Quantcast
Tuesday , August 22 2017
Breaking News
Home / Tag Archives: tax

Tag Archives: tax

Tax, medical contributions and working offshore

tax1

JOHANNESBURG: In this tax column, Piet Nel, head of the School of Applied Tax at the South African Institute of Tax Professionals (Sait), answers a reader’s questions about life insurance policies. For purposes of the medical scheme fees credit, the resident status of the individual is not relevant. What is relevant is who made the payment. The “tax benefit”, as ... Read More »

Google Ireland paid €28.6m tax on revenues of €18b in 2014

TAX

DUBLIN: Google Ireland said it paid €28.6m in Corporation Tax here last year, on a turnover of €18.3 billion. The amount of tax paid was up by €900,000 compared to 2013, while turnover was up 8% from €17 billion the previous year. The technology giant booked a profit after tax of €167.9m in 2014, up 9% compared to the previous ... Read More »

74 first-time buyers advantage of tax refund system in 2014

duties-taxes-import-spain-spainbox1

DUBLIN: A tax refund system introduced last year to aid first-time buyers has been described as a failure after it emerged just a tiny fraction have benefited from the measure. Just 74 first-time buyers have availed of the deposit interest retention tax (Dirt) refund which Finance Minister Michael Noonan claimed would benefit as many as 9,500 buyers get on the ... Read More »

Insurer to inform 5,000 Irish shareholders on how to avoid tax bills on payment

tax

DUBLIN: British insurer Standard Life will write to more than 5,000 Irish shareholders to advise them on how to avoid tax bills on a payment made by the company earlier this year. A large group of the company’s Irish shareholders were left with significant tax bills last year following a payment from the company that went wrong. A problem with ... Read More »

Government warns EU against tougher tax rules

duties-taxes-import-spain-spainbox1

PARIS: The Government has warned the European Union not to attempt to go beyond plans published on Monday that seek to lay down new global rules on taxing multinationals. In its report, the Organisation for Economic Co-Operation and Development said governments were “conservatively” losing $240 billion (€213 billion) annually from aggressive tax planning by multinationals. Speaking in Luxembourg, Minister for ... Read More »

Ireland collects more corporation tax under new plan

duties-taxes-import-spain-spainbox1

DUBLIN: The new global template for taxing multinationals could lead to more corporation tax being collected by Ireland, according to the head of the team behind the new plan. Pascal Saint-Amans, director of the Centre for Tax Policy and Administration at the Organisation for Economic Co-operation and Development, was speaking as the OECD said that up to $240 billion (€213 ... Read More »

Finance Minister Michael says Ireland now facing ‘increases competition’

Tax-640x480

DUBLIN: Finance Minister Michael Noonan said Ireland has little to fear from attempts by the world’s richest countries to get multinationals to pay more tax, reiterating that the country’s headline 12.5% rate is not under threat. However, some independent observers say Ireland will, in time, face more competition, and its success in attracting large foreign direct investments will remain under ... Read More »

Renua Ireland to propose flat income tax rate of 23%

tax11

DUBLIN: Renua Ireland will propose a flat rate income tax of 23 per cent when it publishes its pre-budget submission on Monday. The party has made a flat tax the core proposal of its submission, saying that Ireland should move to this system over a period of years. The party, under leader Lucinda Creighton, has been working on the proposal ... Read More »

AstraZeneca avoids paying UK corporation tax

Tax-640x480

LONDON: AstraZeneca, one of Britain’s largest businesses, is using a multimillion-pound tax avoidance scheme in the Netherlands, set up months after the UK relaxed its tax laws for multinationals in 2013. A Guardian investigation has found the pharmaceutical giant created the scheme using $2.7bn (£1.8bn) of internal group loans routed through its Dutch subsidiaries. The company paid no corporation tax ... Read More »

Ireland says tax boost to cut 2015 deficit to 2.2%

tax11

DUBLIN: Ireland expects its budget deficit to fall to 2.2 percent of gross domestic product this year from an earlier forecast of 2.7 percent after the government’s tax take rose sharply, Finance Minister Michael Noonan said on Friday. After the economy grew by over 5 percent last year, the best performance in the European Union, Noonan said he would be ... Read More »

France to cut corporate, income taxes in 2016 budget

Taxi cab sign

PARIS:  The French government is presenting its 2016 budget, which includes 11 billion euros ($12.3 billion) in tax cuts, in an effort to loosen up an economy burdened with 10 percent unemployment. The budget detailed Wednesday in a Cabinet meeting is based on expected economic growth of 1.5 percent next year. The government plans 9 billion euros ($10.1 billion) in ... Read More »

Ireland to move on multinationals’ disclosure of more information to tax authorities

tax reforms

DUBLIN: Ireland is to become one of the first countries to introduce measures aimed at ensuring multinationals disclose more information to tax authorities. In the upcoming budget, the Government will introduce moves obliging multinationals to draft country-by-country reports on their global activities, according to sources. If enacted the new rules could affect our biggest corporations, such as CRH, Glanbia, Kerry ... Read More »

IFS warns UK tax and benefit changes worsening inequality

tax

LONDON: A leading thinktank has warned the government it risks worsening inequality during workers’ lifetimes by cutting tax credits and reducing income tax rates for the richest. The Institute for Fiscal Studies said the long-term positives of higher in-work benefit payments were clear, citing a study of workers’ finances over the past 70 years. In the absence of higher income ... Read More »

EU court fines Italy over state aid to companies

double faida

ROME: A top European Union court has fined Italy 30 million euros ($34 million) for failing to recover millions of euros in relief from social security contributions granted to hundreds of companies. The EU Court of Justice ruled Thursday that Italy had “failed to fulfil its obligation to recover the aid.” The EU’s executive Commission insists that the social security ... Read More »

Utility must pay 2013 nuclear tax, Belgian Constitutional court rules

tax11

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

tax

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

tax evasion

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

gasoline

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

tax

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

Taxcut

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 »