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Russia's government has approved a new tax law to clamp down on Russian companies and individuals using offshore tax shelters. The law is part of a range of measures initiated by President Vladimir Putin, and collectively known as "deoffshorisation", which are aimed at bringing Russian businesses and money home from foreign jurisdictions.

Oman's government is likely to start cutting some state subsidies next year as the decline in global oil prices pressures its finances, Minister for Financial Affairs Darwish al-Balushi said on Saturday. The country's original budget plan for 2014 assumed the government would run a deficit with an average oil price of $85 a barrel. For most of this year the oil price has been much higher, but in the last few months it has dropped steeply to as low as $82.
Sri Lanka's president cut taxes and increased salaries, subsidies and welfare spending on Friday in a populist budget ahead of a troubled bid to win a third term. Mahinda Rajapakse made no direct reference during the budget announcement to his plans to seek a third term at an election that the government says will be held in January, two years ahead of schedule.
Greece's coalition government submitted promised tax relief legislation to parliament on Thursday as part of efforts to boost its flagging popularity and show Greeks that four years of austerity are nearing an end. Prime Minister Antonis Samaras, whose conservative party trails the anti-austerity Syriza party in opinion polls, has been trying to convince the country's EU/IMF lenders to roll back austerity measures and preserve fragile political stability ahead of a crucial presidential vote early next year.
Authorities in Saudi Arabia say they have seized half a tonne of ivory being smuggled from Africa to east Asia. Customs agents at King Khaled International Airport in Riyadh intercepted the shipment, which was in transit, the official SPA news agency said on Saturday.
A US clampdown on corporate tax reduction schemes - so-called inversions - will further underpin the strength of the dollar. The US government announced proposals in late September to make it harder for American companies to shift their tax bases abroad by acquiring other companies in jurisdictions with lower taxes.
Britain's independent budget watchdog said on Thursday it will work with tax authorities to look at how strong jobs growth but weak earnings have dented income tax revenues, before it makes new forecasts in December. Labour income accounts for more than 40 percent of Britain's tax revenue, and much of it has disappointed in the current 2014/15 financial year.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln