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GST Will Make India More Competitive, FinMin Says 5/27/2012 The introduction of an Indian goods and services tax will remove the hidden costs causing a lack of competitiveness, Finance Minister Pranab Mukherjee has said, arguing that the new tax will provide a more stable source of revenue, helping create a common market across India.
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Philippines Achieves Record Fiscal Surplus In April 5/24/2012 The government of the Philippines saw a record fiscal surplus in April 2012,
due to continued double-digit growth in revenue collections which were more than
enough to support accelerated public spending.
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Belgium Warned Of Further Austerity Ahead 5/18/2012 Belgium’s Federal Planning Bureau, providing economic analyses and forecasts
for the government, has recently announced that if Belgium is to limit its public
deficit to 2.15% of gross domestic product in 2013 and to re-establish
a balanced budget in 2015, in line with its targets, new measures totalling
around EUR11bn (USD14bn) will be necessary, of which EUR3bn from next year.
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US Senate Mulls Tax Reform For Tribes And Territories 5/18/2012 At a recent Senate hearing on the effect of possible tax reforms on Native Americans
and the United States territories - Puerto Rico, the US Virgin Islands, Guam,
American Samoa and the Northern Mariana Islands - Finance Committee Chairman Max Baucus pointed to the anomalies and complexities existing
in their current tax treatment.
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Russian Beer Tax Hikes Slash Industry Profitability 5/11/2012 Beer manufacturer Carlsberg has reported that its pre-tax profits for its Russian
business has all but evaporated during the first few months of this year, on the
back of steep alcohol tax hikes introduced at the start of 2012.
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Parliamentary Committee Approves Philippines 'Sin Tax' Reform 5/11/2012 The Ways and Means Committee of the Philippines House of Representatives
has approved an amended version of the bill to reform the existing ‘sin
taxes’ on alcohol and cigarette products.
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Irish Tax Debt Falls, Shadow Economy Targeted 5/4/2012 The latest annual report of the Irish tax authority, the Revenue Commissioners, shows 'solid performance in challenging circumstances', with enforcement efforts yielding an increase in tax receipts and a reduction in outstanding tax debt.
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Spain Told To Amend Excise Duty Regime 5/4/2012 The European Commission has formally requested Spain to modify its rules
on excise duties to bring them into line with European Union legislation.
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USVI, Puerto Rico Look For Rum 'Cover Over' Extension 4/24/2012 Legislation has been introduced into both the United States Senate and the House
of Representatives to extend the 'cover over' of the excise tax on rum for Puerto
Rico and the US Virgin Islands.
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Philippines Sees Tax Revenues Surge Early In 2012 4/9/2012 Despite rising government spending, the Philippines saw a much reduced PHP5bn budgetary deficit in the first two months of 2012, with the Bureau
of Internal Revenue achieving a significant rise in revenues.
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OECD Urges Tax Reform In Poland 4/5/2012 The Organisation for Economic Cooperation and Development has presented a report
recommending that Poland implement specific measures to improve the nation's tax regime and meet
deficit reduction targets at a faster pace.
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Indian FinMin To Meet With Jewellers Over Tax Row 4/5/2012 India's Finance Ministry is to meet with representatives of the jewellery manufacturing industry following a row over a new excise duty.
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US Congress Agrees Short-Term Highways Funding Fix 4/3/2012 On March 30, the day before funding for the infrastructural programmes of the
United States Federal Highway Trust Fund ran out on April 1, President
Barack Obama announced that he had signed into law the Surface Transportation
Extension Act of 2012, which provides a three-month extension until June 30, 2012.
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Philippines Confident Of Passing 'Sin Tax' Reforms 3/27/2012 The Philippines Budget and Management Secretary Florencio Abad has disclosed
that the government is confident that reform of the country’s alcohol and
tobacco taxes will pass through parliament.
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US Senate Passes Highways Tax Bill 3/16/2012 On March 14, the United States Senate passed, on a bipartisan basis, a bill to
provide for an extension of highway-related taxes and the funding of infrastructural
spending by the Federal Highway Trust Fund, which included an anti-tax haven amendment.
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Philippines Delays Hike In Mining Taxes 3/13/2012 Following concerted opposition from within the sector, the proposed executive
order to increase the Philippine government’s revenues from mining contracts,
which was to have been issued by President Benigno Aquino last month, has been
delayed.
