Tax News Blog

Bolivian miners denounce tax

2007-02-08T02:43:00.000-08:00

LA PAZ, Feb. 7 (UPI) -- Bolivian President Evo Morales met with mining leaders Wednesday following protests in the capital over a proposed tax hike, La Razon reported. Morales had already promised to freeze the tax hike, but the miners converged on La Paz anyway and clashed with police, injuring two officers. Protesters blocked a main road leading out of the country late last month, calling for greater government control of the country's petroleum industry. The protests focused on Morales' failure to keep a promise to implement full nationalization of the sector, as the leftist leader once promised. .

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Cigarette tax cut rejected by panel

2007-02-06T02:41:00.000-08:00

PIERRE - Smokers in southeastern South Dakota are organizing "buying groups" to get cheaper cigarettes in Nebraska and Iowa, state Rep. Garry Moore, D-Yankton, told a legislative committee Monday morning. Moore said South Dakota's $1 a pack increase in the cigarette tax was hurting small businesses in his district. He argued to cut the tax by 78 cents, but the House State Affairs Committee voted 12-1 to kill the proposal without a vote of the full House.Voters in November approved increasing the state's cigarette tax from 53 cents a pack to $1.53 a pack. Moore's bill would have reduced the tax to 75 cents a pack."This is not selfish in nature," said Moore, who works for a company that wholesales cigarettes. "I know there are people who've said it's selfish in nature, and I really don't care.

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Crist tax plan may give small business a break

2007-02-02T02:39:00.000-08:00

Gov. Charlie Crist has proposed exempting small businesses from a tax on tangible personal property worth less than $25,000 and making changes to the state's homestead exemption that would affect both residents and businesses. A proposed special election later this year would ask Florida voters to approve a constitutional amendment that would include the tax relief measures. .

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Culver to lawmakers: Increase cigarette tax

2007-01-31T02:43:00.000-08:00

Gov. Chet Culver pressed the Iowa Legislature Tuesday for a dollar increase in the state's cigarette tax during his first budget address, taking his own party to task on a measure he said would save lives. The Democrat, elected in November, spent more time on the proposal than any other aspect of the $5.7 billion spending plan he outlined to the Democrat-controlled Legislature. Confronting hesitation by some of his party's legislative leaders about raising the tax a full dollar, Culver challenged lawmakers to get on board with an issue that was a part of his winning campaign and that a clear majority of Iowans support. "I understand that some appear to suggest that we should only increase the cigarette tax by 30 to 60 cents," Culver said. "But in this case, half measures will not even produce half the results." "I strongly believe the number needs to be a dollar," Culver added, sparking cheers from many of the Democrats in the House chamber and a contingent of students looking on from the gallery.

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Applicants vying for say in trust tax input

2007-01-29T02:42:00.000-08:00

OTTAWA -- A volatile mix of money and politics will be served on Parliament Hill this week as backbench MPs delve into Finance Minister Jim Flaherty's plan to start taxing income trusts. The Commons finance committee has been deluged with requests from the private sector to have its say as well, with some industry lobbyists putting the number of applicants as high as 200 groups and individuals. "It clearly indicates the level of interest that's out there," says George Kesteven, head of the Canadian Association of Income Funds. "There's an awful lot of misinformation about income trusts. "A lot of our time is going to be spent debunking myths." Only a lucky few, however, will actually get to state their case during the six hours set aside for hearings, and they will be the ones chosen by the MPs themselves.

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Pugster Hailing Cab Girl Woman Hobby Taxi X2 Italian Charm Bracelet

2007-01-23T03:15:00.000-08:00

This girl stretches her arm high in the sky as she is hailing for a cab! The new X2 version charm is a finer high quality charm Crafted and authenticated by Pugster Inc.

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Culver stands by proposed cigarette tax increase

2007-01-23T02:52:00.000-08:00

DES MOINES (AP) --- Gov. Chet Culver said Monday he would stick by his proposal to boost cigarette taxes by $1 a pack, despite calls by fellow Democrats to approve a smaller increase. "That's the beauty of our democratic process. We don't always see eye to eye on the issues," said Culver. "As the session moves along here and when it comes time to present budgets and determine how we are going to pay for our priorities, that's when the tough decisions have to be made. I've made my decision."Culver spoke at a news conference, at which he previewed a budget he will deliver to the Legislature next week. He'll also outline his priorities before a joint session of the Legislature. .

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F1's super-rich to cop higher Swiss tax

2007-01-21T02:46:00.000-08:00

A collection of F1's super-rich could soon be in for a shock, as the notorious tax haven Switzerland is considering making life more expensive for foreigners. Some of the sport's highest earners are among scores who flock to live in the alpine country, because the government requires foreign residents to pay only 'direct' taxes rather than declare their mammoth income or assets. According to sources, foreign Swiss residents including Michael Schumacher, Bernie Ecclestone and Fernando Alonso pay a comparatively paltry lump-sum of about $60,000 per year in tax to their local region. Elsewhere, in Germany or France for example, income tax could cost them up to ten times as much or more. Swiss finance ministers, however, reportedly met last Friday and discussed possibly changing the system within six months.

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IN STATE OF CITY ADDRESS, MAYOR BLOOMBERG PROPOSES TAX RELIEF AND ...

2007-01-19T02:51:00.000-08:00

In his annual State of the City address, Mayor Michael R. Bloomberg outlined a far reaching and ambitious agenda that takes advantage of the unique position of strength that the City finds itself in as a result of five years of innovation, accountability and fiscal responsibility; to prepare New York for its strongest future. .

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Three groups of Lao commodities enjoy zero percent import tax

2007-01-17T02:56:00.000-08:00

The Ministry of Trade has imposed a zero percent import tax on three groups of goods originating from Laos, namely rice and unprocessed rice; tobacco leaves and stem; and spare motorbike parts. The tariff rate will be applied for Vietnamese traders importing these items with the certificate of origin, form S, granted by Lao authorised agencies and valid until the end of this year. However, regarding tobacco leaves and stems, only those who are licensed to import tobacco materials under the Ministry of Trade's quotas can import these products. The tariff preferences are being applied under the agreement signed on July 28, 2005, between the Vietnamese and Lao ministries of trade for commodities eligible for preferential import tax rates. The agreement also lists items excluded from preferential import tax rates and those entitled to a 50 percent reduction in import tax.

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Most turn blind eye to tax cheaters

2007-01-15T02:55:00.000-08:00

OTTAWA -- Canadians who cheat on their taxes have little to fear from friends and neighbours who know about their wayward behaviour. The majority of Canadians would not turn a fellow citizen in for cheating on their taxes, reveals a poll commissioned by the federal government. Many of those who would report tax cheating say they would only do so if they were guaranteed anonymity and if a large amount of money was involved, according to a survey conducted for the Canada Revenue Agency. "Canadians are ambivalent about whether or not they would report tax cheating by someone they know to the authorities," says the report, which was conducted by Environics Research Group. "Even if they know for certain that someone is cheating on their taxes, a majority say they would not report this to the authorities, compared to about four in 10 who would do so." About sixty per cent of Canadians say they would definitely not or likely not turn someone they suspect is cheating on his or her taxes, according to the survey.

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Tax Season Begins As IRS Starts Accepting 2006 E-Returns

2007-01-13T02:42:00.000-08:00

Washington, D.C. (AHN) - The U.S. Internal Revenue Service (IRS) has begun accepting electronic submissions of tax returns from 2006. Known as "E-Filing," IRS Commissioner Mark W. Everson says, "E-file is fastest, safest and most accurate way to file a tax return. People will get their refunds faster through e-file. E-file greatly reduces the chances for making an error compared to filing a paper 1040." According to the IRS, e-file surpassed a record in 2006 when more than 73 million tax returns, almost 54 percent of all returns, were filed electronically. Taxpayers who use IRS e-file and who choose direct deposit can receive their refund in half the time. Proponents of the new digital system say that encryption makes filing online safer and more accurate.

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Late tax break revival shouldn't have big impact

2007-01-11T02:44:00.000-08:00

The IRS printed forms before the last-minute changes, but electronic processing will avoid that issue. BY JERRY SIEBENMARK The Wichita Eagle Changes to federal tax rules last month could affect the processing of some businesses tax returns this year. But because so many returns are now being filed electronically, tax break extensions included in the federal Tax Relief and Health Care Act of 2006 should minimize the impact. The act, signed into law in late December, included a number of business tax breaks that were set to expire but were revived. Trouble is, the federal tax forms were printed before those breaks were approved by Congress and signed into law by President Bush. The IRS said the late changes will have the greatest impact on individual filers but an "even smaller number of business taxpayers." The biggest effect on business taxpayers will be slower processing of their returns in January and early February, the IRS said.

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Tax exemptions to go, says PM

2007-01-09T03:12:00.000-08:00

NEW DELHI: The coldest day in the capital this winter on Monday brought a chilling message — all tax exemptions could be pruned. Ahead of the Budget, speaking at the Ficci AGM, Prime Minister Manmohan Singh set the alarm bells ringing when he said: "In the long run, our tax regime should not have too many exemptions which make tax administration an unnecessarily complex exercise vulnerable to misuse." But the good news is exemptions available for individuals are not likely to be axed in this Budget; the focus is likely to be on exemptions for the corporate sector. But if the trend is established, it's a question of time before individual exemptions too — like the ones on home loans, investment in public provident funds, post office savings schemes and insurance — will face the heat.

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Corzine talk to push tax reform

2007-01-07T02:52:00.000-08:00

TRENTON — Gov. Jon S. Corzine will try to spur action to rein in property taxes Tuesday when he delivers his first State of the State speech. While governors often use their annual addresses to pitch new initiatives, Corzine's speech is expected to focus on renewing efforts that bogged down late last year. "He will take stock of where we are and indicate that we have some unfinished business," said Assembly Speaker Joseph J. Roberts Jr., D-Camden. With legislative elections looming in November, when all 120 Senate and Assembly seats will be decided, and property taxes consistently named New Jerseyans' top concern, the political stakes could hardly be higher for the state's ruling Democrats. Corzine, Roberts and Senate President Richard J. Codey, D-Essex, said last week they have broad agreement on several key proposals, including a 20 percent property-tax credit for most homeowners, a 4 percent cap on annual property tax increases, increased oversight of school spending, and efficiencies in local government.

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China's tax collections rise 22 per cent

2007-01-03T02:57:00.000-08:00

The Chinese government has revealed that its tax collections have risen by 22 per cent in 2006, an increase over the 20 per cent it collected in 2005. According to the Chinese 'state administration of taxation', tax revenues totalled 3.8 billion yuan ($480 billion / Rs213,5520 crore). As China's economy grows rapidly — it grew by 10 per cent in 2006, on the back of an export boom — the country has been strengthening its efforts to improve tax collections from private enterprises. In November 2006, China's trade surplus rose to a record $22.9 billion, taking the year's total surplus to an all-time high $156.52 billion dwarfing the $102 billion for the whole of 2005. (See: China's trade surplus hits $157 billion; November surplus at record $22.9 billion) This export growth has also strained relations with the EU and the US, which accuse China of keeping the yuan undervalued to make its products artificially cheap in international markets.

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Mystery billionaire pays $200m in back tax - and keeps a state ...

2006-12-30T02:52:00.000-08:00

Feeling nervous about your end-of-year tax bill? Already suffering from bouts of loathing towards Her Majesty’s Revenue & Customs? If the answer to either of these questions is yes, then consolation can be found in California, where a mysterious “Taxpayer X” has just come clean about his income and handed over $200 million in unpaid taxes — almost single-handedly eliminating the revenue shortfall of the state. The tax payment is so large that it would pay the annual budget of California’s National Guard three times over. And it will close the gap between the state’s projected and actual revenues from $250 million to $47 million. This will put the finances of Arnold Schwarzenegger, the State Governor, back on track — a New Year gift to compensate perhaps for the leg that he broke while skiing during the holidays.

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Charities have trouble advertising tax credit

2006-12-26T02:54:00.000-08:00

PHOENIX (AP) - Arizona charities are struggling to get the word out about a state tax credit that is similar to the one for school donations.The ''helping the working poor'' tax credit offers the same dollar-for-dollar return to Arizona taxpayers as the school tax credit. But it's more complex, and nonprofit organizations say they have neither the time nor the resources to publicize it aggressively. ''We don't have that capability,'' said Janice Parker, executive director of the Mesa-based Save the Family Foundation of Arizona, which assists families with emergency expenses such as child care so that a household's wage earners can stay on the job.''We're too busy trying to help the population we're working with.'' .

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MP's tax info leaked online

2006-12-17T02:52:00.000-08:00

TORONTO -- The confidential tax information of Liberal MP Ken Dryden and several sports personalities is available on the Internet courtesy of federal employees who are illegally leaking the information. Canada Revenue Agency workers are violating the Income Tax Act, the Privacy Act, and possibly criminal law by feeding information to former employee Alan Baggett, who in turn posts the disclosures to an Internet chat group. "He quotes a guy I used to work with on one of my teams," an employee of the Toronto North Taxation Services Office said on condition of anonymity. "I went up to (the employee quoted) and said, 'You're feeding this stuff to Alan Baggett?' and he said, 'Oh, I really don't talk to him any more.' " Baggett's chat group postings are highly critical of the workings of the federal agency, which collects billions in taxpayer dollars, and often reveal confidential tax information gleaned from the files of debt collectors.

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Tax cuts revived in La. Senate committee

2006-12-15T02:48:00.000-08:00

BATON ROUGE, La. -- A state Senate committee went on a tax break binge on Thursday, moving to create a weeklong "sales tax holiday," give parents a $125 tax credit and create tax cuts for businesses, as a legislative session wound through its final days. It's unclear how much of the proposed tax relief will get enough support to make it through the full Legislature, as some lawmakers wonder whether the state can afford to lose the hundreds of millions of dollars in sales tax revenue. The bills move to the Senate floor for debate, then will need approval from the House. Rep. Taylor Townsend, sponsor of a business tax break bill, predicted that lawmakers will probably argue over and change the measures further. He questioned whether the state could afford all the cuts in tax revenue _ what he estimated would be a $455 million reduction.

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US to give tax relief for 'phantom' gains

2006-12-13T02:57:00.000-08:00

US President George W. Bush is expected to sign into law by next week a bill that will give relief to employees who were taxed on "phantom" share options gains they never received. The enactment of the legislation will allow refunds to be claimed from January by employees at companies such as Cisco and Intel that paid tax on the paper value of share options that later lost much of their value. The legislation will give relief to many of the employees hit hardest when the technology bubble burst. The bill reforms a tax on incentive on stock options that was designed to encourage long-term share ownership by employees, but exposed them to huge financial risk by taxing the theoretical gains they made when the stock was purchased, not when it was sold.

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MCD budget sans new tax proposals

2006-12-09T03:03:00.000-08:00

NEW DELHI: Municipal Commissioner A.K. Nigam on Friday presented the Budget Estimates for 2007-2008 promising to implement major development projects in the Capital related to modernised parking, community halls, modernisation of hospitals, garbage collection and road construction. He announced more cash incentives for girl students besides increasing the fund allocation to education and health sectors. The Budget Estimates also laid emphasis on carrying out various projects and improving several facilities in view of the Commonwealth Games 2010. This includes a Rs.4,455-crore action plan under the Jawaharlal Nehru Urban Renewal Mission and another Rs.76-crore plan for various development activities. Stating that the MCD would augment its existing financial resources without burdening the citizens of Delhi with new taxes, Mr.

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National will oppose tax bill

2006-12-07T02:59:00.000-08:00

The National Party has decided to vote against a bill which introduces a new tax on portfolio investments in offshore companies. The Government changed the way the tax will apply after business sector protests, and it is now on the basis of a 5 per cent fair dividend rate. But National's revenue spokesman Lockwood Smith said today the system was inconsistent and complex. He said Finance Minister Michael Cullen had claimed the new tax was not intended to tax capital gains, but it clearly did. "The so-called fair dividend rate is not fair at all," he said. "The complexity of complying with this legislation, and the fear of IRD-imposed penalties should taxpayers get it wrong, will result in many individuals simply applying the maximum 5 per cent rate to their foreign share investements.

