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President Barack Obama could act without congressional approval to limit a key incentive for US corporations to move their tax domiciles abroad in so-called "inversion" deals, a former senior US Treasury Department official said on Monday.

The World Trade Organisation is facing a "crisis" because of disagreement most notably with India over improved customs procedures, the United States said Friday. "We are deeply disappointed that backsliding on Trade Facilitation has brought the WTO to the brink of crisis," the US ambassador to the world trade body, Michael Froman, said in a statement.
About 80 of the 106 Swiss banks that signed up for a deal with US tax authorities could be fined less than they had feared for their role in helping wealthy Americans cheat on their taxes, but must widen their co-operation, a Swiss newspaper reported.
India on Friday said it wanted "visible" signs the World Trade Organisation would agree to its vast food subsidy schemes before approving a landmark global customs pact as talks went down to the wire. Refusal by India to endorse the agreement streamlining customs procedures could derail the first big global trade reform by the WTO in two decades.
Swiss bank UBS was on Wednesday charged with tax fraud in Paris for allegedly helping rich French clients to hide money in Switzerland, a judicial source said. The bank, which was already under investigation for illegal solicitation of customers in France, will now have to pay a total bail of 1.1 billion euros ($1.5 billion), the source told AFP. UBS''s Swiss business is suspected of illegally canvassing French customers and setting up dual accounts to hide the movement of capital into Switzerland.
Two of Europe's largest banks, Barclays and Deutsche Bank, have sold complex financial products that allowed hedge funds to avoid US taxes, a Senate report said Tuesday. The scheme has cost the federal government billions of dollars in tax revenues, according to the report by the Senate permanent subcommittee on investigations of the Committee on Homeland Security and Governmental Affairs.
Julius Baer said on Monday it expects to strike a deal with US authorities over a probe into the Swiss bank's role in helping Americans evade taxes by the end of the year. Analysts predict the Zurich-based bank could face a fine of up to $1 billion (740 million euros) as part of a US clampdown on tax evaders, which saw Credit Suisse hit with a 2.6 billion penalty in May.

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln