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Last week we released the International Tax Competitiveness Index 2019, a study that measures and compares the competitiveness and neutrality of all 36 OECD countries’ tax systems. In the coming weeks, we will illustrate how European OECD countries rank in each of the five components of the Index: corporate income taxes, individual taxes, consumption taxes,
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Any successful entrepreneur is usually on the lookout for opportunities to start a new business or expand current operations. Those expansions usually come with many considerations, of which tax is just a part. The tax part, however, can be quite a challenge if the tax system is itself complex or penalizes growing businesses. Last week,
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Explore Our New Interactive Tool Download Promotional Toolkit Introduction The structure of a country’s tax code is an important determinant of its economic performance. A well-structured tax code is easy for taxpayers to comply with and can promote economic development while raising sufficient revenue for a government’s priorities. In contrast, poorly structured tax systems can
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With the exception of Estonia and Latvia, all European countries covered in today’s map levy a dividend tax. Top dividend tax rates vary significantly across European countries. While Slovakia levies a tax of only 7 percent on dividend income, Ireland taxes dividends at 51 percent. Over the last two years, four European countries have made changes to
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On Tuesday, Presidential candidate and Senator Bernie Sanders (I-VT) released a wealth tax proposal which includes a progressive tax on household assets and income over $32 million (for married couples). Sander’s goal is to target “extreme wealth” and the tax would only be levied on the top 0.1 percent of American households annually. Sanders’s wealth
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Democratic presidential candidate and Colorado Senator Michael Bennet wants to expand the maximum Earned Income Tax Credit (EITC) for childless workers from $529 to $3,000 in order to increase disposable income. The EITC is a refundable tax credit equal to a fixed percentage of earned income up to the maximum credit amount. Tax credits provide
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The Tax Cuts and Jobs Act (TCJA) increased the standard deduction from $6,500 to $12,000 for individuals (and from $13,000 to $24,000 for married filers) and reduced the value of certain itemized deductions. These changes reduce the percentage of taxpayers that itemize deductions and limit the ability of the tax code to encourage certain types
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Over the last few weeks, Germany has been debating whether to raise the value-added tax (VAT) on meat. Currently, meat, along with certain other goods and services, faces a reduced VAT rate of 7 percent, compared to the standard rate of 19 percent. Various reasons have been stated in support of such a tax hike, with agriculture’s
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The Organisation for Economic Co-operation and Development (OECD) recently published a report on tax revenue statistics in selected Asian and Pacific countries, covering 17 tax jurisdictions. The report provides tax revenue data from 2007 to 2017 and includes a section on nontax revenue data for selected Pacific economies. Tax revenue as a percent of GDP
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Flights in Europe are known for being cheap, allowing travelers to fly from London to Berlin for as little as €18 (US $21.23). However, more than half the European countries levy some type of tax on air travel. Today’s map shows the average amount of aviation taxes per passenger, measured as total aviation tax revenue
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To facilitate and foster cross-border trade and to prevent significant competitive distortions, the European Union requires EU countries to levy a minimum excise duty of €0.36 per liter (US $1.61 per gallon) on gas. As today’s map shows, only Bulgaria sticks to the minimum rate, while all other EU countries opt to levy higher excise
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The following comments were submitted to the Office of the United States Trade Representative regarding docket number USTR-2019-0009 on August 12, 2019. Thank you for the opportunity to provide comments on the Section 301 Investigation. These comments cover four areas. The structure of the French digital services tax, How that structure interacts with domestic and foreign
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I-R-A. Who knew 3 letters could be so daunting, yet yield so many benefits for our financial lives. IRA stands for Individual Retirement Account. And if you’re like most people, you likely think it sounds like a fancy investment tool that is reserved for people with loads of money and an unattainable level of financial
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The rise of robo-advisors occurred shortly after the 2008 financial crisis. Positioned as a digital solution to the many overwhelming factors involved when trying to build an investment portfolio, it’s often marketed to Millennials – but it’s certainly not just for the 22 to 39-year-old demographic. Seriously though, what are robo-advisors? In simplest terms, a
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If you work as an employee, you’re probably used to having income tax withheld from your paycheck. When you get a bonus, however, there may be more confusion about how it’s taxed and what will be left. Here are the most important things to know about how bonuses are taxed. Employee bonuses are taxable, just
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According to EU law, every EU country is required to levy an excise duty on beer of at least €1.87 per 100 liters (26.4 gal) and degree of alcohol content (abv), translating to approximately €0.03 per 330ml (12oz) beer bottle at 5% abv. As today’s map shows, only a few EU countries stick to the minimum
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