New reports have been released, profiling worldwide economic growth and financial stability. According to the new publication, growth for 2010 is currently above previous projections, although financial stability has experienced a small setback in recent months. On June 7th the International Monetary Fund (IMF) released two reports concerning the state of the world economy, World Economic Outlook Update (WEO) and the Global Financial Stability Report Market Update (GFSR). According to the WEO, cumulative worldwide economic growth in 2010 is expected to increase by ... Read More

A European Commission (EC) debate on a proposed European Union-wide Carbon Tax has proven fruitless, with the Commission opting to delay a decision into the future. On June 23rd the European Commission held an initial debate on a Carbon Tax proposal brought forward by Algirdas Semeta, EC Commissioner on Taxation. The debate resulted in the EC only resolving to engage in an impact assessment of an EU-wide Carbon Tax system, with no headway made towards dismissing the tax or initiating a legislative approval ... Read More

At a recent meeting, the Council of the European Union (CEU) reiterated its stance on the importance of adequate and well-structured tax systems for developing nations. On June 14th the CEU released notes on the conclusions reached at the 3023rd Foreign Affairs Council Meeting, held in Luxemburg. The meeting yielded 10 points on the subject of cooperation with developing nations in promoting good governance in tax matters. According to the CEU, a fair and efficient tax system underpins state legitimacy, and strengthens the social ... Read More

The Government of Germany and the Government of Canada are initiating separate international bank tax campaigns, although, the two nations are pursuing for opposing views. Ahead of the upcoming June G20 Summit in Toronto, Canada, the German and Canadian Governments are increasing efforts in swaying international Governments towards their views on the proposed introduction of an international bank tax system. At a conference on new financial regulations held in Berlin on May 20th, German Chancellor Angela Merkel stated "We will campaign for a ... Read More

The financially struggling nation of Greece has been approved for a EUR 30 billion fast track loan by the International Monetary Fund (IMF), to stabilize the country’s economy and provide a needed sense of financial security. The new loan is intended to save Greece from being forced to seek funding from international markets within the next three years. On May 9th the IMF announced its new recovery-loan package for Greece, in which it will provide Greece with a total of EUR 30 billion ... Read More

A new study has shown that Governments worldwide are increasingly reliant on revenues collected from indirect taxes. The trend is set to continue, with indications that authorities will soon begin to concentrate even more on Indirect Taxes for their simpler administration and stability. International accounting KPMG recently published a white paper Driving Indirect Tax Performance Managing the Global Reform Challenge, analyzing trends in the international implementation of indirect taxes, like Goods and Service Tax (GST) and Value Added Tax (VAT). According to the ... Read More

The International Monetary Fund (IMF) has released its regular World Economic Outlook (WEO) report, assessing developments for major economies and projections at a global level. On April 21st the EMF released its latest WEO at a press briefing held by William Murray, IMF Chief of Media Relations. The report revealed that the IMF’s global economic growth forecast has been raised to 4.2 percent. The new figure reflects a 0.3 percent projection increase when compared to the IMF’s estimates released in January 2010. No ... Read More