“China May Start Property Tax Trials in Some Cities in 2012, Netease Says” plus 2 more |
- China May Start Property Tax Trials in Some Cities in 2012, Netease Says
- The Tax & Accounting Business of Thomson Reuters Reveals Results from Unclaimed Property Survey
- Miami-Dade property tax rates likely to rise
| China May Start Property Tax Trials in Some Cities in 2012, Netease Says Posted: 21 Jul 2010 08:13 AM PDT China plans to start implementing a property tax in 2012 on a trial basis, the 163.com website run by Netease said in a report today, citing a finance ministry meeting in Beijing. The issue will be one of the ministry's top tasks in 2012, the report said, without citing any official by name. Due to the difficulties of implementing such a levy nationwide, the tax may be rolled out first in a few cities, the report said without naming them. Premier Wen Jiabao has restricted loans to real-estate developers and imposed higher interest rates and down payments for second mortgages to help cool surging property prices that rose by records in some cities in the second quarter. The State Council said in May it approved proposals from the nation's top economic planning agency to gradually introduce a property tax. Shanghai and Chongqing have already drawn up plans for a property tax, according to reports in China's state media. Chongqing Mayor Huang Qifan said the city wants to impose a 1 percent levy on homes that are three times the average market price, the Shanghai Securities News reported last month. The tax may generate 120 billion yuan ($17.7 billion) of revenue annually for the government nationwide based on a rate of 0.8 percent of the market value of properties and levied on people with multiple homes, according to a report by Australia and New Zealand Banking Group Ltd. in May. Mortgage Curbs Property prices in 70 cities rose 11.4 percent in June from a year earlier, slowing for a second month, the government said July 12. The China Se Shang Property Index has tumbled 26 percent this year on concerns that curbs on mortgage lending will hurt developers' earnings. China should announce a timetable for the introduction of the tax to help stabilize expectations, Qin Hong, deputy research head of the Ministry of Housing and Urban-Rural Development, said on July 12. A timetable should be made public as early as possible to prevent "panic" when it starts, she said. To contact the reporter on this story: William Bi in Beijing at wbi@bloomberg.net Five Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| The Tax & Accounting Business of Thomson Reuters Reveals Results from Unclaimed Property Survey Posted: 21 Jul 2010 06:00 AM PDT NEW YORK, July 21 /PRNewswire/ -- The Tax & Accounting business of Thomson Reuters today announced findings from a recent unclaimed property survey indicating that as they face rising state enforcement and audits, only slightly more than half of all companies are filing their unclaimed property reports and less than 50 percent have written policies and procedures in place. The survey conducted during a continual professional educational (CPE) Web seminar in June 2010 attended by 82 energy executives found that:
Unclaimed property collections exceed hundreds of millions of dollars in annual receipts for the various states and with the majority still in deficit (source: Center on Budget and Policy Priorities, "Recession Continues to Batter State Budgets; State Responses Could Slow Recovery," July 15, 2010), states are expected to more stringently enforce and expand the scope of existing unclaimed property laws. The survey also found that a large portion of companies are incorporated in Delaware, which has a higher risk of unclaimed property audits. "Delaware is one of the more proactive states in terms of unclaimed property enforcement," said Valerie Jundt, director for the Unclaimed Property Group of Thomson Reuters Tax & Accounting. "With a large majority of the Fortune 500 companies incorporated in that state, we expect the number of audits to rise. Since unclaimed property is not a tax, in recent years, it has been used as an additional avenue for states to shore up their massive deficits without raising taxes." Other states such as New York, California, Texas and Louisiana are also stepping up enforcement activities. The survey found that approximately one-third of companies have been or are currently under audit, but that number could be expected to increase over the next several years. Companies that are in compliance or that take an active stance with state regulatory authorities will find themselves in a much better position to deal with an audit. Unlike a tax, there is no "statute of limitations" and nexus rules do not apply. Unclaimed property must revert to the state of the owner's last known address or state of incorporation if the address is unknown. Failure to properly comply with these statutes may subject the company to both state and federal implications. Unclaimed property specific to energy companies can include, but are not limited to:
In addition to facing stiff fines and penalties for non-compliance at the state level, there could also be federal implications for failure to properly address this important compliance requirement as outlined in Sections 404 and 302 of Sarbanes-Oxley. For more information on Unclaimed Property and ONESOURCE Property Tax from the Tax & Accounting business of Thomson Reuters, visit http://www.onesource.thomsonreuters.com/propertytax/unclaimed-property.asp. About Thomson Reuters Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people and operates in over 100 countries. For more information, go to www.thomsonreuters.com. The Tax & Accounting business of Thomson Reuters is the leading provider of technology and information solutions, as well as integrated tax compliance software and services to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Headquartered in New York, Tax & Accounting has major operations in Dallas, Ann Arbor (Michigan), London, Sydney, and Toronto, and offices in nine countries. For more information, go to http://thomsonreuters.com/products_services/taxacct/. Five Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Miami-Dade property tax rates likely to rise Posted: 20 Jul 2010 07:11 PM PDT With Miami-Dade property values plunging, county commissioners proposed raising the tax rate to keep property tax revenue essentially the same as last year. The vote Tuesday on a so-called ``rollback rate'' proposed by Mayor Carlos Alvarez sailed through with limited debate. It sets the stage for two public hearings in September, after which the panel will finalize its property tax rate and decide on a budget for the fiscal year that starts Oct. 1. While many South Florida households continue to tighten belts, grappling with a sluggish economy and double-digit unemployment, county leaders are betting taxpayers don't want severe cuts to government services. ``We've been cutting and cutting,'' Commission Chairman Dennis Moss said. ``It just comes to a point where you can't cut anymore.'' A higher tax rate would mean property owners with long-time homesteaded residences will end up paying higher taxes, even though their property values may have plummeted. Others -- particularly those with commercial properties and non-homesteaded holdings -- would see their tax bills fall. ``A good number of people in Miami-Dade County are going to face a sizable tax increase,'' said Commissioner Carlos Gimenez, who voted against the measure, urging the county to further tighten its belt. Specifically, he questioned why county employees will get raises next year. The countywide property tax rate -- the amount of tax charged per each $1,000 in value -- would jump 12 percent. When property owners receive their preliminary property tax notices next month, they will include this proposed tax rate -- which can be reduced at the September public hearings, but can't be raised. The county is facing a revenue shortfall of more than $400 million, driven in part by a lack of new construction to bolster the property tax rolls. Only $2.63 billion in new construction had gone up as of Jan. 1, compared with $8.28 billion a year earlier. To plug the gap, the county faces the dilemma of boosting the tax rate or imposing cuts, including laying off police officers and firefighters. The county's taxable property value fell 13.4 percent to $192.27 billion from $222.14 billion in 2009, according to the property appraiser. MANY LAYOFFS Even under the plan embraced Tuesday, the county will have to shed some 1,199 positions, which could spell up to 900 actual layoffs, albeit no police on the beat or firemen. That would pare county employment to 27,414 positions, the lowest level since the mid-1990s. Parks and streets won't be maintained as much; medians won't be mowed as often. The sentiment Tuesday to boost the tax rate sharply contrasts with last year's austere mood, when the nervous panel couldn't even decide on a proposed rate. That resulted in a so-called ``rollback'' rate appearing on the TRIM, or truth in millage, notices sent to property owners. Ultimately last year, the county commission adopted a flat tax rate. This year may be different. ``I'm not leaning toward flat,'' said Commissioner Bruno Barreiro. ``I think it might go too far in terms of cuts -- way too far.'' Taxpayers haven't yet weighed in. The test will come next month after taxpayers receive their proposed tax bills. County leaders have come under criticism for perks and pay amid the economic downturn. Last year, Mayor Alvarez and Chairman Moss granted hefty raises to close aides. More recently, the county's car allowances have drawn scrutiny, as the $800 monthly car stipend alloted politicians remained steady amid other cuts. This year, the county budget calls for trimming the county executives' car allowances by 25 percent, to $600 a month. VARIETY OF RATES On Tuesday, the commissioners voted on countywide tax rates as well as for county fire services, county library and unincorporated Miami-Dade areas. They also voted for a high increase in the debt millage rate, which will allow the county to borrow more money for capital projects. The county tax rates are one piece of a larger puzzle. Individual cities set their own tax rates, as does the school board. The county's total proposed budget is $7.34 billion, including $4.72 billion in the operating budget and $2.63 billion for capital projects. That is 6.3 percent less than the 2009-10 budget -- with the operating budget dipping 1 percent from this year and the capital budget dropping 14 percent, according to the mayor's budget. Voting to increase the countywide rate were Moss, Barreiro and Commissioners Joe Martinez, Barbara Jordan, Audrey Edmonson, Dorrin Rolle, Natacha Seijas and Sally Heyman. Against: Gimenez; Katy Sorenson and Javier Souto. Jose ``Pepe'' Diaz and Rebeca Sosa were absent. Five Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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