UK: Research on Awareness of Pension Tax Relief
In 2015 HMRC commissioned a research agency to conduct independent research on pension tax relief, exploring awareness and understanding of the pension tax system in the UK. The research included discussion groups with individuals; interviews with
See MoreSlovak Republic: OECD considers reforms to strengthen the recovery and future growth
On 13 January 2022 the latest OECD Economic Survey of the Slovak Republic was issued. The report notes that Slovakia’s recovery plan, supported by the EU, can give a boost to the economic recovery and growth, although there are downside
See MoreCzech Republic: Cabinet approves draft budget for 2020
On 16 September 2019, Government announced that Czech cabinet approved the draft budget proposal for 2020. This draft budget was prepared by the Ministry of Finance. It focuses mainly on pensions, wages, parental allowance and government spending
See MoreCanada: The province budget 2017 for Quebec delivered
The Finance Minister and the Economy of Quebec presented the province budget 2017 on 28th March 2017. It provides for no changes in income taxes, taxes or rates. The main tax amendments contained in the budget include the tax burden reduction in
See MoreHungary-Amendments to the Tax law amendments adopted by the parliament
The amendments to the Hungarian Tax Law submitted by the Minister of Economy of Hungary were accepted on 12 December 2016 without any major modifications. According to the adopted Tax Law the new tax measures are as follows: Tax
See MoreHungary-amendments to the Tax Law submitted to the parliament
The Tax amendments announced by the Minister of Economy of Hungary were submitted to the parliament on 5 December 2016. According to the proposed amendments the corporate income tax rate will be reduced as the current progressive rates of 10% and
See MoreKazakhstan: President signs a Law on pensions
The President has signed a law on 4th August 2015 to amend the process of obligatory pension contributions and budget funded state pension payments. The main amendments are given below: Employers Employers are obliged to withhold from salary and
See MoreMorocco: IMF encourages further reform to pensions and taxation
On 6 February 2015 the IMF finished its first review of Morocco’s economic position in connection with a Precautionary Liquidity Line (PLL) arrangement that was approved by the IMF in August 2014. Under this arrangement Morocco would only draw
See MoreJapan: Plans for an increase in Consumption Tax from April 2017
The government has confirmed that Japanese consumption tax will rise from 8% to 10% from 1 April 2017. This latest date was announced in the 2015 Tax Plan. The increase in the consumption tax rate was first scheduled for 1 October 2015, but was
See MoreUS Pension Uptake Lags Despite Tax Incentives
In order to encourage taxpayers to make provision for their pensions various incentives are provided by the tax system. The US Government Accountability Office (GAO) has however reported that the number of new pension plans taken out by individuals
See MoreEU – Directive on pension rights
The European Parliament has given its approval to an EU Directive that aims to improve the arrangements relating to the maintenance of supplementary pension rights. The existing EU regulations only permit individuals to transfer their statutory
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