#UK: Labour Party Shadow Chancellor Says No Tax Hikes If They Win Election

[world politics news] 

A representative of the UK's Left-leaning Labour Party has said there will be no hikes in income tax or National Insurance if it wins the general election, which is widely expected - but some spending cuts have not been ruled out, she said.

Shadow chancellor Rachel Reeves told the BBC's Laura Kuenssberg she did not want to make any spending cuts.

But she added she was "under no illusion about the scale of the challenge" and would face "difficult decisions," she said.

the UK's Labour Party has repeatedly criticized the incumbent Conservatives for not spending enough on Healthcare and other priorities, which will make Reeves' promise hard to swallow among Labour voters and hard to believe among Conservative ones.

If Labour needs other parties to form a coalition with them to form a government, it's unclear if Reeves would be able to keep her promise. 

[FULL STORY HERE]

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#AUSTRALIA: Parliament Considers Taxing Coal Export Profits

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New research reveals Australian coal export revenue reached $112 billion in 2021-22, an increase on the previous year of $73b or 186%, as Federal Parliament reconvenes to legislate price caps on coal and gas companies making windfall profits, according to a new report From Russia With Love by leading public policy think-tank the Australia Institute.

[FULL STORY HERE]

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#UK: Truss U-turns On Plan To Lower Corporate Taxes, Fires Chancellor

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Prime minister Liz Truss has abandoned one of the key planks of her “mini” Budget, ditching plans to keep the corporation tax rate down. And she has fired chancellor Kwasi Kwarteng after just 38 days on the job, after his announcement of her plan caused panic in the London stock market.

“People across this country rightly want stability,” she said, adding: “It is clear that parts of our ‘mini’ Budget went further and faster than markets were expecting.”

[FULL STORY HERE]

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#UKRAINE: Parliament Considers Income Tax Exemption For War-Damaged Property

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The Ukrainian Parliament (Verkhovna Rada) is considering a bill to exempt the calculation and payment of property tax for damaged real property, other than land. The exemption is valid for 2022 and up to three years from the date of the termination of martial law due to the ongoing Russia-Ukraine conflict.

[FULL STORY HERE]

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#CANADA: Environment Minister Opposes Cutting Gas Taxes

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Claiming that “climate change is killing people in Canada,” Liberal environment minister Steven Guilbeault has said that he opposes the Alberta in Ontario provincial governments reducing the cost of fuel by cutting gas taxes, because it “goes against our efforts to fight climate change,"

[FULL STORY HERE]

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#INDIA: Gov't To Introduce Cryptocurrency, Tax Them All At 30%

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India has announced plans to launch a digital currency by next year and tax cryptocurrencies and NFTs as the country moves closer to recognizing cryptocurrencies as legal tender in the world’s second largest internet market.

Income from the the transfer of any virtual assets will be taxed at 30%, the nation’s finance minister Nirmala Sitharaman said Tuesday. 

[FULL STORY HERE]

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#UK: #London Transportation Agency Proposes $7.50 Entry Fee To Drive Into The City

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Drivers could be charged up to £5.50 a day $US $7.52) to enter Greater London under radical plans to restore the finances of Transport for London.

It's part of the transportation agency's detailed proposals of how it could break even in two years include the “assumptions” that the £3.50-a-day “boundary charge”, first proposed last month by Mayor Sadiq Khan, would include an additional £2 surcharge for more polluting vehicles.

London business owners worry, however that it will devastate business in an economy that is barely surviving due to Covid-19 restrictions and lockdowns.

[FULL STORY HERE]

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#GERMANY: Social Democrats, Greens, Want To Raise Taxes On Meat To Tackle "Climate Change"

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German politicians from the Social Democratic Party and the Greens proposed raising the value added tax (VAT) on meat to the standard rate of 19%. Currently, meat is taxed at a reduced rate of 7% like most foodstuffs.

SPD agricultural policy spokesperson Rainer Spieging said, "a meat tax, such as increasing the VAT to 19%, could be a way forward."

[FULL STORY HERE]

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#ITALY: Tax On Digital Revenue Goes Into Effect Today

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Italy passed a digital tax this week that’s similar to the one France implemented earlier this year.

The digital tax will impose a three percent levy on some digital revenue for companies that make over €750 million ($831 million) in global revenue, including least €5.5 million ($6 million) in Italy, the Wall Street Journal reported.

[FULL STORY HERE]

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#SOUTHKOREA: Gov't Will Tax Cryptocurrency Capital Gains From 2020

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The South Korean government is preparing legal tools to tax capital gains from the sale of crypto assets. Specialized legislation to target digital asset deals is expected to arrive from the tax season for 2020.

[FULL STORY HERE]

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#IRELAND: Opposition Sinn Féin Party Proposes New Wealth Tax, €3.4 Billion In New Spending

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The opposition Sinn Féin Party has proposed a battery of new taxes including a wealth tax and a high income tax in its alternative budget which proposes to spend €3.4 billion more than the € 2.8 billion of the government.

In a clear signal the party is positioning itself firmly to the left, the budget  document argues for new taxes on high earners and high net worth individuals in a package that would increase revenue by €2 billion. The party’s finance spokesman, Pearse Doherty, said its budget would be balanced and "Brexit-ready."

[FULL STORY HERE]

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#JAPAN: Consumption Tax Rate Rises From 8% To 10% Today

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The Japanese national consumption tax rate rose from 8% to 10% on Tuesday as a way to secure a source of funding for ballooning social security costs and promote fiscal reform, marking the third increase since the levy was introduced in 1989 and the first hike since April 2014.

The increase to 10% was initially scheduled for October 2015, but Prime Minister Shinzo Abe postponed the hike twice due to concerns about the impact on the Japanese economy.

The government has prepared a series of measures to soften the blow to consumers, including the introduction of a reduced tax rate of 8% for certain goods, and of a point program for cashless payments.

[FULL STORY HERE]

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#CANADA: New Democrats Propose 1% "Wealth Tax" To Fund Platform Promises

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The New Democratic Party’s proposed wealth tax, a centerpiece of funding the party’s election platform, could raise nearly $70 billion over the next 10 years, Canada’s budget watchdog has found.

The “super-wealth tax,” as the NDP is calling it, is similar to an idea promoted by U.S. Democratic presidential candidate Elizabeth Warren, and is part of the NDP’s campaign focus on tax fairness and inequality.

The party wants to apply a 1% tax to fortunes worth more than $20 million. Unlike a tax on income, a wealth tax would apply to all assets, including real estate, with the aim of reducing economic inequality.

[FULL STORY HERE]

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#GERMANY: Social Democrats Consider "Wealth Tax" To Fund Infrastructure, "Climate Change" Initiatives

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Germany's ailing Social Democrats are mulling a move to push for the introduction of a wealth tax that would be used to fund public infrastructure and climate protection measures, according to the party's interim leader.

Thorsten Schäfer-Gümbel, one of the SPD's three interim leaders, told regional newspaper Rheinische Post on Friday that he envisages levying an extra 1% tax on millionaires, billionaires and big corporations.

[FULL STORY HERE]

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#OMAN: Gov't Plans To Implement Value Added Tax By 2021

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Oman’s Finance ministry said its plans to introduce a value-added tax are on track as it works on completing legislation procedures to issue the new tax law..

No date was given for the implementation of the new tax but a document seen by Reuters showed that Oman plans to introduce the VAT in 2021, further delaying a measure that economists say could be politically sensitive at a time of sluggish growth and high unemployment.

[FULL STORY HERE]

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#GERMANY: Green Legislators Urge Higher Meat Taxes To Fight Global Warming

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Some German politicians are speaking out in favor of raising the Value Added Tax on meat in a bid to improve animal welfare and cut CO2 emissions.

The decision makers want to raise the tax to the standard VAT, or 19%, up from the current 7% that consumers are currently required to pay for meat products.

[FULL STORY HERE]

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#JAPAN: New Tax On Food In Theme Parks Taxed Less If Consumed While Walking

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With two months to go before the consumption tax hike, the government released a document Thursday spelling out cases regarding food and drinks purchased at theme parks, saying they will be taxed at 10% if consumed at tables, but 8% if consumed while walking.

The government will raise the tax from the current 8%  to 10% from Oct 1, but daily necessities such as food, nonalcoholic beverages and newspapers delivered to homes will be exempt from the hike. Dining out will incur a 10% charge, but food purchased and taken out from restaurants will be taxed at the current 8%.

[FULL STORY HERE]

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#JAPAN: In Debate, PM Abe Says Sales Tax Hike Will Go Ahead In October

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Prime Minister Shinzo Abe said during a debate with opposition leaders that he will go ahead with the planned sales tax hike in October but vehemently denied there will be further increases while he remains in power.

Although rumors that Abe might postpone the tax hike have died down, with an Upper House election in less than three weeks, questions have been raised over whether there might be further tax hikes.

Japanese voters go to the polls tomorrow to elect the House Of Councillors, the upper house of the Diet, the nation's parliament.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#EU: European Gov't Wants To Scrap Member State Veto On Tax Policy

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The European Commission has proposed scrapping member states’ veto on tax policy, in a move that could see levies imposed on EU countries against their will.

The EU government in Brussels says the requirement of unanimity for tax policy is out-dated and that moving to a system of qualified majority voting would help speed up the legislative process.

The Irish government immediately spoke out against the proposal. Ireland is a low-tax nation that would be greatly affected by the change.

[FULL STORY HERE]

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#UK: Conservative Party Leadership Frontrunner Johnson Will Review "Sin Taxes"

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Conservative Party leadership frontrunner Boris Johnson has pledged to halt hikes on so-called sin taxes, which include levies on tobacco, alcohol and sugar. He says he will review the effectiveness of taxes on unhealthy products if he becomes the UK’s next Prime Minister.

He also wants to find out if the levies unfairly hit people on low incomes and says he won't introduce any more until the review has been completed.
[FULL STORY HERE]

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