UK – Budget Supports Businesses to Deliver Growth
The UK budget announcements include measures in support of business. The research and development tax credit available to small businesses is to be increased from 11 percent to 14 percent. The Seed Enterprise Investment Scheme that gives tax relief
See MoreCanada: Newfoundland and Labrador budget for 2014
In Canada the Finance Minister of the province of Newfoundland and Labrador has issued the budget proposals for 2014. Under these proposals the corporate income tax for small businesses in the province would be reduced from 4 percent to 3 percent.
See MoreSingapore – 2014 budget analysis published
Following the Singapore’s 2014 budget statement (presented 21 February 2014), Singapore has prepared an analysis of changes and initiatives in the 2014 budget. This will help taxpayers to digest the changes announced in the budget and allow them
See MoreCanada: No tax rate changes in 2014 budget
In Canada the 2014 budget for Saskatchewan was published on 19 March 2014. There is no increase in the general rate of corporate or individual tax but the dividend tax credit rate in the province is to increase. There would also be a reduction in
See MoreUK Budget announcements 2014
The UK budget announcements on 19 March 2014 include a significant change to the pension regime. Currently, most people must invest their pension fund in annuity after receiving a certain percentage of the fund as a lump sum tax free payment.
See MoreUganda – Tax collection shortfall linked to corporation taxes
Uganda has reported a deficit in tax collection for the half year of 2013/2014. This deficit appears to result from problems in the tax administration’s tax collection methodology and the main cause of the problem is attributable to corporation
See MoreThailand: Tax Revenue deficit
Ongoing political unrest in Thailand could lead to a fall in tax collection and missed targets, according to the Fiscal Policy Office. Collections in the opening months of 2014 have however risen a little above the predicted amounts. The Fiscal
See MorePhilippines achieves Higher Tax Ratio In 2013
The fiscal deficit in the Philippines decreased in 2013 as there was a rise in the tax to GDP ratio in that year. The ratio of tax to GDP increased by 0.4 percent as compared to the previous year and reached a ratio of
See MoreUS: 2015 Budget would increase taxes for the wealthy
The Budget 2015 proposals would reduce the United States medium-term fiscal deficit by increasing revenues, particularly on the wealthiest taxpayers, but are unlikely to reach Congress. The US deficit would fall from 3.7 percent of gross domestic
See MoreSingapore: Budget 2014/15 aims to increase tax revenue
Singapore's Minister for Finance has stressed the importance of Singapore balancing its books over the long term, in the 2014/15 Budget speech. Already, with increased social and healthcare spending, the Singapore Government is forecasting a small
See MoreLuxembourg –VAT shortfall
In the recent Luxembourg budget, it was announced that the estimated annual VAT shortfall following the changes will total €600m to €1.1bn. This amounts to between 4.9% and 9.1% of the current annual VAT take. Due to the significance of this
See MoreLuxembourg – No VAT rise in the 2014 Budget
Luxembourg's Finance Minister has presented the 2014 Budget to the Chamber of Deputies. The 2014 budget does not include plans to raise value-added tax (VAT) in 2014 as had initially been predicted. The Finance Minister has however indicated that
See MoreCanada: No tax rate changes in Manitoba 2014 budget
On 6 March 2014, Manitoba Finance Minister delivered the province’s 2014 budget. The 2014 budget does not include any corporate or individual income tax rate changes, but proposes changes to certain tax credits, including the Co-op Education and
See MoreCanada: Budget 2014 incorporates transfer pricing rules and financial services
It has been announced by the OECD that the Budget for 2014 includes the announcement of a consultation on international tax planning by multinational enterprises as input into Canada's participation in the action plan on the basis of erosion and
See MoreSouth African Budget Sets Up Small Business Tax Reforms
South Africa’s 2014 budget includes some measures resulting from the work of the Tax Review Committee. The Committee's recommendations relate to the compliance burden of small and medium-sized enterprises. In particular, the turnover tax regime,
See MoreSouth Africa – Tax proposals in 2014 budget
The South African Finance Minister delivered his 2014 Budget Speech on 26 February 2014. Among the general corporate tax proposals in the budget are measures to: Limit interest deductions for reorganizations and acquisitions; Address the refund
See MoreSingapore: Budget 2014
Singapore has recently issued the 2014 budget, containing provisions related to introduction of the Productivity and Innovation Credit (PIC) Scheme for Small and Medium Enterprises (SMEs), PIC benefits on training employees, the extension of the
See MoreNamibia’s Budget Recognizes Increase in Tax Revenue
Namibia’s 2014 Budget provides for a 20% increase in tax revenues. The Government recognizes that, while the domestic revenue stream will contribute significantly to expected revenue, a significant risk to Namibia's fiscal outlook derives from
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