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Tag Archives: tax

Utility must pay 2013 nuclear tax, Belgian Constitutional court rules

BRUSSELS: Belgium’s Constitutional Court has rejected Electrabel’s appeal against the legality of the nuclear tax contribution imposed by the government for 2013. The company maintains that the level of tax does not reflect deteriorating market conditions in which it operates. In 2008, the Belgian government announced that the country’s nuclear power plant operators would have to make a one-off payment ... Read More »

Italy to Seek EU flexibility for Renzi’s tax cuts

ROME: Italian Prime Minister Matteo Renzi will finance 35 billion euros ($39 billion) of tax cuts through lower government spending and an appeal to Brussels for more flexibility on budget targets, according to his economic adviser. “We plan to finance this tax reduction through spending cuts on the one hand, and a little more margin relative to European parameters we ... Read More »

Irish Gambler John McManus seeks $5.22m tax refund from IRS

DUBLIN: What if you’re an Irish bigwig who won $17.4 million gambling in the U.S., and the payor incorrectly sent $5.22 million to the Internal Revenue Service as withholding? Good luck getting your tax refund. That’s the problem 64-year-old John P. McManus, one of Ireland’s richest, is facing. He won the money in 2012, so he filed a non-resident 2012 ... Read More »

UK tax breaks spur £3b North Sea gas project

LONDON: Danish energy group Maersk is to lead a £3bn project to develop the largest gasfield discovered in the UK North Sea for a decade, the first big investment to benefit from tax breaks announced in the Budget. The Culzean field in the central region of the North Sea is expected to produce enough gas to meet 5 per cent ... Read More »

US tax rules catch out UK investors, warns wealth manager

LONDON: Vestra Wealth has established a US subsidiary to help people deal with the complex regulatory and tax issues of investors with a “transatlantic footprint” Since the US brought in the Foreign Account Tax Compliance Act, a record 3,415 people renounced their US citizenship during 2014 to avoid it – up from 482 on average during the George W. Bush ... Read More »

Turkey to publish redrafted tax code soon

ANKARA: Turkey’s Finance Minister, Mehmet Simsek, has announced that a revised Tax Code will be published very soon. The re-write of the country’s Tax Code has been ongoing for over two years and is expected to introduce major reforms, following on from consultations with business representatives and industry experts. Simsek has said that the new Code will contain far fewer ... Read More »

Turkey Tupras faces $69m hit from tax demand and fines

ANKARA: Turkey’s sole oil refiner Tupras said it faces a tax demand and related fines totaling 160 million lira ($69 million) following an 18-month investigation by authorities. The demand for 65.6 million lira and fines of 94.4 million lira date from 2009 to 2013, the company said in a filing with the stock exchange. “We plan to utilize all of ... Read More »

UTV pre-tax profits reduced by £9m compared to same period in 2015

DUBLIN: UTV, the Belfast-based media group, made a pre-tax profit of £1m in the first half of 2015 compared to £10m in the same period last year. The reduced profit was largely due to the problems at UTV Ireland which lost £7.5m. UTV Ireland was launched in January and broadcasts to the Republic of Ireland. It has struggled to find ... Read More »

Glanbia firms pay just €200,000 tax on €40m profit in 2015

DUBLIN: Subsidiaries in Luxembourg of Irish food group Glanbia reported more than €40 million in profits last year but paid just €200,000 in tax, according to accounts filed in the tiny EU member state. The tax paid equates to a rate of about 0.5 per cent. The companies had no employees and had assets at year’s end of €1.3 billion. ... Read More »

Irish tax take 5.4% above target as corporate tax surges

DUBLIN: Ireland’s tax take rose to 5.4 percent above target at the end of August as corporation tax receipts came in more than a third higher than expected, leaving the government on course to beat its year-end deficit target. The tax take was 1.4 billion euros higher than forecast, up from a 900 million-euro surplus in July. Government spending in ... Read More »

