Last update: Tue, 09 Feb 2016 02am

Taxation: World


President Barack Obama will propose a $2.5 billion tax credit over five years for businesses that invest in programs at local community colleges and hire their graduates, administration officials said on Friday. The proposal, dubbed the Community College Partnership Tax Credit, would require businesses to donate funds for equipment, instruction, or internships related to programs in areas such as healthcare, energy and information technology.
Washington state lawmakers voted down a bill on Friday that would have forced Boeing to keep a minimum number of jobs in the state in exchange for receiving billions of dollars in tax breaks. The 7-8 vote in the state's House Finance committee means the measure will not advance to a floor vote. "The timing is not right, right now," for restricting Boeing, said state Rep. Cary Condotta, a Republican who voted against the measure, citing the state's economic weakness.
US Presi-dent Barack Obama on Thursday proposed a controversial $10-a-barrel tax on oil firms to pay for much needed infrastructure improvements. The $10 charge, phased in over five years, would be levied on companies - but the costs could well be passed on to consumers. "For too long, bipartisan support for innovative and expansive transportation investment has not been accompanied by a long-term plan for paying for it," the White House said in a statement.
Swiss private bank Julius Baer said Friday it had finalised an agreement with US authorities, paying $547 million to end a criminal investigation into claims that it helped rich Americans dodge taxes. "Being able to close this regrettable legacy issue is an important milestone for Julius Baer," chief executive Boris Collardi said in a statement.
Europe's antitrust chief signalled on Monday her determination to go after Apple, Starbucks and McDonald's over their tax deals in the bloc, dismissing US criticism of her crackdown on the companies. European Competition Commissioner Margrethe Vestager's comments come three days after senior US Treasury official Robert Stack met her team in the latest lobbying effort against her clampdown on tax deals involving US as well as EU companies.
Russia, one of the world's largest wheat exporters, is not expected to change its current regime of taxes on grain exports, sources said on Friday, following proposals to change them. Concerns over the possibility of tougher limits on Russia's foreign sales of wheat sent global prices to a one-month high earlier this week.
Egypt has raised tariff rates on a wide range of imports, the official Gazette said on Sunday, the latest effort by the authorities to curb dollar spending on imports as the country struggles through a currency crisis. Egypt, which relies heavily on imports, has been facing a shortage of foreign currency since a 2011 uprising drove tourists and investors away - major sources of hard currency.