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UK MPs Critical Of HMRC Compliance Activity 5/25/2012 Cutting staff numbers has cost HM Revenue and Customs GBP1.1bn (USD1.7bn) in revenue over the past five years, a group of UK lawmakers has said in a report that also chastises HMRC for allegedly encouraging the use of tax avoidance schemes by senior public sector employees.
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UK Fiscal Plan Under IMF Microscope 5/23/2012 The International Monetary Fund in its latest Article IV consultation with the United Kingdom has acknowledged that a slower pace of fiscal consolidation is appropriate in light of the risks to the nation's economic outlook, but says that revenue-neutral reforms can be undertaken to improve growth prospects.
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Spain Told To Recover Film Industry State Aid 5/14/2012 The European Commission has concluded following an investigation that the subsidization
of Ciudad de la Luz film studio complex by the Valencia Regional Government in Spain contravened
European law, as a grant worth EUR265m (USD343m) was not provided on market conditions.
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US Lawmakers Question GSA 'Kickback' Policy 5/9/2012 The House of Representatives Ways and Means Subcommittee on Oversight Chairman,
Charles Boustany, has sent a letter to 15 departments and two agencies
across the United States government seeking information about the potential ‘abuse’
of the energy efficient commercial buildings deduction.
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New Zealand Determined To Return To Surplus 5/1/2012 New Zealand's 2012 Budget will aim at ensuring the government remains on track towards securing a budget surplus in 2014/15, a challenge which will require tight control over spending for the foreseeable future, the Finance Minister Bill English has said.
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Low Tax Receipts Hike UK Borrowing Figures 4/27/2012 Weak tax receipts helped push up UK public sector borrowing in March, with large corporate tax repayments and no increase in value-added-tax receipts among the factors to blame.
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IRS Consults On Public Sector Retirement Age Rules 4/23/2012 It has been announced that the United States Internal Revenue Service and
the Treasury Department anticipate issuing guidance relating to the applicability
of the normal retirement age rules to governmental plans.
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Tunisia Consults On Complementary Finance Bill 4/17/2012 The Tunisian committee responsible for planning, finance and development within
the National Assembly have recently examined the country’s 2012 complementary
finance bill, including the key fiscal measures contained in the draft law.
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Antigua And Barbuda's Finances Back On Even Keel 4/13/2012 The International Monetary Fund has recently conducted three reviews of Antigua and Barbuda's performance under a financial assistance package negotiated in June 2010.
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No Quick Fiscal Fix For Heavily-Indebted Nations 4/12/2012 The Organisation for Economic Cooperation and Development has published a new
study, warning of the extraordinary measures that are required to achieve fiscal
consolidation in many advanced nations, now also facing expenditure pressures
from ageing populations.
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Costa Rica Introduces New Corporate Tax 4/10/2012 Costa Rica has introduced a new annual tax on all corporate structures, pegged
to average public sector salaries.
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EU To Regulate Public Procurement Market 3/26/2012 The European Commission has proposed a Regulation that should help to open
worldwide public procurement markets and ensure European Union businesses
have fair access to them, while also aiming to ensure that all firms (both European
and non-European) are on an equal footing when competing for business in the European
public procurement market.
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US Highways Bill Takes Aim At Tax Havens 3/13/2012 The Democrat-led Senate has adopted an amendment, which would provide
a range of further measures for the Treasury Department to take against
foreign governments and financial institutions that 'significantly impede United
States tax enforcement', to the bill to provide for an extension of the
United States highway-related taxes.
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Ireland Receives Latest Cash Injection 3/8/2012 The European Commission has given the go-ahead for Ireland's latest bailout payment, concluding that the country's austerity programme is strong and on track.
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Noda Hopes To Deal With Opposition On Tax Hike 3/8/2012 The Japanese Prime Minister Yoshihiko Noda has confirmed, in a news conference
with foreign journalists, that he still hopes to have fruitful discussions with the
parliamentary opposition, led by the Liberal Democratic Party, on the government’s
plan to raise the country's consumption tax from 2014.
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Juncker Optimistic On Greek Bailout Deal 3/5/2012 While underlining that the second international rescue package for Greece has
good chances of succeeding, Luxembourg’s Prime Minister and Eurogroup
President Jean-Claude Juncker has not ruled out a third package.
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Irish Austerity Hits Wealthiest Hardest 3/2/2012 While Ireland's recent indirect tax hikes and welfare cuts have hit those on lower incomes hardest, in the longer term higher earners have borne the brunt of change, the Economic and Social Research Institute has said.
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German Bundestag Backs Greek Package 2/29/2012 The German Bundestag, or lower house of parliament, has recently adopted by a
large majority the second rescue package for Greece, designed to grant Athens
further financial assistance of a maximum of EUR130bn (USD175bn) until 2014.
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UK Tax Revenues Below Expectations 2/28/2012 Growth in the UK's tax revenues was significantly lower than forecast, largely due to a fall in value added tax and weak self-assessment receipts.
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Eurozone Backs Second Greek Bailout Deal 2/22/2012 Following over twelve hours of intense negotiations, eurozone finance ministers
gathered in Brussels finally agreed to a second EUR130bn (USD170bn) rescue package
for Greece, to enable the country to avoid bankruptcy and to secure its future
in the eurozone.
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Greece Agrees EUR3.3bn Savings Plan 2/21/2012 Just ahead of a planned meeting of eurozone finance ministers in Brussels, the
Greek cabinet has unanimously approved a final series of austerity measures totalling
EUR325m (USD429m) to secure the EUR130bn bailout agreement from international
lenders including the European Union and the International Monetary Fund,
vital to avoiding bankruptcy.
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Juncker 'Confident' On Greek Bailout Deal 2/16/2012 Luxembourg’s Prime Minister and President of the Eurogroup Jean-Claude Juncker
has underlined his confidence that the Eurogroup will indeed be able
to implement all the necessary decisions regarding Greece’s second adjustment
programme during its forthcoming meeting on February 20.
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EU Ready To Throw New Cash At Greece 2/15/2012 Olli Rehn, the European Commissioner responsible for Economic and Monetary Affairs, has welcomed the Greek parliament's approval of a new package of austerity measures which, he said, would be 'supported by unparalleled financial assistance from Greece's partners'.
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Greece Approves New Austerity Package 2/14/2012 Amid violent street protests in Athens and other towns and cities, the Greek parliament approved an additional package of austerity measures on Sunday designed to ensure that a vital tranche of outside funding is released to enable Greece to meet its ongoing debt obligations.
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IMF Welcomes Croatia's Fiscal Plan 2/8/2012 The Croatian government's proposed fiscal plan, to reduce the nation's deficit
solely by retrenchment whilst implementing tax reform to encourage job creation
and reduce labour costs, has been welcomed by the International Monetary Fund
in its latest Article IV consultation with the country.
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IoM Plans 'Leaner' Government Over Tax Hikes 2/7/2012 The Isle of Man's Treasury Minister Eddie Teare has said that the forthcoming
budget will see the most dramatic changes to the Manx government since the introduction
of the Ministerial system over 30 years ago, as part of a retrenchment package
to make government finances sustainable.
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Greece Wavers On Fiscal Reforms 2/7/2012 Greece’s ruling coalition parties have so far failed to reach an agreement
on whether or not to accept the painful terms of the second international bailout
package, reluctant to implement further austerity measures to secure the EUR130bn
(USD170bn) deal.
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Schäuble Demands Reform Action To Secure Greek Bailout Deal 1/31/2012 Ahead of a key European Union summit meeting in Brussels focussing on stricter
budgetary discipline, German Finance Minister Wolfgang Schäuble urged
Greece to implement vital reform measures to redress the state finances, warning
that failure to do so might result in the second euro zone bailout package being
withheld, and ultimately in bankruptcy.
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IMF Recommends Permanent VAT Hike For Barbados 1/25/2012 The International Monetary Fund has suggested that the Barbados government should raise more money from tax in reviewing
its medium-term fiscal strategy, aimed at eliminating the territory's deficit
by the fiscal year 2014/2015.
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Oil Boosts Oman Budget 1/6/2012 In the first 10 months of 2011, Oman achieved a budget surplus of OMR830.1m (USD2.2bn), mostly due to higher oil prices. However, the budget is expected to dip into deficit in 2012 as oil prices soften and expenditure is forecast to increase.
