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Tag Archives: tax

“Dramatic” fall witnessed in corporation tax paid by UK banks

LONDON: There has been a “dramatic” fall in corporation tax paid by UK banks, despite growing profits, according to research by Cambridge Judge Business School. Total UK corporation tax receipts from the banking sector declined from £7 billion in 2005/06 to £1.3bn in 2011/12 and £2.3bn in 2012/13 — or a fall from about 20% of total UKCT receipts in ... 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 »

Pre-tax profits at UK-based entertainment group jumps 50% to £6.4m

LONDON: Pre-tax profits at the UK-based entertainment group co-owned by concert promoter, Denis Desmond, last year jumped by 50% to £6.4m (€9m). Academy Music Group (AMG) Ltd last year enjoyed the large jump in pre-tax profits in spite of revenues declining marginally by 0.5% from £32.3m to £32.12m. Mr Desmond heads up MCD Promotions here and through his joint venture ... Read More »

Internet retailer Amazon pays $16m tax in Germany after making $11.9b sales

DUBLIN: Internet retailer Amazon.com Inc.’s (AMZN.O) main German operating unit paid just 11.9 million euros ($16 million) in tax in 2014, despite the group recording $11.9 billion in sales to German customers last year, regulatory filings show. Germany is Amazon’s biggest market outside North America, its annual report shows, but until recently all sales and almost all profits were reported ... Read More »

Amazon starts paying corporation tax on sales in UK

LONDON: HMRC will notice a jump in corporation tax paid by Amazon soon enough, as the online retailer is finally booking its sales through the UK. The company is the first to succumb to pressure on tax avoidance, which many tech firms have been accused of doing in recent years. £5.3bn of Amazon’s worldwide sales had come from Britain, but ... 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 »

State’s tax relief of R16b a myth: Solidarity

CAPE TOWN: A report by trade union Solidarity has dismissed the R16bn tax relief the government announced in the 2013-14 budget by then finance minister Pravin Gordhan as a myth. The Real Tax Issue report‚ compiled in conjunction with investment firm ETM Analytics‚ shows taxpayers were actually impoverished during this “tax relief”. What was announced as tax relief were adjustments ... Read More »

Greencore pays effective tax rate of just 1% in Ireland

DUBLIN: Convenience food giant Greencore, which generated €1.6 billion in sales last year, pays an effective tax rate in Ireland of just 1 per cent. The UK-listed, Irish domiciled company uses “deferred tax assets” acquired through its takeover of UK rival Uniq to reduce its liability here. It bought Uniq for £113 million in 2011 in a deficit-for-equity swap deal, ... Read More »

Hungary’s tax office collects HUF 92b in back taxes in Q1-2015

BUDAPEST: Hungaryʼs National Tax and Customs Authority (NAV) collected HUF 92 bln in back taxes in the first quarter of this year, Hungarian daily Napi Gazdaság said today. The paper reported that NAV officials took action 472,000 times in the collection procedures, mostly freezing the bank accounts of delinquent taxpayers. The paper added that NAV sent 80,000 notifications to taxpayers ... Read More »

Greencore pays effective tax rate of just 1% in Ireland

DUBLIN: Convenience food giant Greencore, which generated €1.6 billion in sales last year, pays an effective tax rate in Ireland of just 1 per cent. The UK-listed, Irish domiciled company uses “deferred tax assets” acquired through its takeover of UK rival Uniq to reduce its liability here. It bought Uniq for £113 million in 2011 in a deficit-for-equity swap deal, ... Read More »

Apple pumps $1.1b into Ireland amid EU tax scrutiny

DUBLIN: Apple Inc. is rapidly expanding its footprint in Europe undeterred by the ongoing investigations into its tax arrangements in the region by the European Commission. The company is in the process of expanding its production capacity at its Cork plant in Ireland. The development comes as the European competition commissioner Margrethe Vestager affirms that investigations into the company’s tax ... Read More »

Italy adopting Legislative Decrees necessary to enforce innovative tax reform

ROME: Following the approval by Parliament of Law No.23 of 11 March 2014, the Italian Government is now taking action and adopting the Legislative Decrees necessary to enforce this innovative tax reform. In fact, on 21 April 2015 the Council of Ministers has approved the drafts of three Legislative Decrees that are currently under the examination of the relevant parliamentary ... Read More »

Concerns grow over post-UK election expat tax crackdown

LONDON: The outcome of the UK General Election is still not completely clear, but financial advisers are warning that some party policies might impact negatively on their clients, particularly those with ‘non-domicile’ status. “I think that Brits abroad are perhaps even more concerned about coalitions than UK residents are,” said Paul Gambles, managing director of MBMG Group. “For most UK ... Read More »

Rep. Donna Hicks introduces bill to cut state income taxes

A state income tax bill introduced by Rep. Donna Hicks would cut taxes by one percent over the next four years, saving millions in the process. The bill will cut state income taxes 0.25 percent each year over the next four years. Hicks, R-Boiling Springs, claims her plan will create $175 million in savings that would go back into taxpayers’ ... Read More »

Ireland ranked 4th with after tax rate of €7.49 per hour

DUBLIN: The study found that Ireland has the fourth highest minimum wage of all of the Organisation for Economic Co-operation and Development member countries. The OECD is an international economic organisation made up of 34 of the most developed countries on the planet including Japan, Germany and the US. The study, which looks at statistics from 2013, looks at the ... Read More »

Ireland jeweller Argento sees pre-tax profits rise by 60% to £1.69m

DUBLIN: Northern Ireland mid-market jeweller Argento has seen pre-tax profits rise by 60% to £1.69m in 2014. The firm, which has 50 stores throughout the UK and Ireland, saw turnover rise from £20.8m in 2013 to £24.3m last year. Pre-tax profits rose by £599,725 to £16.9m from £1.1m in 2013, in the 12 months to June 30, 2014. In a ... Read More »

Germany eyes tax cut in 2016 after forecast of $45b tax windfall

BERLIN: Germany’s finance minister said he would cut taxes from next year after experts forecast a nearly 40-billion-euro ($45-billion) tax windfall for Europe’s top economy over the next five years. The coffers of the states, regions and municipalities can expect almost 40 billion euros more in taxes until 2019 than had been predicted until now, according to an official forecast ... Read More »

StanChart reviewing HQ shifting due to rising UK bank tax

LONDON: Standard Chartered (STAN.L) said it continued to keep its domicile under review, particularly given the likelihood Britain’s bank tax will continue to rise, raising the prospect it could leave London for Asia. Standard Chartered Chairman John Peace told investors on Wednesday this year’s rise in Britain’s bank levy was relevant to how it viewed its best headquarters, echoing comments ... Read More »

Belgium to delay decisions on tax deals with Apple and Starbucks

BRUSSELS: EU regulators will miss a June deadline to decide whether tax deals granted by individual member states to companies including Apple and Starbucks are legal because they lack some data, the EU’s antitrust chief said on Tuesday. The investigations launched last year centre on Luxembourg’s tax rulings for carmaker Fiat Chrysler and online retailer Amazon, as well as coffee ... Read More »

EU decision on Apple corporate tax deal delayed

BRUSSELS: The decision on whether Ireland granted illegal state aid to Apple and should receive many millions of euro back from the US multinational will not now be made next month, European Competition Commissioner Margrethe Vestager has said. Fine Gael MEP Brian Hayes was critical of the delay but the former Danish economy minister said getting information from the four ... Read More »