 |
Philippines Achieves Record Fiscal Surplus In April 5/24/2012 The government of the Philippines saw a record fiscal surplus in April 2012,
due to continued double-digit growth in revenue collections which were more than
enough to support accelerated public spending.
|
 |
UK MPs Critical Of HMRC Compliance Activity 5/25/2012 Cutting staff numbers has cost HM Revenue and Customs GBP1.1bn (USD1.7bn) in revenue over the past five years, a group of UK lawmakers has said in a report that also chastises HMRC for allegedly encouraging the use of tax avoidance schemes by senior public sector employees.
|
 |
English Foreshadows 'Disciplined' NZ Budget 5/15/2012 The 2012 New Zealand government Budget later this month will confirm the path back to surplus in 2014/15, despite lower than forecast tax revenue in the government financial statements in the nine months to March 31, Finance Minister Bill English has said.
|
 |
Luxembourg Unveils Unsatisfactory Q1 Tax Revenues 5/9/2012 Luxembourg’s Finance Minister Luc Frieden has recently unveiled details
of the country’s public finances at central administration level for the
first quarter of 2012, and has defended the additional budgetary consolidation
decisions taken by the government at the end of April.
|
 |
Ireland Completes Latest Bailout Review 5/1/2012 Ireland has achieved all the targets set under its bailout agreement, the European Commission, European Central Bank and International Monetary Fund have said in their latest quarterly review, news welcomed by the Irish government.
|
 |
Austria's Tax Revenues Rise 4/26/2012 The Austrian finance ministry has recently published details of its tax revenue
figures for the first quarter of the year, showing total income from January to
March 2012 of around EUR16.2bn (USD21.4bn), up by approximately EUR600m or 3.8% from the first
quarter of 2011.
|
 |
Low Tax Receipts Hike UK Borrowing Figures 4/27/2012 Weak tax receipts helped push up UK public sector borrowing in March, with large corporate tax repayments and no increase in value-added-tax receipts among the factors to blame.
|
 |
China Confirms Slowdown In Tax Revenue Growth 4/26/2012 The Ministry of Finance has announced final figures showing that China's tax revenues
increased substantially by 10.3% in the first quarter of 2012, much less than
the increase of 32.4% experienced in the first quarter of last year, and the slowest
growth rate in three years.
|
 |
Germany Sees Record Q1 Tax Revenues 4/25/2012 German tax revenues reportedly soared to record heights in the first quarter of
this year, despite a sluggish economy over the winter months.
|
 |
Italian Tax Burdens Rise As Economy Stalls 4/20/2012 In its 2012 Economic and Financial Document, the Italian government has
reduced its economic growth forecasts for this year, admitted it will not be able
to eliminate completely its fiscal deficit next year, and released figures showing
further increases to the already-onerous burden on Italian taxpayers.
|
 |
Study Sresses Tax Contribution Of US Auto Industry 4/17/2012 A study from the Center for Automotive Research has highlighted the 'significant' contribution that the auto industry now provides to state and federal tax revenues, as
it makes a recovery from the recent economic recession.
|
|
China's Tax Revenue Growth Slows 4/17/2012 The Ministry of Finance has announced that China's national fiscal revenue increased
substantially by 14.7% in the first quarter of 2012, marginally higher than the
13.1% rise seen in the first two months of this year, but much less than the increase
of 33.1% experienced in the first quarter of 2011.
|
|
Philippines Sees Tax Revenues Surge Early In 2012 4/9/2012 Despite rising government spending, the Philippines saw a much reduced PHP5bn budgetary deficit in the first two months of 2012, with the Bureau
of Internal Revenue achieving a significant rise in revenues.
|
 |
BC Loan Repayment Boosts Canadian Finances 4/2/2012 British Columbia's repayment of sales tax transition loans helped the federal Canadian government to its first monthly budgetary surplus in nearly three years.
|
|
HMRC Readies Businesses For Online VAT Returns 3/27/2012 HM Revenue and Customs has warned of big changes ahead, as it prepares businesses for the e-payment of value-added tax returns.
|
 |
Bundesbank Chief Slams 'Unambitious' Savings Plans 3/26/2012 Bundesbank President
and former economic advisor to Chancellor Merkel, Jens Weidmann, has recently criticized
the government’s medium-term savings plan as ‘not ambitious enough’.
|
 |
UK Budget Delivers Tax Cuts 3/23/2012 George Osborne has delivered a Budget that ‘unashamedly backs business’, slashing the top rate of personal income tax and accelerating corporate tax cuts.
|
 |
Australia Releases Tax Prosecution Figures 3/20/2012 Almost 1,200 people were prosecuted and convicted for tax and superannuation offences in Australia last year, new figures show.
|
 |
Families To Lose Most From UK Tax Changes 3/15/2012 Households with children are set to lose the most from the UK's forthcoming tax and benefit changes, the Institute for Fiscal Studies has said.
|
 |
Philippines Delays Hike In Mining Taxes 3/13/2012 Following concerted opposition from within the sector, the proposed executive
order to increase the Philippine government’s revenues from mining contracts,
which was to have been issued by President Benigno Aquino last month, has been
delayed.
|
 |
India's Indirect Tax Revenues On The Up 3/13/2012 India's indirect tax revenue rose 9.6% in February, with the government having now collected 88.7% of its revenue target for the fiscal year to date.
|
 |
New Zealand Tax Revenues Below Target 3/12/2012 New Zealand's lower than forecast tax revenue reinforces the need for the government to responsibly manage its spending, Finance Minister Bill English has said.
|
|
UK Fiscal Watchdog Praises HMRC Compliance Efforts 3/13/2012 HM Revenue and Customs secured an additional GBP4.32bn (USD6.77bn) tax yield over the past five years thanks to a major tax evasion initiative, according to figures from the National Audit Office, which also found
that HMRC had successfully reduced staff numbers and introduced a range of improvements
in its compliance work.
|
|
Britons Will Overpay GBP12.6bn In Tax This Year 3/12/2012 UK taxpayers will overpay an average of GBP421 in tax this year, with 85% failing to act on reducing their tax bill, according to new figures.
|
|
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%.
|
 |
Irish Tax Revenues Ahead Of Target 3/8/2012 Irish tax revenues rose considerably in January and February, largely due to delayed corporation tax receipts and the technical reclassification of some income tax revenue.
|
 |
Concern Expressed At Drop In Mexican Oil Revenues 3/6/2012 During a recent speech to the Mexican Stock Exchange, Federal Reserve Bank of
Dallas President and CEO, Richard W. Fisher, has expressed concern at Mexico’s
declining oil production and revenues.
|
|
Canada's Tax Revenues On The Up 3/1/2012 Canadian tax revenues were up 6.8% in December, with revenue from the first eight months of the fiscal year increasing by 4.2%.
|
 |
New Zealand Tax Revenues Below Target 2/27/2012 New Zealand's tax receipts and revenues were up in the six months to December, 2011, but remained below the figures forecast.
|
 |
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.
|
|
UK Late Filing Penalty Regime Kicks In 2/21/2012 850,000 UK taxpayers will feel the force of HM Revenue and Customs's new penalty regime in the coming weeks, as the first penalties are issued.
|
 |
China's Tax Revenues Rise 22.6% in 2011 2/16/2012 Recently-released final figures from China’s Ministry of Finance show that,
in 2011, its tax revenue reached a total of RMB8.97 trillion,
an increase of more than RMB1.65 trillion or 22.6% over the previous year.
|
 |
Ireland Releases Tax Profile Data 2/15/2012 The Irish Finance Department has published profiles of expected Exchequer tax revenues for 2012 which show figures consistent with Budget forecasts.
|
 |
IRS Proposes Budget Based On Achieving Tax Compliance 2/16/2012 The requested budget for the Internal Revenue Service, in the fiscal year
beginning October 1, 2013, is around USD12.8bn, and is designed to provide the
resources necessary to administer and enforce, and implement recent changes to, the United States tax code, and to serve the American taxpayer in a timely manner.
|
 |
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.
|
 |
Rising Income Boosts South Korean Tax Revenues 2/13/2012 The South Korean government’s tax revenue totalled almost KRW200 trillion (USD178bn) in 2011, fuelled by the country’s continued economic growth and
consequent increased corporate and individual earnings.
|
 |
Bahamas Achieves Deficit Reduction 2/13/2012 The Bahamas Central Bank, publishing latest revenue statistics, said the government
achieved a 20% reduction in the territory's fiscal deficit during the first five
months of the 2011/12 fiscal year.
|
|
China Reports Surge In Non-Resident Corporate Tax 2/10/2012 China’s State Administration of Taxation has disclosed that it collected
over RMB100bn in corporate tax from non-resident enterprises in 2011,
showing strong growth since the new basis for corporate tax was first introduced in March 2009.
|
 |
Peru's Tax Revenues Soar 2/9/2012 Peruvian tax revenues increased by 13.4% in real terms as a result of the country's
strong economy and efforts to tackle tax evasion, with full-year revenues amounting to PEN75.5bn (USD28.1bn), Peru's tax authority, SUNAT has reported.
|
|
Irish Tax Revenues On The Up 2/7/2012 Irish tax revenues were up 17% last month, with January's receipts representing just over 10% of the annual Budget 2012 target.
|
|
UK Extracts Record Tax Revenues From Big Business 2/7/2012 Contradicting the belief that the UK tax authority, HM Revenue and Customs, has 'gone soft' on big business, recent figures show that record revenues were raised from enquiries into large companies last year.
|
 |
Osborne Urged To Slash UK Corporate Tax 2/3/2012 High corporation tax rates penalise the only organisations capable of driving economic recovery in the UK, according to the Centre for Policy Studies.
|
|
Income Tax Receipts Bolster Canadian Coffers 2/2/2012 While Canadian tax revenues fell by 0.2% in November, 2011, receipts were up 3.9% for the first eight months of the 2011–12 fiscal year, new figures have shown.
|
 |
US Deficit To Top USD1 Trillion Again 2/3/2012 In the Congressional Budget Office’s ‘baseline’ annual budget
projections, assuming that current fiscal laws remain unchanged, it projects a
USD1.1 trillion United States federal budget deficit for fiscal year 2012.
|
 |
Hong Kong Reduces Taxes To Support Growth 2/2/2012 Hong Kong’s Financial Secretary, John C Tsang, has unveiled a 2012/13 Budget
which proposes a wide range of tax concessions aimed at supporting businesses
and individuals, who face a possible global economic slowdown.
|
|
Time For Tax Transparency, Says UK Lawmaker 1/27/2012 UK taxpayers could receive yearly statements detailing how their money is spent, under new legislation put forward by a member of parliament.
|
 |
French Wealth Tax Yields Surprising Revenues 1/26/2012 France’s solidarity tax on wealth, which was radically reformed by the government in
June last year, has served to yield much greater fiscal revenues for the state
than initially predicted.
|
|
UK December Tax Figures Show Improvement 1/25/2012 The UK Exchequer raked in over 7% more in tax revenues in December, 2011 compared with the same period last year, according to the latest government figures.
|
|
HMRC Issues E-Filing Deadline Warning 1/19/2012 The UK's first-time Self Assessment filers must register for e-filing by the end of this week or face being unable to send their tax return on time.
|
 |
EU Tax Burdens Stabilize 1/17/2012 Following three years of decline, European Union nations' tax-to-GDP ratios remained broadly level in 2010, the latest year for which detailed tax revenue statistics are available for all member states, as governments begin to consolidate their fiscal positions. In the euro area the downward trend in tax revenues continued, but decelerated in 2010, with a slight drop to 40.2% of GDP.
|
|
Canada Releases Tax Expenditures Report 1/16/2012 The Canadian Department of Finance has released its 2011 Tax Expenditures and Evaluations report detailing the revenue impacts of federal tax measures.
|
 |
Irish Tax Revenues Grow For First Time In Three Years 1/9/2012 Higher income tax and stamp duty revenues helped boost the Irish Exchequer's coffers in 2011, but overall receipts were still lower than originally projected.
|
|
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.
|
 |
UK Tax Institute Warns Of Tough New HMRC Penalties 1/2/2012 The UK's Self Assessment filers have been warned that HM Revenue and Customs is to impose a tough new penalty system from next year.
|
|
Record Export Year For Ireland 12/29/2011 Irish firms experienced record levels of exports in 2011 and are now using a renewed confidence to aggressively target opportunities in international markets, according to the latest figures from Enterprise Ireland.
|
|
Latest UK Transfer Pricing Statistics Released 12/30/2011 HM Revenue and Customs has made significant progress in settling transfer pricing enquiries, according to new figures which also show an increased revenue yield.
|
 |
Japanese Government Issues 2012 Budget 12/28/2011 Prime Minister Yoshihiko Noda’s government has approved and submitted a
JPY90.3 trillion budget for the next fiscal year, beginning
on April 1, 2012, which points out, in particular, the difficulties the government
has experienced in restricting its general spending and the issuance of further
public debt.
|
 |
'Save Italy' Budget Is Approved 12/27/2011 As expected, the Italian Prime Minister Mario Monti has obtained the approval
of both houses of parliament for his ‘Save Italy’ budget, which has
suffered few modifications, except for those previously agreed by the government.
|
 |
Osborne Slates FTT Plans 12/27/2011 The European Commission's plans for a financial transaction tax would have a substantial impact on the UK's revenues, the Chancellor has said.
|
 |
Brazilian Revenue Growth Slows 12/23/2011 The Brazilian tax authority has confirmed that taxes collected in November
2011 were up 6.4% on the figure recorded a year previously, but had fallen since a month
earlier.
|
|
Higher Tax Receipts Help UK Finances 12/22/2011 The UK's November tax receipts were up GBP2.6bn on last year, helping to drive down public sector borrowing for the month.
|
 |
USD1bn Claimed In UK Film Tax Relief 12/19/2011 HM Revenue and Customs has released a summary of film tax credit take-up, showing that claims worth GBP645m (USD1bn) have been made since the scheme was introduced.
|
 |
Ireland Consults On Vehicle Tax Options 12/14/2011 A decline in new car sales, coupled with the inclination of consumers towards cheaper and cleaner cars, has meant a fall in Irish vehicle tax revenues and prompted the government to consult on options for reforming the levies.
|
|
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.
|
|
HMRC Assesses Half-Year Performance 12/13/2011 The UK's revenue agency has improved its fraud prevention and compliance record, but customer service is still falling short of expectations, according to the findings of its own performance assessment.
|
|
Irish Revenue Flags Compliance Risks 12/13/2011 The Irish Revenue must find ways to continue its staff reduction programme while not risking the efficiency of its compliance work, the office has said in its self-assessment paper.
|
 |
BA Slams UK Travel Duty Hike 12/12/2011 Further rises in the UK's air passenger duty are completely at odds with the government’s declared aim of creating the foundations for growth, British Airways has said.
|
|
Irish Revenues Fall Below Target 12/6/2011 Irish tax revenues will fall EUR450m short of target, with corporate tax and value added tax receipts lower than expected.
|
 |
German Lower House Agrees 2012 Budget 11/29/2011 The German Bundestag, or lower house of parliament, has adopted the country’s
2012 budget bill, providing for expenditure of EUR306.2bn (USD409bn) and for expected revenues
of around EUR280.1bn, of which EUR250bn will be from taxes, resulting in net borrowing
next year of an estimated EUR26.1bn.
|
 |
Switzerland Reports VAT Revenue Fall 11/25/2011 The Swiss federal administration has announced that receipts
from value-added tax amounted to CHF20.1bn (USD21.9bn) (EUR16.4bn) in
2009, representing a decline of 1.5% compared to the previous year.
|
|
UK Voluntary Grant Scheme Generates More Tax 11/22/2011 The UK's coffers benefited from a GBP16.8m (USD26.3m) tax boost last year generated as a result of a grant scheme organized by HM Revenue and Customs.
|
|
Lower Tax Revenues Widen New Zealand Deficit 11/16/2011 Lower than expected tax receipts have led to a larger deficit than projected by the New Zealand government in the quarter which ended in September, although the government remains on track to meet its deficit target for the year, according to Finance Minister Bill English.
|
 |
Philippines Encourages Professionals To Pay Their Taxes 11/10/2011 The Bureau of Internal Revenue is urging professionals in the Philippines
to comply with tax laws and file their income tax returns correctly and on time.
|
 |
Mexico Discloses Increased Tax Revenues 11/9/2011 With Mexico’s economy showing a growth rate of 3.7% in the third quarter
of this year, the government’s tax revenues also continued to register significant
growth, due primarily to higher oil revenues.
|
|
Irish Tax Revenues Up, But Some Targets Not Met 11/7/2011 The Irish government had taken almost EUR2bn (USD2.74bn) more in taxes at the end of October than in the same period last year, with the new pension levy performing particularly well. However, many of the government's targets have not been achieved.
|
|
IMF Praises Canadian Economic Efforts 11/4/2011 The International Monetary Fund has offered a broadly positive response to Canada's economic progress in its yearly review, maintaining a positive outlook for the country.
|
 |
Hong Kong Announces Record Tax Collections 11/4/2011 Chu Yam-yuen, Hong Kong’s Commissioner of Inland Revenue, in his introduction
to the 2010-11 Annual Report of the Inland Revenue Department, considered
that tax collections during the year were 'most encouraging', climbing
to a record high of HKD209bn, an increase of HKD30bn from the previous
year.
|
 |
Top American Earners Paying More Tax 10/27/2011 The income earned by the top 1% of United States taxpayers has declined for the
second year in a row while their average tax rate has increased, according to
a study by the Tax Foundation.
|
|
German Tax Revenues Surpass Expectations 10/25/2011 Despite a gloomy economic outlook, Germany’s coalition government is said to be awaiting higher tax revenues in both 2011 and 2012.
|
 |
SARS Obtains Record Tax Revenues 10/21/2011 While presenting the South African Revenue Service 2010/11 Annual Report
to a parliamentary committee, its Commissioner Oupa Magashula announced a record
tax haul during the year, which also exceeded its target.
|
|
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).
|
|
Canada's Budget Deficit Plummets 10/17/2011 An 8.5% increase in tax receipts helped reduce Canada’s deficit by 40% during the last financial year, according to the latest government figures.
|
|
UK Tax Gap Figures Improve 9/22/2011 The gap between the tax that should in theory be collected by the UK and what actually is collected narrowed last year, with the government committed to reducing it still further through a continued crackdown on tax evasion.
|
|
Irish Tax Receipts Show Annual Slide 9/21/2011 While tax revenues were up slightly on expectations, Ireland's Exchequer took in less money last year than in 2009, with net tax receipts as a proportion of GDP remaining at comparatively low levels.
|
 |
HST Vote Gives BC A Fiscal Headache 9/15/2011 British Columbia’s decision to scrap its harmonized sales tax system will hit the province’s revenues, raise the deficit and result in higher debt levels, the Ministry of Finance has said.
|
|
Increased Mexican Budget In 2012, But No Tax Rises 9/13/2011 The Mexican government’s 2012 budgetary package, which has recently been
presented to parliament, includes increased spending and a marginally reduced
deficit, but without any changes to taxation.
|
 |
Irish Tax Revenues Up 9/13/2011 Higher than expected tax receipts in the first eight months of the year continue to strengthen the position of the Irish Exchequer, with total revenues up over 8% on the previous year.
|
|
HMRC Outlines UK Self Assessment Penalty Changes 9/13/2011 HM Revenue and Customs's tough stance on tax avoidance has been reiterated with the agency issuing a reminder to taxpayers detailing new self assessment penalties for late returns and payments.
|
 |
Think Tank Calls For US Corporate Tax Reform 9/2/2011 Third Way, a think tank based in Washington, has provided a policy memorandum
that lists seven reasons why the United States corporate tax code should be modernized,
in order to increase its competitiveness, encourage economic growth and create
American jobs.
|
|
Tax Revenues Reduce Canada's Deficit 8/30/2011 Canada's fiscal deficit fell year-on-year during the first three months of the 2011/12 financial year, an achievement aided by a 4.8% rise in revenues.
|
 |
Texas Supreme Court Supports Strip Club Tax 8/31/2011 The Supreme Court of Texas has ruled that the fee levied on strip club customers
by the state’s Sexually Oriented Business Fee Act of 2007 does not violate
the United States Constitution.
|
|
Complexity Drives Up UK Tax Write-Offs 8/29/2011 HM Revenue and Customs has 'given up' tax revenue worth over GBP27bn over the last five years, according to a new report which slams the complexity of the UK's tax system.
|
 |
Zuma Points To SARS Success 8/24/2011 South Africa’s President Jacob Zuma has stressed that the South African
Revenue Service must be protected from interference, and must continue
its impartial actions to ensure full compliance with the tax code by all South
Africans.
|
|
China To Experience Slower Tax Revenue Growth 8/15/2011 At the same time as announcing an annual rise of more than 30% in tax revenues
in the first seven months, China’s Ministry of Finance warned that revenue
growth will slow down slightly during the second half of this year.
|
|
Rise In Indian Indirect Tax Collections 8/11/2011 India’s Central Board of Excise and Customs has just released its latest analysis of indirect tax collections in the country, showing that despite a slowdown in industrial output, there has been an increase in revenue from indirect tax.
|
 |
US Debt Ceiling Deal Includes Future Tax Hikes 8/8/2011 In a recent paper, the President of the Tax Foundation, Scott A. Hodge, points
out that the latest United States debt ceiling agreement contains a built-in USD3.5
trillion revenue increase, despite all political protestations that it does not
raise taxes.
|
|
Irish Tax Revenues Continue To Rise 8/5/2011 Ireland saw important increases in tax revenue during the first seven months of the year, with receipts beating both targets and last year's figures.
|
|
Philippines Half-Year Fiscal Deficit Plunges 8/4/2011 The Philippine government’s much-reduced deficit in the first half of the
2011 fiscal year was partly due to improved tax collection, but was also the result
of a failure to achieve its spending budget.
|
 |
Company Formations Boost Cayman Economy 8/2/2011 The Cayman Islands economy exceeded growth estimates for the first quarter of 2011, bolstered by higher levels of tourism and company formation.
|
 |
Tax Revenues Rise In Canada 8/2/2011 Canada's federal deficit fell in April and May this year, assisted in part by higher tax receipts.
|
Page 1
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
