Government Minister tagged posts

Egyptian Tax Revenues Above Projections

July 19, 2010 Taxation in Egypt

IMFCPresser_3Growth in Egypt’s economic activity and effectiveness of recent tax reforms have led to an extra EGP 12 billion (approx. USD 2.11 billion) in the Government’s budget during the previous fiscal year.

Throughout the 2009 fiscal year, the Egyptian economy grew by an estimated 5.2 percent, leading to a 6 percent increase in tax revenues, when compared to the previous year. The latest figures were released by Youssef Boutros-Ghali, Finance Minister of Egypt, in a media-statement on July 18th. According to his statement, the country’s total tax revenue of EGP 148 billion (approx. USD 26.45 billion) was EGP 12 billion (approx. USD 2.14 billion) above projections. Sales Tax revenue reached EGP 55.7 billion (approx. USD 9.78 billion) in the 2009 fiscal year...

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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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Germany and Canada Start Bank Tax Campaigns

May 21, 2010 International Tax CooperationTaxation in CanadaTaxation in ChinaTaxation in EUTaxation in GermanyTaxation in IndiaTaxation in USA

Prime Minister of Canada, Stephen Harper addresses the worlds mediaThe 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 tax on the financial markets and we will campaign for that at our (G20) summit in Canada...

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IMF Identifies ASEAN Economic Challenges

April 27, 2010 International Tax CooperationTaxation in ChinaTaxation in SingaporeTaxation in ThailandTaxation in Vietnam

ASEAN London CommitteeIn a recent speech given by the Deputy Managing Director of the International Monetary Fund (IMF) to the Finance Ministers of the Association of Southeast Asian Nations (ASEAN), the key economic and fiscal issues, that the IMF perceives as currently facing ASEAN nations, were revealed.

On April 26th the IMF published a previously unreleased transcript of a speech given by Naoyuki Shinohara, Deputy Managing Director of the IMF, at the 14th ASEAN Finance Ministers’ Meeting, held on April 8th 2010 in Nha Trang, Vietnam. The speech focused on the key economic challenges the IMF perceives as facing ASEAN member nations...

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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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