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Tag Archives: tax

South African Tax committee recommends review of gold mining tax

CAPE TOWN: South Africa should review a preferential tax enjoyed by gold producers, a commission set up to look into taxes said in a report published on Friday. The Davis Tax Committee said most mining companies were taxed a standard 28% corporate income tax rate but taxes paid by gold firms are linked to their profit margins, a measure meant ... Read More »

Senate narrowly approves $470m state tax hike for upcoming fiscal year

ROME: The Republican-dominated Senate adopted by the thinnest margin the largest tax increase in state history to close a budget deficit exceeding $400 million in the upcoming fiscal year. With the tally stuck at 20 votes in favor — one short of the required total — Olathe Sen. Julia Lynn voted “yes” to deliver the final margin that moved a ... Read More »

South African Tax committee recommends review of gold mining tax

CAPE TOWN: South Africa should review a preferential tax enjoyed by gold producers, a commission set up to look into taxes said in a report published on Friday. The Davis Tax Committee said most mining companies were taxed a standard 28% corporate income tax rate but taxes paid by gold firms are linked to their profit margins, a measure meant ... Read More »

Co Kildare firmPre-tax losses increase to €2.25m

DUBLIN: A doubling of revenues overseas by the Irish arm of building materials’ manufacturer, Tegral was not to prevent further losses at the firm in 2013. New accounts just filed by the Co Kildare firm show that the firm recorded pre-tax losses of €2.25m and this followed losses of €2.23m in 2012. The firm’s continuing losses came in spite of ... Read More »

Senate narrowly approves $470m state tax hike for upcoming fiscal year

ROME: The Republican-dominated Senate adopted by the thinnest margin the largest tax increase in state history to close a budget deficit exceeding $400 million in the upcoming fiscal year. With the tally stuck at 20 votes in favor — one short of the required total — Olathe Sen. Julia Lynn voted “yes” to deliver the final margin that moved a ... Read More »

Greece tax dodgers hid millions: Financial Crimes Squad

ATHENS: The Financial Crimes Squad (SDOE) has recently discovered tax evasion totaling millions of euros by checking the bank accounts of corporations and taxpayers, including the undeclared income of an architect amounting to €9.3 million and of a lawyer who had concealed €5.1 million. Based on existing legislation, these incomes will be taxed at the top rate of between 42 ... Read More »

Switzerland, Italy Cooperation talks on taxation, finance including cross border issues on 28th May

BERN: Swiss and Italian foreign ministers discussed issues of taxation, finance, transport, and including cross-border in 28th May meeting. Didier Burkhalter, head of Switzerland’s Federal Department of Foreign Affairs, received Italian Foreign Minister Paolo Gentiloni for official talks in Bern on May 28. The ministers welcomed the bilateral agreement on finance and taxation signed in February. It amends their double ... Read More »

Greece tax dodgers hid millions: Financial Crimes Squad

ATHENS: The Financial Crimes Squad (SDOE) has recently discovered tax evasion totaling millions of euros by checking the bank accounts of corporations and taxpayers, including the undeclared income of an architect amounting to €9.3 million and of a lawyer who had concealed €5.1 million. Based on existing legislation, these incomes will be taxed at the top rate of between 42 ... Read More »

Belgium targets £390m in unpaid tax avoid as HSBC considers job cuts

BRUSSELS: Belgium is hoping to retrieve €540m (£390m) in unpaid tax avoided from money hidden in HSBC Swiss bank accounts. The new estimate was made by Belgian finance minister Johan Van Overtveldt, and comes after revelations in the Guardian and other publications in February about the way HSBC’s Swiss arm helped customers evade tax. Newspaper De Tijd reported over 1,000 ... Read More »

Ireland tax take remains 4.4% or 700m euros above target at end of May

DUBLIN: Ireland tax take was 4.4 percent or over 700 million euros above target at the end of May, data showed on Wednesday, as strong monthly VAT and corporate tax receipts further boosted outperformance so far this year. Government spending in the first five months was also 1.8 percent or just over 300 million euros lower than anticipated, Ireland’s finance ... Read More »

Belgium to officially list Luxembourg as tax haven

BRUSSELS: Luxembourg’s neighbour Belgium is to officially list the country as a tax haven, local media report, based on its non-compliant status with the OECD’s Global Forum. All countries that have been on the OECD’s list of fiscal paradises need blacklisted in Belgium, the law stipulates. This also includes Luxembourg, which was deemed non-compliant on tax transparency by the OECD’s ... Read More »

Switzerland signs tax evasion accord with EU, takes effect in 2018

BERN: The European Union and Switzerland signed a major accord on Wednesday designed to prevent EU residents from hiding undeclared income in Swiss banks, the European Commission said. The agreement deals “another blow against tax evaders, and (represents) another leap towards fairer taxation in Europe,” said Pierre Moscovici, the EU commissioner for tax issues. Moscovici signed the accord, which takes ... Read More »

HM Revenue & Customs imposes £100 fine for late tax returns

LONDON: People who missed the deadline for filing their tax returns have been let off the £100 fine, HM Revenue & Customs has confirmed. But the fine has only been waived for individuals and small businesses who have a “good reason for sending it in late”. An HMRC spokesman told Sky News it wants to use more of its resources ... Read More »

Belgium and Russia sign new tax treaty

Belgium and the Russian Federation announced in March 2007 that they would negotiate a new double tax treaty (the “Treaty”). Nearly seven years after discussions began on 20 November 2008, the Treaty was finally signed on 19 May 2015 in Brussels. This newsflash is based on an unofficial version of the Treaty made available to the author which may differ ... Read More »

R&D tax credits and 12.5% tax rate red-line issues

LONDON: Tax credits for spending on research and development, and Ireland 12.5 per cent corporation tax rate, were among the “red line issues” for Ireland outlined by the Minister for Finance Michael Noonan to an EU committee on taxation that visited Dublin. Fine Gael MEP Brian Hayes, who was among those who met with Mr Noonan, said the Minister made ... Read More »

R&D tax credits and 12.5% corporation tax rate red-line issues

DUBLIN: Tax credits for spending on research and development, and Ireland’s 12.5 per cent corporation tax rate, were among the “red line issues” for Ireland outlined by the Minister for Finance Michael Noonan to an EU committee on taxation that visited Dublin. Fine Gael MEP Brian Hayes, who was among those who met with Mr Noonan, said the Minister made ... Read More »

Investors file $1.9 billion law suit against Norway over tariff cuts

OSLO: An Oslo court started to hear a $1.9 billion lawsuit by a group of international investors against Norway, in a case that challenges the country’s reputation as a predictable place to do business with little political risk. Investors including Allianz, UBS, the Abu Dhabi Investment Authority and two Canadian pension funds are suing Norway over its decision to cut ... Read More »

Basler Kantonalbank to pay 38.6m euros in German tax probe

BERLIN: Swiss regional bank Basler Kantonalbank said on Thursday it will pay 38.6 million euros ($42.13 million) to settle a probe by German officials over undeclared assets in hidden offshore accounts in Switzerland. The Basel-based lender is the fourth Swiss bank, after Credit Suisse, Julius Baer and UBS to settle similar probes with German officials. Read More »

EU outlines plans to make multinationals pay their share of tax

BRUSSELS: The European Commission outlined plans to limit how much multinational companies can reduce taxes on their European earnings through the use of creative accounting. The Commission, set to detail proposed tax measures on June 17, had already determined in March that European Union countries would have to share information on tax deals agreed with major corporations. We agreed on ... Read More »

Portugal’s state tax takes up over 4% to €11.483b YoY

LISBON: The state collected €11.483 billion in taxes over the first four months of this year with the rise attributable to the 7.2% surge in indirect tax receipts, the DGO – the General Directorate of the Budget reported. In financial terms, that amounts to an additional €449.7 million flowing into state coffers with the DGO stating this “consolidated the trend ... Read More »