Last update: Sun, 04 Dec 2016 12am

Taxation: World


Fourteen former executives of the Wendel investment company will face trial for tax fraud while US bank J.P. Morgan Chase is to be pursued for complicity, legal sources told AFP on Friday. The former head of Wendel, Jean-Bernard Lafonta, and Ernest-Antoine Seilliere, the former head of the main French employer's association, are among those to be tried, legal sources said.
Ireland collected 1.8 percent more tax than expected in the year to November, the Finance Ministry said on Friday, putting it closer to the target of cutting its budget deficit below one percent of GDP while funding extra spending. Ireland is relying on its year-end tax take being 2 percent higher than it had forecast at the beginning of the year to cut its budget deficit to 0.9 percent of gross domestic product from 2.3 percent last year.
China has imposed an extra 10 percent tax on ultra high-end cars costing over 1.3 million yuan ($190,000) such as Lamborghinis and Ferraris, the government said, the latest step in a wide crackdown on conspicuous luxury consumption. Under President Xi Jinping the Communist Party has overseen a sprawling campaign against graft and encouraged thrift among the country's political and economic elites, targeting showy displays of wealth. The new tax took effect Thursday and was intended to "guide rational consumption" and promote energy-efficient vehicles, the finance ministry said in a statement late Wednesday.
Thailand's cabinet on Tuesday approved an additional tax break to boost tourism as the military government struggles to boost sluggish economic growth. The government will allow Thais a tax deduction of up to 15,000 baht ($421.47) on what they spend on items such as hotels and tour packages while travelling in the country in December, Finance Minister Apisak Tantivorawong told reporters. That will be on top of the similar existing deduction amount approved previously, he said. Tourism accounts for about 10 percent of Thailand's economic output and has been a rare bright spot for the economy. But the sector could slow due to cutbacks in spending since the death of King Bhumibol Adulyadej on October 13.
Some of Tanzania's biggest foreign investors say they could scale back their operations or expansion plans because of tougher demands placed on companies, including higher tax bills, as part of the president's drive to overhaul the economy.
Sweden is set to ditch taxes on its production of solar energy in 2017 in a bid to run entirely on renewable energy by 2040, the government said on Monday. Solar energy is currently marginal in the Nordic nation, accounting for less than 0.1 percent of electricity production. Sweden relies mostly on hydropower (39 percent) and nuclear power (36 percent).
Home sharing site Airbnb aims to extend its network of tax agreements to 700 cities by the end of next year, Monday''''s Financial Times has quoted its chief executive as saying. The company has already clinched 200 tax agreements that allow it to collect and remit hotel taxes to local authorities, Brian Chesky told the newspaper. The 700 cities where it is now aiming to have secured tax agreements by end-2017 generate more than 90 percent of its revenue. Airbnb is in the crosshairs of many cities around the world, where tourism industries see the home sharing site, lacking the legal and tax constraints of commercial enterprises, as threatening revenues.