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Shifting your tax assessments

2006-12-03T02:56:00.000-08:00

Section 127 of the Income-tax Act, 1961, confers power on the tax department to transfer the cases of an assessee at the discretion of the competent authority when it is felt necessary to do so in the interests of the revenue and for proper assessment of tax and collection thereof. The discretion is not guided or controlled by the provisions of section 124. Section 124 is a provision defining the jurisdiction in normal circumstances, whereas section 127 can be attracted only when it is felt by the commissioner or the Central Board of Direct Taxes or the competent authority that it is proper or appropriate to exercise power under the provisions of the Act. .

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Thaksin's children to fight against tax evasion charges

2006-11-27T03:06:00.000-08:00

Thailand's ousted prime minister Thaksin Shinawatra's two children will fight allegations of tax evasion all the way to the Supreme Court, the Shinawatra family's legal adviser said on Sunday. Thaksin's son Panthongtae Shinawatra and elder daughter Pinthongta Shinawatra have been accused of tax irregularities in the January's sale of Shin Corp shares to Temasek Holdings of Singapore. But the family's lawyer Noppadon Pattama said both Panthongtae and Pinthongta were ready to go all the way to the Supreme Court to prove their innocence. Their legal representatives have met with Revenue Department officials last week to discuss the filing of documents related to the share sale, Noppadon said. Meanwhile, Noppadon accused Revenue Department director-general Sirot Sawadpanish of contradicting himself and making statements prejudicial to the Shinawatra case.

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Service tax does not apply to finance Cos for hire & purchase

2006-11-25T02:56:00.000-08:00

Auto finance companies are on a high. With sales of two and four wheelers heading upwards, these companies will never fall short of any clientele. They have one more reason to celebrate they may not be required to pay service tax on the entire basket of their services. In a case involving Bajaj Auto Finance, the Central Excise and Service Tax Tribunal (CESTAT) discussed the issue whether the appellant company that is engaged in hire purchase finance is liable to service tax or not. The revenue departments stakes involved are too high to comprehend nearly Rs 26 crore were demanded and confirmed along with penalties and interest by holding that the service rendered by the company is covered under the category banking and other financial services which inter alia means financial leasing services, including equipment leasing and hire purchase by a body corporate.

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DaimlerChrysler unit tax appeal denied

2006-11-23T02:43:00.000-08:00

A Wisconsin state appeals court ruled Wednesday that a DaimlerChrysler AG unit can't count sales tax from bad financing contracts as a tax deduction, . The court said DaimlerChrysler Services North America was not entitled to the deduction because car dealers paid the sales tax to the Department of Revenue, not the company, according to court documents. DaimlerChrysler Services North America, the financial division of Auburn Hills-Mich.-based DaimlerChrysler AG, claimed it paid the sales taxes. Court records said dealers sold the purchasers' installment contracts to the company, but dealers in fact paid the state sales tax. The company paid the dealers the full amount of the contracts, including sales tax. Purchasers then pay a portion of the sales tax each time they make a loan payment.

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Commuters line up with questions on transit tax credit

2006-11-21T02:47:00.000-08:00

The CRA is apparently getting a lot of questions about the new tax credit for transit passes. If you more or less do a cut and paste job, a picture emerges. The answers are based on draft legislation which has not as yet been passed. Q Does a daily or weekly pass, including a limited round-trip pass, qualify for the transit pass credit? A No. The draft legislation indicates that an "eligible public transit pass" must provide the individual with the right to use public commuter transit services of a qualified Canadian transit organization on an unlimited number of occasions and on any day on which the public commuter transit services are offered during an uninterrupted period of at least 28 days. Q How is tax assistance received under the new transit pass credit initiative? A Under the draft legislation an individual can claim a non-refundable tax credit for the cost of an eligible public transit pass used on or after July 1, 2006.

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McConnell is caught in a tax revolution

2006-11-19T02:42:00.000-08:00

SCOTLAND could be set for a business tax revolution that could see the rate of Corporation Tax slashed to less than half its current level - and billions of pounds of extra tax revenue cascading into the government's coffers. Not only could this be achieved within the devolution settlement and without the need for constitutional upheaval, but it would also bring a substantial net gain in inward investment, jobs - and a significant rise in tax revenue, not a "cost" of £1.4bn as First Minister Jack McConnell indicated in a Holyrood parliamentary answer last week. .

