China plans VAT and Service tax reform in Shanghai
Chinese State Administration of Taxation published a new proposal for Chinese VAT and Business Tax reforms plans for a 2012 to consolidate the overlapping between VAT and Business Tax. The pilot scheme is proposed to take place in Shanghai and the
See MoreGermany expects additional tax revenues in 2011
The tax estimate unveiled recently by the German finance ministry predicts higher tax revenues both this year and in the coming years, than previously predicted in the May forecast. The German finance ministry confirmed after the meeting in Halle of
See MoreBrazil: Auto Tax is Suspended by Court
It has been published on 24 October 2011 that the tax hike proposed by the Brazilian government on the manufacture of foreign cars has been suspended. The Brazilian Supreme Court has ruled the planned tax increase to be unconstitutional due to its
See MoreHungary: Focusing to Phase Out ‘Crisis Taxes’ in 2012 Budget
Focusing on the provisions for a gradual phasing out of the crisis taxes levied on the country’s telecommunications, energy and retail sectors since 2010, the Hungarian Economy Ministry has recently submitted 2012 budget bill to the parliament.
See MoreAustralia: New tax working group has been announced
A new tax working group has been announced in Australia to look at reforms that could increase productivity and deliver tax relief to struggling businesses. Developing a set of savings options within business tax, such as broadening the base and
See MoreNorway : Budget Proposals of 2012 has been unveiled
To support a stable economy containing the Norwegian government has recently unveiled details of its 2012 fiscal budget. According to the declaration the overall level of taxation will remain unchanged in 2012. It also notes that there is scope for
See MoreCanada: Budget to be implemented for 2011
A motion to implement Budget 2011 has been tabled on October 3, 2011, by the Canadian Minister for Finance. The Notice of Ways and Means Motion includes the previously announced tax measures referenced in Budget 2011 to implement. The Ministry
See MoreSweden: 2012 Budget declared
The Swedish government has declared the details of its 2012 budget. According to it several fiscal measures are taken to offset the effects of the crisis, to improve long-term job and growth prospects and to strengthen welfare of the country. The
See MoreFinland: Budget for 2012
Finland’s government unveiled details of its 2012 budget proposal on the 19 September 2011. The budget incorporated fiscal measures aimed at shifting the focus of taxation away from labour and entrepreneurship, towards environmental and
See MoreAustralia: Introduced Carbon tax bill
After months of controversy the Australian government has finally introduced the carbon tax bill into parliament. The legislation will be effective from July 1, 2012. After long scientific research and economic analysis the government has decided
See MoreSwitzerland Adjusts Tax Thresholds
Switzerland’s Federal Department of Finance (FDF) has adjusted the Confederation’s direct federal tax rates and deductions for the 2012 tax year. As regards tax deductions, the administration states that for the 2012 tax year, double income
See MoreBudget bill is changed again in Italy
Instead of the previous 5% tax to be levied on annual personal incomes higher than EUR90,000 (USD126,300), now people have to pay 10% on annual incomes over EUR150,000, an additional rate of 3% will now be applied on all personal incomes over
See MoreFrance: Tax measures for 2011 year-end finance bills announced
The French Prime Minister announced some budget and tax measures that aim to reduce France’s deficit, on 24 August 2011 at a press conference. The French Cabinet will examine some of these proposed measures on 31 August and include in the draft of
See MoreLower Corporate Taxes Committed by the South Korean Government
The Finance Ministry of South Korea agreed to the government’s long-standing plan to reduce corporate taxes from next year. The government is expected to lower the rate of corporate tax on businesses from the current 22% to 20% for a taxable
See MoreIncome tax cuts suspended in Sweden
Due to the uncertainty surrounding the euro zone the Swedish government set aside on hold the planned tax cuts. According to the government declaration two measures announced in the November 2010 budget will be put on hold. One is tax cuts for
See MorePropensity to increase tax revenue: Philippines parliament
Instead of enacting new laws, the Speaker of the Philippines House of Representatives, Feliciano Belmonte, urged to prioritize measures that would plug loopholes in the country’s tax system and rationalize the tax incentives law. Bills that would
See MoreAustralia:Proposal to reduce tax savings
Australian government has published a discussion paper on the proposal to reduce the taxation on the interest income on savings by 50%, as proposed in the 2010-11 Budget. It is expressed that the introduction of the discount will benefit more than
See MoreCanada promotes fire-fighter tax credit
Canada’s Ministry for National Revenue has highlighted a new tax credit targeting volunteer fire-fighters. This is a part of their ongoing promotion of the government’s Budget measures. Speaking at a fire station Canada’s Minister for National
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