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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 29/07 New
Lowtax Editor Column, by Kitty Miv |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu
, Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 19/07 Expats
Turn Backs On US Taxes, Tax-News.com |
| 16/07
Congress Approves US Financial Reform Bill, Tax-News.com |
| 15/07 New
Lowtax Editor Column, by Kitty Miv |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-News.com
Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
| 09/07
Antigua Pursuing Trade Sanctions Against US, Tax-News.com |
| 08/07 New
Lowtax Editor Column, by Kitty Miv |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 05/07
Australian Mining Tax Agreement Reached, Tax-News.com |
| 02/07 Online
Trading For Expats, Investors Offshore special feature |
| 29/06 EC
To Extend Common System Of VAT, Tax-News.com |
| 28/06
Lowtax Dubai, annual update |
| 25/06 Jersey
Considers Tax Future, Tax-News.com |
| 22/06 VAT
Hiked In UK Emergency Budget, Tax-News.com |
| 21/06 Steady
Progress In TPP Negotiations, Tax-News.com |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
| 14/06 Ethical
Moonshine, Penelope Wise blog entry |
| 11/06 Germany
Purchases Stolen Tax Data Disc, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 07/06 G-20
Shelves Global Bank Tax, Tax-News.com |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 31/05
OECD And EU Strengthen Tax Cooperation, Tax-News.com |
| 28/05
Lowtax Guernsey, annual update |
| 25/05
Lowtax Jersey, annual update |
| 24/05 Lithuania
Summary PBTG Guide, added to Personal Business Tax Guide |
| 21/05
Lowtax Liechtenstein, annual update |
| 18/05 Latvia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 17/05 Offshore
And The Euro, Jeremy Hetherington-Gore blog entry |
| 14/05 IO
Focus: Barbados, Investors Offshore special feature |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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USD3.3 Million In Emergency Assistance Approved For Dominica,
by Mike Godfrey, Tax-News.com, Washington 07 February 2008
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It was announced on Tuesday that the Executive Board of the International Monetary Fund (IMF) has approved SDR2.05 million (about USD3.3 million) in emergency assistance for Dominica.
This amount is available immediately to help the government deal with the effects of Hurricane Dean, which struck Dominica in August 2007.
The damage caused by Hurricane Dean has been estimated at almost 20% of GDP. The agriculture sector, one of the major sources of foreign exchange earnings, took the brunt of the damage.
Economic growth is estimated to have slowed to around 1% in 2007 from a pre-hurricane forecast of 3% growth, while the loss in export earnings in 2007 and 2008 is estimated at 4% of GDP.
The donor community has responded by providing disaster relief grants to help address the immediate needs of those affected by the hurricane, and to undertake repair and reconstruction of essential infrastructure.
However, given the severity of structural damage, the reconstruction process will require a considerable amount of time and resources, and is likely to be limited by implementation capacity.
The IMF provides emergency assistance to member countries affected by natural disasters to help them meet immediate balance of payments financing needs, and maintain or restore macroeconomic stability.
The emergency loan has a subsidized interest rate of 0.5% per year, and will be repaid in eight equal quarterly installments over 3.25 to 5 years from the disbursement date.
At the conclusion of the Executive Board's discussion on Dominica, Murilo Portugal, Deputy Managing Director and Acting Chair, announced that:
"The IMF extends its deepest sympathy to the people of Dominica at this difficult time. The extensive damage caused by Hurricane Dean has resulted in great hardship for many Dominicans, and constitutes a serious setback to recent economic progress.
"Prior to the hurricane, Dominica had significantly reduced fiscal imbalances under an economic program supported by the Poverty Reduction and Growth Facility (PRGF), which had helped reduce the external current account deficit and placed the public debt on a downward path."
"However, with foreign exchange earnings impaired by the hurricane and significantly expanded imports of reconstruction materials, Dominica now faces large balance of payments financing needs."
"The government has responded swiftly, reallocating resources to the pressing needs of rehabilitation and reconstruction. Generous support from the international community, together with emergency assistance from the IMF, will help address near-term priorities. The authorities are committed to pursuing a comprehensive medium-term economic strategy to support the reconstruction effort and foster economic growth."
"This approach, based on the country's Growth and Social Protection Strategy, aims at maintaining macroeconomic stability and promoting structural reforms, and includes measures to strengthen further the financial sector."
He concluded: "The authorities plan to maintain the primary surplus target of 3% of GDP, financing reconstruction expenditure primarily through external grants. They intend to continue with the planned multiyear income tax reform at a pace consistent with their fiscal targets, while maintaining the integrity of the recently-implemented VAT."
"The authorities' continued implementation of prudent policies, together with support from the international community, should help Dominica recover from the setbacks caused by the hurricane."
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