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Monthly Archives: January 2011
Oprah’s tax advice- A spoonful of tequila makes the medicine go down
What is the hardest thing to do in life apart from a hard landing in hell? Writing cheques, especially to the tax office. To most of us, if not for the fortunate few, It is disgusting, distasteful and downright demoralising. Tax refunds are never early and payments are never late. You are not alone. The queen of talk, Oprah Winfrey is no exception. A glass of wine or a shot of tequila makes the medicine go down. No hiccups, no … Continue reading
Boil, Boil, taxes and trouble?
The GST caused some discontentment in Australia but in Romania, the Government faces a tougher foe – witches. It will be interesting to see if an exemption is made, and if so, perhaps copycats will follow suit.
Taxpayer survey – getting the drift
The Internal Revenue Service in the U.S has published the results of “2010 Taxpayer Attitude Survey” containing important information useful to those in the knotty business of taxation. Some of the key revelations: 1. How much, if any, do you think is an acceptable amount to cheat on your income taxes? • A little here and there, 8% (down 1% from 2009) • Not at all, 87% (up 3%) 2. How much influence does each of the following factors have … Continue reading
Isn’t it time for consumption taxes?
Arguments never end on whether income tax cuts lead to economic growth. It is even claimed that tax cuts increase tax revenue. Here Canada and the US come to mind. First Canada cuts its corporate tax rate. Their corporate tax rate will be 16.5 percent. In the U.S Momentum Builds for a Corporate-Tax Overhaul. Tax cuts and burgeoning deficits are a lethal mix. At the time when tax cuts were favoured the deficits were not reaching for the skies and … Continue reading
Banks, tax shelters and the Wickenby blackhole
The recent tax settlement reached by Deutsche Bank with the Internal Revenue service of US and current inquiries conducted by the ATO are sure signs of tax authorities hardening their position on dealings involving tax havens. In the matter of Deutsche Bank, it is reported that the Bank has agreed to pay half a billion dollars as penalty to the IRS. It is also revealed that the tax shelter dealings were uncovered when a major accounting firm was investigated. The … Continue reading
Posted in Tax administration, Tax shelters
Tagged Deutsche Bank, Tax shelters, Wickenby
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