Last update: Wed, 31 Aug 2016 11am

Taxation: World


Finland's government will honour a promise to cut taxes, a minister said on Monday, after unionised employees overwhelmingly agreed to work harder for less money to help kick-start an economy that surveys showed remains in the doldrums.
Egypt's parliament approved on Monday a long-awaited law introducing a value-added tax of 13 percent, rising to 14 percent in the next fiscal year, a key part of the government's plan to reform the economy and cut its deficit.
South Africa's prosecutors on Sunday denied local media reports that Finance Minister Pravin Gordhan could soon be charged for corruption. The independent City Press on Sunday said the National Prosecution Authority (NPA) was on the verge of charging the minister in a case dating back to the time he headed the country's tax collecting agency.
The European Commission rebuffed an attack by the US Treasury on its investigations into alleged sweetheart tax deals between companies such as Apple and McDonald's and European governments, saying there was no anti-US bias. The US Treasury Department published a white paper on Wednesday that voiced concern at the EU executive's tax investigations, saying they departed from international taxation norms and would have an outsized impact on US companies.
The Russian agriculture ministry has proposed reducing a floating wheat export tax to zero until July 1, 2017, Russian news agencies reported on Friday, citing a senior official at the ministry. The official's comments dented the hopes of traders who had expected the ministry to propose cancelling altogether the tax mechanism, which is at a minimum level of 10 roubles ($0.16) per tonne now but could rise if the rouble currency declines.
Canada's British Columbia unveiled a new climate action plan on Friday that kept its carbon tax frozen at C$30 per tonne, a move environmental groups warned would undermine the province's target of cutting 2050 emissions by 80 percent from 2007 levels. Premier Christy Clark said British Columbia is the only province in Canada to currently have a carbon tax, which has been unchanged since 2012, and raising it further would undermine jobs and drive capital into other jurisdictions.
The British government on Wednesday announced plans to clamp down on accountants, financial planners and advisers who enable tax avoidance, with heavy fines for those caught. Firms and individuals could have to pay up to 100 percent of the tax they helped their clients avoid if they are found to have enabled a scheme that is subsequently deemed unlawful, under proposals put out for consultation. Accountants currently face little risk when selling schemes even though their clients can be forced to pay penalties if successfully prosecuted.