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Tag Archives: tax

Singapore, France sign pact to fight against tax crooks

SINGAPORE: France praised Singapore for entering into a new pact that tightens measures against foreign tax cheats seeking to hide their assets in the Asian financial hub. The revised agreement on double taxation, signed by French Finance Minister Michel Sapin and his counterpart Tharman Shanmugaratnam here the other day, seeks to promote business ties between the two countries while plugging ... Read More »

South Africa’s Employment Tax Incentive adds 270,000 Jobs

CAPE TOWN: The implementation of the Employment Tax Incentive (ETI) Act in South Africa has resulted in 270,000 young people getting jobs since it came into effect at the beginning of last year, according to National Treasury spokesperson Jabulani Sikhakhane here the other day. “Information received from the South African Revenue Service (SARS) indicates that employers have claimed the incentive ... Read More »

Singapore, USA sign IGA on Foreign Accounts Tax Compliance Act

Singapore: Singapore became the first country in Southeast Asia to sign an Intergovernmental Agreement (IGA) on tax information sharing with the United States in December 2014. The signing follows an in substance agreement reached between Singapore and the US in May 2014. Most countries around the world have been entering into IGAs with the US government since the US introduced ... Read More »

Indonesia reduces tax on oil exploration to increase production by 12.5%

JAKARTA: The government of Indonesia is hoping to boost the national production of oil by as much as 12.5 percent, and is dropping taxes faced by companies exploring for oil and gas in the country. The Finance Ministry of Indonesia issued a statement proclaiming that effectively from January 1st businesses operating in the oil and gas industry will no longer ... Read More »

Qatar should impose tax on unhealthy foods to increase revenue: PwC

DOHA: Qatar should consider introducing a tax on unhealthy foods to help meet its dual goals of diversifying its revenue base and creating a healthy society, global accounting firm PwC recommended here the other day. The Gulf state is facing an “immense” task to meet its goal to fully fund government expenditure with non-hydrocarbon revenues by 2020 and will need ... Read More »

Netherlands employers want €18b cut in income tax

AMSTERDAM: Chairman Hans de Boer wanted the income tax in its present form to be changed. He wanted income up to 100,000 euro to be taxed wit 35 percent, and a tax rate of 45 percent to apply to incomes above 100,000 euro. The downside to De Boer’s plan is that it will mean 18 billion euros less in state ... Read More »

Taiwan’s Asia Pacific Telecom suffers NT$10.207b pre-tax loss in 2014

TAIPEI: Asia Pacific Telecom (APT), a CDMA 2000 and a 4G operator in Taiwan, suffered pre-tax losses of NT$10.207 billion (US$332 million) in 2014, according to the company here the other day. The loss mainly stemmed from recognizing impairment of NT$10.366 billion in CDMA 2000 assets, it said. As CDMA 2000 carriers around the world have been replacing CDMA EV-DO ... Read More »

Indonesia reduces tax on oil exploration to increase production by 12.5%

JAKARTA: The government of Indonesia is hoping to boost the national production of oil by as much as 12.5 percent, and is dropping taxes faced by companies exploring for oil and gas in the country. The Finance Ministry of Indonesia issued a statement proclaiming that effectively from January 1st businesses operating in the oil and gas industry will no longer ... Read More »

Singapore, France sign pact to fight against tax crooks

SINGAPORE: France praised Singapore for entering into a new pact that tightens measures against foreign tax cheats seeking to hide their assets in the Asian financial hub. The revised agreement on double taxation, signed by French Finance Minister Michel Sapin and his counterpart Tharman Shanmugaratnam here the other day, seeks to promote business ties between the two countries while plugging ... Read More »

Taiwan’s Asia Pacific Telecom suffers NT$10.207b pre-tax loss in 2014

TAIPEI: Asia Pacific Telecom (APT), a CDMA 2000 and a 4G operator in Taiwan, suffered pre-tax losses of NT$10.207 billion (US$332 million) in 2014, according to the company here the other day. The loss mainly stemmed from recognizing impairment of NT$10.366 billion in CDMA 2000 assets, it said. As CDMA 2000 carriers around the world have been replacing CDMA EV-DO ... Read More »

