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Welcome to the Tax-News weekly newsletter, carries topical headlines and features on international tax, legal, economics, business and investment issues.




Latest Tax-News Special Feature Budget Review - Indian Budget

The general consensus among business groups and tax experts is that Finance Minister Pranab Mukherjee has delivered a pragmatic and balanced budget, but perhaps not the bold one that some argue is required to reverse falling rates of economic growth.


Inevitably, there are winners and losers as a result of the Union Budget 2012/13. Individual taxpayers will benefit from a lifting of the threshold at which the lower and top rates of tax kick in; corporate investors have welcomed measures to prevent the 'cascading' of Dividend Distribution Tax, reduce the security transactions tax, lower certain withholding taxes and extend research and development tax deductions; and the energy sector has welcomed tax breaks for thermal energy generation and customs duty relief on the import of coal and gas. On the other hand, the retail and property sector has lamented the 2% rise in Service Tax, as well as the 2% increase in the general excise tax rate; infrastructure investors are disappointed in the lack of new incentives for much-needed investment in capital stock; the shipping industry, while benefiting from a reversal of last year's announcement that customs duty must be paid on ships, is frustrated that no direct incentives materialised in the budget; and the renewable energy sector has complained that production incentives don't go nearly far enough to incentivize clean energy generation.


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Latest Tax News


US Removes Argentina From GSP Programme

In accordance with the Trade Act of 1974, President Barack Obama has provided notification of his intent to suspend Argentina as a beneficiary developing country under the United States Generalized System of Preferences programme.
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Mining Firms To Face Higher Brazilian Taxes

Three Brazilian provincial governments have confirmed that they will introduce new taxes on mineral products, including iron ore and bauxite, from April 1, 2012.
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Schäuble Concedes FTT Doomed To Failure

In a shock announcement just ahead of a crucial euro zone finance ministers' meeting in Copenhagen, German Finance Minister Wolfgang Schäuble has finally conceded that Franco-German plans for the introduction of a European tax imposed on financial transactions are doomed to failure.
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IMF Warns Of Swiss Financial Sector Risks

While the Swiss economy is seen as 'fundamentally strong', the International Monetary Fund has urged Swiss authorities to focus efforts towards strengthening safeguards for the financial services industry, and preventing a possible real estate bubble.
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South Korea, Turkey Sign Preliminary FTA

Following meetings earlier this month, South Korea and Turkey were able, on March 26, to sign an initial agreement on trade in goods, as a step on the way to a full bilateral free trade agreement.
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