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The World Trade Organisation remained deadlocked Monday, two months after failing to seal a key deal on a global customs pact. Officials said that the United States blocked efforts by the WTO''''s trade facilitation committee because of continued wrangling with India. At a meeting of the committee - which seeks to make customs procedures faster and more efficient - New Delhi refused to soften its position.

Troubled Italian fashion giant Prada stonewalled questions over its tax affairs Monday after it emerged that its top two executives are being investigated for allegedly not disclosing many millions in overseas earnings to Italian authorities.
President Michelle Bachelet of Chile enacted new environmental tax legislation on Friday making the country the first in South America to tax carbon dioxide (CO2) emissions. Part of a broad tax reform, Chile''''s carbon tax will target the power sector, particularly generators operating thermal plants with installed capacity equal or larger than 50 megawatts (MW).
German Finance Minister Wolfgang Schaeuble is working on closing a tax loophole whereby German firms use so-called "patent box" tax breaks available abroad on profits generated from patented research to minimise tax bills, according to a magazine report. Business weekly Wirtschaftwoche said a potential new restriction on the practice, similar to one in place in Austria, could bring in an extra 1 billion euros ($1.3 billion) a year in corporate tax revenue for Germany.
Russia on Friday blocked a European Union move to get the World Trade Organisation to order Moscow to void Moscow's import duties on vans from Germany and Italy. The wrangling over the vehicle duties is part of a raft of politically-charged trade disputes between the EU and Russia amid the Ukraine crisis. At a meeting of the WTO's dispute settlement body, Russian diplomats exercised their right to oppose the creation of an independent panel of trade and legal experts to hear the dispute.
Chilean President Michelle Bachelet signed a sweeping tax-reform law Friday, fulfilling a key campaign pledge and seeking to increase government revenues by more than $8 billion for education and social spending. "This fiscal reform will bring in $8.3 billion each year, assuring the permanent financing of the transformations needed in areas such as education, health and social protection," said Bachelet, who returned to the presidency in March after serving an earlier term from 2006 to 2010.
Argentine custom workers lifted the threat of another work stoppage as wage talks continue, Guillermo Wade, president of the Port and Maritime Activities Chamber, said on Tuesday. A four-day strike that started last week halted grains shipments from the Rosario grains hub during one of the busiest times of the year for shipping.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln