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Russian sanctions would destroy Cyprus economy

Economic sanctions by Europe against Russia "would destroy Cyprus's economy," Nicosia's foreign minister Ioannis Kasoulides said in a German newspaper interview Wednesday. "There are very strong economic ties between Cyprus and Russia. If sanctions are really necessary, then every member state should decide for itself whether to take part," Kasoulides said. "However the measures look, we must not harm ourselves," he added.

S. Korea's tax collection falls short of expectation

SEJONG, April 16 (Yonhap) -- South Korea's tax revenues in the first two months of the year fell short of expectations, related data from the finance ministry showed Wednesday, signaling possible problems as the government moves to speed up its spending to stimulate the economy. According to the data from the Ministry of Strategy and Finance submitted to an opposition lawmaker, tax revenues in the January-February period came to some 31.1 trillion won (US$29.84 billion), only 14.4 percent of the estimated annual total.

Britain urges 'further sanctions' on Russia over Ukraine

Britain called Monday for "further" European Union sanctions against Russia in response to its "dangerous" escalation of the crisis in eastern Ukraine. "I will be arguing today that further sanctions have to be the response to Russia's behaviour," British Foreign Secretary William Hague said as he arrived for a meeting of EU foreign ministers. "There do have to be consequences," Hague said, adding that the events of the last 48 hours are "clearly a further escalation of the crisis ... and clearly a very dangerous one."

AP-GfK Poll: Most say filing tax returns is easy; few willing to pay more for simpler forms

WASHINGTON - Struggling to figure out your federal tax return? You're not alone, but you're in the minority. With the tax filing deadline looming next week, a majority of Americans say completing a federal tax return is easy, according to a new Associated Press-GfK poll. The findings defy conventional wisdom in Washington, where politicians have made careers out of promising a simpler tax system. In another blow to advocates of tax reform, almost no one is willing to pay higher taxes in exchange for a simpler code.

Canadians living outside country may be surprised to learn they owe Ottawa taxes

MONTREAL - Globalization is luring Canadians every year to work, travel or retire in low- or tax-free countries with the mistaken belief that they can shed their tax obligations at home. But experts in the field say the only way to legally free yourself of Canadian income tax is to completely sever ties with the country and become a permanent resident elsewhere.

EU halts Russia visa talks, threatens wide economic sanctions

Europe's leaders on Thursday suspended visa and economic talks with Russia due to events in Ukraine and threatened targeted sanctions against people as well as a broad range of economic measures. Winding up six hours of talks, the European Union's 28 leaders agreed a three-tiered series of sanctions starting with an immediate suspension of talks but "a broad range" of economic sanctions should Russia embark on further steps "to destabilise" the situation. ccr/dh

US lawmakers to vote on Ukraine aid, but sanctions unclear

The US House of Representatives will vote Thursday on authorizing an aid package for Ukraine, but legislating economic sanctions into reality against an over-aggressive Russia is far from settled. Republican House Majority Leader Eric Cantor said Wednesday he wanted to move swiftly, then promptly announced on Twitter he would hold the vote the next day on the proposed $1 billion in loan guarantees to assist crisis-hit Kiev's new government. The White House had previously unveiled the aid plan.

Russia says it would retaliate for U.S. sanctions over Ukraine

MOSCOW (Reuters) - Russia said on Tuesday that it would retaliate if the United States imposed sanctions over Moscow's actions in Ukraine. "We will have to respond," Foreign Ministry spokesman Alexander Lukashevich said in a statement. "As always in such situations, provoked by rash and irresponsible actions by Washington, we stress: this is not our choice." "We have frequently explained to the Americans ... why unilateral sanctions do not fit the standards of civilized relations between states," Lukashevich said.

Japan's Jan. tax revenues jump 21.5% as taxes on capital gains rise

Tax revenues in Japan surged 21.5 percent in January from a year earlier to 4,109.87 billion yen on the back of a growth in recipients from taxes on capital gains, the Finance Ministry said Monday. Revenues from withholding income tax jumped 40.8 percent to 2,266.97 billion yen, as many investors sold stocks in December before the end of special tax breaks on equity investment at the end of 2013, a ministry official said.

Many big U.S. corporations pay very little in taxes: study

By Kevin Drawbaugh and Patrick Temple-West (Reuters) - Many of the most profitable U.S. corporations paid little or no federal income tax from 2008 to 2012, according to a five-year study issued on Tuesday by a left-leaning tax activist group. Citizens for Tax Justice looked at 288 profitable Fortune 500 companies and said that 26 of them - including Boeing Co <BA.N>, General Electric Co <GE.N> and Verizon Communications Inc <VZ.N> - paid no federal income tax in the five-year period.
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