US urged Immediate Congressional Action on Tax Extenders
The American Institute of Certified Public Accountants (AICPA) has urged the US Congress "to immediately address the fifty-seven tax provisions that expired at the end of 2013 and the six tax provisions that expire at the end of 2014." Congress
See MoreUS: Executive Action on Immigration Will Boost Tax Revenue
The Center for American Progress (CAP) has released a paper that a deferred action program that allows undocumented immigrants who have lived in the United States for at least five years to apply for a temporary work permit would increase payroll
See MoreUS: Conservatives urge the Senate to pass internet tax moratorium
A coalition of more than 40 conservative and libertarian organizations and entities have written a letter to members of the United States Senate urging them to pass the Internet Tax Freedom Forever Act that would permanent extend the tax moratorium
See MoreIsrael: Central Bank calls for fiscal restraint
The Central Bank in Israel has issued an economic policy due to warn to the Government, cautioning that the introduction of VAT splits without compensatory tax hikes will push the discrepancy to as high as 4% of GDP against a target of 2.5%. On the
See MoreGovernment of Sweden cuts growth forecast and promised to raise more taxes if re-elected
The economy of Sweden contracted slightly in the first quarter and barely grew in the April-June period as its key export sector was hurt by sluggish overseas demand, particularly in Europe. Borg cut his forecast for growth this year to 1.9 percent
See MoreSri Lanka: Central Bank sets out FATCA compliance
The Central Bank of Sri Lanka set out measures to relax the foreign exchange control rules. The government of Sri Lanka has not entered into an intergovernmental agreement with the United States. Sri Lankan banks have been directed to comply with
See MoreUK: May move towards a Single Income Tax by merging social security with Income Tax
It was reported by the Tax Payer’s Alliance (TPA) that Chancellor George Osborne aimed to merge the social security with income tax to move towards a single income tax and he is intended to include it in the Conservative Party's next election
See MoreCzech Republic: Small business supports income tax plans of government
Small businesses in the Czech Republic have said that they allow Government plans to change the Income Tax Act as part of the country's new Convergence Program during the period 2014-17.The proposals include a CZK1.2m (USD59,500) cap on flat-rate
See MoreUS Taxpayers Not Sensitive To State Income Tax Rates
The US Center on Budget and Policy Priorities has put together a report indicating that people relocating within the US do not generally regard State taxation as an important driver in their decision. This is the case even though there can be
See MoreUS Businesses Urge Two-Year Renewal of Tax Extenders
In the US the Business Roundtable (BR) has written to the Senate in relation to certain tax issues. The BR is a business grouping of CEOs from large US companies who have USD 7.4 trillion in annual revenues and together make up more than a third of
See MorePortugal’s Socialist Party Would Restore Hospitality Reduced Rate
Portugal's Opposition Socialist Party (PS) leader, has promised to return the value-added tax (VAT) rate on the restaurant and catering industry to the lower rate of 13 percent if it wins the elections due to be held in 2015. The tariff was
See MoreIreland: Retailers Call for Personal Income Tax Cuts
The retail industry body Retail Ireland is confident that the retail sector will experience a significant recovery in 2014 and has requested individual income tax cuts to increase the spending power of the public and ensure that the public has more
See MoreUS: Committee Selects US Tax Extenders to Make Permanent
The Chairman of the US Ways and Means Committee has conducted a hearing to determine which “tax extenders” that expired at the end of 2013 should be permanently extended. There were more than fifty tax breaks expiring at the end of 2013 and in
See MoreFrance’s FTT Experience Should Warn Europe of Risks
France’s financial market regulator AMF has calculated that the introduction of a financial transactions tax (FTT) in 2012 led to a ten percent decrease in the volume of shares traded on the stock market. This study was based on an analysis of the
See MoreAustrian Unions drive for lower income tax rates
The President of the Austrian Federation of Trade Unions (ÖGB) has suggested that the income tax on low income employees should be significantly reduced. He suggested that the government should decrease the starting rate of income tax from the
See MoreUS – Tax Extenders Survive Senate Committee Vote
The United States Senate Finance Committee has been examining the various tax reliefs given to different sectors within the economy. The Committee has now passed the bipartisan Expiring Provisions Improvement Reform and Efficiency Act which
See MoreUS: IRS Told To Tackle Pension Plan Contribution Tax Abuse
A report issued by the Treasury Inspector General for Tax Administration (TIGTA) suggests that the IRS is permitting large deductions to be incorrectly claimed each year in relation to retirement plans for the self-employed. These retirement plans
See MoreUS Approves Delay to EU Aviation ETS Implementation
A member of the relevant Senate Committee has welcomed the European parliament’s recommendation to extend to 2017 the moratorium on aviation emission taxes on international flights entering or leaving the EU. Various countries outside the EU have
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