Slovenia: Plans to Increase Tax Collection
Slovenia's new government plans to improve tax collection and reduce public spending in a bid to cut its budget deficit. Following the parliamentary vote of confidence for his government, Prime Minister said "Our fiscal policy will be restrictive;
See MoreBulgaria: Ministry of Finance warns on Budget
Recently, Interim Finance Minister has said that a revised budget in Bulgaria is unavoidable following an under performance in revenue collection, and that efforts would be prepared to increase revenue from VAT and excise duty. The Finance
See MoreIMF Suggests Revenue Enhancing Tax Reforms for Uganda
The International Monetary Fund (IMF) has suggested that tax changes should be put through in Uganda to deal with the problems with government finances. The tax base has to be broadened to counteract the effect of the large shortfall in tax revenue
See MoreLithuania: IMF Looks At New Revenue Sources
Lithuania’s tax revenue as a percentage of GDP is currently one of the lowest in Europe. The IMF considers that Lithuania could increase government revenues by making improvements to tax on wealth and capital and by broadening the scope of value
See MoreIreland Reports Resurgent Tax Receipts
Revenue collections to the end of April have risen by comparison to the same period in the previous year. The increased tax collection has helped to reduce Ireland’s fiscal deficit. The income tax collection has increased in 2014, mainly as a
See MoreHong Kong Ensures Low-Tax Policies
The Financial Secretary has said that spending will be limited to 20 percent of the GDP so that the low tax regime may be retained without problems in balancing the budget. The Working Group on Long Term Fiscal Planning which was set up in June 2013
See MoreUkraine Unveils IMF-Backed Fiscal Reforms
A raft of economic reforms has been published by Ukraine including some tax measures. Government revenue is to be increased by combating direct tax evasion and tightening the value added tax system to reduce the amount of avoidance and fraud. The
See MoreLuxembourg set for bigger losses on 2015 EU electronic VAT rule change
Luxembourg considers that it could lose €800 million per year as a result of the change in the rules used to determine the place of supply of consumer electronic services. This change in the EU VAT regulations is due to take effect from 1 January
See MoreSouth Africa – The 2013/14 Revenue Exceeds Expectations
The South African Revenue Service (SARS) published information on 1 April 2014 in respect of the outcome of tax collection for the fiscal year 2013/14. This indicates that ZAR 899.7 billion was collected, an increase on the year before. Although the
See MoreChina: Tax Revenues grew in 2013
Total tax revenue in China increased by 9.8% in 2013; VAT revenue rose by 9% to nearly RMB2.9 trillion, while corporate income tax revenue grew by 14% to RMB2.2 trillion. Total tax revenue was just over USD1.8 trillion; however rate pf increase
See MoreUS: Moneyed Households Pay over 100 Percent of Income Tax
Based on a report of Distribution of Household Income and Federal Tax for 2010, Congressional Budget Office (CBO) pointed out that the share of taxes paid by higher-income households in the United States significantly exceeded their share of
See MoreItaly: No effect on inflation due to rise in VAT
The Continued fall of the last month Retail prices in spite of rise in Italy’s VAT to 22% on 1 October 2013. It was published in the Italian statistical institute on 27 November 2013 regarding pricing information for Oct-Nov 2013 which shows
See MoreBrazil: Tax Earnings Up on Income Tax Collection
Brazil’s tax administration, the country’s federal tax revenue rose 2.68% year-on-year to BRL 83.2bn in August 2013, has released on 26 September 2013. The statistics show that from January to August the government collected BRL722.2bn in tax
See MoreColombia: Agreement with World Bank on Tax Matters
The World Bank signed an agreement with Colombia on August 19, 2013. This is to improve its tax collection. The agreement will be in force between August 2013 and August 2015. In order to strengthening the tax system, the World Bank will supply
See MorePhilippine: Collect taxes from online sellers
The Bureau of Internal Revenue (BIR) of Philippines’ has released a memorandum, which is ensure that it will start accumulate taxes from individuals and businesses for selling products online. This measure is already permitted under the tax law
See MoreVietnam: Issues Decree 92/2013 on implementation of CIT and VAT
Vietnam’s corporate income tax (CIT) and value added tax (VAT) guidance given in the Decree includes the following points: – Decrease of CIT to 20% for enterprises with a total annual revenue not exceeding VND 20 billion, effective since 1
See MoreChina: Non-resident enterprises – tax collection in 2012
A report on statistics compiled by China’s State Administration of Taxation (SAT) indicates that the tax paid in 2012 by non-resident enterprises in China showed a slight increase, following a sharper rise in the previous year, and amounted to
See MoreGermany announces further tax revenue growth
Although Germany’s federal government and states will undoubtedly welcome news of additional tax revenues recorded in October, last month’s increase is significantly less than in previous months, due notably to a weakening economy. In its
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