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Revenues and grants received by Ghana's government in the first half of this year were 5.4 percent above target, Finance Minister Seth Terkper said on Thursday. The cash fiscal deficit over the same period stood at 2.3 percent of gross domestic product (GDP) compared with a target of 3.4 percent, he said. Ghana is following an International Monetary Fund (IMF) aid programme to restore fiscal stability and kick-start growth.

Israel on Thursday announced cuts to corporation and value added tax intended to spur growth, but the central bank warned they are likely to increase public debt. At a joint news conference Prime Minister Benjamin Netanyahu and Finance Minister Moshe Kahlon said VAT would fall to 17 percent from 18 percent in October and tax on companies would be reduced to 25 percent from 26.6 percent from January 2016.
Ireland's tax take rose to 5.4 percent above target at the end of August as corporation tax receipts came in more than a third higher than expected, leaving the government on course to beat its year-end deficit target. The tax take was 1.4 billion euros higher than forecast, up from a 900 million-euro surplus in July. Government spending in the first eight months was 1.1 percent or almost 300 million euros lower than expected, the finance department said.
India has waived retrospective imposition of a minimum alternative tax (MAT) affecting foreign funds, the Finance Minister said on Tuesday, a move that could resolve a dispute that had shaken investor confidence. Finance Minister Arun Jaitley said the government had accepted the recommendations of a panel set up to examine the issue, and said he would make the change permanent through legislation in the next parliament session.
French income tax cuts promised earlier this month by President Francois Hollande will not come at the expense of the country's deficit reduction targets, Finance Minister Michel Sapin said on Monday. "We will cut taxes - that's not to increase them elsewhere," Sapin said on France Info radio. "Secondly, we won't modify our deficit reduction targets." The French government is targeting a public deficit of 3.8 percent of GDP in 2015 and 3.3 percent in 2016, down from 4.0 percent last year.
President Dilma Rousseff has dropped the idea of reinstating a tax on financial transactions to bridge a gaping fiscal deficit in Brazil after it ran into a barrage of criticism even from within her coalition, Brazilian media reported on Sunday. The Folha de S.Paulo and Estado de S.Paulo newspapers, citing presidential aides, said Rousseff abandoned the proposal because it realised there was no time to win its approval in Congress where the 2016 budget must be presented by Monday.
The Brazilian government is considering reviving a financial transaction tax known as CPMF in a bid to shore up its finances in 2016, two sources close to President Dilma Rousseff's economic team said on Thursday. A plan to recreate the CPMF is part of the budget proposal for 2016 that is being discussed by Rousseff and her economic team, said the sources, confirming reports published by newspapers Valor Economico, O Estado de S.Paulo and O Globo.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln