Income tax in Australia

The government is edging closer to the demands of the International Monetary Fund on the issue of the income tax-free threshold for salary workers, pensioners and farmers.

The country's 8.5 million taxpayers will have to fork out an extra 1.8 billion euros per year in income tax alone according to the set of new measures the government presented on Tuesday in Parliament. In the next few days another bill will follow concerning taxation on consumption.

The gap between Greece’s lenders and the government widens, while the pressure for higher taxes rises since the government excludes any cuts in government spending. But, so long as both sides fail to reach an agreement, it seems that Greece will be forced to accept both tax hikes and cuts in  government spending.

The New Year has brought several tax cuts in Romania benefiting consumers, small firms as well as those who receive dividends, according to local media reports.

A cut in standard Value Added Tax (VAT) rate to 20% from 24% as of 1 January 2016 will cost the state budget about RON 8 B (EUR 1.7 B) in revenue, according to romania-insider.com.

Thousands of Greek households are to be negatively affected when the new tax reforms are implemented by the government, with the first rush of panic already felt by taxpayers as well as the relevant services of the General Secretariat of Public Revenue. From Tuesday until October 30, it will be raining changes as demands for money to line state coffers grow.

Greeks had better prepare to dig deep in their pockets come September, as those dreaded bills are expected to be bloated. The Single Property Tax (ENFIA), which the current government promised to abolish will remain intact, as it’s goal is to collect 2.65bln Euros. Here is a rundown of what Greeks are expected to pay:

By Prokopis Hatzinikolaou

More than 3 million taxpayers will be exempt from paying income tax due to the return of the tax exemption threshold to 12,000 euros per year, as provided for in the government?s program.

Bulgaria will keep its flat tax rate of 10%, Parliament has decided, rejecting motions to re-introduce progressive taxation.

By Prokopis Hatzinikolaou

The self-employed and all pensioners will soon have their income tax deducted automatically from their earnings, something which is already the case for salary workers and many pensioners, as the Finance Ministry and the technical experts of the country’s creditors are working on the introduction of a “pay-as-you-earn” system from January 1, 2015.

Rental income declared in Bulgaria's National Revenue Agency in 2014 has increased by BGN 19M compared with the previous year.

There has been a positive tendency for an increase of the declared income from rents in the last three years, according to the data from the annual personal income tax returns for 2013, Nova TV informs.