Taxation | GlobalPost

Brussels to investigate UK video games tax break

Thomson ReutersApril 16, 2013 09:45

LONDON (Reuters) - The European Commission said it would scrutinise British proposals for tax breaks for video games developers because it was not clear that taxpayers should subsidise the industry. The 25 percent tax relief, which was announced by Chancellor George Osborne in 2012, was part of a government initiative to build Britain's technology base. The Commission said on Tuesday that it would launch an in-depth investigation into the proposal, saying it doubted that the aid was necessary.

India's latest tax target: companies selling below cost

Thomson ReutersApril 15, 2013 18:15

By Sumeet Chatterjee MUMBAI (Reuters) - Indian tax officials have opened up a new front in their battle to increase revenue collected from companies, targeting manufacturing firms that slash prices below cost in order to sell slow-moving inventory. Car makers in particular, mostly multinationals, are in the spotlight, several tax officials and industry executives said.

Fresh IMF loan turns dearer as SBP doubts FBR can do the job

AsianetApril 15, 2013 16:07

The Federal Board of Revenue (FBR) is unlikely to achieve even the revised tax collection target of Rs 2.191 trillion for the current fiscal year. “Achieving the end-year tax collection target (of Rs 2.381 trillion) would be a formidable task for FBR,” observed the central bank in its second quarterly report for FY13. The federal government for fiscal year 2012-2013 had set a revenue collection target of Rs 2.381 trillion. The outgoing PPP-led coalition government, however, had to make a downward revision of this fiscal target cutting it to Rs 2.191 trillion.

Bankers count on watered down EU trading tax

Thomson ReutersApril 15, 2013 03:30

By Swaha Pattanaik and Simon Jessop LONDON (Reuters) - Bankers are confident they can persuade the European Union that its proposed financial trading tax poses enough risks to struggling economies and banks to warrant being watered down.

Bankers count on watered down EU trading tax

Thomson ReutersApril 14, 2013 04:30

Estonian tax board returns less income tax this year

AsianetApril 12, 2013 16:01

The Estonian Tax and Customs Board said that this year, 97 million euros would be returned to people on the basis of their 2012 income tax declarations, which is by 3.6 million euros less than last year, Public Broadcasting reports.The board ordered people to pay 19.9 million euros extra income tax, which is by 6.9 million euros less than last year.640,715 taxpayers submitted income tax declarations for 2012, which was 99.3% of the presumed amount.95% of all income tax declarations were submitted electronically, which was by 1.3 percentage points more than last year.

Obamas made $600,000 last year: White House

Agence France-PresseApril 12, 2013 15:01

President Barack Obama and his wife Michelle reported about $600,000 in income last year and were taxed at the rate of 18.4 percent, the White House said Friday. It noted that Obama has called for a 30 percent tax rate for wealthier Americans like himself. Two-thirds of the $608,611 in adjusted gross income reported by the Obamas come from the president's salary of $400,000 a year. The overall figure is down from 2011, when the couple made nearly $800,000, thanks in part to proceeds from book sales.

Civic groups to join crackdown on tax evasion

AsianetApril 11, 2013 15:34

A slew of South Korean civic groups are set to join a nationwide move to crack down on tax evasion that has been rampant in the country, industry sources said Thursday. South Korea's new government, which was inaugurated in late February, is stepping up its regulations on the so-called underground economy where many unregulated business activities are taking place.

Tax relief urged for small- and middle-income earners

AsianetApril 11, 2013 13:18

As the income tax season closes, ACT Teachers Party-List Representative Antonio Tinio reiterated the need to provide income tax relief for workers and employees in the public and private sectors.“Everytime small- and middle-income earners file their tax returns, every payslip they get, they see that much of what they earn goes to the government, leaving barely enough for their needs,” said Tinio.“For some, they wonder why they give away a third of their salaries when they can barely make ends meet for themselves and their families,” he addedTinio explained that there i

Palace appeals to Filipinos to pay proper taxes on time

AsianetApril 11, 2013 12:58

Malacanang appealed to the Filipino citizenry to pay their taxes properly and on time as the deadline for the filing of income tax returns will be on Monday. In a press briefing in Malacanang on Thursday, Secretary Ramon Carandang of the Presidential Communications Development and Strategic Planning Office said the President and Bureau of Internal Revenue Commissioner Kim Henares have pointed out which segments of the society need to comply with paying the right taxes. “This is a gentle reminder to all of them who should be paying the proper taxes to please pay your taxes, the