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Giorgio Armani settled a tax dispute in Italy by paying 270 million euros ($373 million) this week, Italian business daily Il Sole 24 Ore reported on Friday. The payment is linked to taxes owed by three foreign subsidiaries of the luxury company, which is 100 percent owned by fashion king Armani, it said. The period covered is between 2002 and 2009, when the company changed strategy and decided to bring back to Italy subsidiaries that have previously been abroad.

Social networking company Twitter on Wednesday rejected demands from the Turkish government to open an office there, following accusations of tax evasion and a two-week ban on the service. Speaking after two days of closed-door talks with Turkish officials, Colin Crowell, Twitter's head of global public policy, told AFP: "We did not agree on opening an office in Turkey." "Making greater investments here to grow our business has a relationship to whether or not we can count on the continuity of our service," he said.
Personal data for as many as 900 Canadian taxpayers was stolen after being made vulnerable by the "Heartbleed" bug, officials in Ottawa said on Monday. Andrew Treusch, Commissioner of Canada Revenue Agency (CRA), said government security agencies notified his office "of a malicious breach of taxpayer data that occurred over a six-hour period" last week.
Turkey's prime minister said Saturday he will "go after" Twitter, accusing the site of tax-evasion, after it was used to spread damaging leaks implicating his inner circle in corruption claims. In a televised speech, Recep Tayyip Erdogan also launched a tirade against the nation's highest court for ruling against a ban on Twitter, charging that it put the rights of businesses above that of Turkey's.
Cutting taxes on business investment is an effective form of economic stimulus that could go a long way toward mending the damage from the financial crisis and Great Recession, a top Federal Reserve official said on Saturday. In prepared remarks that did not touch on monetary policy, Minneapolis Federal Reserve Bank President Narayana Kocherlakota told a National Bureau of Economic Research conference that even apparently permanent damage to the economy can be reversed if policymakers are willing to take appropriate steps.
Britain plans to toughen its rules on cash hidden offshore in a new bid to crack down on people evading tax, the government said on Saturday. Under a proposed new criminal offence, tax officials will only have to show that income on money held by individuals outside Britain is taxable and undeclared in order to secure a prosecution.
Credit Suisse faces a new probe over its role in enabling US tax evasion, this time from a New York state regulator, a person familiar with the matter said Monday. Benjamin Lawsky, New York's superintendent of financial services, suspects Credit Suisse officials in New York of "misrepresentations" to state regulators over its role in enabling US citizens to evade taxes, the person said.

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln