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Recent Events
Czech Prime Minister Proposes Bank Tax
The ruling Czech Social Democratic Party, led by Prime Minister Bohuslav Sobotka, will introduce a special tax on the countrys banks if it wins elections scheduled for later this year.
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South Korea Achieved Record Tax Revenues In 2016
South Korea posted a small fiscal surplus in 2016 for a second year running, largely due to an unexpected increased in corporate tax and value-added tax revenues.
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Switzerland Rejects Corporate Tax Reform
Proposed changes to Switzerlands corporate tax framework have been rejected in a referendum.
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UAE Confirms Details For VAT From January 2018
The UAE has provided more details on plans to introduce VAT at a rate of 5 percent across the other Gulf Co-operation Council (GCC) member states on January 1, 2018.
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South Korea Achieved Record Tax Revenues In 2016
International Tax News

South Korea Achieved Record Tax Revenues In 2016

<p class="MsoNormal" style="line-height: normal; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><br /> </p> <p class="MsoNormal" style="line-height: normal; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="font-size:13.0pt;font-family:times new roman,serif;mso-ascii-theme-font:major-bidi;mso-fareast-font-family:times new roman;mso-hansi-theme-font:major-bidi;mso-bidi-theme-font:major-bidi">South Korea posted a small fiscal surplus in 2016 for a second year running, largely due to an unexpected increased in corporate tax and value-added tax revenues.<o:p /></span></p> <p class="MsoNormal" style="line-height: normal; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="font-size:13.0pt;font-family:times new roman,serif;mso-ascii-theme-font:major-bidi;mso-fareast-font-family:times new roman;mso-hansi-theme-font:major-bidi;mso-bidi-theme-font:major-bidi">According to figures released by the Ministry of Strategy and Finance, the surplus amounted to KRW8 trillion (USD7m) in 2016, following a KRW2.8 trillion surplus in 2015. Despite continued weak growth in the economy, tax revenues amounted to a record KRW242.6 trillion, increasing by KRW24.7 trillion, and exceeding their target by KRW9.8 trillion.<o:p /></span></p> <p class="MsoNormal" style="line-height: normal; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="font-size:13.0pt;font-family:times new roman,serif;mso-ascii-theme-font:major-bidi;mso-fareast-font-family:times new roman;mso-hansi-theme-font:major-bidi;mso-bidi-theme-font:major-bidi">With government policies aimed at maintaining consumer spending, VAT collections reached KRW61.8 trillion, up by KRW7.7 trillion or more than 14 percent.<o:p /></span></p> <p class="MsoNormal" style="line-height: normal; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="font-size:13.0pt;font-family:times new roman,serif;mso-ascii-theme-font:major-bidi;mso-fareast-font-family:times new roman;mso-hansi-theme-font:major-bidi;mso-bidi-theme-font:major-bidi">Despite weak business profits in 2016, the repeal of tax breaks, including a reduction in the amount of previous losses that may be written off against profits, broadened the tax base. Corporate tax revenues rose by 15 percent to KRW52.1 trillion.<o:p /></span></p> <p class="MsoNormal" style="line-height: normal; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="font-size:13.0pt;font-family:times new roman,serif;mso-ascii-theme-font:major-bidi;mso-fareast-font-family:times new roman;mso-hansi-theme-font:major-bidi;mso-bidi-theme-font:major-bidi">Tax-news.com<o:p /></span></p>

News Date: 20170000
Czech Prime Minister Proposes Bank Tax
Switzerland Rejects Corporate Tax Reform
UAE Confirms Details For VAT From January 2018
New Zealand Eyes Tax Cuts In Budget
UK To Waive Tax On Deceased Taxpayers ISA Investments

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