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Tax cut pledge opens rift with London

2006-11-17T02:51:00.000-08:00

A NEW row between the UK government and the Scottish Executive erupted last night after Jack McConnell promised to fight for lower business taxes north of the Border if Northern Ireland won a special deal from the Treasury. The First Minister told Holyrood yesterday that if Gordon Brown, the Chancellor, bowed to pressure to cut corporation tax in the province, he would argue for the same for Scotland. But last night, government sources in London attacked Mr McConnell over the remark, saying he had "blundered" in giving ground to nationalists' case for fiscal autonomy. The row broke out after Mr McConnell was challenged on reports that Mr Brown was going to give in to cross-party calls to cut Northern Ireland's business tax. Unionist and nationalists in the province have united to demand the cut to allow them to compete with the Republic of Ireland, where corporation tax is 12.5 per cent.

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China considers putting consumption tax on more luxury items

2006-11-15T02:49:00.000-08:00

The Chinese government is considering expanding the list of luxury items subject to a special "consumption tax", says Wang Li, deputy director of the State Administration of Taxation (SAT). Wang told the first annual forum on China's fiscal reform here that tax reform should progress with personal income tax, property tax and consumption tax to be adjusted tp strengthen the role of taxation in reducing poverty. He did not disclose the exact timetable for the adjustment of consumption tax on more luxury items. A recent survey by the Horizon Research Consultancy Group showed that 40 percent of Chinese believe consumption taxes should be imposed on more luxury items such as jewelry and VIP club memberships. Professor Tang Gongliang, of China's elite Central University of Finance and Economics, said periodic adjustments of the list of luxury items subject to consumption tax were necessary to keep it up to date.

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Voters to mull open space, tax questions

2006-11-05T02:39:00.000-08:00

They include a countywide question about an open space/farmland preservation tax and three state questions. Also, several municipalities will ask voters for a decision on local questions, most dealing with taxes for land preservation. Here is a look at the questions: COUNTYWIDE Farmland Preservation Open Space Trust Fund Levy Amendment "Shall the Salem County Board of Chosen Freeholders adopt an ordinance to amend its Farmland Preservation Open Space Trust Fund to provide for an "Open Space/Farmland Preservation Trust Fund," which shall be funded through the collection of a dedicated local property tax in an amount not to exceed $0.04 per $100 of assessed value?" If this question is approved by the voters, the county would be allowed to increase the annual tax levy to not more than 4 cents per $100 of assessed property value for land preservation.

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ATO 'following the law' on gay tax case

2006-10-30T03:04:00.000-08:00

THE Australian Tax Office (ATO) says it is merely applying the law in refusing to accept a joint tax return from a married gay couple. The office's refusal follows the addition of a question to tax returns asking about the sex of a taxpayer's spouse, in a new section relating to spouse details. The new question revealed an anomaly for a gay couple from Sydney who were married overseas earlier this year. The pair said they had been allowed to lodge joint returns in previous years but this year revealed the sex of their spouse. The couple said they had tried to lodge their tax return online earlier this year, but it had been rejected. Following that, they received a letter from the ATO saying the Income Tax Assessment Act 1997 did not recognise their marriage and that they were not entitled to name each other as spouse on their returns.

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Japan mulls revising depreciation rules to ease tax burden

2006-10-28T06:50:00.000-07:00

The Japanese government is planning to revise its asset depreciation system for easing tax burden on domestic companies, it was learned on Saturday. The issue will be high on the agenda for the government's tax system reforms for fiscal 2007, informed sources said. The planned revision would slash corporate tax revenue by some 500 billion yen for the initial year. Japanese companies are required to report a reduction in their values of production facilities as depreciation costs every fiscal year over time. Relevant rules allow companies to book the costs as losses, thus easing their tax burden somewhat. But there is the gap between Japan and other countries over the depreciation rate. Japan now sets its ceiling of depreciation rate at 95 percent, while the United States, Europe and South Korea permit 100 percent depreciation.

