Knoema.com - Taxes http://knoema.es 2024-02-14T11:31:36Z /favicon.png Knoema es su Autopista personal hacia el conocimiento India: GST Collections Declined 14% to INR 874.2B in July 2020 //knoema.es/vebeszc/india-gst-collections-declined-14-to-inr-874-2b-in-july-2020 2024-02-14T11:31:36Z Nematullah Khan knoema.es://knoema.es/user/1975840
India: GST Collections Declined 14% to INR 874.2B in July 2020

India’s goods and services tax (GST) collections declined 14 percent YoY in July amid regional level lockdowns imposed across the country to curb the spread of the coronavirus. The revenue from GST stood at INR 874.2 billion in July,  down from INR 909.2 billion in June. The revenues for July are 86 percent of the GST revenues collected in the same month last year.

Nematullah Khan knoema.es://knoema.es/user/1975840
International Carbon Tax: Who Will Pay for The EU's Green Future? //knoema.es/pgtukpc/international-carbon-tax-who-will-pay-for-the-eu-s-green-future 2021-07-29T11:06:21Z Misha Gusev knoema.es://knoema.es/user/1000560
International Carbon Tax: Who Will Pay for The EU's Green Future?

(19 July 2021) As a part of the European Green Deal, the European Commission has presented a carbon border adjustment mechanism (CBAM) for selected sectors aimed at addressing the risk of climate change by reducing GHG emissions in the European Union and globally. The current list of CBAM goods include five broad commodity groups — aluminum, cement, electricity, fertilizers, and iron and steel — but the list may be extended in the future. To ensure that the price of imports more accurately reflects their carbon content, EU imports of CBAM goods (or domestic consumption of imported goods) will be subject to a carbon tax, which is expected to bring around 10 billion euro of additional revenue per year into the EU budget. The current plan is for the CBAM to be fully implemented in 2026, after a 2023–2025 transition period during which declarants of imported CBAM goods will have to report, on a quarterly basis, the actual embedded emissions in goods imported, detailing direct and indirect emissions as well as any carbon price paid abroad.2019* data on EU-27 imports of CBAM goods shows that exporters in Russia, China, and Turkey will suffer the most. Together, these three countries supply 40% of total EU-27 imports of CBAM goods.With 2019 export volumes and the current carbon price of $44 per metric ton of CO2, the new carbon tax on CBAM goods exported to EU-27 would amount to US$663 million annually on goods from Russia and $240 and $179 million, respectively, on goods from China and Turkey, according to CBAM ad valorem equivalent estimates from the UNCTAD.Total 2019 EU-27 imports of CBAM goods came to $60 billion, including $39 billion of steel and $14 billion of aluminum, indicating that the producers of industrial metals will be the largest payers of the international carbon tax. *2020 data on global trade by commodity and partner is available at Knoema. This dashboard focuses on 2019 data, which is more likely to be representative of typical EU CBAM imports given the global economic and trade disruptions of 2020. 

Misha Gusev knoema.es://knoema.es/user/1000560
Corporate Income Redistribution Plan May Increase Multinational Enterprises' Tax Burden by $150 Billion //knoema.es/egfelzb/corporate-income-redistribution-plan-may-increase-multinational-enterprises-tax-burden-by-150-billio 2021-07-12T06:40:13Z Misha Gusev knoema.es://knoema.es/user/1000560
Corporate Income Redistribution Plan May Increase Multinational Enterprises' Tax Burden by $150 Billion

(05 July 2021) At the beginning of July 2021, 130 countries and territories joined a plan, developed in negotiations coordinated by the OECD, to reform the international taxation system and ensure that multinational enterprises pay a fair share of tax wherever they operate. The plan is expected to be implemented starting in 2023. Key outcomes of the initiative:Taxing rights on more than $100 billion of profits are expected to be reallocated annually from multinational enterprises' home countries to the markets where they have business activities and earn profits, regardless of whether firms have a physical presence there.Countries have agreed to use a new global minimum corporate income tax rate of 15% to limit competition over corporate income tax.Global minimum corporate income tax is expected to generate $150 billion in additional global tax revenues annually. Ireland and some other tax havens whose current corporate tax is lower than 15% have not signed the deal, fearing an outflow of multinational enterprises from their jurisdictions. The countries currently endorsing the plan represent more than 90% of global GDP.

Misha Gusev knoema.es://knoema.es/user/1000560
COVID-19 Threatens Tax Base of US States' Budgets //knoema.es/fqcjkt/covid-19-threatens-tax-base-of-us-states-budgets 2021-03-19T15:49:55Z Alex Kulikov knoema.es://knoema.es/user/1847910
COVID-19 Threatens Tax Base of US States' Budgets

Individual US state tax policies shape the vulnerability of local economies to systemic shocks like the COVID-19 pandemic and, in an election year, will play out on the campaign trail as the repercussions reverberate through households, corporations, and the finance and banking industries and drive people to the the streets to protest COVID-19 economic conditions. Nine states do not tax personal income—Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming—and include the top 5 US states (in bold) based on revenue derived from sales tax. Sales tax, of course, during COVID has taken a direct hit as consumers have withdrawn, unemployment has skyrocketed, and production of goods and services plummeted.  Below we feature the tax profiles of each of the 50 US states with a special feature on Texas to show how states vary in terms of tax base. In 2014, the State of Texas received $5.8 billion in oil and gas production taxes, more tax revenue from oil and gas production than any year since 1978, and then oil prices plummeted. Unfortunately for Texas, 2020 is shaping up to be a rough year not only for sales tax, but oil and gas production taxes. History may mean Texas is better equipped for rapid policy response, but the reality on the ground is that unemployment and a faltering economy will have real consequences no matter the immediate policy responses. 

Alex Kulikov knoema.es://knoema.es/user/1847910
GST Revenue Collection Declined 5.29 percent in October, 2019 //knoema.es/fwnvuqb/gst-revenue-collection-declined-5-29-percent-in-october-2019 2019-11-04T15:54:03Z Nematullah Khan knoema.es://knoema.es/user/1975840
GST Revenue Collection Declined 5.29 percent in October, 2019

The Goods and Services Tax (GST) revenue declined 5.29 percent YoY in October compared to 2.67 percent decline in September 2019, reflects timid demand in the Indian economy. Out of the gross collections of INR 95,380 crore, CGST was INR 17,582 crores, SGST was INR 23,674 crores and IGST was 46,517 crores in October 2019.This was the third consecutive month where GST collection remained below INR 1 Lakh crore, despite festive season in October.   The depressed GST revenue collection would likely put pressure on government of India (GOI) finances that is already showing sluggish growth. In the first half of the FY20 (March-September), the GOI has collected 36.8 percent tax revenue of the full year target. Moreover, reduction in corporate tax rate has added fiscal pressure on the GOI as well.

Nematullah Khan knoema.es://knoema.es/user/1975840
Protests in France: Clashing Social and Ecological Demands //knoema.es/kqyjwt/protests-in-france-clashing-social-and-ecological-demands 2019-08-02T19:54:54Z Alex Kulikov knoema.es://knoema.es/user/1847910
Protests in France: Clashing Social and Ecological Demands

What started on November 17 as a revolt against rising fuel taxes in France has now lasted six consecutive weekends and evolved into a full-blown rejection of the socioeconomic policies of French President Emmanuel Macron. Protestors targeting of stagnant wages, rising prices and taxes, high unemployment in rural areas, pension security, government spending on bureaucrats, university entry requirements, and other issues has yielded some concessions—such as a minimum wage increase—yet protestors remain positioned in traffic roundabouts, poised for protests into the new year.In October, the government announced that effective January 1, 2019, gasoline prices would increase by 2.9 cents and diesel fuel by 6.5 cents, with an environmental tax on greenhouse gas emissions the primary component of the increases. The movement’s participants are mostly residents of small cities or rural areas who are affected disproportionately by rising fuel prices as passenger vehicles are the primary and/or only available transport option and fuel a significant component of their budgets.The movement aims now to highlight the economic frustration and political distrust of poorer working families and has widespread support nationally. Protesters assert that the president and the parliament have not fully represented them or taken into account the interests of ordinary citizens.Check out the RSS news feed at the end of the dashboard below for the latest headlines out of France. Many outside France may wonder how far outside the norm the proposed fuel price adjustments are to trigger this level of outcry across France. And, why France? Are other European countries poised to follow?An increase in the diesel tax in France is well within the realm of the expected: excise taxes on diesel have increased each January for at least the last five years. What makes France stand out is that its diesel price is among the highest in Europe and globally. France, along with Belgium, saw the most significant diesel tax increase over the last five years in Europe, which is twice as high as in third-ranked Portugal.France’s approach to managing its commitments to climate change through fuel policies is not unique within the EU: Belgium, the Netherlands, Malta, and Portugal have followed a similar trajectory, although the diesel tax was unchanged or decreased over the last year in most European countries.Increasing taxes are only one driver behind rising prices and thus should be a warning flag to other European leaders. In particular, volatility in global crude oil prices has caused painful fuel price increases (as well as relief as they fall, relief surely appreciated right now by President Macron). In October, the diesel price in France reached a peak of 1.53 euros per liter, representing a 20 percent increase since the start of the year. In the new year, the world will watch as France's leaders negotiate policies to balance seemingly competing objectives to respond to the protestors' grievances and maintain the country's global leadership in pursuing an ecological transition. Read on below to discover the ins and outs of fuel prices and taxes of France and globally.  

Alex Kulikov knoema.es://knoema.es/user/1847910
Inter Country Variation of Taxes on Oil in G7 and OECD //knoema.es/roooosg/inter-country-variation-of-taxes-on-oil-in-g7-and-oecd 2018-10-11T16:33:11Z Nematullah Khan knoema.es://knoema.es/user/1975840
Inter Country Variation of Taxes on Oil in G7 and OECD

Nematullah Khan knoema.es://knoema.es/user/1975840
Tax Rates Across the World: Corporate Tax, Income Tax, Indirect Tax, and Social Security Rates //knoema.es/weafnr/tax-rates-across-the-world-corporate-tax-income-tax-indirect-tax-and-social-security-rates 2018-04-23T11:19:49Z Alex Kulikov knoema.es://knoema.es/user/1847910
Tax Rates Across the World: Corporate Tax, Income Tax, Indirect Tax, and Social Security Rates

The comprehensive comparison of the taxation between different countries might be hindered by the fact that tax laws in most countries are extremely complex, and tax burdenfalls differently on different groups in each country and sub-national unit. Still, to enable cross-country comparison one can use the highest rates for each of the following tax types in each country:Corporate tax rate (tax on corporations);Indirect tax rate (for example, sales tax);Individual income tax rate (tax imposed on individuals);Social security rates (on employer and employee). The highest corporate tax rate among the 120 countries surveyed by KPMG is recorded in the United Arab Emirates, where corporations should pay 55 percent of their operating profit as a tax. However, this tax is only enforced on foreign oil companies. The US takes the second position with a top tax rate of 40 percent that is 16 percentage points higher than the average for all 120 countries. In contrast, Montenegro and Hungary have the lowest rate in the world of 9 percent, while the only major industrialized nation among the bottom 20 countries is Ireland, which is known for its low 12.5 percent rate. There are currently 7 countries in the world without a corporate income tax. All these income tax-free countries are small island nations: the Bahamas, Cayman Islands, Bermuda, Bonaire, Isle of Man, Guernsey, and Bahrain. The latter, meanwhile, while not having general corporate income tax has a targeted corporate income tax on oil companies. Overall, North America’s average corporate income tax rate of 33.25 percent is the highest among all regions. Europe has the lowest average tax rate at 19.71 percent, 4.58 percentage points below the worldwide average of 24.29 percent. Larger, more industrialized countries tend to have higher corporate income tax rates than the world as a whole. For example, the 35 nations of the OECD have an average corporate tax rate of 24.27 percent. Over the past eight years, countries across the globe have reduced in average their corporation tax rates. Thus, if in 2006, the worldwide average was approximately 27.5 percent, by 2017, the average rate had declined by roughly 3 percentage points to 24.3 percent. This downward trend held across all regions of the globe. Asia saw the largest absolute drop in the average corporate tax rate, that declined from 29 percent in 2006 to 21 percent in 2017. Countries of Latin America, in turn, reduced their corporate income tax rates the least, from 29 to 28 percent.

Alex Kulikov knoema.es://knoema.es/user/1847910
Tax Revenues Generated by U.S and International Travelers ($ millions) //knoema.es/bocxmyg/tax-revenues-generated-by-u-s-and-international-travelers-millions 2018-01-03T14:40:28Z Misha Gusev knoema.es://knoema.es/user/1000560
Tax Revenues Generated by U.S and International Travelers ($ millions)

Misha Gusev knoema.es://knoema.es/user/1000560
Paraguay's Fiscal/Monetary Stability and Tax Attractiveness //knoema.es/glmfulf/paraguay-s-fiscal-monetary-stability-and-tax-attractiveness 2016-06-23T10:44:18Z Alex Kulikov knoema.es://knoema.es/user/1847910
Paraguay's Fiscal/Monetary Stability and Tax Attractiveness

Alex Kulikov knoema.es://knoema.es/user/1847910
The Financial Secrecy Index: The world's biggest tax havens //knoema.es/kahnmyc/the-financial-secrecy-index-the-world-s-biggest-tax-havens 2016-05-20T05:14:51Z Alex Kulikov knoema.es://knoema.es/user/1847910
The Financial Secrecy Index: The world's biggest tax havens

The Financial Secrecy Index (FSI) was launched in November 2015 to provide a ranking of jurisdictions according to their secrecy and the scale of their offshore financial activities. Designed to be politically neutral, the focus of the tool is to expand our understanding of global financial secrecy, tax havens or secrecy jurisdictions, and illicit financial flows or capital flight. The FSI uses a combination of qualitative and quantitative data to create a single measure of each jurisdiction’s contribution to the global problem of financial secrecy: Qualitative data - the Secrecy Score.This information is drawn from laws, regulations, cooperation with information exchange processes and other verifiable data sources, to develop a secrecy score for each jurisdiction. Secrecy jurisdictions with the highest secrecy scores are more opaque in the operations they host, less engaged in information sharing with other national authorities and less compliant with international norms relating to combating money-laundering. Lack of transparency and unwillingness to engage in effective information exchange makes a secrecy jurisdiction a more attractive location for routing illicit financial flows and for concealing criminal and corrupt activities. The top 20 most secretive jurisdictions - all scoring 75 or higher - are dominated by small island countries in the South Pacific and Oceania all the way to the Caribbean. Some large economies, such as the United Arab Emirates, also member among this secretive group. Quantitative data - the Global Scale Weighting. The share of each jurisdiction's offshore financial services export activity in the global total is transformed into the global scale weighting. To do this, the FSI team uses publicly available data about the trade in international financial services of each jurisdiction. As necessary because of missing data, the FSI team follows the IMF methodology to extrapolate from stock measures to generate flow estimates. Jurisdictions with the largest weighting are those that play the biggest role in the market for financial services offered to non-residents. It terms of offshore financial services exports, the US is the unsurpising leader at roughly 20 percent of the global total. Other than the US, only the UK and Luxembourg exceed more than a 10 percent share with 17.4 and 11.6 percent, respectively. Read more about offshore entities and tax havens in our recent Viz of the Day about the Panama Papers.

Alex Kulikov knoema.es://knoema.es/user/1847910
Tax-Benefit Calculator: How much income do the unemployed receive? //knoema.es/hdrmyif/tax-benefit-calculator-how-much-income-do-the-unemployed-receive 2016-05-17T16:53:01Z Alex Kulikov knoema.es://knoema.es/user/1847910
Tax-Benefit Calculator: How much income do the unemployed receive?

While everyone at one point in time either experiences or fears losing a job, it's probably a remarkable few who knows how taxes and social benefits in the countries they live would affect their unemployment income. We have created a simple tax-benefit calculator, based on data from the OECD, which provides information on unemployment benefits. For each country, you can choose from a selection of different family types and earnings levels to better understand the expected unemployment benefits compared to average net income during employment. On this page, you can examine the net replacement rate - the proportion of net income in work that is maintained after job loss - for OECD and some non-OECD member economies for multiple combinations of family types and earnings levels. Note: AW - average wage

Alex Kulikov knoema.es://knoema.es/user/1847910
World Bank Doing Business 2015: Going Beyond Efficiency //knoema.es/ulomqp/world-bank-doing-business-2015-going-beyond-efficiency 2016-05-16T13:51:15Z Alex Kulikov knoema.es://knoema.es/user/1847910
World Bank Doing Business 2015: Going Beyond Efficiency

Doing Business 2015: Going Beyond Efficiency, a World Bank Group flagship publication, is the 12th in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 189 economies—from Afghanistan to Zimbabwe—and over time. Doing Business measures regulations affecting 11 areas of the life of a business. Ten of these areas are included in this year’s ranking on the ease of doing business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Doing Business also measures labor market regulation, which is not included in this year’s ranking. Data in Doing Business 2015 are current as of June 1, 2014. The indicators are used to analyze economic outcomes and identify what reforms of business regulation have worked, where and why. This year’s report introduces a notable expansion of several indicator sets and a change in the calculation of rankings. Source: World Bank Doing Business 2015: Going Beyond Efficiency

Alex Kulikov knoema.es://knoema.es/user/1847910
Tax-Benefit Calculator: How much income do the unemployed receive? //knoema.es/pbvshce/tax-benefit-calculator-how-much-income-do-the-unemployed-receive 2016-04-07T05:33:57Z Alex Kulikov knoema.es://knoema.es/user/1847910
Tax-Benefit Calculator: How much income do the unemployed receive?

While everyone at one point in time either experiences or fears losing a job, it's probably a remarkable few who knows how taxes and social benefits in the countries they live would affect their unemployment income. We have created a simple tax-benefit calculator, based on data from the OECD, which provides information on unemployment benefits. For each country, you can choose from a selection of different family types and earnings levels to better understand the expected unemployment benefits compared to average net income during employment. Note: Figures shown are annualised amounts expressed in local currency units, AW - average wage

Alex Kulikov knoema.es://knoema.es/user/1847910
Tax Transparency //knoema.es/zolfcgg/tax-transparency 2016-02-29T11:40:32Z Alex Kulikov knoema.es://knoema.es/user/1847910
Tax Transparency

In the last five years immense progress has been made all around the world in the field of enhancing tax transparency. Today it can be said that era of bank secrecy for tax purposes is over due to implementation of international standards of tax transparency and exchange of information on request (EIOR) by many countries that helps successful tackling of international tax evasion. Global Forum on Transparency and Exchange of Information for Tax Purposes is leading the way in this process by promoting rapid implementation of high international standards of transparency and ensuring that these standards are in place around the world through the monitoring, review and assessment activities. The results of these activities are presented on the page below.

Alex Kulikov knoema.es://knoema.es/user/1847910
Revising the Global Tax System //knoema.es/bhlgpjc/revising-the-global-tax-system 2015-09-03T13:11:14Z Alex Kulikov knoema.es://knoema.es/user/1847910
Revising the Global Tax System

Unprecedented changes to the international tax system are expected over the next five years. An OECD/G20 global campaign to address tax base erosion and profit shifting (BEPS) is in full swing and could dramatically alter the tax landscape. According to a November 2014 update from the OECD: BEPS refers to corporate tax planning strategies that exploit gaps and mismatches in tax rules between countries to artificially shift profits to low or no-tax locations characterized by little or no economic activity, resulting in little or no overall corporate tax being paid. BEPS would potentially have major implications for developing countries due to the heavy reliance of these countries on corporate income tax, particularly from multinational enterprises. In an increasingly interconnected world, national tax laws have not always kept pace with global corporations, fluid movement of capital, and the rise of the digital economy, leaving gaps that can be exploited to generate double non-taxation. This undermines the integrity of domestic tax systems. Fifteen specific actions are being developed in the context of the OECD/G20 BEPS Project. The first set of measures and reports were released in September 2014. Combined with the work to be completed in 2015, the project will give countries the tools to ensure that profits are taxed where the economic activities that generate profits are preformed and added value created, while at the same time giving businesses greater tax certainty by reducing disputes over the application of international tax rules and standardising requirements across international borders. For the first time ever in tax matters, non-OECD/G20 countries are involved on equal footing. In this page you can explore tax rates worldwide to compare corporate, indirect, individual income, and social security tax rates within a country or across multiple countries. Source: Global Tax Rates, 2006-2015, KPMG.

Alex Kulikov knoema.es://knoema.es/user/1847910
US Excise Taxes Composition //knoema.es/eaopzmc/us-excise-taxes-composition 2015-04-27T17:10:07Z Alex Kulikov knoema.es://knoema.es/user/1847910
US Excise Taxes Composition

US Federal Receipts | US Social Insurance and Retirement Receipts Composition | US Excise Taxes Composition

Alex Kulikov knoema.es://knoema.es/user/1847910
Tax burden in OECD countries //knoema.es/nnimovf/tax-burden-in-oecd-countries 2014-10-20T18:17:05Z Misha Gusev knoema.es://knoema.es/user/1000560
Tax burden in OECD countries

Misha Gusev knoema.es://knoema.es/user/1000560
Rule of Law 2 //knoema.es/crxwvhb/rule-of-law-2 2013-11-22T09:48:29Z International Comparisons knoema.es://knoema.es/user/1100180
Rule of Law 2

The Rule The World Justice Project has recently released its first annual report, which it claims is the most comprehensive perspectives concerning Rule of Law, and clearly indicates that the United States is far behind other modern nations like Sweden and the Netherlands in maintaining a relevant and applicable rule of law among its government, the public, and other nongovernmental influences. The Freedom of the Press Index has also been added in which Sweden and Netherlands also lead.of Law Index is based on three factors, described below, and five other factors described on Rule of Law 1.

International Comparisons knoema.es://knoema.es/user/1100180
Income Distribution //knoema.es/xvoddjd/income-distribution 2013-11-22T09:19:16Z International Comparisons knoema.es://knoema.es/user/1100180
Income Distribution

The United States rank last in child income poverty, has the largest difference in P90/P10, and has the highest percentage of people living below 50% median income.

International Comparisons knoema.es://knoema.es/user/1100180
Competitiveness 2 //knoema.es/vzfypgg/competitiveness-2 2013-11-21T13:20:52Z International Comparisons knoema.es://knoema.es/user/1100180
Competitiveness 2

The United States ranks third in the overall global competitive score, yet has shown the least improvement over the last 10 years among countries reviewed here.

International Comparisons knoema.es://knoema.es/user/1100180