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Taxation: World


European finance ministers on Saturday backed efforts to fight rampant tax avoidance by multinationals in the wake of the LuxLeaks scandal, but European Union members face tough negotiations to work out the details. Under a new plan the bloc''s 28 countries would share 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.

China will remove taxes on exports of tungsten and molybdenum from May 1, while tariffs on shipments of ferroalloys, indium and aluminium rods and bars will also be scrapped as Beijing tries to support the slowing economy. This is in addition to the removal of taxes on rare earth exports from next month that was announced earlier by China. The country had been widely expected to scrap tariffs and quotas on rare earth shipments after a World Trade Organization panel branded them discriminatory last year.
Australia is to work together with Britain to pursue multinational firms shifting profits offshore to avoid paying taxes, going "further and faster" than OECD plans, Treasurer Joe Hockey said Sunday. Hockey, who was in the United States for the G20 meeting of finance ministers and central bankers, said the two nations announced a joint working group during the multilateral forum in Washington on April 16-17 that would build on London's so-called "Google tax" on companies that divert profits overseas.
Israel has agreed to transfer in full hundreds of millions of dollars in taxes collected for the Palestinian Authority but frozen in a row over the International Criminal Court, the Palestinian premier said. Rami Hamdallah, in a statement from his office late Friday, said Israel pledged at a meeting with Palestinian officials to hand over the taxes collected between December and March, amounting to almost half a billion dollars.
Russia's Agriculture Ministry has proposed to the government to cancel a tax on wheat exports from July 1 when the 2015/16 marketing year starts, a source at the ministry told Reuters.
Spanish tax office agents on Thursday searched the Madrid home of Rodrigo Rato, a former IMF head and ex-economy minister with Spain's ruling conservative party, who has already been charged in two corruption cases.
French President Francois Hollande said Wednesday a drawn-out tax evasion row with Switzerland "is behind us" as he started a state visit aimed at mending fences. The two-day trip is the first state visit to Switzerland by a French president since Jacques Chirac's stopover 17 years ago.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln