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India moves closer to a nationwide sales tax NEW DELHI: India's plans to rationalise state and federal indirect taxes into a harmonised goods and service tax (GST) took a step closer to reality after New Delhi struck a deal with recalcitrant states, two government sources told Reuters. Finance Minister Arun Jaitley brokered a compromise on Monday evening that would pave the way for a key constitutional amendment to be tabled in the current parliamentary session that runs to Dec. 23. "Developments have been positive," said one of the finance ministry officials who attended the meeting. "Everything will be clear in couple of days." Investors and manufacturers have long coveted the GST as a game-changer that would simplify taxes while broadening the tax base, adding as much as 2 percentage points to the size of Asia's third-largest economy. However, the measure has been held up for years with some of India's 29 states reluctant to give their assent for ...


Japan flash Dec manufacturing PMI rises to 52.1 from final 52.0 in Nov TOKYO: Growth in Japanese manufacturing activity picked up slightly in December and output grew at the fastest pace since September, a survey showed on Tuesday, suggesting the economy is recovering from a recession in the third quarter. The Markit/JMMA flash Japan Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 52.1 in December from a final 52.0 in November.The index remained above the 50 threshold that separates contraction from expansion for the seventh consecutive ...

China to lower import taxes for some goods from January BEIJING: China will adjust its import and export taxes from Jan. 1 as part of bigger efforts to re-order its trade sector and foster economic growth, the Finance Ministry said on Tuesday. To refine the mix of Chinese imports, China will levy provisional taxes lower than that reserved for countries under the Most Favoured Nation category, a status given to some nations to ensure that they enjoy lower tariffs. Imports for which taxes will be ...

NZ to miss budget surplus as economic growth slows WELLINGTON: The New Zealand government will miss its long-awaited budget surplus this year because a slump in dairy prices and low inflation have hit tax income, Finance Minister Bill English said on Tuesday. English said a deficit of NZ$572 million (convert) was now expected for the year to June 2015 compared with a surplus of NZ$297 million forecast in the pre-election economic and fiscal update in August. "While things are working well for New Zealand ...

Coca Cola says sees steady 2015 growth, adjusted for currency NEW YORK: Coca Cola Co said Monday that it does not expect its earnings per share growth in 2015 to be "significantly different" from 2014, when adjusted for currency, as the company struggles to grow amid lackluster demand for soda. The forecast comes after Coca-Cola Co announced cost-cutting measures in October and a timeline for selling its bottling operations. The company said then that it expected to miss its long-term earnings growth target in 2014, ...

Chinese November FDI jumps 22.2pc: govt BEIJING: Foreign investment into China accelerated in November, government data showed Tuesday, despite a worsening slowdown in the world's second-largest economy and concerns over business risks.Foreign direct investment (FDI) -- which excludes financial sectors -- rose 22.2 percent year-on-year, the commerce ministry said, totalling $10.36 billion.The figure compares with an increase of 1.3 percent in October to $8.53 billion. FDI had hit a four-year-low in August of $7.20 billion.For the first 11 months of 2014, ...

North Korea threatens 'toughest' action over rights offensive SEOUL: North Korea has accused the US of trying to topple the hermit state by targeting it with allegations of human rights abuses, and threatened to hit back with the "toughest-ever counteraction". The comments in state media Monday came as the UN Security Council is due to meet next week to discuss North Korea's rights record, amid calls for Pyongyang to be referred to the international court for crimes against humanity.But after CIA torture revelations ...


 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 15, 2014
Reserves $13.922 bln