UK Budget Delivers Tax Cuts
The UK has delivered a Budget that unashamedly backs businesses, slashing the top rate of personal income tax and accelerating corporate tax cuts. Currently charged at 50% on all income over GBP150, 000, from April, 2013 the rate will drop to
See MoreIreland Unveils New Tax Incentives
On 17 February 2012 it was reported that tax reform features heavily in Ireland's new Action Plan for Jobs, a package designed to boost job creation and establish Ireland as the best small country in which to do business. Reforms include the
See MorePhilippines: Retirement account tax regulations issued
The Philippines Bureau of Internal Revenue (BIR) enacted new revenue regulations to implement the tax provisions of the Personal Equity and Retirement Account (PERA) Act. The regulations will come into effect on January 1, 2012. Under the Act, each
See MoreFrance Disclosed 3% Tax on High Income Earners
Despite sluggish economic growth, as part of a package of fiscal measures to meet its ambitious deficit reduction targets, the French Prime Minister has introduced an exceptional tax of 3% imposed on the annual income of the top earners in France.
See MoreInsurance and VAT exemptions are modified in Philippines
The Philippines Bureau of Internal Revenue (BIR) issued clarifications regarding the income tax deductibility of insurance contributions, and to the applicability of value-added tax (VAT) following takeovers and mergers. According to that, only the
See MoreTax Simplification Projects Announced in UK
In order to improve and simplify the tax system, the government of UK declared two new projects as part of its ongoing work, to review pensioner taxation and employee share schemes. On 13 July 2011 the government has confirmed that the UK’s Office
See MoreCanada: New tax credit highlights
In the recently reintroduced 2011 federal Budget the Canadian government has announced its new children’s arts tax credit. According to that parents can claim money spent on programmes focusing on fine arts, music, performing arts, outdoor
See MoreChina income tax threshold increased
The Standing Committee of China’s National People’s Congress (NPC) has agreed to raise the personal income tax threshold. With effect from September 1, 2011 the current personal income tax monthly threshold will be increased to RMB 3500
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