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GST Will Make India More Competitive, FinMin Says 5/27/2012 The introduction of an Indian goods and services tax will remove the hidden costs causing a lack of competitiveness, Finance Minister Pranab Mukherjee has said, arguing that the new tax will provide a more stable source of revenue, helping create a common market across India.
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CBI Urges Corporate Tax Powers For Northern Ireland 5/24/2012 A lower corporation tax rate would give Northern Ireland's economy a 'shot in the arm', the head of the Confederation of British Industry Northern Ireland has said, calling for power to set the rate to be devolved.
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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.
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UK Fiscal Plan Under IMF Microscope 5/23/2012 The International Monetary Fund in its latest Article IV consultation with the United Kingdom has acknowledged that a slower pace of fiscal consolidation is appropriate in light of the risks to the nation's economic outlook, but says that revenue-neutral reforms can be undertaken to improve growth prospects.
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Spain's Montoro Reiterates Need For Consolidation 5/23/2012 During a recent presentation to the Spanish Institute of Economic Studies,
Spain’s Finance Minister Cristobal Montoro insisted that the only way out
of the crisis is to reduce the public deficit.
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Australia Releases Details Of Superfund Tax Relief Plans 5/22/2012 The Australian government has released a proposals paper designed to support the implementation of its superannuation reform package and provide further details of planned tax reliefs.
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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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Congress Studies IRS's Treatment Of Charities 5/21/2012 The Oversight Subcommittee of the House of Representatives Ways and Means
Committee has held a hearing on current issues related to United States tax-exempt
organizations, including the compliance initiatives of the Internal Revenue Service related, in particular, to recent efforts for tax-exempt organizations to
design and implement good governance standards.
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Boehner Warns Of Looming 'Fiscal Cliff' 5/18/2012 With the prospect of a further stand-off between the Democrat and Republican parties
later this year over the United States government statutory debt limit, House
of Representatives Speaker John Boehner has returned to his mantra
of spending cuts with no tax increases.
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US Senate Mulls Tax Reform For Tribes And Territories 5/18/2012 At a recent Senate hearing on the effect of possible tax reforms on Native Americans
and the United States territories - Puerto Rico, the US Virgin Islands, Guam,
American Samoa and the Northern Mariana Islands - Finance Committee Chairman Max Baucus pointed to the anomalies and complexities existing
in their current tax treatment.
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Greggs Chief Slams UK 'Pasty Tax' 5/17/2012 The UK government’s ‘pasty tax’ will result in higher unemployment, store closures and reduced investment, the head of bakery retailer Greggs has said.
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Belgian Residents Stifled By Hollande's Tax Plans 5/15/2012 Over 100,000 Belgians will be affected by French President-elect François
Hollande’s plans to increase the taxation of secondary residences in France,
according to Belgian newspaper La Libre.
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San Marino Urged To Consider New Economic Model 5/11/2012 Despite a 15% decline in tax revenues in San Marino over the past two years,
authorities have been able to maintain a comparatively low deficit. However, the most significant
challenges relate to the stability of the nation's banking sector, which has suffered capital flight as tax transparency initiatives gain ground, a new International
Monetary Fund report says.
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Australian Budget Scraps Planned Business Tax Cuts 5/10/2012 A planned cut to business tax rates will not go ahead in Australia, as the government seeks to redirect projected mining tax revenue to help families and small businesses in the face of ongoing disputes with opposition parties.
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UK Peers Warn Over Transaction Tax Implications 5/9/2012 The UK’s House of Lords has once again attacked plans by the European Commission for a Europe-wide financial transaction tax, warning that if introduced, the UK could account for 71% of the revenue it would raise.
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India To Defer GAAR Implementation 5/9/2012 India’s Finance Ministry is to push back the implementation of its controversial general anti-avoidance rule for a year and will amend some of its key provisions.
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France Begins Examination Of Hollande's Election Tax Package 5/8/2012 Following the upcoming legislative elections in June, French lawmakers are to
convene during an extraordinary session in July to examine a bill containing the
fiscal pledges outlined by President-elect François Hollande during his
election campaign, expected to increase the fiscal burden on households in France
to the tune of around EUR14bn (USD18.26bn).
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Australian Businesses To Benefit From Loss Carry Back Scheme 5/7/2012 Australia’s government is to introduce a new business tax relief with a ‘loss carry-back' initiative, designed to give businesses greater access to their legitimate tax deductions when making losses.
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Hollande, Sarkozy Go Head-To-Head On Tax 5/7/2012 During a long, bitter televised debate, aimed at attracting wavering voters ahead
of Sarkozy's defeat on May 6, and punctuated by attack and counter attack, outgoing French President
Nicolas Sarkozy and new Socialist President François
Hollande went head-to-head on key election battleground issues including taxation
in France and the crisis in Europe.
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Russia Hikes Gas Tax, Rethinks Luxury Tax 5/4/2012 The Russian government has confirmed proposals to hike the tax paid by natural gas extractors, hitting both the majority state-owned Gazprom as well as private ventures.
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Morocco Launches 'Citizen's Budget' 5/3/2012 Determined to improve fiscal transparency, a priority of Morocco’s new
government, the Moroccan economy and finance ministry has recently launched
the ‘Citizen’s Budget’, and has published in Arabic a Moroccan
citizen’s guide to the country’s 2012 finance law.
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Chile Announces Tax Reform Plan 5/2/2012 Chilean Finance Minister, Felipe Larrain has confirmed a package of measures that
aims to improve income distribution, and fund education reforms, whilst maintaining
Chile's competitiveness. This is to include the elimination of import duties from 2015, setting the nation apart from the rest of Latin America.
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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.
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EU Parliament Backs Mandatory CCCTB 4/26/2012 The European Parliament has voted in favour of making mandatory the implementation of a Common Consolidated Corporate Tax Base among European Union member states despite sustained opposition from some nations.
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Committee Scrutinizes UK Top Tax Rate Cut 4/23/2012 The UK tax authority, HM Revenue and Customs, should publish a new assessment on the likely impact of lowering the UK's top rate of income tax, a group of lawmakers has said, warning that the costs and benefits of the measure are both highly uncertain.
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Canadian Province To Introduce HST 4/23/2012 The Canadian province of Prince Edward Island will move to a harmonized sales tax system from April next year, with the government expected to table a package of legislative reforms later this year.
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Vodafone Challenges Indian Tax Law 4/23/2012 The ongoing tax dispute between India and Vodafone has erupted again, with the telecoms company now serving a Notice of Dispute against the government's controversial new retrospective tax legislation.
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US Congress Looks At Retirement Account Tax Reform 4/20/2012 The United States House of Representatives Ways and Means Committee has held a
hearing on possible modifications to tax-favoured retirement savings plans, including
employer-sponsored defined contribution plans and individual retirement accounts, which might be considered as part of comprehensive tax reform.
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UK Government In Hot Water Over 'Pasty Tax' 4/20/2012 The UK government is again on the back foot over its proposed changes to value-added tax rules as the UK's bakers prepare to descend on Downing Street in protest against the so-called 'pasty tax', highlighting the often arbitrary and confusing nature of the classification of certain goods for VAT purposes.
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Monti Produces Future Italian Fiscal Framework 4/18/2012 The government has agreed the draft of a law, to be subsequently approved by parliament,
which would provide the framework for tax reform in Italy, but which, in fact,
is more notable for what is does not, rather than for what it does, contain.
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Australia Examines Tax Treatment Of Losses 4/17/2012 Australian Treasurer and Deputy Prime Minister Wayne Swan has released the final report of the independent Business Tax Working Group on the tax treatment of corporate losses, which recommends further examination of proposals to introduce loss carrybacks in Australia.
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IMF Loan Provided For Bangladeshi Tax Reform 4/16/2012 The International Monetary Fund (IMF) has approved a loan worth up to USD987m for Bangladesh, to aid the government in undertaking numerous reforms, including a restructuring of the tax regime, to boost the nation's appeal to investors and secure a downward debt trajectory.
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Osborne 'Shocked' By UK Tax Dodging 4/13/2012 George Osborne has admitted to being 'shocked' by high levels of tax avoidance amongst the UK's wealthiest people, hinting at his support for a so-called 'tycoon tax'.
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Future Bright For Panama: IMF 4/13/2012 The International Monetary Fund has published its Article IV report in respect
of Panama, noting that the country has exited the global downturn robustly, with
a well-capitalised banking system, but efforts should continue to build upon the
tax revenue base to reverse poor revenue performance witnessed last year.
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Taiwan's CGT Unlikely To Affect Small Retail Investors 4/12/2012 Following a further meeting of the government’s tax reform committee, Taiwan’s
Minister of Finance Christina Liu has indicated that the proposal on a new capital
gains tax on stock exchange profits is likely to be presented to the Executive
Yuan shortly, but would also then need to be passed through the Legislative Yuan.
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Committee To Review Indian E-Refund Proposals 4/11/2012 A committee is to review India's e-refund system for the reimbursement of tax paid on taxable services used for the export of goods.
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Budget Tax Measures Cause Alarm In India 4/11/2012 The Tax Executives Institute has written to India's Finance Minister to express its concerns regarding retroactive tax legislation, which it says will upset taxpayer expectations and damage the country's reputation as an investment destination.
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France's Hollande Unveils 'Vast' Tax Reform Plans 4/11/2012 Bernard Cazeneuve, spokesman for the French Socialist presidential candidate
François Hollande, has recently unveiled details of Hollande’s tax
reform plans, designed to simplify and to make more transparent the current tax
system, and to create greater fiscal justice in France, reflecting true Republican
values.
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CIOT Expects UK-Swiss Tax Deal Re-Write 4/11/2012 Changes to the Swiss-German tax treaty could lead to higher charges for UK holders of undeclared Swiss bank accounts, the Chartered Institute of Taxation has warned.
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Taiwan's CGT May Exempt Foreign Investors 4/10/2012 Following a meeting of the government’s tax reform committee, Taiwan’s
Ministry of Finance indicated that it was probable that foreign investors would
be exempt from any proposal for a new capital gains tax on stock exchange profits.
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UK Opposition Attacks New Tax Year Changes 4/10/2012 The Labour party's Ed Balls has slammed the latest round of tax and benefit changes to hit UK taxpayers, arguing that families with children are set to lose over GBP500 a year.
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OECD Urges Tax Reform In Poland 4/5/2012 The Organisation for Economic Cooperation and Development has presented a report
recommending that Poland implement specific measures to improve the nation's tax regime and meet
deficit reduction targets at a faster pace.
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St Lucia Confirms Upcoming VAT Regime 4/3/2012 The government of the Caribbean territory of Saint Lucia has confirmed that a value-added tax regime will be introduced from September 1, 2012.
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Obama Pushes For Buffett Tax 4/4/2012 President Barack Obama has reiterated his strong recommendation for Congress to
pass, in the near future, a 'Buffett tax' on the wealthiest United
States taxpayers, although he obviously knows that such a tax would be extremely
unlikely to obtain the approval of his Republican electoral opponents.
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Ireland Faces Household Charge Backlash 4/3/2012 Action against Ireland's household tax continues apace, with only 61% of liable households expected to pay the tax and over 5,000 people marching through the streets of the capital in protest.
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US Now Has OECD's Highest Corporate Tax Rate 4/3/2012 On April 1, the long-awaited day arrived when, following a marginal net corporate
tax reduction by Japan, it could be said that the United States has the highest
corporate tax rate amongst the countries in the Organization for Economic Co-operation and Development.
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CGT A Top Priority For Taiwan's Tax Panel 4/2/2012 Christina Liu, Taiwan’s Minister of Finance has disclosed that the government’s
tax committee has, as one of its top priorities, the proposal for a capital gains
tax on stock exchange profits.
