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Tag Archives: tax

Spain’s collects tax revenue worth €6.5b in first half of 2015

MADRID: Spain’s tax revenue reached more than EUR6.5bn (USD7.2bn) in the first half of 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 ... Read More »

Ireland’s top entrepreneurs call for changes to tax and welfare system

DUBLIN: A host of Ireland’s top entrepreneurs have called for changes to Ireland’s tax and welfare system to make it more attractive for business. The Government has faced sustained criticism over the 33pc rate of capital gains tax, the relative lack of a social welfare safety net for the self-employed and the tax treatment of share options. Eirgen Pharma co-founder ... Read More »

German Crowdfunding Network rejects taxes on capital gains

BERLIN: The German Crowdfunding Network joined a broad coalition of business advocates last month to plead with the German government to not raise taxes on capital gains. Typically politicians are always in search of revenue (new taxes) to spend on public projects and services. Some with merit, others not so much.  Periodically capital gains tax increases inevitably circle back around ... Read More »

Ireland’s top entrepreneurs call for changes to tax and welfare system

DUBLIN: A host of Ireland’s top entrepreneurs have called for changes to Ireland’s tax and welfare system to make it more attractive for business. The Government has faced sustained criticism over the 33pc rate of capital gains tax, the relative lack of a social welfare safety net for the self-employed and the tax treatment of share options. Eirgen Pharma co-founder ... Read More »

Leeds owner Massimo Cellino fined €40,000 for tax in Italian court

ROME: The Leeds United owner, Massimo Cellino, has been found guilty of tax evasion and fined €40,000 (£28,400) in an Italian court, according to reports in Sardinia. Cellino has been convicted for failing to pay VAT on an imported Range Rover in a court in Cagliari, according to Italian news website L’Union Sarda.it. The 58-year-old, who recently served a four-month ... Read More »

UK businesses pocket huge subsidies and tax breaks

LONDON: Taxpayers are handing businesses £93bn a year – a transfer of more than £3,500 from each household in the UK. The total emerges from the first comprehensive account of what Britons give away to companies in grants, subsidies and tax breaks, published exclusively in the Guardian. Many of the companies receiving the largest public grants over the past few ... Read More »

Govt scraps plan for French anchoring tax

LONDON: Controversial plans to introduce an anchoring tax to much of the French coastline have been scrapped by the government. The NOTre bill would have seen a daily anchoring levy applied to more than 300 managed marine areas around the country in a bid to prevent damage to sea beds. Initially only set to be introduced off Corsica, the plans ... Read More »

Ireland’s tax take was 4.1% or over 800m euros above target at the end of June

DUBLIN: Ireland’s tax take was 4.1 percent or over 800 million euros above target at the end of June, with income, corporation and value-added taxes all growing strongly, data showed on Thursday. Government spending in the first six months of the year was also 1.5 percent or just over 300 million euros (213.3 million pounds)lower than anticipated, Ireland’s finance department ... Read More »

Turkey to apply tax hike for import electronic products

ANKARA: itional taxes will be imposed soon on imports of electronic products such as cellphones and tablets, Economy Minister Nihat Zeybekci said. “Special measures will be introduced to raise additional customs duties on these products within one to two months,” Zeybekci announced at a press conference held to evaluate recent economic developments in Turkey’s economy. Zeybekci said there is also ... Read More »

Apple pays just £12m UK tax on £2bn profit

DUBLIN: Apple sparked fury last night after revealing that it paid only £11.8million in British corporation tax last year – despite raking in profits estimated at almost £2billion. Experts said the miserly bill was almost £400million short of the figure the US giant should be paying the British tax authorities. Insatiable appetite for its iPhones and iPads have made Apple ... Read More »

Turkey customs to introduce taxes on electronic goods

ANKARA: Speaking in a press conference in the capital Ankara on Thursday, Economy Minister Nihat Zeybekci announced that new tariffs are to be introduced next month on electronic goods entering Turkey. “In the coming month, special measures with regards to custom duties will be taken. Additional tariffs will be imposed on certain product groups such as electronics, cell phones and ... Read More »

Billions in UK sales but Amazon pays £11.9m in tax

LONDON: The UK’s 5m small businesses have called on the Treasury for help to enable them to find skilled staff, negotiate the complex tax system and boost exports. Citing levels of numeracy and literacy as “a real concern”, Mike Cherry, policy director at the Federation of Small Businesses, said: “Young people need to be ready and equipped for the world ... Read More »

Geneva’s tax rules changes may collect extra CHF28m revenue

BERN: According to the newspaper Tribune de Genève, proposed changes to Geneva’s tax rules, designed to pull in an extra CHF 28 million of tax revenue, will hit cross-border workers hardest. The changes, to be put before the canton’s Grand Council as part of the 2016 budget, will replace deductions for actual travel expenses with a fixed deduction of CHF ... Read More »

Geneva’s tax rules changes may collect extra CHF28m of tax revenue

BERN: According to the newspaper Tribune de Genève, proposed changes to Geneva’s tax rules, designed to pull in an extra CHF 28 million of tax revenue, will hit cross-border workers hardest. The changes, to be put before the canton’s Grand Council as part of the 2016 budget, will replace deductions for actual travel expenses with a fixed deduction of CHF ... Read More »

Over €70m tax fraud uncovers in 45 car breaker yards all over Spain

MADRID: 45 vehicle breakers yards all over Spain are under investigation by Hacienda this week on suspicion of having taken part in tax frauds which are estimated to amount to a total of approximately 70 million euros. Over the course of two days 250 Hacienda officials have been carrying out inspections at 60 yards belonging to the 45 companies concerned, ... Read More »

Tax subsidies, direct subsidies see to positive impacts on companies’ innovation activities

HELSINKI: Tax subsidies and direct subsidies seem to have a positive impact on companies’ innovation activities, according to a study published by the Government Institute for Economic Research (VATT) on Wednesday. The effects are significant for small businesses in particular, said the report, adding that most of the subsidy funds go to large companies. According to the study, correctly targeted ... Read More »

Cost of implementing tax plans in Germany could be €750 million

BERLIN: The cost of implementing the Government’s tax plans could be €750 million, economic think-tank the ESRI said. The ESRI has released an analysis of the Government’s proposals outlined in the Spring economic statement. The coalition says it has €1.5 billion more in the State’s coffers than it expected – referred to as its “fiscal space”. However, the ESRI said ... Read More »

Govt tax plan could cost half of €1.5b buffer

BERLIN: The cost of implementing the Government’s tax plans could be €750 million, economic think-tank the ESRI said. The ESRI has released an analysis of the Government’s proposals outlined in the Spring economic statement. The coalition says it has €1.5 billion more in the State’s coffers than it expected – referred to as its “fiscal space”. However, the ESRI said ... Read More »

Over €70m tax fraud uncovers in 45 car breaker yards all over Spain

MADRID: Spanish car wreckers failed to declare spare parts sales, over 45 vehicle breakers yards all over Spain are under investigation by Hacienda this week on suspicion of having taken part in tax frauds which are estimated to amount to a total of approximately €70 million. Over the course of two days 250 Hacienda officials have been carrying out inspections ... Read More »

UK tax authorities collect record £605,000 through informants

LONDON: The amount of money paid to informants by HMRC in its attempts to crack down on tax evasion has leapt by more than 50% in a year to a record high of £605,000. The tax authorities are increasingly rewarding tip-offs in an attempt to recoup the tens of billions lost annually to tax fraud. According to research by City ... Read More »