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State Revenue Service collects 1.1% more than planned in taxes in March

April 10, 2013 12:32
The State Revenue Service (SRS) collected LVL 347.12 million in taxes in March - LVL 3.7 million or 1.1 percent more than projected, according to SRS' data.SRS had planned to collect LVL 343.36 million in taxes in March. Tax revenue in the central government basic budget amounted to LVL 158.98 million, 0.2 percent more than expected. LVL 114.04 million was collected in social insurance contributions, 99 percent of the planned figure.

Stop aid to Pakistan unless more pay taxes

April 4, 2013 05:31
Britain should not go ahead with a major increase in aid to Pakistan unless Islamabad makes its wealthier citizens pay more taxes, British lawmakers said on Thursday. Britain is due to double its assistance to Pakistan to £446 million ($675 million) in 2014-2015, making it the biggest recipient of British aid. But parliament's International Development Committee said it was unfair for Britain to fund health and education projects unless Pakistan's new government, due to be elected in May, tackles "rife" corruption and tax evasion.

France says 75% tax will apply to footballers

April 2, 2013 06:00
France said Tuesday that a new 75 percent tax rate on upper incomes would apply to top football players despite claims from clubs that they would be exempt. "The new system will apply to all businesses that pay salaries of more than one million euros ($1.3 million)," Prime Minister Jean-Marc Ayrault's office said, after media quoted club owners as saying they would escape the tax. France's Socialist government has announced plans to shift the upper income tax charge to companies after its initial plan to charge individuals was struck down as unconstitutional.

Osborne to raise UK personal tax allowance to 10,000 pounds

March 20, 2013 10:15
LONDON (Reuters) - Britain will raise the personal tax allowance to 10,000 pounds in 2014-15, a year earlier than expected, Chancellor George Osborne said on Wednesday. The coalition government had previously pledged to raise the theshold before people starting paying tax on their income to 10,000 pounds before the end of this parliament in 2015. "Almost three million more of the lowest paid will pay no income tax at all," Osborne told parliament in his budget statement. "It is a historic achievement for this government."

Deutsche Bank restates 2012 earnings on legal costs

March 20, 2013 04:30
Deutsche Bank, Germany's biggest bank, said Wednesday that writedowns and litigations costs hit its 2012 earnings harder than expected and it has now been forced to restate last year's profits. "New developments related to specific existing legal matters have occurred after the disclosure of (our) preliminary, unaudited 2012 results on January 31," Deutsche Bank said in a statement. "Based on these developments ... the bank has increased its provisions for litigation by 600 million euros ($774 million) to 2.4 billion euros.

U.S. lawmaker, budget agency spar over taxing corporate profits

February 15, 2013 19:46
WASHINGTON, Feb 15 (Reuters) - A top Republican lawmaker has challenged the widely respected congressional forecaster on budget issues, the Congressional Budget Office, accusing it of a slanted report on taxing corporate profits, according to documents released on Friday. A 36-page January CBO report concluded that tens of billions of dollars in new government revenue could be raised over a decade by limiting corporations' ability to defer taxes on foreign profits, a tax change favored by President Barack Obama.

UPDATE 2-China OKs sweeping tax reforms to tackle inequality

February 5, 2013 11:31
(Adds details, quotes, writes through) By Lucy Hornby and Xiaoyi Shao BEIJING, Feb 5 (Reuters) - China unveiled sweeping tax reforms on Tuesday to make wealthy state-owned firms, property speculators and the rich pay more to narrow a yawning gap between an urban elite and hundreds of millions of rural poor. The plans approved by the State Council - China's cabinet - also included commitments to push forward market-oriented interest rate reforms to give savers a better return and more security.

UPDATE 2-Shell India to challenge tax claim on share funding

February 4, 2013 09:30
* Says tax claim based on "incorrect interpretation" of rules * Tax official says "difference of opinion" on share valuation * Case comes as India steps up enforcement of tax collection By Prashant Mehra and Sumeet Chatterjee

ANALYSIS-'Fiscal cliff' deal sours U.S. tax reform outlook

January 8, 2013 10:03
* Hopes dim for 'grand bargain' on taxes, spending * Democrats want more revenue from tax code revamp * Republicans say "cliff" deal means tax debate over * Gridlock may mean corporate tax reform hopes dashed By Kim Dixon and Kevin Drawbaugh
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