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Scotland is set to get sweeping new powers including setting its own income tax rates, under plans unveiled Thursday by a cross-party commission on greater devolution. "The recommendations in the agreement will result in the biggest transfer of powers to the Scottish parliament since its establishment," Lord Robert Smith, who chaired the commission, said in Edinburgh.

The World Trade Organisation adopted the first world-wide trade reform in its history on Thursday, after years of stalemate, months of deadlock and a final day''s delay following an eleventh-hour objection. The agreement means the WTO will introduce new standards for customs checks and border procedures. Proponents say that will streamline the flow of trade around the world, adding as much as $1 trillion and 21 million jobs to the world economy.
Jean-Claude Juncker sailed through a European Parliament no confidence vote over the "Luxleaks" tax scandal Thursday, but the European Commission chief still faces awkward questions just a month into his new job. In the parliament vote in Strasbourg, just 101 MEPs approved the censure motion filed by eurosceptic parties against the entire European Commission, 461 voted against it and 88 abstained.
German Finance Minister Wolfgang Schaeuble sharply criticised leading German companies for reducing taxes by creating subsidiaries in Luxembourg, where tax rates are lower, according to Focus news magazine. "The list of those that have institutions in Luxembourg with the aim of saving taxes is a Who's Who of the German economy," Schaeuble was quoted as saying in an interview published on Saturday.
HSBC Private Bank, the Swiss subsidiary of British banking group HSBC, said Friday it had been placed under formal investigation as part of a French tax fraud probe. The bank said magistrates were "examining whether the bank acted appropriately between 2006-07 in relation to certain clients of the bank who had French tax reporting requirements, as well as in relation to the way the bank offered its services in the country."
German tax revenues rose by 3.1 percent in October year-on-year to 40.3 billion euros, despite recent economic weakness, and were up 3.0 percent to 469.2 billion for the first 10 months, the Finance Ministry said in its monthly report on Friday. The German government expects the state and federal tax revenues to accelerate in the final two months of 2014, lifting the full year total by 3.5 percent to 590.3 billion euros.
Peru is planning to introduce a law to cut corporate and personal taxes as part of a reform package that analysts welcomed as an "audacious" attemptt to revive a slowing economy. The government will submit a bill to Congress that will seek to gradually reduce company income tax to 26 percent by 2019 from the current 30 percent, announced Finance Minister Alonso Segura following a cabinet meeting late on Wednesday evening.


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln