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Today, the UK’s Chancellor of the Exchequer Rishi Sunak released the 2021 budget, and most important for near-term growth is the significant boost to capital allowances, which the Chancellor said will increase business investment by 10 percent. Many countries have strict limits on expense deductions for investment and the UK has been among the least
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With several states entertaining proposals to tax the financial transactions of savers and investors who don’t even live in their states, some members of Congress see an interstate commerce question worthy of a federal response. Rep. Patrick McHenry (R-NC) and Rep. Bill Huizenga (R-MI) have reintroduced a bill, the Protecting Retirement Savers and Everyday Investors
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Today’s map highlights the extent to which European OECD countries rely on consumption tax revenue. Consumption taxes are on goods and services. All European countries levy consumption taxes in the form of Value-added Taxes (VAT), excise taxes, and other taxes on goods and services. In 2019 (most recent data available), consumption taxes were the largest
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A recent report on tax revenue sources shows that social insurance taxes—also referred to as social security contributions or payroll taxes—are an important revenue source for European governments. Social insurance taxes, as opposed to individual income taxes, are usually levied at a flat rate. The revenue is generally used to fund specific social programs, such
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Scandinavian countries are well-known for their broad social safety net and their public funding of services such as universal health care, higher education, parental leave, and child and elderly care. High levels of public spending naturally require high levels of taxation. In 2019, Denmark’s tax-to-GDP ratio was at 46.3 percent, Norway’s at 39.9 percent, and Sweden’s at
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Originally intended to be presented during the fall of 2020, and postponed due to the COVID-19 pandemic, a new United Kingdom budget will finally be published on March 3. Although normally most tax rate changes come into effect on budget day or soon after, 2021’s tax reforms might need to wait. Consultations on policies that
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Table of Contents Key Findings In 2019, OECD countries raised on average one-third of their tax revenue through consumption taxes such as the Value-added Tax (VAT), making consumption taxes the most important revenue source. Social insurance taxes and individual income taxes were the second and third most important sources of tax revenue in the OECD,
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The nine legislative measures released by the House Ways and Means Committee under the budget reconciliation instructions begins to put legislative text to Congress’ next round of pandemic relief. The nine measures comprise more than half of the $1.9 trillion in additional coronavirus-related relief put forth by congressional Democrats and President Biden. The Ways and
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Stop spending on accountants when you can be one yourself. February 10, 2021 2 min read Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. This time