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IRS Plugs Small Businesses Tax Credits 5/25/2012 The United States Internal Revenue Service is encouraging small business
owners to check out two tax credits and a special relief programme that could
provide them with significant tax benefits during 2012.
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GOP Pressurizes Democrats Over 'Fiscal Cliff' 5/22/2012 In a letter to the United States Senate Majority Leader, Harry Reid, 41 Republican Senators, led by Ranking Member of the Finance Committee
Orrin Hatch, and Republican Leader Mitch McConnell have
urged him to take immediate action to stop the largest tax increase in history,
set to take place on January 1, 2013.
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Brazil Prepares Payroll Tax Cuts To Prop Up Economy 4/6/2012 Brazilian President Dilma Rousseff has announced a number of measures aimed at
boosting economic growth in ailing sectors of the economy, including through payroll
tax concessions.
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NZ Pushes Tax Credits For 'Payroll Giving' 3/15/2012 New Zealand's Revenue Minister Peter Dunne has praised the creation of a new website which offers information for employers seeking to establish Payroll Giving schemes in their workplaces.
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Jersey Reports Record Tax Compliance Figures 3/9/2012 Jersey’s Tax Office has reported an all-time high tax collection rate of 99.6%
for 2011, markedly higher than that of the United Kingdom last year, which recorded a rate of around 96%.
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Bermuda Announces 2012 Budget 3/5/2012 Bermuda's Finance Minister Paula Cox has released the territory's budget for 2012, containing
a number of tax measures to boost tax revenues and employment.
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US Congress Passes Payroll Tax Extension 2/21/2012 As was expected, and just in time before the short Congressional recess, an extension
of the United States payroll tax cuts and unemployment benefits, from the end
of this month to the end of the year, passed through both the House of Representatives
and Senate with varying degrees of bipartisan support.
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US Congress Strikes Payroll Tax Deal 2/17/2012 United States Republican and Democrat Congressional leaders have agreed a format
for the extension of the payroll tax cuts and unemployment benefits from the end
of this month, following intense pressure from President Barack Obama.
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Obama Produces Election Budget 2/15/2012 United States President Barack Obama has announced his proposed budget for the
next fiscal year beginning on October 1, which, with over USD1.5bn in net new
revenue from taxes on the wealthy and more spending on job creation and education,
will provide his platform for re-election.
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UK To Retain End Of Employment Form 2/10/2012 The UK tax authority's end of employment form will remain in continued use, after plans to replace it as part of the proposed 'real time information' system were scrapped.
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US Study Doubts Merits Of Payroll Tax Cuts 2/13/2012 A paper from the Tax Foundation has disclosed that, if the objective is to
increase long-term growth in the United States economy, reducing corporate and
individual income taxes would be more effective than an extension to the payroll
tax cut.
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UK To Overhaul Executive Remuneration 1/31/2012 UK shareholders will be given more powers to block excessive pay proposals and payments for failure under new proposals from the Business Secretary, Vince Cable.
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Bush Tax Widened US Wealth Gap, Says Study 1/19/2012 A recently-released report by the Congressional Research Service, on the changes in the distribution of income among individual filers of tax returns between 1996 and 2006, has concluded that the tax cuts that were first enacted under the presidency of George W. Bush have contributed to a widening of the United States wealth gap.
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PwC Warns Of UK PAYE Overhaul 'Perfect Storm' 1/11/2012 While reform of the UK's pay-as-you-earn tax system is in itself a good thing, a tight timescale for completion could create major issues for employers, PwC has warned.
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New Year Tax Misery In Canada 1/2/2012 There will be winners and losers when the new year brings in major payroll and pension tax changes in Canada, the Canadian Taxpayers Federation has said.
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US Tax Cut Fight Goes Down To The Wire 12/21/2011 The fight to extend a temporary payroll tax cut for US workers has gone down to the wire after House Republicans refused to accept a compromise deal approved overwhelmingly by the Senate.
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Bermuda Publishes Pre-Budget Report 12/19/2011 The Bermuda government is considering a number of tax measures for the 2012 Budget, to continue to consolidate the territory's fiscal finances, and reinvigorate economic growth and encourage job creation, according to a pre-budget report from the island's Finance Minister, Paula Cox.
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US House Approves GOP's Payroll Tax Extension Bill 12/15/2011 The Republican-led United States House of Representatives has passed the Middle
Class Tax Relief and Job Creation bill, the Republican Party’s package
to extend the payroll tax cuts that will otherwise expire at the end of the
year; but it is unlikely to pass the Democrat-led Senate without changes.
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HMRC Helps Employers Improve PAYE Systems 12/14/2011 HM Revenue and Customs is to help out at those businesses experiencing the most issues with data quality, in a drive to help employers improve their 'Pay As You Earn' information.
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Democrats Propose Compomise For US Payroll Tax Cuts 12/9/2011 The United States Senate is due to vote in the next few days on a modified proposal
from Democrats for extending the payroll tax cuts that will otherwise expire at
the end of the year, despite the fact that it has already been rejected by Republicans
because it retains a reduced version of the ‘surtax on millionaires’.
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Obama Emphasizes Importance Of Payroll Tax Cut 12/7/2011 In his latest weekly address from the White House, and following the announcement
of the November jobs report, President Barack Obama exhorted the United States
Congress to approve an extension of the payroll tax cuts, which will otherwise
expire at the end of the year.
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US Politicians Squabble Around Funding For Payroll Tax Cuts 12/5/2011 While both United States Democrat and Republican Parties have expressed a willingness
to extend, and even increase, the payroll tax cut which will otherwise expire
at the end of this year, they are poles apart on how the consequent reduction
in federal revenues should be funded.
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Multitude Of US Tax Measures To Renew By Year-End 11/30/2011 The Committee for a Responsible Federal Budget has recently noted that
the United States Congress has an extensive policy list to take care of before
the end of this year, including many expiring tax provisions.
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HMRC Seeks Volunteers For RTI Pilot 11/28/2011 The UK tax authority, HM Revenue and Customs, has said an additional 1,300 employers are needed to join the Real Time Information pilot in July next year, with another 250,000 asked to volunteer in November, 2012.
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UK Austerity 'The New Normal', Think Tank Says 11/25/2011 It is unrealistic to expect an instantaneous and painless economic recovery in the UK, a new report has said, arguing that a consistent and transparent tax environment is a fundamental characteristic of a dynamic growth economy.
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Obama Pushes Renewal Of Payroll Tax Cuts 11/24/2011 Immediately following the announcement of the failure of the Congressional Joint Select Committee
on Deficit Reduction, United States President Barack Obama has returned to pressing for
approval of the proposals within his American Jobs Act, and, in particular, a
renewal and extension of payroll tax cuts.
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Gibraltar's Tax Sovereignty 'Unaffected' By EU Ruling 11/21/2011 A recent ruling from the European Court of Justice has been welcomed by the Gibraltar government as confirming the territory's right to have a tax regime different from that of the United Kingdom's.
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Vision For Simpler UK Tax System Launched 11/15/2011 The UK tax system is set for a major overhaul, with the government launching a series of sweeping proposals based on its vision for a more transparent, open, and more easily understood personal tax system.
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7 Million Britons Incorrectly Taxed 10/24/2011 In the latest episode of a ongoing saga over its pay-as-you-earn system, HM Revenue and Customs has revealed that over seven million UK taxpayers were taxed incorrectly over a five year period, meaning it will now have to offer rebates to the tune of GBP2.5bn (USD3.9bn).
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US Senate Stops Obama's Jobs Act 10/13/2011 Republican Senators have blocked the passage of President Barack Obama’s
American Jobs Act as, although it received a slim 50-49 majority in the Democrat-led
United States Senate, it failed to achieve the 60 votes needed to proceed.
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Reports Reject US Foreign Profits Tax Holiday 10/7/2011 Two new studies, from both sides of the political spectrum, have denied that,
if a tax break for United States companies repatriating profits from their overseas
operations was to be re-instated, additional investment and jobs would be created
in the American economy.
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Australian Industry Group Calls For GST Increase 9/30/2011 It looks as if business organizations are going to ignore the rules set down by the Australian government for the upcoming Tax Forum to be held in Canberra on October 4 and 5 by calling for an increase in the goods and services tax rate to allow other more inefficient taxes to be removed.
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IRS Announces Payroll Tax Settlement Programme 9/26/2011 The United States Internal Revenue Service has launched a new programme
that will enable many employers to resolve past employee classification issues
and achieve certainty under the tax law at a low cost by voluntarily reclassifying
their workers.
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Research Suggests Flaws In Obama's Jobs Act 9/26/2011 Research presented by the Tax Foundation has suggested that the proposed
policies within President Obama’s recently-announced USD447bn plan to create
additional jobs in a growing United States economy will have little, if any, impact.
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Obama Targets Tax Breaks To Pay For Jobs Programme 9/14/2011 The bill which President Barack Obama has sent to the United States Congress,
giving effect to his USD447bn package of tax cuts and federal infrastructure spending,
includes tax break reductions and an offset trigger for the Joint Select Committee
on Deficit Reduction.
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Obama Presents Tax Cuts Package 9/12/2011 In an address to a joint session of the United States Congress, President Barack
Obama has proposed a USD447bn package of tax cuts and federal spending, with the
aim of creating additional jobs in a growing economy.
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Henry Review Author Urges Higher Australian GST 9/2/2011 Increasing the Goods and Services Tax from 10% to 15% is necessary for the financial future of Australian States, according to Greg Smith, former Treasury official and one of the authors of the Henry Tax Review.
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UK Invites Comment On Small Business Tax Reforms 8/1/2011 As part of its review of small business taxation, the UK's Office of Tax Simplification has published two consultation papers, outlining potential tax reliefs for disincorporation and a simpler income tax system for the smallest companies.
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Germany To Issue Pre-Completed Tax Returns 7/21/2011 The German finance ministry has recently published details of its plans to issue
pre-completed income tax returns in Germany in 2013.
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Jamaican Tax Reforms Under Review 7/15/2011 A parliamentary committee is to review the Jamaican government's proposals for a major overhaul of the country's tax system, which are due to be introduced in stages, beginning in January, 2012.
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UK Seeks Views On Income Tax-NI Merger 7/15/2011 Ahead of a planned consultation in the autumn, the UK government has called for evidence on the possible integration of the income tax and National Insurance contributions systems.
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Medvedev Delivers Three-Year Budget Statement 7/6/2011 Russia must modernize its economy as a priority, President Dmitry Medvedev has said, setting out a twelve point programme for the next three years, and hinting at a partial overhaul of the country's tax system and a wave of privatization.
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Russia Addresses Punitive Payroll Tax System 6/21/2011 The Russian government is finalizing plans to review the country's key tax
on corporates, the payroll tax, to establish a rate for large enterprises no
higher than 30%, partially reversing last year's hike, and establishing
lower rates for smaller enterprises.
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IMF Urges Russian Payroll Tax Cut 6/20/2011 The International Monetary Fund has urged the Russian government to put in place a 'credible, ambitious, and growth-friendly' fiscal consolidation plan which includes a reversal of the recent payroll tax hike.
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South Africa Improves Tax Administration 6/9/2011 In his budget vote speech to parliament, Finance Minister Pravin Gordhan was able
to point to improved tax revenue collection and compliance during the last fiscal
year, and looked forward to further success in 2011/12.
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SARS Issues Three-Year Strategic Plan 6/3/2011 Oupa Magashula, Commissioner of the South African Revenue Service, has
presented its Strategic Plan for the fiscal years from 2011-12 to 2013-14, expressing
his confidence that the Plan provides the blueprint for the continuous compliance
growth and sustained revenue realisation, which will be necessary to support economic
development in the country.
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Jamaica Publishes Tax Reform Paper 5/17/2011 A major overhaul of Jamaica's tax system has been proposed by the government, with reduced consumption and corporate tax rates, coupled with a rise in income tax thresholds, intended to provide economic growth and generate competitiveness.
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Tax Burdens On The Increase, Says OECD 5/13/2011 Average tax burdens rose in 22 of the Organization for Economic Co-operation and Development's 34 member countries in 2010, with France, Belgium, Germany and Italy among the highest-taxed countries.
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Jamaican Budget Launches Tax Reform 5/4/2011 With a Budget speech stressing the need to "kick-start growth in a big way", Jamaica's Finance Minister announced his intention to bring about fundamental change in the country's tax culture, with reforms designed to broaden the tax base, improve compliance, growth and competitiveness, and maintain economic stability.
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Australia’s Leading Commerce Association’s Take On Carbon Tax 4/4/2011 Peter Anderson, Chief Executive of the Australian Chamber of Commerce and Industry, has responded to the Leader of the Green Party’s demand that revenue from carbon tax be spent on tackling social problems as “quite short-sighted and indeed quite counter-productive”.
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UK Tax Merger Proposal Questioned 3/29/2011 The potential merger of the UK's income tax and National Insurance Contribution regimes has been praised as an administrative concept, but the Chancellor is being warned of the potential complexities and competitiveness issues such a move could cause.
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US Shown To Be More Reliant On Higher Earners 3/24/2011 Jan Schakowsky, a member
of President Obama’s 18-member Fiscal Commission, has introduced legislation in the House of Representatives which would raise taxes on millionaires. But an analysis by the Tax Foundation suggests that the US already has the most progressive income tax system in the industrialized world.
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Sarkozy Unveils Apprenticeship Tax Proposals 3/3/2011 French President Nicolas Sarkozy has announced plans to further encourage large
companies in France to provide in-work training for young people, in the form
of either apprenticeships or professional training contracts, by means of the
introduction of a bonus-penalty scheme, centred on the country’s existing
apprenticeship tax.
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Bermuda Budget Delivers Payroll Tax Cut 2/21/2011 Bermuda is to see a 2% cut in payroll tax rates during 2011-2012, according to Premier and Minister of Finance Paula A. Cox. Cox delivered the country's 2011-2012 Budget Statement on February 18 and spoke of Bermuda's "bleak outlook" and the measures she would take to "help us win the future by resetting the dial".
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Canadian Business Pushes For Tax Cuts 2/7/2011 The Canadian Federation of Independent Business has met with Finance Minister Jim Flaherty to push for job-creating measures that will encourage small business growth in the next federal budget.
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Report Addresses French Competitiveness Gap 1/26/2011 Commissioned by the French government, a report analysing the significant gap
in competitiveness between France and Germany over the past ten years has underlined
the imperative of taking competitiveness into consideration in any reform of taxation
in France.
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US Treasury Introduces Account Card Refund Pilot 1/19/2011 The United States Department of the Treasury has launched a pilot scheme to offer
taxpayers a safe, convenient and low-cost financial account for the electronic
delivery of their federal tax refunds.
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Room For Improvement At Canada Revenue Agency 1/14/2011 As part of its annual Red Tape Awareness Week, the Canadian Federation of Independent Business has released a report card on the Canada Revenue Agency customer service experience. With an overall grade of 'C-minus' and 'Ds' in three of the five categories assessed, the results show that CRA has plenty of room for improvement.
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IMF Sounds US Deficit Warning 1/11/2011 The International Monetary Fund has warned that the temporary tax cuts approved by Congress late last year, while likely to have a positive impact on the economy, will add substantially to the federal deficit.
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Payroll Tax Hikes Hit Canadians' Pockets 1/4/2011 The Canadian Taxpayers' Federation has warned, in a study published on December 28, that changes to the federal payroll tax system, and provinces' individual changes to their personal income tax regimes, will substantially hit the pockets of Canadian taxpayers regardless of their income.
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IRS Issues New Employer Withholding Tax Instructions 12/21/2010 The United States’ Internal Revenue Service has released instructions
to help employers implement the 2011 cut in payroll taxes, along with new income tax
withholding tables that employers will use during 2011.
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Congress Passes Tax Cut Package 12/20/2010 Following previous approval by the United States Senate, the House of
Representatives has also passed President Barack Obama’s bipartisan compromise
tax package after a delay caused by opposition from the President’s own
Democrat party colleagues.
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Obama Tax Package Could Threaten US Credit Rating 12/15/2010 Moody’s, the credit ratings agency, has disclosed that passage through the United States Congress of President Barack Obama’s tax package could raise the possibility
of a negative outlook for the country’s present top Aaa long-term credit
rating.
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ICAS Calls For Merger Of UK Income Tax And NICs 12/14/2010 The Institute of Chartered Accountants of Scotland has called for the amalgamation of National Insurance contributions
paid by employees and the self-employed with the payment of individual income
tax to simplify tax compliance in the United Kingdom.
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Obama Announces Possible Compromise On Tax Cuts 12/8/2010 In a statement from the White House, the United States President Barack Obama
has announced the framework for a bipartisan agreement between Democrats and Republicans
over the renewal of the Bush tax cuts.
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Russia Delays Social Tax Hike For Small Firms 12/3/2010 Russian President Dmitry Medvedev has announced USD3.3 billion in tax relief for small businesses.
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UK Employees Face New Tax Demand 12/2/2010 Employees in the UK who were erroneously issued with tax refunds in the 2009/10 tax year may now be forced to pay that money back to HM Revenue and Customs in what is being described as the latest systems blunder by the department.
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Irish CIT Rate 'Non-Negotiable' 11/22/2010 As Ireland is placed under pressure by its European neighbours, Batt O’Keeffe, the Irish Minister for Enterprise, Trade and Innovation
has resolutely underscored that the country's 12.5% corporate tax rate 'is not up for negotiation.'
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US Think Tank Touts Federal Sales Tax 11/19/2010 The US Bipartisan Policy Center Task Force has disclosed a comprehensive plan which,
it says, would to solve America's problem of large federal deficits
and debt while simplifying taxes for businesses and individuals, and creating
up to seven million new jobs.
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4-Year Plan For HMRC Published 11/10/2010 The Institute of Directors in the UK has said that the UK tax authority, HM Revenue and Customs' business plan, released on November 8, to lay out a plan to tackle tax leakages and generate additional revenues for government coffers, should have been drafted long ago but is nevertheless better late than never.
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Guernsey Publishes Tax Consultation Feedback 11/9/2010 The Guernsey government has published preliminary feedback received from the consultation with the island's stakeholders on the proposed overhaul of the island's Corporate Tax regime.
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Ryanair Hits Back In French Tax Dispute 10/18/2010 Budget airline Ryanair has announced that it is to decamp its Marseilles Airport
operations from January 11, 2011, following a dispute over the payment of French
income taxes by its cabin crew and pilots.
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US Fiscal Deficit Falls to USD1.3 Trillion 10/19/2010 United States Treasury Secretary, Tim Geithner, and Office of Management and Budget
Acting Director, Jeffrey Zients, have released details showing that the federal
government’s deficit in the fiscal year 2010 was almost USD1.3 trillion,
9% less than in FY 2009.
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Irish VAT Hike On The Cards 10/13/2010 While Irish Finance Minister Brian Lenihan is standing steadfast against European Union assaults over the country’s
corporate tax rate of 12.5%, TMF Ireland
has asserted that a value-added tax hike, of at least 2%, could well be on the
cards in the forthcoming budget.
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US Treasury Reports On HIRE Act Tax Credits 10/12/2010 The United States Department of the Treasury has released an updated report
on the number of newly-hired workers who are eligible for tax credits under the
Hiring Incentives to Restore Employment, passed in March this year.
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Senate Kills Anti-Offshoring Bill 9/30/2010 A bill which proposed a payroll tax holiday to companies hiring American workers to replace those at a foreign-based operation whilst removing tax breaks from those companies moving operations abroad has been voted down by the Senate.
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US 'Insourcing' Bill To Use Payroll Tax Breaks 9/27/2010 A bill, which will possibly be introduced in the United States Senate in the coming days,
would give a payroll tax holiday to companies hiring American workers to replace
those at a foreign-based operation, and remove tax breaks from those companies
moving operations abroad.
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Tax Credits Boosting Employment, Says US Govt 9/8/2010 The United States Treasury Department has released a report on the number
of newly-hired workers who are eligible for tax credits under the Hiring Incentives
to Restore Employment Act, passed in March this year.
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Ukraine Tax Code Published 8/9/2010 On August 3 the Ukraine government published a new draft Tax Code for public consultation prior to a second reading in Parliament. However, it quickly became known that Deputy Prime Minister Sergei Tigipko, who headed the working committee responsible for the Code, was not consulted.
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US Treasury Reports On HIRE Act Tax Credits 8/4/2010 The US Department of the Treasury has released a new state-by-state report on
the number of newly hired workers who are eligible for tax credits under the Hiring
Incentives to Restore Employment Act.
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US Firms Cash In On Employment Credits 7/15/2010 The US Department of the Treasury on July 12 released a new report showing
that, from February 2010 to May 2010, businesses hired an estimated 4.5 million
new workers who had been unemployed for eight weeks or longer, making those
businesses eligible to receive up to a projected USD8.5bn in HIRE Act tax exemptions
and credits.
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Cayman Outlines Plan For Balanced Budget 6/22/2010 The Cayman Islands has only nominally increased taxation in its 2010 Budget, which details the government’s three-year plan to bring the islands’ budget
back to surplus. Alongside expenditure cuts, the government has proposed a number
of reforms to enhance the islands’ attractiveness to investors.
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CDU Mulls Tax Rise To Fund Health 5/28/2010 Given the rising health insurance deficit in Germany, and the initial collapse
of the proposed new health care levy, politicians from the ruling Christian
Democratic Union party have called for urgent action, advocating a rise
in taxes in return for a reduction in health insurance contributions.
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IRS Enables Payroll Tax Exemption 5/21/2010 The US Internal Revenue Service has issued the newly revised payroll tax form that most eligible employers can use to claim the special payroll tax exemption that applies to many new workers hired during 2010.
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OECD 'Tax Wedge' Falls 5/11/2010 The Organisation for Economic Cooperation and Development has published its annual report on 'Taxing Wages 2008-2009,' an overview of the share of tax and social security charges in the total cost of employment.
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Sweden's Opposition Unveils Shadow Budget 5/4/2010 With less than five months to go before the September elections, Sweden’s
left-wing opposition parties have unveiled key details of their joint shadow budget,
containing a raft of tax measures designed to redistribute wealth in Sweden and
to create jobs.
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UK's Top Earners Face GBP18,000 Tax Rise 4/30/2010 At a recent seminar on mitigating the effects of the 50% income tax rate and other forthcoming changes to UK tax laws, Punter Southall Group has commented on the ramifications of the UK’s changing landscape for the country’s highest paid.
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Switzerland Tackles Excessive Compensation 4/30/2010 Switzerland’s Federal Council has announced
tax measures against excessive salaries in banks and insurance companies, which
it believes to be objectionable, particularly in the case of loss-making companies.
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Irish Revenue Publishes Annual Report 4/23/2010 Presenting the Revenue Commissioners annual report for 2009, the head of the Irish tax authority, Josephine
Feehily, commented that the year had been difficult for tax collections following
the downsizing of Revenue payroll by 500 staff as part of Ireland’s
consolidation efforts, falling tax receipts and a marked increase in business
insolvencies.
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US Treasury Report Targets Wealthy 4/15/2010 By identifying higher wage earners who are having too few taxes withheld from their paychecks, the Internal Revenue Service could collect as much as USD1.6bn in additional taxes over a five-year period, according to a new report released by the US Treasury Inspector General for Tax Administration.
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Senate Approves HIRE Act 3/19/2010 The United States Senate has approved legislation providing new
incentives for companies to hire unemployed workers and extending a
measure allowing taxpayers to write off up to USD250,000 in certain
capital expenditures.
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BVI To Review Taxes And Fees 3/15/2010 British Virgin Islands Prime Minister, Ralph O’Neal has said that the territory
will run a budget surplus during 2010, although the government still intends to review indirect taxes and fees on financial services.
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US Senate Approves Tax Extenders Bill 3/12/2010 US Senate Finance Committee Chairman Max Baucus has applauded the Senate’s passage of legislation to extend tax cuts, unemployment insurance benefits and eligibility for unemployment benefits and health care for unemployed workers through the end of 2010.
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Australian Small Business Superannuation Clearing House Bill Introduced 2/15/2010 As part of the Tax Laws Amendment (2010 Measures No.1) bill, the Australian government
has introduced legislation into parliament which provides the framework for its
free superannuation contributions clearing house service for small businesses.
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