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Belgium Unites On Fiscal Consolidation Measures 3/13/2012 The Belgian government has finally united on further fiscal consolidation measures
totalling almost EUR2.5bn (USD3.3bn), in addition to the EUR11.3bn already provided
for in the country’s original 2012 budget agreed by coalition parties back
in December.
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India's Indirect Tax Revenues On The Up 3/13/2012 India's indirect tax revenue rose 9.6% in February, with the government having now collected 88.7% of its revenue target for the fiscal year to date.
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Philippines Rejects IMF Call For New Taxes 3/9/2012 Presidential spokesman Edwin Lacierda has confirmed that, contrary to suggestions
by the International Monetary Fund, the Philippines will not be introducing any
new taxes in the near future.
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CII Calls On India To Cut Coal Duty 3/6/2012 The Indian government should consider a reduction in customs duty on non-coking coal, the Confederation of Indian Industry has said.
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Indonesia Mulls Tax Breaks For 'Green' Car Makers 3/6/2012 Indonesia’s Minister of Finance, Agus D.W. Martowardojo, has disclosed that
his ministry is looking at the granting of tax incentives to encourage the production
of environmentally-friendly vehicles in the country.
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Philippines Issues New VAT Rules 3/1/2012 The Philippines Bureau of Internal Revenue has recently issued revenue
regulations which affect the payment of value-added tax on the import of
oil products and the sale or leasing of property.
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Canada's Tax Revenues On The Up 3/1/2012 Canadian tax revenues were up 6.8% in December, with revenue from the first eight months of the fiscal year increasing by 4.2%.
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EU Opens FTA Talks With Armenia 2/27/2012 The European Union has confirmed its decision to launch negotiations with Armenia towards
a deep and comprehensive free trade area to boost bilateral trade
and investment ties.
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New Zealand Tax Revenues Below Target 2/27/2012 New Zealand's tax receipts and revenues were up in the six months to December, 2011, but remained below the figures forecast.
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Philippines Targets Higher Mining Tax Revenue 2/21/2012 The Finance Secretary Cesar Purisima has disclosed that the Department of Finance
is looking at how tax revenues can be increased, within the government’s
review of its mining sector policies in the Philippines.
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FATF Adopts Revised International AML Standards 2/20/2012 The Financial Action Task Force anti-money laundering standards have
been revised to strengthen global safeguards and further protect the integrity
of the financial system, by providing governments with stronger tools to take
action against financial and tax crimes.
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Ireland Releases Tax Profile Data 2/15/2012 The Irish Finance Department has published profiles of expected Exchequer tax revenues for 2012 which show figures consistent with Budget forecasts.
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Peru's Tax Revenues Soar 2/9/2012 Peruvian tax revenues increased by 13.4% in real terms as a result of the country's
strong economy and efforts to tackle tax evasion, with full-year revenues amounting to PEN75.5bn (USD28.1bn), Peru's tax authority, SUNAT has reported.
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Irish Tax Revenues On The Up 2/7/2012 Irish tax revenues were up 17% last month, with January's receipts representing just over 10% of the annual Budget 2012 target.
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Reform Of Philippine 'Sin Taxes' Gets Closer 2/6/2012 The implementation of the proposed bill to reform alcohol and tobacco taxes, which
is a top priority for the Philippines government while it continues its policy
of not introducing new taxes, has come a step closer with its formal filing
in parliament.
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US Congress Looks At Maritime Tax Issues 2/6/2012 The United States House of Representatives Ways and Means Subcommittee on Oversight
has held a hearing on harbour maintenance funding and maritime tax issues, with
a focus on the Harbour Maintenance Trust Fund and Harbour Maintenance Tax, and the tax treatment of foreign shipping operations.
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Income Tax Receipts Bolster Canadian Coffers 2/2/2012 While Canadian tax revenues fell by 0.2% in November, 2011, receipts were up 3.9% for the first eight months of the 2011–12 fiscal year, new figures have shown.
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Tax Stymies Indian Aviation Sector 2/2/2012 Changes to India's tax policy on the aviation sector are paramount to securing
the massive investment required to establish India as one of the top five civil
aviation markets in the world, which is the government's goal.