Irish Gambler John McManus seeks $5.22m tax refund from IRS

DUBLIN: What if you’re an Irish bigwig who won $17.4 million gambling in the U.S., and the payor incorrectly sent $5.22 million to the Internal Revenue Service as withholding? Good luck getting your tax refund. That’s the problem 64-year-old John P. McManus, one of Ireland’s richest, is facing. He won the money in 2012, so he filed a non-resident 2012 ... Read More »

Glanbia firms pay just €200,000 tax on €40m profit

DUBLIN: Subsidiaries in Luxembourg of Irish food group Glanbia reported more than €40 million in profits last year but paid just €200,000 in tax, according to accounts filed in the tiny EU member state. The tax paid equates to a rate of about 0.5 per cent. The companies had no employees and had assets at year’s end of €1.3 billion. ... Read More »

UK insurance premium tax to increase to 9.5% from current 6%

LONDON: Raising the tax on insurance premiums paid in the United Kingdom could result in rate increases by insurers and coverage reductions by buyers. But at least one source said some insurers may absorb the added cost to keep the business in the U.K. The U.K. insurance premium tax will increase to 9.5% from the current 6% for coverage bought ... Read More »

Pre-tax profits in UK rise £74m to £928m, while revenues up 5%

LONDON: The UK has become Santander’s most profitable market, generating just over a fifth of the bank’s profits in the first half of 2015. Pre-tax profits in the UK rose £74m to £928m, while revenues were up 5%. The results eclipsed the €1bn (£700m) posted by the Spanish bank’s Brazilian operation, which saw its revenues jump by 9%. Overall, the ... Read More »

Greece targets tax evasion at holiday hotspots

ATHENS: From five-star hotels to humble tavernas, Greek tax inspectors are fixing their attention on tax evasion at summer holiday hotspots. The government served notice on Wednesday that Prime Minister Alexis Tsipras’s promised crackdown on tax evasion is now under way, a week after sweeping increases in value-added tax were imposed. We will start in the expensive destinations, the luxurious ... Read More »

Greece tax hikes of 13% to 23% begin to take effect

ATHENS: Greece’s Government has started implementing the demands of the EU refinancing deal, with a steep increase in rates of VAT. For most goods and services, the rate of VAT has increased from 13 percent to 23 percent with effect from July 20, 2015. This applies to goods including sugar, coffee, beef, spices, oil for cooking, and salt. All prepared ... Read More »

Spain’s tax revenue reaches over €6.5b in H1 of 2015

MADRID Spain’s tax revenue reaches over €6.5b in H1of 2015, a substantial increase on last year’s levels, according to Minister of Finance and Public Administrations Cristóbal Montoro. The Minister said that tax revenue in the first six months of this year was 20 percent higher than the same period last year. He said that the country’s tax revenue during the ... Read More »

Finland may increase tax in budget 2015

HELSINKI: On August 28, 2014, the Finnish Government agreed its 2015 budgetary proposals, which will focus on not prejudicing economic growth and job creation prospects, and will instead attempt to improve the country’s fiscal deficit situation. It was stressed that, due to the lack of economic growth again this year and with little expected for next year, Finland may have ... Read More »

Sales tax revenue totaled $33.845m through July of this year among four largest cities

ROME: Sales tax revenue totaled $33.845 million through July of this year among the four largest cities in Northwest Arkansas, up 8.4% over the $31.22 million reported in the same period last year. City officials in Bentonville, Fayettteville, Rogers and Springdale are all pleased with the year-to-date results though revenue has varied month-to-month. Each of their finance directors say their ... Read More »

Greece’s Tax revenues miss target by 2.3 bln in H1

ATHENS: The black hole in tax revenues for the first half of the year came to 2.3 billion euros, while public spending came to a complete stop during the same period, leading to state expenditure being 4 billion euros lower than the forecast target. According to the final data for the state budget in the first half of 2015, the ... Read More »