05 Jan 2010

2010 and the Global Tax System

by Darren

Welcome to 2010. I am currently vacationing in Cape Town South Africa and enjoying the free time to think clearly without the distractions of my paid career. So what does 2010 have in store for us in terms of the international systems. Starting in the USA, the health care reform package will result in new taxes being levied. Some of the expected taxes include:
  • Tax penalties on individuals, such as independent contractors, who opt not to obtain health coverage.
  • A payroll tax on businesses that do not provide health benefits for their staff. This is aimed at encouraging small businesses to provide health coverage.
  • A tax surcharge on high income individuals for which approximately one third are small business owners.
In The UK the big news is the bonus tax. The UK government has announced a new tax of 50% on bonuses paid to employees in the financial sector on amounts in excess of GBP25,000. The French Government has followed suit by imposing a 50% tax on bonuses over

Next entry: Deductibility of Entertainment Expenses - Australia
Previous entry: Prohibited Deductions Under Section 17 of the Income Tax Ordinance

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