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WA Treasurer rejects call for payroll tax cut

2006-10-26T03:41:00.000-07:00

Western Australian Treasurer Eric Ripper says he is in favour of tax relief but has rejected calls by the Business Council of Australia to cut payroll tax. Business Council president Michael Chaney has told the National Press Club it is ridiculous to have a tax on companies just because they employ people. Mr Chaney says some of the WA Government's record budget surplus of $2.3 billion should also be used to cut stamp duty for first home buyers. But Mr Ripper says if he moves too soon, the effect will be to push up demand for houses and increase pressure on prices. "I'd like to se a bit of slowing in the housing market and I'd like to see an assurance that our prosperity is going to continue before we make the decision to bring in further tax relief," he said.

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Tax incentives on Toyota hybrids to decline Oct. 1

2006-09-24T03:33:00.000-07:00

The Internal Revenue Service announced last week that Toyota Motor Corp. has reached the legal production limit -- 60,000 vehicles -- that Congress imposed on vehicles eligible for a tax credit. The announcement means that federal tax credits for Toyota and Lexus hybrid vehicles will be cut in half, but not until next month. The Toyota Prius hybrid tax credit of $3,150 -- the largest allowed by the IRS -- will shrink to $1,575. One group -- Hybrid Owners of America -- is upset by the tax trim. It says now is not the time to discourage hybrid ownership and cites a proposed law in California that would raise the ceiling on car pool lane access stickers for hybrids from 75,000 to 85,000. The bill is still waiting for the governor's signature. Meanwhile, 83,000 sticker applications are pending.

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First taste of softwood deal will be border tax higher than US ...

2006-09-22T03:30:00.000-07:00

VANCOUVER (CP) - Canada's lumber exporters will get their first taste of the new softwood lumber agreement with the United States starting next month and it won't be pleasant. The current 10.8 per cent combined anti-dumping and countervailing duties levied by U.S. Customs will be replaced by a 15 per cent Canadian export tax. That's because the agreement, which is headed for implementation Oct. 1, bases the export tax on the prevailing composite market price of framing lumber set by Random Lengths, an industry news service. The price this month, which will be the basis for October's tax rate, is well below the US$315 per thousand board feet that triggers the maximum 15 per cent border tax. Random Lengths' mid-week price Thursday was US$294.

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Myanmar tightens levying income tax on foreign workers

2006-09-18T03:39:00.000-07:00

Myanmar has tightened levying income tax on individual foreigners working in the country as part of a bid to normalize its loose taxation measures, the local Weekly Eleven News reported Monday. Quoting a recent order of the Ministry of Finance and Revenue, the report said the foreigners are to pay 15 percent income tax in foreign exchange if earned in foreign currencies with effect from the current financial year of 2006-07 which began in April. The order states that local nationals are also required to pay such income tax but 10 percent in foreign exchange if so earned. According to the Internal Revenue Department, for the past 18 years, the government had not taken a serious approach to tax collection from private companies and individuals.

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Special session expected to discuss tax cuts

2006-09-14T03:36:00.000-07:00

Gov. Jon Huntsman Jr.'s office announced Wednesday that the state ended the last fiscal year with $380 million in extra money -- a fact that will bolster the case being made for tax cuts that state leaders expect to consider next week. The proposed changes to the state income tax were well on their way to becoming law even before the surplus news. They have the support of Republican leadership in the Legislature and Gov. Jon Huntsman Jr., and money has already been set aside to cover the costs of the changes. That doesn't mean there won't be fractious debate over the proposals, however, concerning the impacts of cutting taxes, the means used to achieve tax cuts and even whether it's appropriate to use a term like "budget surplus" in a fast-growing state like Utah.

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Nigeria: Export And Tax Waivers

2006-09-12T01:38:00.000-07:00

Ordinarily, the plan by the Federal Government to exempt some 33 products from export taxes would have been hailed as a sound economic decision to boost export trade and redirect attention from crude oil as the only foreign exchange earner. But the reality is that waiving export tariffs alone will not jump-start export initiatives among Nigerian entrepreneurs. The government, under the trade initiative tagged "Commerce 33," had announced tax waivers for some 11 solid minerals (iron-ore, coal, zinc, tin); 11 agro-produce (cotton, cassava, cocoa, cashew, gum-arabic, fruits vegetables.) and 11 locally-manufactured items like bottled water, beverage, and soft drinks. The taxes removed include one percent consultancy charge, N25,000 NAFDAC levy for each container, and 11 percent container charges.