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UK Legislates For Budget Tax Measures 4/2/2012 The UK government has published Finance Bill 2012, which legislates for tax measures included in both the 2012 and 2011 Budgets.
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Philippines Confident Of Passing 'Sin Tax' Reforms 3/27/2012 The Philippines Budget and Management Secretary Florencio Abad has disclosed
that the government is confident that reform of the country’s alcohol and
tobacco taxes will pass through parliament.
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Taiwan Could Repeal Luxury Tax In Reform Package 3/26/2012 In a parliamentary reply, Taiwan’s Finance Minister Christina Liu confirmed
that, while luxury taxes will be eliminated at some point, it will only happen
after permanent property taxes have been introduced within future tax reforms.
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Australia Launches New Superannuation Advice Website 3/23/2012 The Australian government has launched a new website designed to offer advice on and help with access to improvements in the superannuation system.
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Australian Parliament Passes Mining Tax 3/23/2012 Australia’s controversial Minerals Resource Rent Tax has made it through parliament after a long battle with the opposition.
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Tax Policy Work Programme Unveiled In NZ 3/21/2012 New Zealand’s Revenue Minister has revealed the government’s new tax policy work programme, which consolidates the reforms of recent years and aims to return the country to surplus.
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GOP Budget Provides US Tax Cuts 3/22/2012 The Republican Party’s 2013 budget, proposed by the House of Representatives
Budget Paul Ryan (R – Wisconsin), which reduces government spending to curb
its fiscal deficit and debt levels, also includes the framework for a revenue-neutral
reform of the United States tax code.
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Indian Budget Signals Further Reform Delays 3/20/2012 India’s 2012 Budget has been unveiled, including a raft of tax measures designed to signal progress in the implementation of a direct tax code and a goods and services tax regime.
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Ireland To Extend Betting Tax To Online Bookies 3/15/2012 Ireland's online bookmakers will soon be liable to a transactions tax, bringing the country's internet gambling regime in line with that imposed on high-street shops.
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Chile Looks To Raise Corporate Tax 3/16/2012 Chile is to make permanent next year the 20% corporate income tax rate which was temporarily imposed last year but reduced to 18.5% this year,
as part of a comprehensive tax reform package, due to be outlined in April.
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Panel Makes UK Pension Tax Recommendations 3/15/2012 The UK's Office of Tax Simplification has released the initial findings of its review of pensioner taxation, identifying areas of the tax system causing older taxpayers the most difficulties.
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Deputy PM Backs UK 'Tycoon Tax' 3/13/2012 The UK's Deputy Prime Minister Nick Clegg has voiced his support for a 'tycoon tax', with a minimum tax rate enshrined in legislation to make sure everyone pays a 'fair share'.
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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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Big Business Presses For US Tax Cut 3/12/2012 The Business Roundtable, an association of chief executive officers of leading
United States companies with over USD6 trillion in annual revenues and more than
14m employees, who met recently with President Obama to discuss jobs and growth,
have produced their plan for corporate tax reform.
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Philippines Rejects IMF Call For New Taxes 3/9/2012 Presidential spokesman Edwin Lacierda has confirmed that, contrary to suggestions
by the International Monetary Fund, the Philippines will not be introducing any
new taxes in the near future.
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Australian Govt Introduces New Superannuation Reforms 3/8/2012 New legislation amending Australia's superannuation tax rules will make the system simpler and fairer, the minister in charge has said.
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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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IMF Spells Out San Marino's Fiscal Challenges 3/8/2012 With San Marino adopting tax transparency, the territory now faces significant challenges in stabilizing the country's banking system and implementing structural tax reforms to provide stable tax revenues, the International Monetary Fund says.
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Hollande Eyes French Local Tax Reform 3/6/2012 During a recent visit to Dijon, French Socialist presidential candidate François
Hollande pledged to reform local taxation in France, to strengthen the power
of the regions, and to grant them increased fiscal autonomy.
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CII Calls On India To Cut Coal Duty 3/6/2012 The Indian government should consider a reduction in customs duty on non-coking coal, the Confederation of Indian Industry has said.
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'Cut 50% Tax Rate', SMEs Tell UK Chancellor 3/6/2012 The sooner the UK's top rate of income tax is scrapped, the better, a group of small and medium-sized enterprise leaders have told the Chancellor of the Exchequer.
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Canada Gets Budget Date 3/5/2012 Finance Minister Jim Flaherty will table Canada's 2012 Budget on March 29, committing the government to its 'low tax plan for jobs and growth'.
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Irish Austerity Hits Wealthiest Hardest 3/2/2012 While Ireland's recent indirect tax hikes and welfare cuts have hit those on lower incomes hardest, in the longer term higher earners have borne the brunt of change, the Economic and Social Research Institute has said.
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China To Expand VAT Pilot To Beijing 3/5/2012 Following the beginning of China’s pilot scheme to replace the existing
business tax on the country’s service sector with value-added tax in Shanghai on January 1 this year, it has been confirmed that it will
be extended to Beijing, commencing on July 1.
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Austerity Continues To Bite In Ireland, ESRI Says 2/29/2012 Structural and tax reforms could offer a boost to Ireland as austerity measures continue to dampen economic activity, according to a new report by the Economic and Social Research Institute.
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UK Blocks Tax Avoidance Scheme 2/28/2012 The UK has taken steps to close what it calls two highly abusive tax avoidance schemes, disclosed to HM Revenue and Customs by a bank.
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India Prepares For 'Paradigm Shift' With GST 2/29/2012 The implementation of a Goods and Services Tax in India will bring about a 'paradigm shift' in the area of indirect taxation in the country, Finance Minister Pranab Mukherjee has said.
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Fiji's Tax Cuts Under IMF Microscope 2/28/2012 The International Monetary Fund warned that while Fiji's recent budget was particularly growth-friendly, the tax changes could threaten the revenue base and therefore further offsetting measures may be required to ensure deficit targets are met going forward.
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Australian Pension Tax Concessions Examined 2/24/2012 The Australian government has held the inaugural meeting of the Superannuation Roundtable, which has agreed that a priority going forward is to get better information around the current distribution of tax concessions.
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Romney Proposes Across-The-Board Tax Cuts 2/24/2012 Following President Obama’s corporate tax reform proposals, Mitt Romney,
one of the leading Republican presidential candidates, issued his own proposals
to kick-start United States economic growth by cutting tax rates, broadening
the tax base and providing for tax simplification.
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CBI Issues UK Budget Wishlist 2/27/2012 Changes to the UK's tax system could help generate investment and stimulate growth, the Confederation of British Industry argues in its 2012 Budget submission.
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Obama Proposes Corporate Tax Cut 2/24/2012 The United States Treasury has issued a report presenting President Barack Obama’s
revenue-neutral proposals for corporate tax reform, cutting the tax rate to 28%
from the current 35% rate, but also closing loopholes used by corporations to reduce
their tax burdens.
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Austria Split On Family Tax Reform 2/23/2012 Austria’s Financial State Secretary and member of the Social Democrats Andreas Schieder has recently rejected Finance Minister Maria Fekter’s
plans for a reform of family taxation in Austria, including notably plans to
reduce the fiscal burden on families by introducing a EUR7,000 (USD9,285) annual
tax-exempt maintenance amount for children.
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Taiwan Forms Tax Reform Study Group 2/22/2012 Christina Liu, the new Minister of Finance, has confirmed that a task force will
be convened towards the end of next month by Taiwan’s Premier Sean Chen,
to help examine and propose tax reform policies.
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Austria Launches Talks On Swiss Tax Deal 2/22/2012 Austria’s Finance Minister Maria Fekter has recently announced that talks
on a planned bilateral tax agreement with Switzerland are due to begin in April.
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Canada, BC, Release Sales Tax Transition Rules 2/21/2012 British Columbia will cease to operate a Harmonised Sales Tax system on April 1, 2013 after transitional proposals were released and relief measures outlined.
|
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Switzerland Rules Out Changes To Family Tax Breaks 2/22/2012 Switzerland’s Federal Council has announced that it does not intend to
introduce tax incentives to promote the traditional family model of parents
staying at home to look after their children.
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Philippines Targets Higher Mining Tax Revenue 2/21/2012 The Finance Secretary Cesar Purisima has disclosed that the Department of Finance
is looking at how tax revenues can be increased, within the government’s
review of its mining sector policies in the Philippines.
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Brazil Rethinks Vehicle Import Tax Hike 2/20/2012 The Brazilian government has confirmed its intention to soften
its controversial protectionist tax hike on vehicles comprised mainly
of foreign components, in place since November 15, 2011.
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Paying Taxes Survey Unveiled By PwC 2/20/2012 60% of world economies have made paying taxes easier over the past seven years, a new study has shown, with total tax rates falling by an average of 8.5%.
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China To Pursue Tax Reforms 2/20/2012 According to a statement by China’s State Council, after a meeting chaired
by Premier Wen Jiabao, the government promised to push forward its structural
reform programmes, including tax measures, to improve the country’s economic
development and improve people’s living standards.
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PwC Comments On UK Pension Tax Reform Rumours 2/20/2012 PwC has analysed the options allegedly mooted by the UK government in its rumoured look at reducing tax relief on pensions saving.
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UK Inheritance Tax Changes To Hit More People 2/17/2012 Changes to the UK's inheritance tax threshold could see more people becoming liable for the levy, chartered accountancy firm Midgley Snelling has warned.
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Spanish Crisis Taxes Praised By OECD 2/16/2012 OECD Secretary-General Angel Gurria has welcomed recent tax measures introduced
by Spain as a crucial first step to bringing the nation's finances onto a sustainable
footing and easing pressure on the European Union.
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Germany's Seehofer Makes Tax Key Election Issue 2/15/2012 Leader of Germany’s ruling Christian Social Union Horst Seehofer has
recently announced plans to make tax policy a central issue of the upcoming elections
in 2013, following the decision by the Social Democrats and the Green Party to reject the coalition government’s tax relief measures in
the Bundesrat.
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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.
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Finland Urged To Reduce Labour Taxes 2/15/2012 The Organisation for Economic Cooperation and Development has urged Finland to
accelerate the pace of tax reforms to support fiscal consolidation to tackle the fiscal challenges of an ageing population, particularly by lowering labour taxes to boost employment levels.
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Germany's CDU Eyes Income Tax Compromise 2/15/2012 Following the German government’s recent failure to win support for its
2013 and 2014 tax cut plans in the Bundesrat, or upper house of parliament, Norbert
Barthle, budgetary expert of the ruling Christian Democratic Union party,
has mooted the idea of increasing the top rate of income tax in return for the
tax relief measures, in order to gain support from the Social Democrats.
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Ireland To Improve Tax Relief For Approved Donations 2/14/2012 Minister for Finance, Michael Noonan, has announced his intention to bring forward amendments to the charitable donations scheme, which will take effect from January next year.
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Hungary's PM Defends Controversial Fiscal Strategy 2/13/2012 Hungary’s Prime Minister Viktor Orban has recently defended the central
aspects of his government’s fiscal policy, in particular the special tax
imposed on international retail chains, on telecommunications operators, on
insurance companies and on banks.
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German Bundesrat Rejects Tax Cut Plans 2/14/2012 Germany’s black-yellow coalition government has failed to receive support
for its tax cut plans in the German Bundesrat, or upper house of parliament, when
a bill providing for tax cut measures of around EUR6.1bn (USD8bn) was rejected
in a first reading.
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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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IMF Welcomes Croatia's Fiscal Plan 2/8/2012 The Croatian government's proposed fiscal plan, to reduce the nation's deficit
solely by retrenchment whilst implementing tax reform to encourage job creation
and reduce labour costs, has been welcomed by the International Monetary Fund
in its latest Article IV consultation with the country.
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