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Customs agency aims to collect 2.6 tln won more in taxes this year

SEJONG, Feb. 18 (Yonhap) -- South Korea's customs agency said Tuesday it aims to collect 2.6 trillion won (US$2.4 billion) more in taxes this year in order to help the government secure sufficient revenue to meet the growing fiscal demand. In a report to lawmakers, the Korea Customs Service said it plans to collect a total of 68.1 trillion won in tax revenue this year, up 4 percent from last year's 65.5 trillion won.

Embattled Indian gov't defends record in pre-poll budget

India's embattled government said Monday it had lifted tens of millions out of poverty as it trumpeted its record in the last budget before elections it is widely tipped to lose. Finance Minister P. Chidambaram talked up his government's achievements over the past decade and announced a package of cuts in indirect taxes in the budget for the next financial year starting April 1.

Embattled Indian gov't defends record in pre-poll budget

India's embattled government said Monday it had lifted tens of millions out of poverty as it trumpeted its record in the last budget before elections it is widely tipped to lose. Finance Minister P. Chidambaram talked up his government's achievements over the past decade and announced a package of cuts in indirect taxes in the budget for the next financial year starting April 1.

India poised to tighten spending despite looming polls

India's finance minister is expected to tighten spending in an interim budget Monday and resist the temptation to announce a populist spending spree in a bid to stave off defeat at looming elections. Finance Minister P. Chidambaram, of the embattled ruling Congress party, is expected to focus on fiscal consolidation in his budget speech to the Indian parliament, his final one before a national vote due by May.

S. Korea's tax agency aims to collect 14.7 tln won more this year

SEJONG, Feb. 13 (Yonhap) -- South Korea's tax agency said Thursday that it aims to collect 14.7 trillion won (US$13.8 billion) more in taxes this year than last year amid the government's ongoing efforts to expand its revenue base. In a plan submitted to lawmakers, the National Tax Service (NTS) set its goal at a total of 204.9 trillion won worth of national taxes including income, corporate and value-added taxes this year. This is 7.7 percent, or 14.7 trillion won, more than the 190.2 trillion won the NTS brought in last year, the agency said.

Gov't may delay sales tax hike to 10% if economy stalls: minister

The Japanese government will postpone the planned sales tax hike to 10 percent from 8 percent in October 2015 if the economy faces a downturn, economic and fiscal policy minister Akira Amari suggested Thursday. "If the economy stalls, it would be difficult to decide" to carry out the second round of the two-stage consumption tax increase following the 3-percentage-point hike from the current 5 percent in April, Amari said during a parliamentary session.

Fed's Fisher blames 'feckless' fiscal policymakers for economy

(Reuters) - Fiscal policy and a "feckless" federal government are dragging on U.S. economic growth, a top Federal Reserve official said on Tuesday. Dallas Federal Reserve Bank President Richard Fisher said central bankers had boosted money supply but fiscal policymakers had not provided incentives for businesses to increase investment, instead wasting their time in bickering.

France risks missing budget targets: national auditors

France runs a "significant risk" of overshooting its budget deficit target for 2013 and must do more to cut spending, national auditors warned on Tuesday. The public accounts court also warned that France was at risk of overshooting its target of reducing the public deficit to 3.6 percent of gross domestic product this year. For 2013, the country could turn out to have a public budget deficit above the government's target of 4.1 percent of output.

'Backdoor bailout' boosts Puerto Rico's revenues

WASHINGTON (Reuters) - The second-largest revenue source for Puerto Rico last month was an excise tax that has been labeled a "backdoor bailout" for the struggling territory, preliminary estimates released on Monday showed. The federal government has stated repeatedly that it will not come to the rescue of the territory, whose credit rating was cut to junk last week by two of the three major rating agencies. But the island has few financial life preservers left as its population declines and its bills mount.

Japan's national burden ratio likely to hit record 41.6% in FY 2014

Japan's national burden ratio -- the total percentage that taxes and social welfare premiums make up in the national income -- is expected to reach a record-high 41.6 percent in fiscal 2014, the Finance Ministry said Friday. The projected 1-percentage-point rise from the previous year was attributed by the ministry to the scheduled 3-percentage-point sales tax hike in April and ballooning social security burden amid the country's graying population.
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