Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 348

Posts Tagged ‘tax’

How to tax capital without hurting investment

Posted by fidest press agency su venerdì, 30 aprile 2021

GOVERNMENTS RAISE most of their money by taxing wages, but President Joe Biden has his eyes fixed on the rich, big business and Wall Street. He proposes to fund his $2.7trn infrastructure plan in part by raising the corporate-tax rate from 21% to 28%. And to help pay for more spending on child care and support for parents, he wants to roughly double the top rate of federal tax on capital gains and dividends. For Americans earning more than $1m per year, he would bring levies on capital income into line with the top rate on wage income, which he wants to put up from 37% to 39.6%. That is about double the rate currently levied on rich investors, who are a small fraction of the population but a large proportion of shareholders. Many investors, from Wall Street to Silicon Valley, are up in arms, claiming that Mr Biden will crush economic growth. That is an exaggeration; America can bear higher rates of capital taxation. Yet levies on capital can have unintended economic consequences. If he is to avoid them, Mr Biden should improve the design of his plans. (font: The economist)

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Stopping the tax practices that undermine EU business

Posted by fidest press agency su sabato, 5 dicembre 2020

Different approaches were presented to MEPs on Tuesday on what can be done to stop tax policies which harm competition between businesses in the EU.The discussion took place in the recently created subcommittee on tax matters, chaired by Paul Tang (S&D, NL). During the meeting, MEPs quizzed experts on tax and competition law as well as former taxation Commissioner Mario Monti.While tax evasion and aggressive tax planning have a direct detrimental effect on accentuating inequalities within societies, these practices also distort competition between businesses in the EU by allowing some companies to benefit from lower costs due to lower or no taxes. The hearing studied practices of countries both inside and outside the EU.During the meeting, MEPs quizzed their invitees most particularly on what changes should be made to the Council’s Code of Conduct Group (Business Taxation) to ensure that the EU’s black and grey lists of harmful tax jurisdictions lived up to its intended purpose. They also discussed at length the ways to tackle unfair tax practices through EU treaty provisions which provide for action to be taken against a member state which is distorting competition.The invited experts put forward their ideas of what changes would be helpful to improving the system but also how far they believed the existing tools could be used to fight harmful tax practices. For his part, Mr Monti mostly focussed on the growing sense of injustice and inequality among Europe’s citizens and the opportunity this offered to policy makers to make good progress in tackling tax practices.

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Time to crack on with implementation of proposed tax rules

Posted by fidest press agency su martedì, 29 settembre 2020

Numerous MEPs on Thursday told Commissioner for taxation Paolo Gentiloni that it was high time to tackle member state reticence to progress on tax justice. Speaking during the first hearing of the newly created subcommittee on tax matters, MEPs taking the floor as the spokesperson for their respective groups highlighted the need to quickly translate the political messages from citizens and the proposals already tabled by the Commission into tangible instruments to fight ever-growing tax evasion and avoidance. Some others also pointed out that such progress would need to happen without creating a negative effect on the EU’s competitiveness or on the purchasing power of citizens.With the crisis we are in tax fraud and evasion is even less acceptable than ever before, Commissioner Gentiloni said in his opening statement. He underlined that up to EUR 140 billion EUR are lost each year to aggressive tax planning and the VAT gap has reached around EUR 180 billion per year.MEPs urged the Commissioner to continue the work the previous Commission had left off at, calling on him to pay more attention to addressing the reticence of some of the member states which has led to a backlog of proposals in the Council. One MEP suggested that the subcommittee could help in pressuring member states by using the forum as “a space for constructive embarrassment of those who do not cooperate”, an idea openly supported by the Commissioner and some other MEPs.Right balance.Consumers’ purchasing power and the competitiveness of the EU’s companies would also need to be kept in mind when devising new taxes, some MEPs said. An MEP also said that care should be taken with the rollout of any new tax to not compound the negative economic effects from the COVID-19. The subcommittee is expected to soon agree its work programme for the coming months. The next meeting is scheduled for 28 October.

