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HSBC Private Bank, the Swiss subsidiary of British banking group HSBC, said Friday it had been placed under formal investigation as part of a French tax fraud probe. The bank said magistrates were "examining whether the bank acted appropriately between 2006-07 in relation to certain clients of the bank who had French tax reporting requirements, as well as in relation to the way the bank offered its services in the country."

German tax revenues rose by 3.1 percent in October year-on-year to 40.3 billion euros, despite recent economic weakness, and were up 3.0 percent to 469.2 billion for the first 10 months, the Finance Ministry said in its monthly report on Friday. The German government expects the state and federal tax revenues to accelerate in the final two months of 2014, lifting the full year total by 3.5 percent to 590.3 billion euros.
Peru is planning to introduce a law to cut corporate and personal taxes as part of a reform package that analysts welcomed as an "audacious" attemptt to revive a slowing economy. The government will submit a bill to Congress that will seek to gradually reduce company income tax to 26 percent by 2019 from the current 30 percent, announced Finance Minister Alonso Segura following a cabinet meeting late on Wednesday evening.
The EU said Thursday it will use the so-called "LuxLeaks" documents to decide whether to widen its probe into Luxembourg's tax deals, in a row that has embroiled new European Commission head Jean-Claude Juncker. A journalistic investigation using thousands of leaked files revealed this month that Luxembourg allowed hundreds of top companies - including Apple, Pepsi, IKEA and Heinz - to enjoy tax breaks while Juncker was prime minister.
Peru will introduce a law to cut corporate and personal taxes as part of a reform package the government hopes will help revive a slowing economy, the finance minister announced. The government will submit a bill to Congress that will seek to gradually reduce company income tax to 26 percent by 2019 from the current 30 percent, said Alonso Segura following a cabinet meeting late on Wednesday evening.
Luxembourg Prime Minister Xavier Bettel said he was firmly opposed to harmonising tax policies in the EU, a report said Wednesday, hitting back after an investigation exposed his tiny country as a global tax haven. Jean-Claude Juncker, Bettel's predecessor and new European Commission president, is under pressure after it was revealed that Luxembourg authorities agreed hundreds of tax deals to major companies, including Pepsi and Ikea, while Juncker was premier.
Prime Minister Shinzo Abe told his party Tuesday he was calling a snap election and delaying a sales tax rise after figures showed Japan was in a recession. Less than two years after he swept to power pledging to reinvigorate the flagging economy, Abe will go to the polls - probably in the middle of next month - telling voters that more needs to be done to fix years of growth-sapping price declines.

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln