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Monthly Archives: March 2011
UK non-doms: an efficient CFC carve-out?
The recent budget delivered in the UK proposes to raise the tax payable by non-UK domiciled taxpayers. Under the measures non-UK domiciled taxpayers who have been UK residents for 12 or more years will be subject to a charge of 50,000 pounds, a large increase from the current level of 30,000. The scheme when first introduced by the Finance Act 2008 guaranteed remittance based taxation in case of individuals who have been in the UK for more than 7 of … Continue reading
What price carbon?
It’s not the carbon but the carbon dioxide (CO2), the greenhouse gas emissions, that cause the problem. The current thinking is that greenhouse gas emissions could be reduced by requiring emitters to pay a price to emit those gases. The U.S Congressional Budget Office has worked out the revenue from the tax on the basis of $20 per metric tonne in 2012, increasing at an annual rate of 5.6 percent. Revenue from the tax in 2012 is estimated to be … Continue reading
Singapore’s ‘good news’ budget – Lessons to learn
The recent budget in Singapore contained several tax relief measures, especially a 20 percent one-off rebates to individuals and companies. For individuals the rebate will be capped at $ 2,000 pre taxpayer and will be available to those with chargeable income less than $ 120,000. Companies could claim the higher of a tax rebate of 20 percent, subject to a maximum of $ 10,000 or cash grant of 5 percent of its revenue, capped at $ 5,000. Companies The budget … Continue reading
Corporate tax reform? – a watch list
The Centre on Budget and Policy Priorities in the U.S has published the following tests for a well designed corporate tax reform proposal: Contribute to long-term deficit reduction Reduce the tax code’s bias toward dent financing Reduce the tax code’s bias toward overseas investments Improve economic efficiency by reducing special preferences Consider the boundary between corporate and non-corporate taxation Discourage tax sheltering Deficit reduction Unlike in the U.S, in Australia budget deficit may not pose a threat the stability of … Continue reading
TOFA – turning capital to revenue
Ever since it came into force a couple of years, TOFA has never failed to confound and confuse. The underlying push of the amending law was to tax income from financial arrangements on revenue account (not capital). Similarly losses are revenue deductions. However financial arrangements held by individuals, as a rule, do not fall under the income/loss recognition under TOFA. But the individual could elect to be subject to TOFA rules and therefore treat any outgoings on revenue account, subject … Continue reading
