financial and economis crisis tagged posts

France to Cut Tax Breaks

June 28, 2010 Taxation in France

Le Palais BourbonThe French Government has indicated that it intends to cut selected national tax breaks and reduce public spending over the next three years, in order to lower the national deficit to appropriate EU levels.

Speaking in at a radio interview on June 27th Francois Baroin, Budget Minister of France, revealed the French Government’s intentions to improve the national budget by over EUR 10 billion in 2011 through tax measures and public spending cuts. The move is aimed at reducing the Government deficit to only 3 percent of GDP by 2013, from the current level of 8 percent of GDP. The Government will carry out the changes in a manner which will not affect the country’s economic growth projections, which are currently 1.4 percent and 2.5 percent for 2011 and 2012 respectively...

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IMF Publishes NZ Fiscal Policy Advice

May 27, 2010 Taxation in New Zealand

International Monetary Fund [oct 25]The International Monetary Fund (IMF) has published a new paper on the potential effect of further fiscal policy changes in the future growth of the New Zealand economy.

On May 26th the IMF published The Potential Contribution of Fiscal Policy to Rebalancing and Growth in New Zealand, a working paper dealing with possible New Zealand fiscal policy rebalancing. The paper stated that New Zealand has weathered the global economic recession relatively well, but will continue to suffer from persistent current account deficits. New Zealand also has low per-capita income levels, when compared to other advanced economies. In response to these two issues, the paper advises decreased Government spending and tax balance shifts for New Zealand.

The paper specifically suggests that the New Zealand Gove...

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Argentina Reports Tax Collection Spike

May 25, 2010 Taxation in Argentina

Cristina Fernandez de KirchnerThe Government of Argentina recently revealed its latest tax collection figures, showing a 30.7 percent increase in collections for the month of April.

On May 24th the Argentinean tax administration Administración Federal de Ingresos Públicos (AFIP) published the Government’s tax collection results. In April the Government collected ARS 30.1 billion (approx. USD 7.75 billion), representing a 30.7 percent increase from April 2009. Cristina Fernandez, President of Argentina, called the latest results “historic”, and further claimed that the increase displays the effectiveness and appropriateness of the Government’s policies.

The AFIP highlighted some of the most impressive increases including a 36 percent increase to income tax payment collection, to a level of ARS 4...

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Asian Economies Warned of Capital Spikes

May 19, 2010 Taxation in ChinaTaxation in Hong KongTaxation in IndiaTaxation in PhilippinesTaxation in SingaporeTaxation in South KoreaTaxation in ThailandTaxation in Vietnam

Independence Monument - Phnom Penh, CambodiaGovernments of emerging Asian economies have been warned to be ready for sudden increases in investment capital inflows, and prepare appropriate policy responses.

On May 18th the Asian Development Bank (ADB) released its annual Asian Capital Markets Monitor report, which investigates the performance and outlooks for the equity, bond and currency markets in emerging economies. According to the report, several factors have cumulatively increased the risk of Asian economies facing sudden high levels of investment capitals, leading potential destabilization of currency and financial markets.

Amidst worries of a continued national debt crisis in Greece and the Euro-zone, international investors have been paying greater attention to Asian economies...

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EU Ministers Fail to Agree on Bank Tax

April 19, 2010 International Tax CooperationTaxation in EUTaxation in FranceTaxation in Germany

X. International Bertelsmann Forum 2006The highly debated issue of a new international tax imposed on banks has suffered a delay, after European Union (EU) Finance Ministers failed to reach a decision on how such a measure should be imposed, at a recent round of discussions.

In a meeting of EU Finance Ministers held on April 17th in Madrid, discussions were hosted on the possible implementation of an international bank tax. Upon closing of the meetings it was revealed that no conclusion was reached regarding bank taxes, as leaders could not agree to the exact nature of the tax. Currently, the biggest point of debate is the final intent for bank tax revenues. The discussion revolves around whether the money should be injected directly into a nation’s budget, or reserved as a fund for future financial sector bailouts.

Despite ...

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