Last update: Tue, 25 Oct 2016 01pm

Taxation: World


China's state news agency Xinhua denounced various domestic media for reports saying the government planned to increase income tax for the country's "high income" population, citing multiple official sources in a weibo post on Monday. Speculation was rife over the weekend that China would levy heavier tax for the "high income group" whose annual wages exceed 120,000 yuan ($17,722), after the state cabinet released a document on income distribution reform, noting it would use taxation to narrow the income gap between different groups.
Switzerland''s attorney general''s office said Sunday it had unblocked accounts holding some $140 million, which were frozen more than a decade ago to assist Italy in a tax fraud probe of the Mediaset broadcaster.
Egypt is studying why an attempt to introduce a capital gains tax on shares failed and expects to complete its analysis in the first quarter of 2017, deputy finance minister for taxation policies Amr Al-Monir told Reuters in an interview.
Britain could slash corporation tax to 10 percent if the European Union refuses to agree a post-Brexit free trade deal or blocks UK-based banks from accessing its market, the Sunday Times reported, citing an unidentified source.
The stuttering new share issues market calls for a tax fix. Several recent deals have been pulled or postponed, including those of British energy supplier First Utility, German real estate company OfficeFirst and Spanish telecoms infrastructure firm Telxius. Some post-Brexit investor wariness is healthy: initial public offerings are often a way for owners to sell out at the top. But there are deeper issues too.
New Zealand's government reported a bumper surplus for the last fiscal year thanks to higher-than-expected tax revenue, but plenty of global risks meant policy makers will need to focus on reducing debt, the nation's finance minister said on Thursday. The surplus for the 12-months to June 30 was NZ$1.83 billion ($1.31 billion), much higher than the government's forecast in May for a surplus of NZ$668 million.
European Union ministers have agreed to cuts in Baltic cod catch quotas for next year that fall well short of calls by scientists worried about the stock's eventual collapse. The fisheries ministers agreed overnight Monday to reduce catches of western Baltic cod by 56 percent in 2017, despite calls by scientists for a 90-percent cut they say is needed to sustain stocks in Danish and German waters.