
introduce special regimes so as to minimise the regulatory burden on them.
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Reding Pushes EU Optional Contract 11/14/2011 During her speech at a conference on European contract law in Warsaw, the Vice-President
of the European Commission, and European Union Justice Commissioner,
Viviane Reding, pointed to the proposed optional Common European Sales Law as
a means of energizing cross-border trade and contributing to economic growth.
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UK To 'Liberate' Small Business 10/27/2011 The UK's coalition government is reviewing regulation and encouraging changes to tax compliance rules in a bid to 'liberate' small businesses from onerous tax rules and red tape, according to Deputy Prime Minster Nick Clegg.
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China To Provide Further Support To Small Business 10/14/2011 Following a meeting of China’s State Council, chaired by Premier Wen Jiabao,
financial and fiscal measures were identified to try and provide additional support
to small and micro businesses.
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FAF Rejects 'Little GAAP' For US Private Companies 10/7/2011 A new body, with the authority to identify standards that require modification
and to vote on specific proposed exceptions or modifications to United States
Generally Accepted Accounting Principles for private companies, is the
centrepiece of a plan released for public comment by the Financial Accounting
Foundation.
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Australia Consults On Standard Deduction 9/30/2011 Exposure draft legislation has been released for public consultation by the Australian government on proposals to provide individual taxpayers with a standard deduction for work-related expenses and the cost of managing tax affairs.
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UK SME Investors Secure GBP100m In Tax Breaks 9/28/2011 Investors in the UK's small and medium size enterprises are set to benefit from tax breaks worth GBP100m (USD156m), after the European Commission gave the go-ahead for the government's plans to stimulate growth and job creation.
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IR35 Tax Yield In UK 'Minimal' 9/27/2011 The tax yield generated through reviews using the UK's controversial intermediaries legislation amounted to around GBP200,000 last year, HM Revenue and Customs has said, figures a leading freelance body says demonstrates that the difficulties caused by the system are 'completely unnecessary'.
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UK To Step Up Business Record Checks 9/26/2011 Following on from a pilot scheme, the UK's revenue agency is to extend its Business Records Checks programme, with plans to complete 12,000 such checks by the end of the current financial year.
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South Africa Provides Ruling On Taxes Within DTAs 9/20/2011 The Legal and Policy Division of the South African Revenue Service has
issued a Binding General Ruling that identifies the taxes which constitute
taxes on income, or substantially similar taxes, for the purposes of South Africa’s
double tax agreements.
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UK's Micro Businesses Set For Simplified Reporting 8/30/2011 The UK is looking to reduce the amount of red tape encountered by the smallest businesses in their reporting requirements, in a move designed to boost innovation and growth in the sector.
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Algeria Finance Law Supports Entrepreneurs 8/19/2011 Algeria’s 2011 supplementary finance law, containing a raft of tax measures designed to support employment and to boost the creation of small businesses, has now been published in the country’s official journal.
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Mexico Boosts State Guarantees For SME Financing 8/18/2011 Mexico’s Secretary of Finance, Ernesto Cordero Arroyo, has led a presentation
of the federal government’s funding strategy for small and medium-sized
enterprises, and additional resources were announced for its guarantee programme.
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South Africa Consults On Microinsurance 7/29/2011 The government has published a policy document summarising a regulatory framework
for microinsurance in South Africa, either by amending the existing long- and
short-term insurance legislation, or through a stand-alone Microinsurance Act,
together with the introduction of relevant tax provisions.
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SARS Issues Micro-Business Tax Guide 7/11/2011 The South African Revenue Service has issued a tax guide containing information
about the operation of the simplified tax system for micro-businesses.
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IFC Launches Georgian Tax Simplification Project 5/30/2011 The IFC is to help the Georgian government roll out its new tax system for micro and small businesses, training entrepreneurs on the new regime, with a view to further reinforcing the administrative and financial benefits expected from the measures.
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South African Companies Act Signed 4/22/2011 South Africa’s President Jacob Zuma has signed the Companies Amendment Act
of 2010 into law and, together with the Companies Regulations and all other relevant
documents, it will come into effect on May 1, 2011.
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Ireland Makes Changes To Relevant Contracts Tax 3/1/2011 Ireland's revenue agency has released details of a new scheme to enhance the effectiveness of the Relevant Contracts Tax, as contained in the recent Finance Act.
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South African Budget Emphasizes Growth 2/25/2011 South Africa’s 2011 budget, presented on February 23 by the Minister of
Finance Pravin Gordhan, declares that the measure of South Africa’s economic
progress, and the effectiveness of the government’s spending and tax policies,
will be primarily seen through its target of creating 5m new jobs in the next
ten years.
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SARS Introduces New Tax Guides For Small Businesses 2/18/2011 The South African Revenue Service has issued a new Tax Guide for Small
Businesses 2010/11, which contains information about the tax laws and other statutory
obligations that apply to small businesses.
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Medef Slams French 2011 Finance Bill 12/16/2010 During a recent national conference of industrialists, the French employers’ federation
Medef fiercely criticized the government’s 2011 finance bill, warning that
spectacular errors had been made as regards changes to ‘extraordinarily
promising’ fiscal mechanisms currently benefiting businesses in France.
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New Filing Rules For Canadian Partnerships 9/23/2010 The Canada Revenue Agency on September 17 announced changes to the requirements
for filing partnership information returns.
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IFC Cooperates With Georgia On Tax Reform 8/31/2010 Through its Advisory Services, the International Finance Corporation, a member of the World Bank Group, is working towards reform of Georgia’s tax system to benefit small businesses.
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Bahamas Tax Measures Said To be Deterring Investment 8/19/2010 The Nassau Institute
has warned that fiscal measures introduced by the Bahamas may be warding off
potential investors to the detriment of tax receipts.
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El Salvador Firms Want Tax Law Clarification 8/17/2010 The El Salvador Chamber of Commerce and Industry is seeking consultation on two new taxes proposed in a tax simplification bill aimed at the black economy.
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Dubai Moves To Support Entrepreneurial Activity 7/23/2010 Dubai has announced plans to launch a new visa system that would expedite entrepreneurs’
visa applications and offer business formation advice as part of the Dubai’s efforts
to encourage high value start-ups to the Emirate.
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Georgia To Debate Tax Code Redraft 6/29/2010 A redrafted Tax Code has been sent to the Georgian parliament for approval with a view to becoming effective from 2011.
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Hungary Unveils Economic Action Plan 6/10/2010 Unveiling details of the government’s latest economic plan, Hungary’s
Prime Minister Viktor Orban announced a series of tax cuts, designed to reassure
investors and calm nervous markets.
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UK Bosses Sound CGT Alarm 6/9/2010 More than 200,000 ordinary taxpayers in the UK will be hit by the government's
decision to realign rates of capital gains tax with income tax,
according to the Institute of Directors.
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UK Tax Reform No Help For SMEs 5/21/2010 While many large companies will welcome the corporation tax cut, to be announced
in the forthcoming emergency budget, small companies will lose out from likely changes to capital
allowances.
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UK Taxpayer Stung By Tax Return Mistake 4/27/2010 A subcontractor from Kent in the United Kingdom has found himself facing a GBP1,400 fine for making a 'careless' mistake with regard to his tax affairs, despite the fact that HM Revenue & Customs actually owed him money.
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Russia's Skolkovo To Have Own Tax Regime 4/26/2010 The head of the Russian 'Silicon Valley' project at Skolkovo, Victor Vekselberg, has given an interview to Vedomosti, in which he describes the project and its planned tax privileges in more detail.
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UK Bosses Comment On NIC Row 4/12/2010 The Institute of Directors has stepped into the row on Labour's planned national insurance hike that has dominated the first few days of the election campaign in the United Kingdom.
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UK Small Businesses Failing To Claim Tax Back 4/5/2010 Accounting firm RSM Tenon has urged business owners in the UK to pay closer attention to their tax affairs, revealing that they could be missing out on thousands of pounds, as more than half of business owners fail to claim tax back on a retrospective basis.
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UK Tories Will Reform IR35 4/2/2010 As the Tory proposals - if elected - to scrap plans to increase National Insurance contributions previously announced by the Labour government, seem to be gathering support, it has also emerged that the UK opposition party is considering reversing government policy on IR35.
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