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Germany is willing to discuss the creation of a eurozone finance minister who would have his own budget and raise extra taxes, the German magazine Der Spiegel reported on Saturday. European Commission President Jean-Claude Juncker last month laid out a vision for tighter joint control over the currency zone's economies, including a common euro zone treasury one day.

Major exporters of information technology on Friday agreed to cut global tariffs on more than 200 products, in the first such deal struck by the World Trade Organisation in nearly two decades. The pact which came after three years of frequently-stalled negotiations, covers products ranging from video games to touch screens and GPS navigation systems.
Hungary's tax office chief, whose US entry visa ban last year over alleged corruption soured relations between Washington and Budapest, has resigned, the country's economy ministry said Monday. Ildiko Vida's resignation took effect on Monday, although she gave notice of quitting two months ago, the National Economy Ministry said in a statement published by Hungary's state news agency MTI. "The government wants to establish a more client-friendly, task-oriented tax office that fits better with the new structure of the economy," the statement read.
As the world grapples to find the cash to end poverty and battle climate change, African leaders at a global development summit being held in Ethiopia are pushing for rich multinational companies to stop dodging tax. Tax avoidance by big companies - who employ accounting tricks to shift profits into countries where the taxman is more forgiving - costs Africa tens of billions of dollars in revenue every year.
Australia's tax authority has warned large multinational firms it is looking into the use of offshore marketing hubs over concerns such subsidiaries were being utilised to shift profits and reduce tax bills. The Australian Tax Office (ATO) issued the advice in a note to large businesses as the government and other nations stepped up their efforts to crack down on profit-shifting by global companies that use complex structures to pay less tax in some jurisdictions.
The European Union will impose anti-dumping duties on imports of Russian aluminium foil after an initial investigation showed the product was sold in the 28-nation EU at below normal market prices, the EU's Official Journal said on Saturday. It said a provisional anti-dumping duty of 12.2 percent will be levied from Sunday on imports of aluminium foil from Russia, which is all made by the Rusal group, the world's largest aluminium producer.
Romania's government will send a draft law on royalty taxes for the oil and gas sector to parliament in September, Deputy Finance Minister Dan Manolescu told an energy seminar on Monday. The new tax system will likely include differentiated royalties for onshore and offshore extraction and will apply only to new contracts.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln