Italy proposes tax on savings hidden in safety deposit boxes

Re:Italy proposes tax on savings hidden in safety deposit boxes by Strom on Friday June 14, 2019 @09:59AM (#20183040)

Reaching 90% is hard, even if you count additional taxes. Take Sweden, where you first remove 31.42% social tax, then 60% income tax, then 25% VAT. You will still end up with 24% of money left of the initial payroll.

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Re:Italy proposes tax on savings hidden in safety deposit boxes by NightlyDev on Friday June 14, 2019 @10:05AM (#20183094)

If I make a sale in Norway for 100 NOK:

Business VAT: 20 spent (20 %) 80 NOK left.

Income tax: 39 spent (max ~49 %) 41 NOK left.

VAT on purchase: 8.2 spent (20 %) 32.8 NOK left.

67.2 % taxes.

If I spend my money on gas/diesel then I would have ~16 NOK of value left. (84 % taxes)

About 18 % of the income tax I'll get back during my pension.

So 90 % is probably achievable on some things in some countries.

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Re:Italy proposes tax on savings hidden in safety deposit boxes by mmustapic on Friday June 14, 2019 @10:13AM (#20183159)

You are not spending the first 20 NOK of your sale, you are just collecting them from the customer. If VAT was 0% then your sale would be for 80 NOK.

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Re:Italy proposes tax on savings hidden in safety deposit boxes by NightlyDev on Friday June 14, 2019 @10:30AM (#20183296)

Sure I am. If I didn't have to collect VAT then I could sell for 100 NOK instead.

It's not my money, but I still have to bill for it and pay it. The customer doesn't get a better product or service because of it.

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Re:Italy proposes tax on savings hidden in safety deposit boxes by sokoloff on Friday June 14, 2019 @10:40AM (#20183367)

If the customer didn't pay the VAT, they'd end up paying their taxes some other way and still have less money to spend on your products.

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