Thursday, June 30, 2011

Links Jun 30

Malawi U-turn on salt, water, meat VAT The Nation
Jun 28 - 'The Malawian government succumbed to public pressure on Monday and removed the newly introduced value added tax on some essential items such as salt, water supply and meat. The VAT measures had been announced by the Minister for Finance when he presented the 2011-2012 budget on June 3rd.'

South Africa's income gap calls for decisive action now The New Age
Jun 28 - South Africa’s levels of income inequality are amongst the highest in the world. The article suggests that South Africa should follow the example of countries that have managed to achieve low levels of income inequality through government policies, that include 'more redistributive progressive taxation systems'.

Boosting tax practice through expertise integration in Africa Business Day

Jun 27 - 'Tax professionals in Africa have realised that there is need for them to integrate their expertise to improve tax practice and administration within the African continent while also driving their internally generated revenue. Currently driven by tax experts from Nigeria, Ghana, South Africa, Liberia, and Cote d’ Ivoire, tax practitioners under the aegis of Association of African Tax Institutes (AATI) are now sharing ideas ...'

Biggest Tax Avoiders Win Most Gaming $1 Trillion U.S. Tax Break Bloomberg
Jun 28 - Great report by Jesse Drucker on the repatriation issue - 'Cisco Systems Inc. has cut its income taxes by $7 billion since 2005 by booking roughly half its worldwide profits at a subsidiary at the foot of the Swiss Alps that employs about 100 people.' ...

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Don't Fall For Corporate Repatriation Tax policy Center / Politico
Jun 27 - 'Some observers are calling for a "repatriation holiday" on profits held by foreign subsidiaries. Some members of Congress, eager to stimulate our fragile economy, are listening. They shouldn't. A tax holiday on repatriated funds is a proven failure — expensive in both direct and indirect ways...'

See also:

U.S. : A Charlie Brown Congress? The Hill

Jun 29 - A nice analogy on the “repatriation tax holiday” situation. Hat tip Scott Klinger.

U.S. Is One of the Least Taxed Developed Countries Citizens for Tax Justice

Jun 30 - A new report by our friends at CTJ on why a revenue increase is the obvious answer to budget deficits - 'Some members of Congress are threatening to allow the U.S. to default on its debt obligations — and send financial markets into a tailspin — unless the President agrees to large, sudden cuts in the budget deficit without any increase in tax revenue. But the most recent data reveal that the U.S. is already one of the least taxed countries in the developed world.'

U.S.: Number of High Income Taxpayers Who Owe Nothing in Income Taxes Just Doubled Citizens for Tax Justice

Jun 29 - The Internal Revenue Service (IRS) recently released new data showing that the number of individuals paying zero US income taxes on an adjusted gross income (AGI) of $200,000 or more almost doubled between 2007 and 2008...

Canada: Press conference at Parliament puts the spotlight on tax fairness
Canadians for Tax Fairness
Jun 13 - 'Flaherty’s axe or fairer tax? Time to discuss the full range of options ... The dirty little secret that most government leaders will not admit is that a fairer and more balanced tax system could generate tens of billions of dollars in new public revenue. The numbers are truly breathtaking.'

Quelle Surprise! Greece is REALLY REALLY Bad at Collecting Taxes! naked capitalism

Jun 25 - An 'intriguing and damning' description of the Greek tax system.

When will Jersey realise that as its finance industry declines its got to look for Plan B? Tax Research UK

Jun 30 - 'Profits in the [Jersey] finance industry last year were at their lowest levels since records began, according to official figures released today....the finance industry in Jersey is failing. Its contribution to the States is falling, rapidly, both as a result of policy failings and as a result of its own financial decline. Change is inevitable.'


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