Swiss Finance Dept proposes changes to withholding tax system

BERN: The Swiss Federal Finance Department launched an explanatory report and a proposed legislative bill concerning some important changes of the federal withholding tax system. At the core of the proposed reform is a system change of bond interest taxation from the present ‘debtor’ system to a ‘paying agent’ system, whereby the duty to withhold and pay tax from relevant ... Read More »

Switzerland launches 3-month consultation to implement tax agreements with other countries

ZURICH: The Swiss Government has launched a three-month consultation period on draft legislation that will pave the way for Switzerland to implement tax information sharing agreements with other countries. Finance minister Eveline Widmer-Schlumpf announced the schedule in Berne and explained in outline that the cabinet wants Switzerland to agree to a number of forms of information sharing. She said Switzerland ... Read More »

Italy, Switzerland ready to sign new bilateral tax agreement

ROME: After almost three years’ negotiations over untaxed Italian assets in Swiss banks, Switzerland and Italy have reached an agreement in principle on future cooperation in tax matters. The agreement between Switzerland and Italy was initialled on 19 December 2014 The two governments are currently preparing the signature of a Protocol of Amendment to the double taxation agreement which should ... Read More »

Switzerland launches 3-month consultation to implement tax agreements with other countries

ZRUICH: The Swiss Government has launched a three-month consultation period on draft legislation that will pave the way for Switzerland to implement tax information sharing agreements with other countries. Finance minister Eveline Widmer-Schlumpf announced the schedule in Berne and explained in outline that the cabinet wants Switzerland to agree to a number of forms of information sharing. She said Switzerland ... Read More »

Total sales decline 3%, average spending per transaction rises to £633: UK Tax Free Index

LONDON: The tax refund company revealed that total sales declined -3% in 2014 but on a positive note, average spend per transaction rose by +3% year-on-year to £633. There was a slight decline in overall international spend in the UK last year according to the Global Blue’s UK Tax Free Index. China remained the top spending nation in 2014: spend ... Read More »

UK’s new Oil and Gas Authority reviewing conditions, taxes for energy companies

LONDON: The UK’s new Oil and Gas Authority has been asked to undertake an urgent review of conditions for energy companies undertaking investments in the North Sea, prompting the industry to again call for radical tax reform. UK Energy and Climate Change Secretary Edward Davey has asked Andy Samuel, CEO-designate of the OGA, to identify key risks to oil and ... Read More »

California starts second fairest taxes in US

NEW YORK: California makes the list of seven states with the most fair taxes across the land. California has one of the least regressive tax systems due to its heavy reliance on a very progressive income tax. California is not an easy place to do business. Taxes and regulations are legendary. But the nonpartisan Institute on Taxation and Economic Policy ... Read More »

UK’s new Oil and Gas Authority reviewing conditions, taxes for energy companies

LONDON: The UK’s new Oil and Gas Authority has been asked to undertake an urgent review of conditions for energy companies undertaking investments in the North Sea, prompting the industry to again call for radical tax reform. UK Energy and Climate Change Secretary Edward Davey has asked Andy Samuel, CEO-designate of the OGA, to identify key risks to oil and ... Read More »

US ready to impose more taxes on wealthiest Americans

WASHINGTON DC: US President Barack Obama has proposed to close tax loopholes for the wealthiest Americans as part of the new economic strategy he plans to unveil in this year’s State of the Union address. However, the plan, which includes raising the top tax rate on capital gains, charging financial firms a fee for heavy borrowing, and changing the tax ... Read More »

$500/vehicle every quarter: Zimbabwe ZDSA urges Transport Ministry to withdraw tax

HARARE: Zimbabwe ZDSA (Zimbabwe Down Syndrome Association) members urged Treasury and the Ministry of Transport to withdraw the tax, saying it choked their businesses. Part of the petition reads: “Business for driving schools has been on a free fall over the past years owing to the closure of major industries and the resultant high unemployment levels . . . we ... Read More »