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Finance ministers from the world''s leading economies gave the green light Friday to a new plan to crack down on tax evasion by multi-national corporations which costs countries at least $100 billion a year. The so-called Base Erosion and Profit Shifting (BEPS) plan, which seeks to close the loopholes multi-nationals use to avoid taxes, was adopted by finance ministers from the G20 group of leading industrialised and emerging economies at a meeting in Lima, Peru.

The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid US taxes and would collectively owe an estimated $620 billion in US taxes if they repatriated the funds, according to a study released on Tuesday. The study, by two left-leaning non-profit groups, found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands.
European Union finance ministers agreed on Tuesday to automatically exchange information on tax deals their governments strike with multinational companies, in a bid to clamp down on aggressive tax avoidance. The deal follows years of controversy over methods used by big corporations to minimise their tax bills: EU competition authorities are already investigating arrangements used by Amazon and a unit of Fiat in Luxembourg, Apple
The world''s advanced economies announced Monday a long-awaited plan to close the loopholes on tax-avoiding multinationals that cost countries more than $100 billion a year, declaring: "Playtime is over." Low tax bills for big names such as Google and McDonald''s, which managed to sharply reduce the amount due while remaining within the law, have provoked public outrage in recent years.
Albania''s tax collection rate is among the lowest in the world, but that is not stopping it from issuing a new Eurobond of between 300 million to 500 million euros ($338 million to $563 million), Prime Minister Edi Rama said on Tuesday. Rama, in New York for the United Nations General Assembly meetings, confirmed Albania will issue a bond. Albanian Finance Minister Shkelqim Cani has said the government was only considering a sale while visiting European investors this week.
Sri Lanka on Saturday raised excise duties, which should increase state revenue by 20 billion rupees ($141.69 million), as the government struggles to reach an ambitious budget deficit goal for this year. Spending by President Maithripala Sirisena's coalition government has increased by around 87 billion rupees. However, it has promised to reduce the budget deficit to 4.4 percent of the gross domestic product this year, compared with a 4.6 percent estimate by the previous government. The 2014 budget deficit was 6.0 percent of GDP, missing a 5.0 percent target.
Greece will scrap reduced value added tax (VAT) rates on October 1 on six islands which are very popular with tourists, as agreed with its international lenders, the finance ministry said on Monday. Prime Minister Alexis Tsipras, who was re-elected on September 20, has promised to streamline the VAT system as part of Greece's third bailout agreement.


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 08, 2015
Reserves $20.05 bln