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Tax agency likely to miss 2013 tax revenue target: head

Yonhap News AgencyJune 18, 2013 03:30

SEOUL, June 18 (Yonhap) -- The head of South Korea's tax agency said Tuesday that it will be considerably difficult for the government to achieve its target of tax collection for this year due to the economic slowdown. The 2013 tax revenue target by the National Tax Service (NTS) is set at 199 trillion won (US$175.8 billion), but as of end-April, the collection amounted to 70.5 trillion won or 35.4 percent of the target, it said.

Gov't policy objectives should not dampen overall biz activities: minister

Yonhap News AgencyJune 17, 2013 21:01

SEOUL, June 18 (Yonhap) -- South Korea's finance minister said Tuesday that government policies should not put a damper on ordinary business activities, emphasizing that the country's economic recovery hinges on brisk corporate performance. The remarks by Hyun Oh-seok came amid concerns that the government's pursuit of the so-called economic democratization aimed at tackling unfair business practices by large conglomerates over smaller companies might hamstring overall business activities and entrepreneurship.

On-the-mend Hungary announces more austerity cuts

Agence France-PresseJune 17, 2013 11:00

Hungary's government announced on Monday another round of austerity measures in the form of tax hikes even though its economic and budgetary prospects are looking brighter. The moves include raising a tax on financial transactions to 0.6 percent from 0.3 percent and a levy on financial transfers to 0.3 percent from 0.2 percent, Economy Minister Mihaly Varga said. A telecoms tax was also increased to three forints (0.0069 euros, $0.0046) per phone call or text message from two forints, while the tax rate for mining companies moved up to 16 percent from 12 percent.

S. Korea warns against 'disordered' exit strategies from quantitative easing

Yonhap News AgencyJune 17, 2013 08:00

SEJONG, June 17 (Yonhap) -- South Korea's finance ministry Monday warned against advanced countries' "disordered" exit strategies from stimulus measures aimed at boosting their slowing economies, saying that such a move could serve as a major cause for concern for global financial markets. "A new risk has emerged stemming from exit strategies being discussed in advanced countries and what direction the Abenomics of Japan will take going forward," the ministry said in its report briefing lawmakers on pending economic issues.

Finance minister meets with heads of tax agencies and corporate watchdog

Yonhap News AgencyJune 16, 2013 22:32

SEJONG, June 17 (Yonhap) -- South Korea's finance minister will meet with heads of tax and antitrust government agencies this week in order to exchange views on their recent policy issues, the ministry said Monday. The meeting between Finance Minister Hyun Oh-seok and heads of the Fair Trade Commission (FTC), the National Tax Agency (NTS) and the Korea Customs Service (KCS) will be held on Tuesday in Seoul.

Gov't to stop providing subsidy for minor int'l sports events

Yonhap News AgencyJune 16, 2013 22:32

SEJONG, June 17 (Yonhap) -- The government seeks to stop providing financial support for minor international sports events potentially starting next year as part of its efforts to save money and maintain a healthy fiscal status, sources said Monday. The government is also considering strengthening the overall evaluation system used to look into the feasibility of major international sports events for which it has been providing a certain amount of budget funds, according to the sources close to the matter.

U.S. budget gap widens slightly in May to $139 billion

Thomson ReutersJune 12, 2013 17:30

WASHINGTON (Reuters) - The U.S. government posted a budget deficit of $139 billion in May, 11 percent higher than a year ago and above economists' expectations, partly because of temporary calendar adjustments. May has had a deficit for 54 out of the last 59 years, a Treasury official said, as it is typically the month when the government refunds tax payments to U.S. citizens.

Open letter to Manitoba premier asks him to reverse decision to increase PST

The Canadian PressJune 12, 2013 15:35

WINNIPEG - Six business and taxpayer groups have signed an open letter to Manitoba's premier asking him to reverse a decision to raise the provincial sales tax. The six organizations include the Canadian Taxpayers Federation and the Canadian Federation of Independent Business. The letter says a higher sales tax will make it harder for Manitoba families to make ends meet. It also says it will prompt people to travel to Saskatchewan and the United States where taxes are lower — meaning less money will be spent at local businesses.

Analysis: U.S. states poised to give economy a modest boost

Thomson ReutersJune 12, 2013 15:38

By Jason Lange WASHINGTON (Reuters) - U.S. state and local governments finally appear to be collecting enough in taxes to raise spending and give the broader economy a bit of a lift after several years of being a drag. While progress in patching up budgets has been uneven across the country, a growing economy has led to higher tax revenues in most states and made officials more confident they can increase spending on infrastructure and education, if only a little.

EU looks to strengthen its arsenal against tax fraud

Agence France-PresseJune 12, 2013 10:31

The EU executive geared up to accelerate the fight against tax fraud on Wednesday by widening the data automatically exchanged between EU tax administrations to cover income such as dividends and capital gains. If the European Commission proposals are agreed, this would give the EU "the most comprehensive information exchange system in the world for taxation," said the bloc's Taxation Commissioner Algirdas Semeta.