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Taxation: World


China's central government will take charge of paying the entire rebate for companies taxed on export sales from this year, the cabinet said on Tuesday, to unify the rebate system and help dispel trading partners' suspicions of unfair competition. Previously, 7.5 percent of rebates were paid by local governments. Some trading partners, however, suspected local governments were paying more, to effectively subsidise companies in their regions and boost their competitiveness.

India announced Saturday a cut in corporate taxes and other initiatives for a more stable and predictable tax regime in a bid to woo foreign investors and spur faster growth in Asia''s third biggest economy. Finance Minister Arun Jaitley unveiled his right-wing government''s first full budget after storming to power at last year''s general elections on a pledge to reform and revive the economy.
The Brazilian government is reducing some of the payroll tax breaks it awarded companies in the past four years, the government's Official Gazette said on Friday, in a move aimed at reversing the country's widening budget gap. President Dilma Rousseff issued a decree that will increase social security levies that companies pay on their gross revenues.
China is expanding an income-tax break to help more companies and will speed construction of water projects, the cabinet said on Wednesday, as it boosts fiscal support for a cooling economy. A scheme to discount corporate tax rates by a fifth will be widened to cover firms with annual taxable income of 200,000 yuan ($31,953), the State Council said in an online statement after a weekly meeting.
Singapore on Monday announced income tax rises for the top five percent of the population to fund rising social spending targeted at the poor and elderly in the rapidly ageing city-state. The marginal personal income tax rate for those earning above Sg$320,000 ($256,000) a year will rise to 22 percent next year from the current 20 percent, Finance Minister Tharman Shanmugaratnam told parliament as he unveiled the 2015 budget.
A new criminal offence should be introduced to clamp down on tax evasion, a senior figure in Britain's finance ministry said on Sunday in the wake of a scandal surrounding HSBC. Allegations that HSBC's Swiss private bank helped clients evade tax has pushed the issue to the fore of political debate in Britain less than three months before a national election.
Argentina's tax authority said Sunday it is seeking an international arrest warrant for an investment advisor suspected of helping Argentines hide money in Swiss bank accounts. Miguel Abadi, head of the Gems financial advisory company, was linked to secret HSBC accounts identified in the "SwissLeaks" expose published by consortium of news organisations, including Argentina's Clarin and La Nacion newspapers.


Index Closing Chg%
Arrow DJIA 18,096.90 0.58
Arrow Nasdaq 4,967.14 0.26
Arrow S&P 2,098.53 0.44
Arrow FTSE 6,919.24 0.44
Arrow DAX 11,390.38 0.98
Arrow CAC-40 4,917.35 0.99
Arrow Nikkei 18,703.60 0.59
Arrow H.Seng 24,465.38 0.96
Arrow Sensex 29,380.73 0.72

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln