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Taxation: World


Britain's government has told two of its offshore financial tax havens to set out timetables for implementing a central register of companies revealing corporate ownership, in a bid to help combat tax evasion. Prime Minister David Cameron proposed plans for a public register of company ownership in 2013, during a G8 summit in Northern Ireland, which was met with opposition by the overseas territories who said it would damage the UK's interests.

Israel's decision to withhold $130 million a month in revenue collected on behalf of the Palestinians is strangling the economy and leaving the banking system dangerously exposed, the Palestinian central bank governor said on Wednesday.
The EU intensified efforts to fight rampant tax avoidance by multinationals on Wednesday in its first major effort to counter the LuxLeaks scandal that poured embarrassment on commission head Jean-Claude Juncker. The commission, the EU's powerful executive arm, said its ambitious plan would force the EU's 28 countries to share details of any tax deals agreed with some of the world's biggest multinationals, ending the secrecy that allowed member states to often compete against each other to attract business and investment.
India's cabinet approved a bill on Tuesday that would introduce a 10-year jail term for people convicted of illicitly stashing wealth abroad, a senior official said. The move is viewed as a first step towards empowering tax authorities and meeting the commitment of Prime Minister Narendra Modi's 10-month-old government to enact a new law on 'black money', a key political challenge.
Kuwait has sought help from the International Monetary Fund to introduce corporate taxes in a bid to diversify revenue in the face of falling oil prices, a minister said Monday. "The IMF will prepare a preliminary report on how to impose taxes on companies in Kuwait," Commerce and Industry Minister Abdulmohsen al-Mudej said after a meeting with IMF representatives, the official KUNA news agency reported.
Oil explorer Cairn Energy has filed a dispute notice against the Indian income tax department over a $1.6 billion tax claim from the 2006-2007 fiscal year, the company said on Tuesday. The dispute notice was filed under the terms of the UK-India Investment Treaty, meaning the Indian government and Cairn will now start negotiations to find a resolution to the dispute, Cairn said.
French President Francois Hollande urged Luxembourg on Friday to "go as far as possible" in tackling tax avoidance in the wake of the Luxleaks scandal. Investigative journalists last year found top international companies including Disney, Microsoft and Heinz benefiting from sweetheart tax deals with Luxembourg.


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln