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Australia increases the middle tax bracket

Published: 06.09.2016 | news

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The Australian government says taxpayers will benefit from AUD7,000 (USD5,303), increase the "middle income" tax category for several weeks. The government introduced the first of September to income tax benefit in 2016. It provides for the implementation of the budget 2016 proposal to increase the threshold for the tax rate to 37 percent compared to AUD80,000 to AUD87,000. According to Treasurer Scott Morrison, "This will prevent about 500,000 taxpayers who are at a high 37 percent marginal tax rate. The reform will apply retroactively from 1 July 2016 "As soon as the law will change, people will get every dollar of their personal income tax benefits retroactively from July 1, 2016." This could mean more return for some. Earlier, the Australian Tax Office (ATO) has confirmed that the government will release a new Pay As You Go (SPOD) tax at the source of payment to reflect changes made to the tax benefits of the law on the income statement. As a result, on October 1, employers will be required to reduce the amount of tax on hold for affected taxpayers. If the tax overpaid by that date will be returned to the ATO in the assessment after the 2016-17 financial year. Author:...

Canada held a first assessment of the tax gap

Published: 05.09.2016 | Без категории

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#Canada #Taxation

Canadian IRS released its first study on the extent of the tax gap. In broad terms, the tax gap is the difference between the tax that would be paid if all obligations are fully met in all cases, and the tax actually paid and collected. "I am pleased to present to you the first study proceeds Agency of Canada estimated the tax gap. It is important to use this tool to make sure that Canadians are confident in the fairness of the tax system. It is equally important that we continue to look for innovative ways for Canadians to understand and comply Canada's tax system, "said Minister of Canadian national income, Diana Lebauthiler. This is the first study to have a glance to show how Canada will speak on the assessment of the tax break, after it was promised to do so in April 2016 as part of international efforts to combat tax evasion. Along with the report, Canada has published estimates GST / HST gaps suggest that the tax break for this tax is 6.2% in 2014, the whole pursuant to the previous years. Having released two reports, the Canadian tax authority reported that new estimates of the tax gap include Canada and 24 other OECD countries, which are evaluated at least one...

UK introduces pension advice tax

Published: 05.09.2016 |

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#Taxation #United Kingdom

The UK government announced new tax incentives to encourage people planning retirement for financial advice. Payment of the pension which will be offered from April 2017, will allow those who are approaching retirement age take 500 pounds out of their retirement savings to financial advice. This is intended to give people the opportunity to get advice on all financial products that contribute to their retirement income, such as pension multiple baskets and other assets such as individual savings accounts. The study showed that when approaching retirement only 22% of people know the value of their pension baskets and only 14% of people confidently plan aims his retirement without financial advice. Economic Treasury Secretary Simon Kirby said: "Pensions and savings decisions are among the most important moments in their lifetime, so it is vital that people could access financial assistance they need it and feel confident in choosing support that works for them when they retire." "I look forward to interacting with these consultations and take this opportunity to say how the payment can best meet the needs of both consumers and companies." The payment of the pension board was...

China accelerates reform of resources tax

Published: 01.09.2016 | Без категории

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#China #Taxation

China confirmed that the new system of taxation of Natural Resources what worked on an experimental basis, has been extended. As part of the reforms, China becomes the basis for the taxation of natural resources from the system based on the amount to ad-valorem system (based on value). The Chinese government is primarily distributed worldwide new resource tax in November 2011, since the tax resources such as oil and natural gas, coal and rare earths have changed. Currently, seven types of resources are subject to the tax on resources: crude oil, natural gas, coal and other crude non-metallic ores, crude ores of nonferrous metals, ore and crude salt. According to the August 29 broadcast in English first bet on June 27, 2016, from this moment the government began to deploy resources tax reform "comprehensive way". Inside confirmed that "efforts will be made to make the collection of taxes on water as on an ad valorem basis." The Government believes that the resources tax reform in full will improve the pricing mechanism of resources products, taking into account differences between countries producing regions of China; promote coordination and enhanced regional development;...

Japan slows down sales tax hike

Published: 31.08.2016 |

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#Japan #Taxation

The Minister of Finance in Japan, Taro Aso has said that the decision to remote previously proposed ales tax has claimed because of weak increasing of consumer spending. Aso talked on press conference with his co-worker from South Korea, Yoo Il Ho. According to Japanese Finance Minister, Aso had said that although Although economic fundamentals of the Japanese economy are solid, private consumption is not enough power, compared with improving corporate earnings and employment. "He explained that the government decided to postpone the planned tax increase" because of this background." The eight percent of sales tax firstly planned increase to 10 percent in October 2015 year, but then increasing was removed on April 2017 year. On the last week the Cabinet has signed propose about delaying of hiking sales tax for nearest time. The last time when the rate was hiking it was in April 2014 year from 5 to 8 percent. The Ministry said that the Japanese government still seeks to promote fiscal consolidation, as well as the acceleration of expenditure and revenue reforms across the board and increase potential growth by further action on structural issues and the promotion of reform...

Italy included Liechtenstein in White List

Published: 30.08.2016 |

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#Italy #Liechtenstein

The government of Italy included Liechtenstein in their White List of jurisdictions, which as they think are the most cooperative in tax questions. According to the order of Finance Ministers of Italy Liechtenstein was remove in a White List of jurisdiction and approved 9 of August and published 22 of August. The Italian government moves come after Liechtenstein signed agreements with EU in October 2015 for automatic exchange of information about financial accounts from 2017. According to this agreement’s members of EU can get the names, addresses, number of tax identification and dates of birth of citizen who has accounts in Liechtenstein and also another finance information and account balance. The government of Liechtenstein claimed that the including of this country to the White List has a lot of advantages for companies in Liechtenstein. It includes include the reduction of tax at source on dividend payments, the minimization of fund taxation, and lower administrative costs. "Particular benefactors will be Liechtenstein's insurance companies, which must no longer name tax representatives in Italy", the statement said. Liechtenstein is also recently represented...

Ireland drew US attention to changes in the agreement on double taxation

Published: 29.08.2016 |

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#Double taxation #Ireland #USA

Department of Finance of Ireland began meeting on the changes in the tax agreement with the United States. The Department explained that the update is seen as necessary in accordance with the decision of the United States to upgrade its model tax treaty. The United States took into account the recommendations on the update within reduce their tax base and shift profits. For example, in 2016, the model does not reduce withholding taxes on payments to highly mobile income - income that taxpayers can easily shift around the globe through deductible payments such as royalties and interest rates - which are made by persons who enjoy low or no tax in respect of income in accordance with the preferential tax regime. In addition, a new article obliges the partners to the extent necessary to make changes to the contract, if the changes cause a doubt one of the partners in the domestic law. Model 2016 also includes measures to reduce the tax benefits of corporate inversions. The update also included the US regulations, which provide that disputes between countries in the application of a double taxation agreement should be resolved through binding arbitration through the "last best...

Canada attempts on free trade agreement with EU

Published: 26.08.2016 |

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#Canada #EU

On the level of precipitation about free trade agreement between Canada and EU the government of Canada claimed about envoy infliction who will speed this talks. The government claimed that the infliction on envoy has a high preoritet for signing free trade agreement. In this year, it will be Pierre Pettigrew who will release this deal during one year. Pettigrew will meet with stakeholders in the provinces and territories of Canada, as well as with senior business and government leaders of the EU member states. Pettigrew said: "The agreement between Canada and the European Union sets a new world standard for commercial transactions and positions Canada as an innovative country and the new international norms of free agreement will create economic opportunities, and I am eager to help advance the deal." In July, the European Commission formally proposed the signature and conclusion of free agreement. The Commission should receive the support of the Council of Europe and the European Parliament. Once this process is completed, the agreement will be provisionally applied. The Commission hopes that an agreement will be signed during the next Canada-EU summit to be held in...

Australia claims new tax code frameworks

Published: 25.08.2016 |

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#Australia

Australian Tax Organization (ATO) made available a new voluntary tax transparency code (TTC) a range of principal and minimal standards for middle and big companies. The Tax Code was developed by the Board of Taxes and Duties, and must be entered ATO. Adoption of this Code is voluntary and is intended to complement existing measures of tax transparency in Australia. Within the scope of the tax code, companies are encouraged to be more transparent, especially in terms of their international tax affairs, in order to improve the public's understanding of how they comply with the tax laws of Australia. The minimum level of information required in accordance with the tax code depends on the size of the business. A "medium business" is a business with Australian Code aggregate turnover of at least 100 million Australian dollars, but less than 500 million Australian dollars. A "big business" has aggregated TTC Australian turnover of 500 million Australian dollars, or more. Companies can choose to meet the minimum standards of the Tax Code by publishing an improved disclosure of tax information in their general purpose financial statements, taxes paid reports or other documents; no...

UK changes Inheritance Tax Rules for non-doms

Published: 23.08.2016 |

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#Taxation #United Kingdom

The government of GB published more detail information about proposal to change Inheritance Tax for non-doms. The changes has been claimed based on 2015 budget summer and also permit to prevent avoidance of non-doms from inheritance tax in Great Britain because of using offshore structure. According to consultative document "people, who do not live in Great Britain in present time using a big amount of advantages as against to another in IHT." Any residential property in Great Britain owned by non-dom persons immediate exists in IHT frames. Nevertheless, the government said that it is a standard practice for such persons in Great Britain to provide residential property through foreign companies or at the same way transfer money. The government are planning to output residential property in Great Britain, the operations provided through foreign structure. This payment will be used as for persons who lives not in UK and for trusts with mediators or beneficiaries who are non-domiciled. The changes will go into force 6 of April, 2017 year. The government will remove accommodation building in Great Britain owned oblique through offshore structure from current definitions of...

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