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Cook Medical Applauds Congressional Action to Repeal the Medical Device Excise Tax

Posted by fidest press agency su martedì, 24 dicembre 2019

Cook Medical applauds the successful efforts of legislators from the U.S. Senate and House of Representatives to repeal the medical device excise tax. “Repealing the medical device tax will help bring new life-saving devices to patients around the world,” said Steve Ferguson, chairman of Cook Group, Cook Medical’s parent company. “We are grateful to our elected officials for this significant action to support patients who rely on medical technology.” After years of suspension, the tax was scheduled to be reinstated on January 1, 2020. Repeal of the tax prevents a negative impact on patient care, the evolution of healthcare and associated costs.“Repealing the tax also provides long-term assurance necessary for medical technology companies to continue investing in their employees and the research and development projects that lead to innovative new therapies for patients who need it most,” said Jennifer Kerr, president of Cook Research, and Medical Device Manufacturing Association board member.The medical technology industry employs more than two million people directly and indirectly across the United States. Cook Medical employs more than 7,000 people in the U.S. and 10,000 globally.

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Money laundering: company owner lists to fight tax crime and terrorist financing

Posted by fidest press agency su mercoledì, 28 gennaio 2015

european commissionThe ultimate owners of companies will have to be listed in central registers in EU countries, open both to the authorities and to people with a “legitimate interest”, such as journalists, under a Parliament/Council deal endorsed by the Economic and Monetary Affairs and Civil Liberties committees on Tuesday. The new anti-money laundering directive aims to help to fight money laundering, tax crimes and terrorist financing. New rules to make it easier to trace transfers of funds were also approved.The fourth anti-money laundering directive (AMLD) will for the first time oblige EU member states to keep central registers of information on the ultimate “beneficial” owners of corporate and other legal entities, as well as trusts. (A “beneficial” owner actually owns or controls a company and its activities and ultimately authorises transactions, whether such ownership is exercised directly or by a proxy).These central registers were not envisaged in the European Commission’s initial proposal, but were included by MEPs in negotiations. The text also requires banks, auditors, lawyers, real estate agents and casinos, among others, to be more vigilant about suspicious transactions made by their clients.The central registers will be accessible to the authorities and their financial intelligence units (without any restriction), to “obliged entities” (such as banks conducting their “customer due diligence” duties), and also to the public (although public access may be subject to online registration of the person requesting it and to a fee to cover administrative costs).To access a register, a person will in any event have to demonstrate a “legitimate interest” in suspected money laundering, terrorist financing and in “predicate” offences that may help to finance them, such as corruption, tax crimes and fraud.These persons (e.g. investigative journalists) could access information such as the beneficial owner’s name, month and year of birth, nationality, country of residence and details of ownership. Any exemption to the access provided by member states will be possible only “on a case-by-case basis, in exceptional circumstances”.Central register information on trusts will be accessible only to the authorities and “obliged entities”.

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New Bank Leak Shows How Rich Exploit Tax Haven Loopholes

Posted by fidest press agency su venerdì, 7 novembre 2014

bankingGovernment officials and their families and associates in China, Azerbaijan, Russia, Canada, Pakistan, the Philippines, Thailand, Mongolia and other countries have embraced the use of covert companies and bank accounts.
The mega-rich use complex offshore structures to own mansions, yachts, art masterpieces and other assets, gaining tax advantages and anonymity not available to average people.
Many of the world’s top’s banks – including UBS, Credit Suisse and Deutsche Bank – have aggressively worked to provide their customers with secrecy-cloaked companies in the British Virgin Islands and other offshore hideaways.
A well-paid industry of accountants, middlemen and other operatives has helped offshore patrons shroud their identities and business interests, providing shelter in many cases to money laundering or other misconduct.
Ponzi schemers and other large-scale fraudsters routinely use offshore havens to pull off their shell games and move their ill-gotten gains.
The identities of thousands of wealthy offshore clients of a major Channel Isles private bank have been leaked to the International Consortium of Investigative Journalists.The individuals include donors to the British government, which has been outspoken against tax havens, and some of the most prominent people in British life.The ICIJ has exclusively allowed The Guardian newspaper to analyze more than 20,000 of the names, all of whom had dealings with a discreet Jersey, Channel Islands branch of Kleinwort Benson, a famous London firm which specializes in “wealth management.”In the interests of transparency, ICIJ and The Guardian will publish some of their findings over the coming days, detailing the offshore links of political donors; international celebrities; judges; sportsmen; businessmen; and British aristocrats.Names range from vacuum cleaner tycoon James Dyson to Hollywood actor Mel Gibson. Today The Guardian identifies party donors who over the years have paid more than £8m to the governing Conservative party.One of the recipients of donations is Britain’s newly-promoted financial services minister, Andrea Leadsom, who has run into a “Cash for Office” allegation after she told The Guardian she was unaware of the size of large offshore donations to the Conservatives made by her own family.(font Icij abstract)

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Tax compliance

Posted by fidest press agency su lunedì, 7 Maggio 2012

Crolla ad aprile l’indice della Tax Compliance, che misura la fedeltà fiscale dei contribuenti, del 5,2% ed aumenta l’evasione fiscale del 3,6%. In Italia 4 italiani su 5 non capiscono perché si pagano le tasse.
E’ questo il quadro che e’ emerso dalla ricerca – presentata oggi a Napoli nel corso del Convegno “Evasione fiscale e pubblicità ingannevole” – effettuata da Krls Network of Business Ethics per ” Magazine” dell’Associazione Contribuenti Italiani, che ha analizzando i dati sulla Tax Compliance rilevati da Lo Sportello del Contribuente nel periodo 2 aprile – 5 maggio 2012. In Italia, nell’ultimo mese la fedelta’ fiscale dei contribuenti e’ scesa di 5,2 punti passando da 16,5% a 11,3% a causa dei pochi e scarsi servizi che gli italiani ricevono in cambio delle molte tasse che pagano.
Negli ultimi 5 anni l’imponibile eva so in Italia è cresciuto del 37,2% con punte record nel nord dove ha raggiunto l’ 39,7%. Ogni contribuente italiano ”versa mediamente al fisco 7.930 euro all’anno, fra tasse, imposte e tributi vari, la cifra piu’ alta tra i paesi dell’area euro, ma riceve in cambio in servizi sociali meno della metà, 3.460 euro, il piu’ basso tra i principali paesi europei. Dalla ricerca di Magazine emerge che al primo posto tra i paesi che investono maggiormente nei servizi sociali troviamo la Francia, seguita dalla Germania, Svezia, Olanda, Inghilterra e Spagna con 8.120 euro.
L’indice della tax compliance e’ l’indice di fiducia dei contribuenti italiani. Esso rappresenta il comportamento dei contribuenti nei confronti dell’amministrazione finanziaria. La sua rilevazione avviene attraverso l’analisi di un campione di circa 5.000 contribuenti ed e’ costituito da due subindici, la stima dei contribuenti sulla situazione corrente (40%) e le previsioni per il futuro (60%)”. Il dato ‘ha una forte influenza sulla politica monetaria e fiscale in quanto e’ l’indice della Tax Compliance. Piu’ il valore e’ alto, piu’ i contribuenti hanno conoscenza, informazione e certezza di poter contare sui propri diritti. Attraverso questa via c’e’ da attendersi una diminuzione delle evasioni fiscali insieme ad un incremento delle soluzioni pacifiche delle controversie. “L’evasione fiscale non si combatte né con Equitalia, né con gli spot televisivi, ma con i fatti – ha affermato Vittorio Carlomagno presidente di Associazione Contribuenti Italiani – In Italia manca finanche la certezza del diritto. Basta guardare al credito d’imposta sud per l’occupazione. Approvato nel maggio 2011 nel decreto sviluppo, prorogato nel 2012 di un anno, ancora nessuna impresa ha potuto beneficiare del contributo con grave danno per l’occupazione. Lo Stato deve tornare ad essere credibile mantenendo le promesse prese, migliorare la qualità dei servizi pubblici e sopra tutto rendere trasparenti i conti pubblici facendo comprendere ai contribuenti come amministrano e spendono i propri soldi, così come fa un amministratore di condominio”.

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