FEBRUARY 21, 2012 | having difficulty Viewing this email? view THE online version

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Tax-News.com carries topical headlines and features on international tax, legal, economics, business and investment issues.

 

 

Latest Tax-News Special Feature

 

Tax-News Budget Review - Obama's Election Budget

United States President Barack Obama has announced his proposed budget for the next fiscal year beginning on October 1, which, with over USD1.5bn in net new revenue from taxes on the wealthy and more spending on job creation and education, will provide his platform for re-election. However, it will also set up another protracted fight with Congressional Republicans adamant that any deficit reduction package should not contain one dime in tax increases.

 

Overall, President Obama's 2013 Budget proposes USD3.8 trillion in spending, or 24.3% of gross domestic product (GDP), and USD2.5 trillion in revenues, or 15.8% of GDP, resulting in a still substantial deficit of USD1.3 trillion (8.5% of GDP). However, it is foreseen that the deficit would fall to 3.0% of GDP by 2017, which, according to the Administration should be sufficient to stabilize US public debt at 76% of GDP by the end of this decade.

 

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Latest Tax News

Eurozone Backs Second Greek Bailout Deal

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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Switzeland Rules Out Changes To Family Tax Breaks

Switzerland's Federal Council has announced that it does not intend to introduce tax incentives to promote the traditional family model of parents staying at home to look after their children.
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France Backs New FATF Standards

French Finance Minister Francois Baroin has welcomed the adoption of the new Financial Action Task Force anti-money laundering standards following a lengthy process undertaken in close consultation with the private sector and civil society.
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Austria Launches Talks On Swiss Tax Deal

Austria's Finance Minister Maria Fekter has recently announced that talks on a planned bilateral tax agreement with Switzerland are due to begin in April.
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Philippines Targets Higher Mining Tax Revenue

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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