Category Taxation in Asia-Pacific

Singapore Announces 2010 Budget

February 23, 2010 Taxation in Singapore

Singapore Supreme Court BuildingThe Singapore Minister of Finance has delivered the national budget for the 2010 financial year, proclaiming that the Government is setting its sights on creating a superior economy with higher skills, better jobs and rising incomes.

On February 22nd, Tharman Shanmugaratnam, Minister of Finance of Singapore, announced that the Government has accepted the recommendations of the Economic Strategies Committee (ESC) and set a course to foster the capabilities needed to positively transform the Singaporean economy over the next decade. The new Budget revolves around growing productivity levels by 3 percent annually for the next ten years and increasing real incomes by an estimated third over current levels.

The Singapore Government has announced several critical changes in the new Budget...

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NZ Prime Minister Delivers Awaited Economic Speech

February 9, 2010 Taxation in New Zealand

DSC_7697In his first statement to the Parliament of the year, New Zealand Prime Minister John Key has outlined the Government’s intentions to focus on fostering economic growth for the country, indicating that several changes will be made to the national fiscal system.

At the first Parliament session of 2010, held on February 9th, John Key revealed the Government’s economic plans for 2010, emphasizing that attention will be paid to such issues as taxation, education, social services, resource and environmental issues, and constitutional matters.

As promised earlier this year, John Key disclosed his opinions on the recommendations brought forward to the Government by the Tax Working Group...

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Australia Removing Bank Funding Guarantee Scheme

February 8, 2010 Taxation in Australia

Two Australian FlagsThe Australian Government will soon cease to operate the Bank Funding Guarantee Scheme (BFGS), which aided the stability of the country’s financial institutions during the most significant global economic contraction since World War II.

Yesterday it was announced that from March 31st the Australian BFGS will be withdrawn, based on a recommendation from the Council of Financial Regulators. The scheme was established in October 2008 as a means of instilling a greater confidence in the Australian banking system by providing a guarantee on the deposits and wholesale funding of the banks...

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Australian Inflation Remains Low, Economy Underutilized

January 29, 2010 Taxation in Australia

Financial crisis will hurt jobs, Swan warnsNewly released Australian Consumer Price Index (CPI) figures show that the country’s inflation was 2.1 percent for the first two quarters of the current financial year, at the lower end of the Australian Reserve Bank’s (ARB) target spectrum.

Although the relatively small inflation is gladly greeted by consumers across the country, ARB economist claim that it is indicative of an economy that is not being fully utilized and has room for further growth. The newest figures, released on January 27th, represent a 0.5 percent growth in the CPI, down from 1.0 percent in September. Underlying inflation for the December quarter was 0.6 percent, 0.2 percent below the September quarter.

According to a media release by Wayne Swanson, Treasurer of Australia, the primary contributors to the rise in ...

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New Zealand to Investigate Company Registration Overhaul

January 22, 2010 Taxation in New Zealand

Beehive reflected in Government Building @ WellingtonThe New Zealand Government has announced that it will launch an investigation into the possibility of reforming the national company registration process in the wake of controversy surrounding a New Zealand company’s involvement with North Korean weapons smuggling.

Simon Power, Commerce Minister of New Zealand, issued a press release on January 21st stating that he is requesting feedback from officials and industry figures regarding whether any aspects of the New Zealand company registration process can or need to be strengthened...

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