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Taxation: World


China is lowering taxes for high-tech companies and cutting red tape in its latest bid to help businesses operate in the world's second-largest economy, the cabinet said on Wednesday. China will also abolish the need for firms to seek approvals in 68 areas when conducting commerce, the government said in an online statement following a cabinet meeting chaired by Premier Li Keqiang on Tuesday.

California on Friday offered tax incentives to an aerospace company seeking to build the next generation of stealth bombers, after controversy that the state had earlier offered the valuable tax breaks only to its main competitor. The bill to expand a nearly $500 million tax break to Northrop Grumman Corp that had previously been limited only to Lockheed Martin Corp was signed Friday by Democratic Governor Jerry Brown.
Government-controlled mortgage finance firms Fannie Mae and Freddie Mac made enough money in the second quarter to give taxpayers $5.6 billion in dividends, a sign they can turn substantial profits even in a lacklustre housing market. The two companies were seized by the US government in 2008 to save them from bankruptcy. Under the terms of the bailout, they turn over their profits to the US Treasury.
Crisis-hit Greece's government was scrambling on Wednesday to correct errors in a new property tax that forced homeowners to pay vastly inflated sums. Property owners across the country were in uproar after the values used to calculate the tax increased tenfold compared to last year, while even incomplete buildings were charged the full levy.
South Korea will introduce a new set of tax rules aimed at encouraging companies to increase dividend payouts, spend on their workers and invest in production facilities, the finance ministry said on Wednesday. The move is a follow-up to stimulus measures that the new finance minister introduced last month to boost domestic demand and keep Asia's fourth-largest economy on a firm recovery path in the face of sustained weakness in global demand.
The German government can lower income tax rates before the next elections due in 2017 by eliminating "bracket creep" thanks to a projected increase in tax revenues from a new minimum wage, Economy Minister Sigmar Gabriel said on Sunday. The anomaly of "bracket creep", or "cold progression" as it is also known in Germany, stems from the country's tax laws. Unlike major economies such as the United States, Britain and France, thresholds in Germany's progressive tax system are not automatically adjusted. This means that an individual's pay rise can trigger a net pay cut.
Russia's new tax on sales, backed by President Vladimir Putin, illustrates growing economic strains from Western sanctions over Ukraine - and the lack of easy solutions. Under the tax plan, regional governments will have the option from next year to introduce a 3 percent tax on sales to cover their budget shortfalls.


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln