All over the world, the tax rates, number of taxes and the way it is settled greatly varies. For example, people in Sweden file their tax declarations online using only a single form that covers corporate income tax, value added tax, labor tax, etc.. This is in sharp contrast to the Republic of Congo where corporate income tax alone requires a 50 page form. There are a number of other taxes in the African state with each tax needing an almost equal number of forms to be accomplished.

Here’s the listing of the top and worst states in terms of ease and difficulty of paying taxes:

Easiest/Rank
1. Maldives
2. Singapore
3. Hong Kong, China
4. United Arab Emirates
5. Oman
6. Ireland
7. Saudi Arabia
8. Kuwait
9. New Zealand
10. Kiribati

Most difficult/Rank
169. Panama
170. Jamaica
171. Mauritania
172. Bolivia
173. Gambia
174. Venezuela
175. Central African
178. Republic
179. Congo, Rep.
180. Ukraine
181. Belarus

Source: Paying Taxes 2008, The Global Picture, PriceWaterhouseCoopers

Every taxpayer who feels the burden of high taxes ought to meet Bjorn Tarras – Walhberg. Since 1985, he’s been advocating the decrease of state taxes, protection against unjust harassment by tax collectors and the increase of individual freedom. Those who listen to his advocacy for the first time will mostly likely get the impression that he is nothing but a voice in the wilderness. However, a closer scrutiny will make one reexamine the wisdom of his cause.

Bjorn is currently the secretary general of the World Taxpayers Associations, the federation of taxpayers associations throughout the world. According to him, a decrease in taxation will stimulate production, competition, efficiency and ultimately result to economic growth. At this point, a specific goal that he is actively campaigning for is the imposition of a flat income tax rate which according to him is easy to understand, non discriminatory, does not offer any disincentive to produce less and levels the playing field for all players (big, small, new or old).

In a speech he said that there are now 13 states that are living testaments to the effectiveness of flat taxes as an economic policy. One country worthy of mention is his home country, Sweden. The country’s growth rates declined after the state started to impose higher taxes (in the 70’s) but the opposite was felt when the government reversed its tax policies.

For information, please visit the website of the World Taxpayers Associations.

Offshore Banks may be forced to Consolidate

Until now, offshore private banks in Europe are enjoying stability due to excess liquidity and low asset risk. However, Standard and Poor’s reports that the pressure to sustain profit growth rates may force some private banks to consolidate or acquire their competitors.

Burmese Leaders Eye Hongkong Banks

Singapore banks, which are believed to be the offshore banking destination of Burmese generals has started to distance themselves from the latter, at the urging of the United States. This is reportedly resulting to a quiet, if not frantic, search for new banking centers.