0 Have your say Tax and pensions changes are coming into effect as the new financial year gets under way from Saturday - meaning people may have more money coming in and perhaps more going out. Many are set to benefit from the increase in the personal allowance, though higher rate threshold changes in the rest of the UK won’t be applied in Scotland.The UK-wide tax-free personal allowance has been increased to £12,500 for 2019-20, from £11,850 previously, meaning an extra £130 for the typical basic rate taxpayer.People do not have to pay income tax on money earned below this amount.READ MORE: Middle earner tax gap set to growThe higher rate threshold in Scotland will remain at the same level of £43,430, despite Chancellor Philip Hammond announcing that the threshold in the rest of the UK will rise to £50,000.Workers will also benefit from an increase in the National Living Wage from £7.83 to £8.21 from April, helping around … [Read more...] about New financial year: The tax and pensions changes coming into effect
Tax
Tax chiefs warning over “widening gap” between Scotland and UK
0 Have your say Tax chiefs have warned Scots that the "widening gap" between Scotland and the rest of the UK will have practical realities as many lose out on perks like marriage allowance. The Chartered Institute of taxation (CIOT) says further income tax divergence between Scotland and the rest of the UK will leave a tranche of higher and middle earning Scots with a marginal tax rate of 53% - compared with 42% south of the border.Read more: Derek Mackay defends "fairer" Scots tax system after UK Budget cutsHolyrood now has control over income tax in Scotland and the new regime sees high and middle earners pay more than elsewhere in the UK, while those on lower salaries. Finance Secretary Derek Mackay's spending plans for 2019/20 mean the Higher tax rate in Scotland of 41 pence has been frozen in line with inflation meaning it applies at salaries of £43,430. Elsewhere in the UK, the Higher rate applies at £50,000 and is only 40 pence, meaning Scots … [Read more...] about Tax chiefs warning over “widening gap” between Scotland and UK
Germany to press for tax cooperation, debt transparency at IMF/G20…
BERLIN (Reuters) - German Finance Minister Olaf Scholz will urge financial leaders next week to strive for a minimum level of corporate taxation globally and increase debt transparency in developing countries, a senior German government official said on Friday. FILE PHOTO: Finance Minister Olaf Scholz addresses a news conference to present the budget plans for 2019 and the upcoming years in Berlin, Germany March 20, 2019. REUTERS/Fabrizio Bensch The talks in Washington will be dominated by political risks such as trade disputes and Britain’s departure from the European Union, said the government official who spoke on condition of anonymity. Scholz, who is likely to face calls to increase fiscal stimulus to counter the effect of a slowing economy, will tell allies that Germany’s large current account surplus will shrink gradually due to vibrant domestic demand, rising real wages and increased state spending, the official added. “This won’t happen … [Read more...] about Germany to press for tax cooperation, debt transparency at IMF/G20…
BR EXCLUSIVE. EU Commissioner Pierre Moscovici: US should respect EU’s intent to set a tax on digital companies
EU countries have been discussing a possible “digital service tax” on technology companies such as Google or Facebook for a long time now, but member states have not yet reached a consensus. Recent debates on the EU-wide tax policy for digital companies had three countries opposing the idea – Denmark, Ireland and Sweden. The US is also against Europe taxing tech giants, as many of these companies are American. Secretary of State Mike Pompeo met with his French counterpart Jean-Yves Le Drian on Thursday and urged France not to approve a digital services tax at the national level, as it would “hurt US technology firms”. Pierre Moscovici, the European Commissioner for Economic and Financial Affairs, Taxation and Customs, spoke to Business Review on Friday during the ECOFIN summit in Bucharest. Asked what he thought would happen to the tax considering the lack of unanimous agreement among EU member states, Moscovici said: “We’ll … [Read more...] about BR EXCLUSIVE. EU Commissioner Pierre Moscovici: US should respect EU’s intent to set a tax on digital companies
SPAYKA suspected in $15,000,000 tax evasion, executive charged
YEREVAN, APRIL 5, ARMENPRESS. The State Revenue Committee of Armenia has disclosed details over the case concerning Davit Ghazaryan, the CEO of a SPAYKA, a major exporting and freight forwarding company of the country. Unconfirmed reports earlier said Ghazaryan has been arrested, but authorities said the executive has only been charged, yet. The State Revenue Committee said in a news release that Ghazaryan is suspected in tax evasion in ‘particularly large amounts’. It said the executives of SPAYKA have faked customs documents to evade customs duties. Damages amount to nearly 15,000,000 dollars in unpaid customs duties and taxes. Investigators have filed a motion to court requesting to issue an arrest warrant for Ghazaryan. The CEO of the company has been charged with tax evasion. A court is expected to either approve or reject the arrest motion on April 5. Edited and translated by Stepan Kocharyan … [Read more...] about SPAYKA suspected in $15,000,000 tax evasion, executive charged