tax
The €23 billion package of tax cuts is aimed at supporting household budgets already hit by inflation. This will be done mainly by increasing income tax thresholds, which in turn will reduce fiscal drag. Fiscal drag happens when higher inflation leads to higher wages and bumps people up to the next tax bracket. However, the higher inflation quickly eats up any extra income earned by workers, despite their wages seeing a hike. This is also known as cold progression. Germany’s tax move is expected to be worth about €430 for every adult with a job in Germany and will be carried out over the next ...
Euronews (English)
A Social Affairs Committee, part of France's Senate, has published a report on how taxation can guide the French population towards healthier lifestyles. Released last week, one of the key focuses of the publication is smoking - a habit linked to more than 73,000 avoidable deaths in France per year. In order to tackle this trend, the Committee suggested that the price of cigarettes should be raised by 5% annually until 2040. If inflation is at 1.75%, this equates to a yearly hike of 3.25%. Estimates suggest that the recommended tax increase could bring in around €14 billion per year for the Fr...
Euronews (English)
Spotify increased its prices on Tuesday for new customers in France in response to the government's 'streaming tax'. The monthly premium subscription will be raised by 13 cents to €11.12, while the family plan will rise to €18.21 a month, a 22 cent increase. The student subscription will go up by 7 cents a month to €6.06. 18 cents will be also added to the two-person plan, bringing it to €15.17. For customers already subscribed, they will pay more from June onwards, rather than seeing a change this week. The move means that Spotify users in France will pay more than subscribers in any other EU...
Euronews (English)
Lauterbrunnen is a bucolic mountain village set in the natural scenic splendour of the Alps. With velvet green valleys, towering cliffs and the sublime 300m-high Staubbach Falls, the area is an Intagrammable idyll. Visitors now come in their droves, and the 2,400-resident-strong hamlet is struggling to cope. This week, local authorities announced they were considering introducing a Venice-style tax on daytrippers in an effort to curb overtourism. Swiss village become a victim of social mediaThere’s no doubt Lauterbrunnen makes for an arresting photo on social media - the thundering Staubbach ...
Euronews (English)
On 25 April, Venice launched an entry fee for daytrippers to the canal city. The trial period for this charge covers 29 days in May, June and July - including weekends and public holidays. The measure was introduced to curb the number of visitors who only stay for a day. Those behind the fee say they bring less economic benefit to the city than overnight tourists and cause problems like overcrowding. However, many Venice residents have criticised the entry ticket as ineffective in controlling visitor numbers while condemning the city council for overlooking critical issues such as housing. Her...
Euronews (English)
The report by National Audit Office revealed that customers cumulatively spent 798 years on hold waiting to speak with HM Revenue & Customs (HMRC) in 2022-23 – more than double the time spent waiting in 2019-20. The public spending watchdog said that a variety of factors had contributed to poor call handling performance by HMRC. They included funding pressures, job cuts and a drive to reduce costs by encouraging people to manage their tax affairs online. The average time spent waiting on the phone to speak to an adviser in the 11 months to February 2024 was almost 23 minutes, the NAO said, wel...
Euronews (English)
Evasion of taxes up to €1 million ($1.1 million) will no longer be punished under Romanian law, provided that the offending taxpayer pays up within a month, after President Klaus Iohannis signed the relevant law on Friday. The Romanian supreme court had earlier approved the controversial measure, which is aimed at recovering large sums in unpaid taxes. The previous upper limit was €100,000. The Bucharest parliament had passed the amendment shortly before Christmas. It was backed by Prime Minister Marcel Ciolacu's Social Democrats (PSD) and Senate President Nicolae Ciucă's National Liberals (PN...
DPA Breaking News
Heavy-weight French companies with very large profits spent a record €33 billion last year buying back their shares from shareholders. What is a share buyback and why is it good for the company?What happens is that, rather than rewarding shareholders by paying them dividends, a company can choose to have similar results through share buybacks. When the company buys back shares, the stock price goes up because of the increased demand in the market, ensuring that the remaining investors' investments increase in value and stock prices continue to rise. Usually, the shares that were bought are can...
Euronews (English)
Venice residents have rallied against a day-tripper fee for visitors, implemented to combat excess tourism. Protesters argue that the fee turns the famous city into a 'theme park' and that it won't address the real issues they face. Hundreds of Venetians marched though the city's main bus terminal holding banners reading “No to Tickets, Yes to Services and Housing”. Protesters scuffled briefly with police with riot gear who blocked them from entering the city, before changing course and entering over another bridge escorted by plainclothes police officers. The demonstration eventually wrapped ...
Euronews (English)
Leaders from Germany and Spain are calling for a global tax on billionaires to help tackle the costs of the climate crisis. Brazil, which chairs the G20 group of the world’s largest economies, first proposed a tax on the super-rich at a meeting of finance ministers in February. Now, finance chiefs from Germany, Spain and South Africa have joined Brazil in fleshing out the proposal which could see the world’s 3,000 billionaires made to pay a minimum 2 per cent levy on their wealth. “It is time that the international community gets serious about tackling inequality and financing global public go...
Euronews (English)
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