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Sisters in inheritance tax battle

2006-09-12T01:37:00.000-07:00

The lawyers for two elderly sisters are due in court to begin their attempt to win the same inheritance tax rights as married, gay and lesbian couples. Joyce and Sybil Burden, from Wiltshire, have lived together since birth but if one of them dies the other will face a large inheritance tax bill. They fear the one left will have to sell the family home to pay it. Joyce, who is 88, and Sybil, who is 80, are taking the case to the European Court of Human Rights. They decided to take action in the wake of the Civil Partnership Act 2004. .

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Liberals divided over timber tax cuts

2006-09-12T01:36:00.002-07:00

A Liberal backbencher says it would devastate the timber industry in his electorate if the Government scrapped tax breaks for managed plantation schemes. There is a push to change the tax advantages for people who invest in timber plantations. However, south-east South Australian Liberal MP Patrick Secker says he will argue in the Coalition party room meeting today the schemes help Australia overcome its $2 billion deficit in timber products and scrapping them would create great harm. "You could say goodbye to a pulp mill, you could say goodbye to any further investment in the blue-gum industry and any long-term thinking by anyone that's thinking about investing in the blue-gum industry," he said. "It would be an absolute disaster for that industry and for the timber industry in general." However, southern Victorian Liberal whip Stewart McArthur says the schemes are not achieving the Government's main aim of boosting the plantation industries.

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Sisters take tax fight to court

2006-09-12T01:36:00.001-07:00

Sisters Joyce and Sybil Burden have spent their lives together, and don't want to be forced to sell their house if one of them dies - a prospect they fear under present inheritance tax law, and one they are fighting at the European Court of Human Rights. Joyce has a liveliness in her voice that belies her 88 years of age. She is angry about the issues which her and her younger sister, Sybil, aged 80, are facing. "My father was a local preacher for 60 years. He worked very hard for this house. So why should we have to lose it?" .

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South Africa: Tax Advisers to Be Exempt On Amnesty

2006-09-12T01:36:00.000-07:00

Financial services and tax advisers wishing to advise clients to make use of the small-business tax amnesty would be exempted from the Financial Intelligence Centre Act (Fica) towards the end of next week, South African Revenue Service (SARS) commissioner Pravin Gordhan says. He was responding to the problem raised by financial advisers who wish to encourage small-business clients to make use of the amnesty, but are unable to do so because the advisers would then be required to report their clients to the Financial Intelligence Centre in terms of the act. On Friday, Gordhan stepped up SARS' national campaign to encourage small business to make use of the amnesty by leading a team of 150 officials on walkabouts to businesses south of Durban to engage taxpayers about the amnesty.

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City seeks ways to ease tax rate

2006-09-12T01:35:00.001-07:00

Hundreds turned out to oppose Hollywood's proposed 2007 budget, but commissioners had few answers as they debated into the night. BY TODD WRIGHT twright@MiamiHerald.com Hollywood commissioners debated late Monday night on how to cut the city's tax rate to appease a chamber full of angry residents who complained about the city's proposed 2007 budget. Overall, the $327 million budget represents a 7.3 percent, or $24 million, increase from the 2006 budget. About half of the increase came from personnel costs; gas and oil costs also increased. Residents complained about the estimated $14.1 million increase in property tax revenue city coffers would collect, but the budget made no mention of rolling back the rate. The tax rate would increase slightly, and residents would pay more because of higher property values.

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Hiscox swaps London for the low-tax attractions of Bermuda

2006-09-12T01:35:00.000-07:00

HISCOX yesterday became the latest insurer to abandon London for a low-tax Bermudian domicile, as pressure mounted on the Government to reduce the tax paid by UK insurers who sell global reinsurance. Robert Hiscox, chairman, said that the insurer that his father founded in 1946 would swap Britain’s 30 per cent corporation tax rate for Bermuda’s 0 per cent rate by the end of the year. .

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