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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.

S. Korea's tax agency launches probe into UBS for tax evasion: source

SEOUL, Feb. 5 (Yonhap) -- South Korea's tax agency has launched an investigation into the Seoul branch of UBS on suspicion of tax evasion, industry sources said Wednesday. According to the sources, the National Tax Service (NTS) began the probe late last year on suspicions that the Swiss bank did not report 51 billion won (US$47.3 million) worth of profit it allegedly reaped from illegal derivative transactions.

S. Korea's tax agency launches probe into UBS for tax evasion: source

SEOUL, Feb. 5 (Yonhap) -- South Korea's tax agency has launched an investigation into the Seoul branch of UBS on suspicion of tax evasion, industry sources said Wednesday. According to the sources, the National Tax Service (NTS) began the probe late last year on suspicions that the Swiss bank did not report 51 billion won (US$47.3 million) worth of profit it allegedly reaped from illegal derivative transactions.

S. Korea's tax agency launches probe into UBS for tax evasion: source

SEOUL, Feb. 5 (Yonhap) -- South Korea's tax agency has launched an investigation into the Seoul branch of UBS on suspicion of tax evasion, industry sources said Wednesday. According to the sources, the National Tax Service (NTS) began the probe late last year on suspicions that the Swiss bank did not report 51 billion won (US$47.3 million) worth of profit it allegedly reaped from illegal derivative transactions.

New Brunswick forecasts $391-million deficit in final budget before election

FREDERICTON - New Brunswick's Tory government is forecasting its fourth consecutive deficit but trying to reassure the public of an economic turnaround in its final budget before the September election. Finance Minister Blaine Higgs delivered an $8.4-billion fiscal plan Tuesday drenched in red ink, breaking a promise to balance the books by the end of their mandate. A $391.1-million shortfall is projected for the 2014-15 fiscal year, with the debt to rise by $531 million to $12.2 billion.

Japan's lower house OKs extra budget for FY 2013

The House of Representatives approved Tuesday a 5.47 trillion yen extra budget for fiscal 2013 to fund an economic stimulus package aimed at cushioning the potential negative impact on the economy of a sales tax hike in April. The supplementary budget for the fiscal year through March, endorsed by Prime Minister Shinzo Abe's Cabinet in December, is expected to be enacted Thursday, lawmakers said.

Romania, IMF credit deal on track after fuel tax row

Romania and the IMF reached an agreement on sustaining a stand-by credit deal, threatened by a row over a fuel tax rise, an IMF official said on Tuesday. "Staff level agreement has been reached, the programme remains broadly on track," IMF mission chief Andrea Schaechter told a press conference. The centre-left government decided a 7.0-eurocent excise tax on fuel will be introduced in April, three months later than originally planned, after centre-right president Traian Basescu threatened to block the move.

New Brunswick Tory government to bring down final budget before election

FREDERICTON - New Brunswick's Progressive Conservative government will bring down its final budget Tuesday before an election, a fiscal plan expected to be dripping in red ink despite its promise to balance the books by this year. Premier David Alward downplayed expectations in an interview Monday, saying the budget for 2014-15 will build upon his government's past successes, such as its catastrophic drug plan announced in December.

Wall suggests higher education taxes possible to cover infrastructure needs

REGINA - Saskatchewan Premier Brad Wall is musing that money for infrastructure projects could come from higher school taxes. Wall says there are big infrastructure needs in the cities — for example, a highway bypass in Regina — and one out of three towns has water or sewer issues. The premier told reporters after speaking to the Saskatchewan Urban Municipalities Association (SUMA) convention that the budget is being finalized for March and must be balanced.

Federal tax auditor sentenced to three years for fraud, breach of trust

TORONTO - A federal tax auditor in Newmarket, Ont., has been sentenced to three years in prison after collecting more than $1 million in secret commissions as part of an attempt to influence Canada Revenue Agency audits. Jeffrey Granger pleaded guilty last November to three counts of fraud, breach of trust and accepting secret commissions. This week, the Ontario Court of Justice sentenced Granger to three-year terms for each offence, to be served concurrently.
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