IRD Tax Tips & Reminders
To qualify, outstanding Returns for the period under the Amnesty must be completed and filed, and the principal tax liability paid in full during the period September 08, 2014 to March 31, 2015. The Amnesty does not applyto payments made before September 08, 2014, and ends in MARCH 31,2015.
15th (Sunday) - PAYE/HS/NIS for January 2015 deductions (Payments accepted on Wednesday 18 February 2015 after Carnival);
25th (Wednesday) - VAT due for period December 2014 to January 2015.
The following Tax Deductions take effect from January 01, 2015:
- Personal Allowance increases from $60,000 to $72,000 for individuals OVER 60 years old only
- First time Home Ownership Allowance increases from $18,000 to $25,000
- Aggregate amount for NIS /Approved Annuity /Retirement /Pensions increases from $30,000 to $50,000.
OBAMA PROPOSES SWEEPING TAX CHANGES IN BUDGET
The Obama administration has released its fiscal year 2016 budget tax proposals, which would raise taxes on the wealthy and multinational corporations stashing profits offshore, while promising middle-class tax cuts. “The President’s budget proposes targeted policies to strengthen the middle class, level the playing field for American businesses, create more fairness in the tax code.