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Taxes Killing The British Pub 1/30/2012 Falling UK pub beer sales demonstrate the pressing need for a change in government beer tax policy, according to the British Beer and Pub Association.
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WTO To Ease LDC Accession Requirements 1/27/2012 The Sub-Committee on Least Developed Countries, on January 20, agreed to start
work on developing recommendations to “further strengthen, streamline and operationalize”
current guidelines on the accession process of LDCs, as called for in a decision
by the Eighth WTO Ministerial Conference last month.
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Austrian Experts Warn Against Fuel Tax Rise 1/20/2012 The government’s decision to increase fuel tax in Austria from January 1, 2011, has not only proven to be very expensive
for domestic taxpayers, but has also failed to generate the anticipated additional
fiscal revenues for the state, according to a recent study conducted by the institute
of transport and logistics at the Vienna University of Economics.
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NZ Smokers Face New Tax Rise 1/10/2012 New Zealand witnesses another rise in taxes on cigarettes, in a move that the government claims will increase the numbers of people quitting the habit.
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China Increases Special Oil Income Levy Threshold 1/6/2012 On January 5, 2012, in an announcement to both the Hong Kong and Shanghai stock
exchanges, China Petroleum and Chemical Corporation disclosed that China’s
Ministry of Finance has increased the threshold of the special oil income
levy.
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IMF Support For Doha 1/3/2012 A recent IMF report emphasizes the gains that would flow from a successful
completion of the Doha Round, and urges both developed countries and emerging
markets to re-engage in the stalled process.
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Bulgaria To Cut VAT In 2013 12/29/2011 The Bulgarian government has announced that it will deliver on the pledge it made
when entering into office in 2009 and begin to reduce the nation's value-added
tax towards 16% by 2015, in all probability by 1% in 2013.
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WTO Rules Again Against Philippines Excise Taxes 12/26/2011 In a decision issued on December 21, the Appellate Body of the World Trade Organization has rejected the Philippines’ appeal against the dispute resolution
panel ruling in August, that the excise taxes applied by the Philippines on imported
distilled spirits are discriminatory.
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Guatemala, Peru Conclude FTA 12/19/2011 Following the conclusion of negotiations in November, the governments of Peru
and Guatemala have signed a bilateral Free Trade Agreement to temporarily reduce
tariff barriers to trade.
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Irish Revenues Fall Below Target 12/6/2011 Irish tax revenues will fall EUR450m short of target, with corporate tax and value added tax receipts lower than expected.
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Don't Add More Misery To Ireland's VAT Hike, Retail Group Says 12/5/2011 With a value added tax hike already confirmed for the upcoming Budget, the Irish government must be careful not to hit the struggling retail sector still further, Retail Ireland has said.
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Indonesia Increases Cigarette Taxes 11/28/2011 With effect from January 1, 2012, the Indonesian government has decided to increase
the excise tax on cigarettes next year by an overall 15%, with the intention,
it was said, both to discourage smoking and to increase tax revenue.
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Guernsey 2012 Budget Contains Minor Tax Hikes 11/23/2011 Guernsey's Treasury and Resources Department has published its 2012 Budget Report,
proposing tax hikes on alcohol, tobacco, fuel and property.
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Japanese Parties Agree Reconstruction Funding 11/15/2011 The ruling Democratic Party of Japan has agreed with the opposition parties, led
by the Liberal Democratic Party, to increase the originally proposed 10-year
term of the special bonds that will finance the bulk of the government’s
JPY12.1 trillion third reconstruction budget, to 25 years.
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Italy Passes Austerity Budget 11/15/2011 The Italian parliament has passed the country’s latest austerity
budget, as required by the European Commission, but the package of approved measures contained none of the key
tax measures that could now be needed to encourage economic growth.
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Mexico Discloses Increased Tax Revenues 11/9/2011 With Mexico’s economy showing a growth rate of 3.7% in the third quarter
of this year, the government’s tax revenues also continued to register significant
growth, due primarily to higher oil revenues.
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Noonan Unveils Irish Fiscal Plans 11/8/2011 No further substantive changes will be made to income tax in Ireland over the coming year, but this will mean that other taxes will have to rise for the government to deliver the revenue increases necessary to help drive down the budgetary deficit.
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Irish Tax Revenues Up, But Some Targets Not Met 11/7/2011 The Irish government had taken almost EUR2bn (USD2.74bn) more in taxes at the end of October than in the same period last year, with the new pension levy performing particularly well. However, many of the government's targets have not been achieved.
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US States Extend Higher Tax Rates On 'Fat Taxes' 11/3/2011 A new study by the Tax Foundation has found that US states are increasingly
extending higher tax rates to products like candy and soda, ostensibly to fight
obesity, and that this is creating a complex and confusing classification system
to divide the ‘good’ food and drink products from the allegedly ‘bad’
ones.
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Excise Duty Concession Lands Ireland In ECJ 10/31/2011 The European Commission has decided to refer Ireland to the EU's Court of Justice for failing
to correctly implement European Union rules on excise duties on fuel.
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Cyprus Referred To ECJ Over Car Import Tax 10/31/2011 The European Commission has announced its decision to refer Cyprus to the European
Court of Justice as it considers that Cypriot law discriminates against non-Cypriot
EU citizens who transfer vehicles into Cyprus.
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Canada's Budget Deficit Plummets 10/17/2011 An 8.5% increase in tax receipts helped reduce Canada’s deficit by 40% during the last financial year, according to the latest government figures.
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Irish Tax Revenues Still On The Up 10/6/2011 Ireland's latest economic figures make for largely positive reading, with tax revenues at end-September up 8.7% on last year, an achievement attributed to the new universal social charge and the introduction of the controversial pension funds levy.
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Japanese Tax Panel Finalises Tax Package 9/29/2011 The tax committee of the ruling Democratic Party of Japan has, after a prolonged
discussion, agreed its proposals for taxation increases, to be presented to the
opposition parties and then parliament, for the financing of reconstruction costs
in the earthquake and tsunami-hit north-east of Japan.
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Australia's Big Wine Brands Call For Tax Changes 9/28/2011 Two of Australia’s largest wine companies, Treasury Wine Estates and Premium Wine Brands, have made submissions to the government’s October Tax Summit, calling for the end of Wine Equalization Tax, which they believe is causing damage to the industry.
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Philippines Appeals WTO Booze Tax Ruling 9/29/2011 The Philippines has appealed the ruling, circulated last month, of
a World Trade Organization dispute resolution panel, that the excise taxes
applied by the Philippines on imported distilled spirits are discriminatory.
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Jersey's 2012 Budget Published 9/27/2011 Jersey's 2012 Budget, published on September 23, contains numerous measures to boost tax revenues and support lower-income workers as part of the government's efforts to tackle the territory's deficit.
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Nevis Determined To Overcome Fiscal Woes 9/22/2011 Following the re-election of the Nevis Reformation Party, Nevis Deputy Governor General
Eustace John has underscored that the government remains committed to continuing deficit
reduction efforts over the next five years.
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Irish Tax Receipts Show Annual Slide 9/21/2011 While tax revenues were up slightly on expectations, Ireland's Exchequer took in less money last year than in 2009, with net tax receipts as a proportion of GDP remaining at comparatively low levels.
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Finland's 2012 Budget Shifts Taxation Focus 9/19/2011 Finland’s government has unveiled details of its 2012 budget proposal,
providing for cuts in expenditure of around EUR1.1bn (USD1.5bn), and for a raft of fiscal
measures aimed at shifting the focus in taxation away from labour and entrepreneurship,
towards environmental and health-based taxation.
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Irish Tax Revenues Up 9/13/2011 Higher than expected tax receipts in the first eight months of the year continue to strengthen the position of the Irish Exchequer, with total revenues up over 8% on the previous year.
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Philippines Losing Revenue From Unchanged Sin Taxes 9/6/2011 The Philippines Finance Undersecretary, Gil S. Beltran, has claimed that the government’s
annual loss of revenue will amount to as much as PHP2.4bn from the
lack of inflation linkage alone, until the proposed reforms to alcohol and tobacco
taxes are passed by the country’s parliament.
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Mexican Telcos Urge Removal Of Service Tax In a recent radio interview, Santiago Fernández Gutiérrez, president of Mexico's National Chamber of the Telecommunications and Informational Technology Industry has reiterated the industry’s request for the government to phase out the 3% production and service tax that applies to telecommunication services in Mexico. |
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Thailand Introduces Temporary Cut In Oil Levy 8/30/2011 On August 26, Thailand’s Committee on Energy Policy Administration
decided to cut the collection from refineries of the Oil Fund levy on diesel and
petrol products.
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Poland Plans Excise Tax On Coal 8/30/2011 Poland plans to implement an excise duty on hard and coking coal used for heating
purposes in 2012 to comply with the requirements of European Union membership.
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Tax Revenues Reduce Canada's Deficit 8/30/2011 Canada's fiscal deficit fell year-on-year during the first three months of the 2011/12 financial year, an achievement aided by a 4.8% rise in revenues.
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WTO Finds Against Philippine Spirits Taxes 8/18/2011 While a dispute resolution panel of the World Trade Organization has decided
that the excise taxes applied by the Philippines on imported distilled spirits
are discriminatory, it has been indicated that the Philippine government will
appeal its ruling.
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Philippine Parliament Suspends Sin Tax Hearing 8/16/2011 The Speaker of the Philippines House of Representatives, Feliciano Belmonte, has
agreed to postpone parliamentary consideration of the bill to introduce a unitary
system of cigarettes and alcohol “sin” taxes in the Philippines.
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Irish Tax Revenues Continue To Rise 8/5/2011 Ireland saw important increases in tax revenue during the first seven months of the year, with receipts beating both targets and last year's figures.
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Delta Agrees To Refund Airline Passenger Taxes 8/4/2011 Delta Air Lines has confirmed that it will process tax refunds for customers travelling
during the period that the United States airline ticket tax and other aviation-related
taxes remain suspended, as had been requested by the Internal Revenue Service.
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Tax Revenues Rise In Canada 8/2/2011 Canada's federal deficit fell in April and May this year, assisted in part by higher tax receipts.
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IRS Looks To Airlines To Refund Ticket Taxes 8/1/2011 Following the failure of the United States Congress to renew the laws authorizing
the airline ticket tax and other aviation-related taxes on July 22, the Internal
Revenue Service has asked the airlines to provide refunds, when requested,
to eligible passengers.
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Barbados To Merge Excise Acts 7/27/2011 Barbados is to overhaul the legislation governing the application of its excise tax regime, consolidating existing legislation on the collection of such taxes.
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Philippines Parliament Looks To Increase Tax Revenue 7/27/2011 The Speaker of the Philippines House of Representatives, Feliciano Belmonte, in
his remarks to open its current session, has urged his colleagues to prioritize
measures that would plug loopholes in the country’s tax system and rationalize
its tax incentives law, but not to enact new taxes.
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US Airline Ticket Tax Approval Runs Out 7/27/2011 In what appears to be another example of Democrat and Republican disagreement
over federal spending, the United States Congress failed to renew authorization
for the airline passenger ticket tax and other aviation-related taxes by midnight
on July 22, and several Federal Aviation Administration programmes have
thereby expired.
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Irish Tax Revenues Up, But Targets Are Not Met 7/6/2011 Ireland's June tax revenues have shown an improved performance over last year, but figures remain weaker than expected, with corporate tax and value added tax receipts dropping considerably.
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Pakistan Announces Tax Amnesty 6/29/2011 As an incentive to taxpayers to deposit their due taxes, the Pakistan Federal Board of Revenue has announced an amnesty scheme, waiving penalty charges on all overdue taxes.
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Greek Cabinet Approves Austerity Bill 6/23/2011 Marking a further, significant step forward in its vital bailout deal with
the European Union and the International Monetary Fund, the Greek
cabinet has approved the country’s medium-term fiscal plan as well as
the government’s implementation bill.
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Estonian Lawmakers Approve Income Tax Cut 6/21/2011 The Estonian parliament has recently voted in favour of plans to reduce the
country’s flat personal income tax rate from 21% to 20% from 2015.
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Europe Issues Greek Tax Ultimatum 6/22/2011 Following two days of intensive talks, euro zone finance ministers have finally
agreed to the next tranche of emergency aid, provided that the Greek government
and parliament swiftly adopt the latest raft of privatization and austerity measures,
which include a new ‘solidarity tax’.
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Hong Kong Passes Swingeing Increase In Tobacco Tax 6/21/2011 The bill to give effect to the Hong Kong government’s budget proposal to increase the rates of duty on various types of tobacco was passed by the Legislative Council on June 15.
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New Zealand Eases Tax Burden On Wineries 6/14/2011 More than half of New Zealand’s wineries will benefit from changes made by the government to wine excise regulations. It is expected that more than 350 businesses will benefit.
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IRS Unable To Control Motor Vehicle Deductions 6/10/2011 The United States Internal Revenue Service cannot verify whether individuals
claiming a Qualified Motor Vehicle deduction are entitled to the deduction
at the time their tax returns are processed, according to a report from the Treasury
Inspector General for Tax Administration.
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Irish Tax Receipts Up, But Corporate Receipts Plunge 6/3/2011 In spite of weaker than expected figures, Ireland's tax revenues increased year-on-year, bolstered in large part by additional tax measures brought into effect at the beginning of the year.
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Philippines Five-Year Plan Looks For Fiscal Reforms 6/1/2011 The National Economic and Development Authority has issued the Philippines Development
Plan 2011-2016, which envisions economic growth rates of up to 8% per year
accompanied by increased tax collections.
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US Bills Introduced To Restrict Use Of Rum Taxes 5/24/2011 In the wake of the agreement between the US Virgin Islands and Diageo to
use up to USD2.7bn of the returned federal excise tax on rum sold in the United
States, bills have been re-introduced in both the Senate and the House of Representatives
to try and ensure that those tax funds are only used for public services.
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Indian Industry Body Criticizes Tax On Coal Imports 5/20/2011 Leading industry body the Associated Chambers of Commerce and Industry of India has urged the government not to impose a 5% countervailing duty on imported coal.
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Pakistan Must Broaden Tax Base, Says IMF 5/19/2011 Following a round of discussions on the country's stabilization programme, the IMF has concluded that Pakistan faces important challenges, and stressed that measures to reduce the fiscal deficit will require higher revenue intake, to be effected through further tax reform.
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Barbados On Growth Track, Says IMF 5/20/2011 While Barbados's economy is beginning its recovery, with growth expected to continue on a steady path, fiscal consolidation must remain the top priority, according to the International Monetary Fund's latest findings.
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Isle Of Man Increases Excise Duty Enforcement 5/19/2011 Legislation has been tabled in the Isle of Man legislative assembly, the Tynwald, to amend
the Customs and Excise Management Act 1986 in line with United Kingdom legislation, which will increase scrutiny of revenue traders operating in the Isle
of Man, and also tackle evasion of gambling duties.
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UK Cracks Down On Tobacco Smugglers 5/2/2011 The UK's revenue agency has launched a stringent new anti-smuggling scheme, directed at the illicit tobacco trade, with substantial new funds made available for the project.
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Latin American Trade Bloc Deal Draws Closer 4/29/2011 Latin American nations look set to draw their trade regimes closer together, as Mexican, Chilean, Colombian and Peruvian ministers gathered in Lima to press forward with the signing of a free trade bloc agreement.
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Irish Tax Receipts Lowest Since 2003 4/28/2011 Despite net receipts surpassing Budget expectations, the Irish Revenue's annual report shows that such levels are, in fact, down on the previous year, representing the lowest recorded since 2003.
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Doha Draft Texts Show Progress But Situation Remains Grave 4/29/2011 Doha Round negotiators have met their deadline for the publishing of draft texts, the release of which director general Pascal Lamy has said allows World Trade Organisation members to consider the entire Doha package. However, while Lamy praised the scope of the documents, he also warned of the issues continuing to divide negotiators, and labelled the situation "grave".
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Philippines Could Increase Taxes After 2011 4/28/2011 In a press briefing, Edwin Lacierda, spokesperson for the Philippines’
President, Benigno Aquino III, has confirmed that there will be no imposition
of new taxes this year, but that the President’s promise did not extend
into 2012.
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Switzerland Allows Tax-Free Airport Purchases Upon Arrival 4/25/2011 The Swiss Federal Council has announced that it is to enable passengers flying
to Swiss airports, Zurich, Geneva, Basel, Lugano and Bern, to make duty-free
purchases upon landing, removing the necessity on passengers to make tax-free
purchases before flying into Switzerland.
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