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Higher Tax Receipts Help UK Finances 12/22/2011 The UK's November tax receipts were up GBP2.6bn on last year, helping to drive down public sector borrowing for the month.
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WTO Members Enhance Procurement Pact 12/21/2011 Nations party to the WTO's Plurilateral Government Procurement Agreement have concluded talks on enhancements which will increase the Agreement's effectiveness and scope while simplifying the accession process for new signatories.
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Barbados Making Strides On Debt Reduction 12/9/2011 The International Monetary Fund has welcomed fiscal reforms put in place this year,
which have begun to address Barbados's severe indebtedness following the economic
crisis.
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Greek Lawmakers Vote Yes To 2012 Budget 12/8/2011 Amid renewed protests and clashes with police, the Greek parliament approved by
a large majority the controversial budget for 2012, providing for further tax
rises and drastic cuts in spending.
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Cyprus Agrees Deficit-Busting Tax Measures 12/7/2011 The Cypriot government has said there is multi-party
consensus towards tax hikes and retrenchment to rapidly reduce the nation's deficit
to below 3% of gross domestic product by 2012, to allay fears that
the nation will require a bailout.
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Portugal Gives Green Light To 2012 Austerity Budget 12/1/2011 Amid protests, and despite fears of plunging the debt-ridden country yet further
into the mire of recession, Portugal’s parliament has adopted the
centre-right coalition government’s severe austerity budget, providing for
a number of tax rises as well as for sharp cuts in public sector wages.
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US, China Conclude Joint Commerce and Trade Meeting 11/24/2011 American representatives at the 22nd session of the United States-China Joint
Commission on Commerce and Trade, held in Chengdu, China, announced meaningful
progress on key elements of the bilateral trade relationship, but also underscored
that much more work remains to be done to open China’s market to US exports
and investment.
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Caymans Question UK Fiscal Proposals 11/23/2011 The Cayman Islands government says it supports a document drafted by the UK's
Foreign and Commonwealth Office requiring the administration
in the Cayman Islands to manage the territory's fiscal affairs prudently, but has serious reservations over some elements of the plan.
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Greek PM Seeks Cross-Party Bailout Pledge 11/23/2011 Greek Prime Minister Lucas Papademos has called for all party leaders of the country’s
interim national unity government to provide written assurances to the European
Union of their commitment to the painful, rigorous terms of Greece’s
new EUR130bn (USD176bn) international bailout deal.
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Greek Dissentions Threaten Bailout Deal 11/18/2011 Overcoming a significant first hurdle, the interim crisis government of Lucas
Papademos recently won by a large majority a crucial vote of confidence in the
Greek parliament, although tensions already apparent within the coalition of national
unity could still jeopardize implementation of the vital fiscal reform measures
needed to rescue the country from the threat of bankruptcy.
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ANZ Bank Establishes Dubai Base 11/16/2011 Following approval from the Dubai Financial Services Authority for a Category
4 branch license, Australia and New Zealand Banking Group Limited has commenced
operations from a new office in the Dubai International Financial Centre.
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Juncker Urges Greece To Commit To Austerity Deal 11/9/2011 Luxembourg’s Prime Minister and head of eurozone finance ministers Jean-Claude
Juncker has called for Greece’s new government to pledge its commitment
in writing to the bailout deal agreed with eurozone leaders at the end of October,
to secure release of the next tranche of international aid by mid-December.
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Greece Plans Referendum On Austerity Measures 11/1/2011 In a shock move, stirring up greater uncertainty and volatility in the markets,
Greek Prime Minister George Papandreou announced plans to hold a referendum on
the new bailout package for Greece, arguing that he required wider political support
for the government’s proposed – and highly unpopular – fiscal
and economic reform measures.
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Tax Rules Hit Canadian Retirement Prospects 11/1/2011 Canadian workers are unable to save enough for their retirement because federal tax rules are preventing many from doing so, the C.D. Howe Institute has said, arguing that major reform is required.
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Ireland Completes Latest Bailout Review 10/26/2011 Ireland looks set to receive an additional EUR8bn in bailout funding, after the successful conclusion of the latest review mission by its international creditors, who have praised the coalition government for its continued strong implementation of its rescue package commitments.
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Cypriot Government Calls For VAT Hike 10/19/2011 Cypriot Finance Minister, Kikis Kazamias has urged the wholesale adoption by parliament of budgetary measures tabled last week, including a 2% increase in the value-added tax rate, and cuts to welfare
spending.
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Greece Gets Tough On Tax Evasion 10/18/2011 Greek Finance Minister Evangelos Venizelos has announced plans to publish the
names of around 15,000 individuals, alleged to have evaded taxes in Greece.
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Portugal Extends 2012 Austerity Measures 10/18/2011 Portugal’s Prime Minister Pedro Passos Coelho has recently unveiled details
of the centre-right government’s budget proposals for 2012, containing
additional fiscal measures and planned expenditure cuts to ensure that the country
meets its deficit reduction targets this year, as agreed under the terms of
its international bailout deal.
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IMF Demands Robust Fiscal Policy Response From Cyprus 10/17/2011 The significant deterioration in Cyprus's public finances requires a 'strong and
immediate policy response' to restore confidence in the territory's international finance centre,
according to a report from the International Monetary Fund.
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Irish Recovery Stronger Than Expected 10/17/2011 The Irish economy faces tough challenges as the country exits from a deep recession
and banking crisis, but its long-term prospects now appear better than many
of the other hard-hit European countries, according to the OECD’s latest
Economic Survey of Ireland.
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Luxembourg Unveils 'Responsible' 2012 Budget Bill 10/7/2011 Luxembourg’s Finance Minister Luc Frieden has recently submitted to the
chamber of deputies the country’s 2012 budget bill, pertaining
to revenues and expenditure in the coming year, underscoring the government’s
commitment to pursuing an active, social and responsible fiscal policy.
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Republicans Target Healthcare Tax Code Reform 9/30/2011 During a recent speech at Stanford University’s Hoover Institution in California,
Paul Ryan, the Republican Chairman of the House of Representatives Budget Committee,
put forward proposals for fundamental change of direction in the current United
States health care tax code.
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Reassurances On Funding For South African Health Scheme 9/27/2011 The Deputy Director of General Public Finance in the National Treasury, Andrew
Donaldson, has said that a tax to fund the South African government's national health insurance scheme will not be introduced in the short term.
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Sweden Unveils 2012 Budget 9/26/2011 The Swedish government has unveiled details of its 2012 budget, containing a raft of fiscal measures, designed to offset the effects of the crisis, to improve long-term job and growth prospects and to strengthen welfare.
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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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Greece Unveils Further Austerity Initiatives 9/23/2011 The Greek government has unveiled details of a fresh wave of austerity measures,
including key fiscal initiatives, aimed at appeasing international moneylenders
as the country battles to secure release of a further tranche of aid to avoid
imminent default and to endeavour to secure its future within the eurozone.
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IOM Consults On Room Rental Tax Incentives 9/16/2011 The Isle of Man government is proposing to introduce tax advantages for taxpayers
who rent out a room within their home, similar to schemes already in place in
the United Kingdom and Ireland.
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Jersey Considering Cut-Back Proposals 9/19/2011 The Jersey government has submitted the 2012 draft Annual Business Plan to
the island's legislative assembly, the States of Jersey, to be finalized and adopted. The Plan
focuses on 3 areas: cutting government expenditure; generating economic growth;
and ensuring a competitive tax regime, which is flexible to public finance needs.
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EU Welcomes Ireland's Economic Progress 9/14/2011 Ireland has secured the third instalment of its bailout loans with the successful completion of the latest European Commission review, which has praised the introduction of reforms and plans for fiscal consolidation.
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Portuguese Austerity Wins IMF Backing 9/14/2011 The International Monetary Fund has welcomed Portuguese authorities' efforts to consolidate
the nation's budget in the first review of the country's progress under a three-year financial assistance package.
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Jersey Chamber Questions States Fiscal Plan 9/14/2011 The Jersey Chamber of Commerce, representing island businesses, has questioned elements of the States Business Plan, which
outlines measures for economic growth, public sector retrenchment, and discusses
tax policy in coming years.
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Spanish Parties Take Different Courses On Tax 9/7/2011 With elections fast approaching in Spain, the manifestos of the two
main parties have begun to emerge, with the Socialists favouring wealth taxes, and the conservative Popular Party favouring corporate tax
cuts and structural changes to the economy.
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Portugal Announces New Austerity Measures 9/5/2011 Finance Minister Vitor Gaspar has announced further tax measures to assauge concerns that Portugal will be unable to achieve the ambitious fiscal consolidation plans previously laid out by the government.
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SVG Looks To Maintain Competitiveness 9/1/2011 Following
economic contraction in 2010, the government of Saint Vincent and the Grenadines plans to implement reforms to enhance
the territory's attractiveness to international investors to combat its deficit, adding to tax reforms announced earlier in the year.
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Cyprus Parliament Adopts Amended Austerity Package 9/1/2011 Cypriot lawmakers have approved the first of two sets of austerity measures with
significant alterations, as part of the government's efforts to agree a credible
plan to reduce the country's deficit to avoid an EU-funded bailout and calm bond markets.
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Cyprus Drafting Second Austerity Package 8/25/2011 The Cypriot government has conceded to requests from the opposition to introduce
a second round of austerity measures to calm international bond markets and stave
off a downgrade.
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Cyprus Prepares Emergency Tax Measures 8/15/2011 Cypriot Finance Minister, Kikis Kazamias has urged the adoption of proposals
to rein in the country's deficit to avoid a European Union bailout, including
an increase to the value-added tax rate and an annual registration fee for companies.
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Italy To Bring Forward Emergency Anti-Crisis Measures 8/15/2011 The Italian government is in the process of formulating ‘anti-crisis’
measures, to be approved at a ministerial meeting planned for as early as August
16, and then presented to a recalled parliament, which will accelerate the balancing
of the country’s budget and will, hopefully, be more acceptable to the financial
markets.
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Collins Stewart Funds Grow 8/9/2011 Collins Stewart Wealth Management on August 3 released its interim
results, showing total assets under management and administration rose to GBP8.1bn
as at June 30, 2011, an increase of 20% since June 30, 2010, and 3% since December
31, 2010.
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Two More Years Of Tax Hikes For Ireland 8/3/2011 While the country is on track to meet and even exceed its bailout commitments for this year, Irish Finance Minister Michael Noonan has outlined the plans he intends to implement over the next two years to cut the deficit and satisfy Ireland's creditors.
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Jamaica To Slash Budget Spending 7/27/2011 Jamaica will soon face a raft of inevitable spending cuts, the Finance Minister Audley Shaw has said, announcing that an early supplementary estimate is to be tabled in parliament within the next two months.
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UK Consults On Pensions 7/22/2011 The UK is to consult on increasing public service pension contributions for the next financial year, as discussion continues of plans to overhaul the pension system in a way that doesn't disadvantage taxpayers.
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IRS Urged To Improve Voluntary Agreement Process 7/25/2011 The US Internal Revenue Service should improve its
management of the agreements which allow federal, state and local government entities
to resolve voluntarily any noncompliance with employment and income tax laws,
without being penalized, according to the Treasury Department watchdog.
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IoM Reaches Revenue Sharing Deal With UK 7/19/2011 The Isle of Man government has said that it has reached agreement with the United Kingdom on the future structure of value-added tax and customs duties revenue-sharing arrangements going forward, bringing greater certainty to island businesses.
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Jersey In Excellent Shape, Ozouf Tells IoD 7/18/2011 Jersey is in good if not potentially in excellent shape from an economic perspective, Treasury Minister Phillip Ozouf told the Institute of Directors in a recent speech.
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UK Faces Age-Related Debt Crisis 7/11/2011 The rising costs of the UK's ageing population will mean an increasing debt to GDP ratio that could only be reduced by a combination of a rise in state pension age, tax hikes and spending cuts, according to new research by PwC.
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Medvedev Delivers Three-Year Budget Statement 7/6/2011 Russia must modernize its economy as a priority, President Dmitry Medvedev has said, setting out a twelve point programme for the next three years, and hinting at a partial overhaul of the country's tax system and a wave of privatization.
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