Connect to share and comment

BOJ keeps upbeat view on regional Japan, sees limited tax hike impact

By Leika Kihara TOKYO (Reuters) - The Bank of Japan maintained its upbeat view on most of the country's regional economies, adding to reassurances from its governor that the world's third-largest economy can ride out the pain from a sales tax hike without additional stimulus. Also on Thursday, a Reuters survey showed manufacturers were more confident about business conditions in April and saw a more moderate dip over the next three months, suggesting the damage from the tax hike may be less pronounced than thought.

Gov't downgrades basic view of economy for 1st time in 17 months

The government on Thursday downgraded its basic assessment of Japan's economy for the first time in 17 months in its monthly report for April, citing weakening consumption after the consumption tax hike earlier this month. The world's third-largest economy is "on a moderate recovery trend," but "some weak movements are seen lately" after the end of last-minute buying prior to the April 1 consumption tax hike, the Cabinet Office said in its latest monthly economic report, downgrading the view on private consumption for the first time in seven months.

Manitoba finance officials analyzed sales tax increase before 2011 election

WINNIPEG - The Manitoba government ran the numbers on a sales tax increase before the 2011 election — a campaign in which it promised not to raise the PST — but did not seriously consider it, Premier Greg Selinger said Friday. "It's standard practice for finance officials to look at a variety of scenarios every year," Selinger said. "Officials always put forward scenarios. Usually they are batted down, which they were in this case."

German officials want to clamp down on amnesty for tax dodgers

By Annika Breidthardt BERLIN (Reuters) - Senior German lawmakers on Sunday called for tougher rules to make it harder for tax cheats to claim amnesty by turning themselves in, days after soccer manager Uli Hoeness was sentenced for 3-1/2 years in prison for tax evasion. Recent news that Hoeness and other prominent Germans such as feminist activist Alice Schwarzer hoarded cash in secret bank accounts for years, have prompted calls for Chancellor Angela Merkel's government to clamp down on tax dodging.

Spain tax proposal calls for company rate cuts, VAT hike

By Paul Day MADRID (Reuters) - Spain must cut individual and business tax rates and increase levies on consumer items from alcohol to fuel to repair one of Europe's lowest tax takes, according to proposals the government took in hand on Friday. The government will use the recommendations from a group of experts to create a tax reform bill that will go to Parliament by June, Deputy Prime Minister Soraya Saenz de Santamaria said at the government's weekly news conference.

Weak spending shows Japanese consumer doubts about Abenomics

By Stanley White TOKYO (Reuters) - Japanese consumers ended last year with a whimper instead of the bang many had expected, reinforcing a nagging worry that the prime minister's aggressive policies are struggling to find support among those key to its success. Economic growth figures on Monday added to evidence that concern about job security is holding back consumers, trumping the urge to spend before a rise in the national sales tax rate in April makes goods more expensive.

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.

Manitoba premier plans no major tax hikes in 2014, running again in 2016

WINNIPEG - After imposing big tax hikes in 2012 and 2013 and paying a price for it in opinion polls, Manitoba Premier Greg Selinger is indicating taxpayers will not take another hit in the coming year. "We have no major tax increases planned for the budget," Selinger said in a year-end interview with The Canadian Press. "We're still in the early days, the minister of finance will make recommendations, but nobody is looking towards a major tax increase this year as part of the plan for the budget."

Ruling bloc OKs FY 2014 tax reform plan, burdening households

Japan's ruling parties on Thursday adopted tax reform policies for fiscal 2014, seeking higher taxes on households despite a planned consumption tax hike next year while giving preferential treatment to companies to accelerate the nascent economic recovery. Prime Minister Shinzo Abe's Liberal Democratic Party and its coalition partner New Komeito decided to provide tax breaks for the corporate sector to strengthen the "Abenomics" policy mix, entailing steps to boost private-sector investment.

China's service sector may exceed manufacturing for first time

BEIJING, Dec. 9 (Xinhua) -- Annual output of China's service sector may exceed that of the secondary sector for the first time ever in 2013, an expert said Monday. In the first nine months of the year, value-added output of the service sector reached 17.6 trillion yuan (1.17 trillion U.S. dollars), slightly more than 17.51 trillion yuan for manufacturing, data from the National Bureau of Statistics showed.
Syndicate content