Uganda – 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
See MoreHong Kong – Tax provisions in budget 2014-2015
The Hong Kong budget for 2014-2015 contains tax proposals affecting the financial services sector. Among these are measures that would: Propose a review of the requirements under the Inland Revenue Ordinance for interest deductions in the
See MoreHong Kong- Budget considers Fiscal Sustainability Over Longer-Term
Competitiveness was the theme of Hong Kong’s 2014/15 budget, but a significant portion of the budget speech looked at the maintenance of Hong Kong's healthy public finances in the face of increased spending on education, social welfare and
See MoreCanada: Tax Break for 2015-16 financial year
Canada's Finance Minister has said that his "number one priority" is reducing the taxes faced by Canadian families. Tax cuts are to take preference over plans to lower the country's debt or boost government spending. After the tax cuts are achieved,
See MorePortugal: Tax law changes affecting corporate and individual taxpayers
The recently enacted changes following the 2014 budget proposals include some key changes to the corporate taxation regime as well as other tax law provisions: Reduction in the rate of corporate income tax, from 25% to 23%, for 2014; Expanded
See MoreNamibia: Budget for 2014/15
The 2014-15 Budget was presented by the Minister of Finance on 19 February 2014, and includes the following measures: Corporate taxation: The non-mining corporate income tax rate will be reduced from 33% to 32%. VAT: The VAT registration
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