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Author Archives: CT Report

IMF urges Belgium to reform wealth tax

BRUSSELS: The International Monetary Fund (IMF) has commended Belgium for its efforts to reduce the labor tax wedge and encouraged further efforts to reduce the wedge for the low-skilled and strengthen incentives toward active labor market participation. In its 2016 Article IV consultation report for the country, the Fund noted that Belgium plans to reduce the employers’ social security contribution ... Read More »

Minister for action against manufacturers of substandard items

  RAWALPINDI: Pakistan Council of Scientific and Industrial Research (PCSIR) has been asked to take action against the manufacturers who producing substandard items. Federal Minister for Science, Technology and Defence Production Rana Tanveer Hussain said that there are several water purification companies which are involved in providing contaminated drinking water to the people whereas a large number of industrialists are ... Read More »

India’s exports to touch $270 bln by March

NEW DELHI: India’s exports by March is expected to touch between $260 billion and $270 billion, but the government hopes the exports to be stronger next year due to strengthening of petroleum and commodity prices globally. Union Commerce Secretary Rita Teaotia said: “We are already seeing the prices of petroleum products rising slightly, we are seeing some of the commodity ... Read More »

400mw Denmark–Germany grid interconnection approved by gov’t

COPENHAGEN: The government of Denmark has approved an application for a new grid interconnection with Germany, according to recent reports. To be more specific, the Danish Minister for Energy, Utilities and Climate, Lars Christian Lilleholt, approved Energinet.dk’s application to invest into a new interconnection through the Baltic Sea (between the Eastern Danish and German electricity grids). As it stands, grid ... Read More »

200,000 jobs threatened by Norway oil industry crisis

OSLO: The plunge in the price of oil since 2014 has exposed the full extent of the Norwegian economy’s dependence on oil and gas. In response, the Norwegian bourgeoisie, like ruling elites worldwide, are seeking to roll back the social position of the working class. Norwegian capital is seeking to create a “life after oil” by developing existing industries and ... Read More »

Turkey seeks energy investment from China

ISTANBUL: Turkey’s dependence on imported energy is a major bottleneck for the country’s economy, which is suffering from a chronic current account deficit problem. More than 90% of the oil and gas consumed by Turkey is coming from imports, and last year the sum paid by Turkey for its purchases of mineral fuels was a massive $37.8 billion, a number ... Read More »

Public debt surges to Rs 18,467.3b from Rs 14,318b in 2013

  ISLAMABAD: The country’s total public debt increased to Rs 18,467.3 billion by end of December 2015 as compared with the total public debt of Rs 14,318.4 billion in 2013. Out of total public debt of Rs 18,467.3 billion, the external public debt is Rs 5,589.2 billion, while domestic public debt is Rs 12,878.1 billion. There is a net increase ... Read More »

Gov’t official lashes out at IMF

ATHENS: A senior government official continued Athens’s attack on the International Monetary Fund on Wednesday, accusing it of “ideological obsessions and inaccuracies” and delaying the completion of the bailout review because it has not yet decided whether it will participate in the program. “The drip-by-drip tranche tactics are Shylock behavior,” Frangiskos Koutentakis, general secretary in charge of fiscal policy of ... Read More »

Japan buys 126,190 tons food wheat via tender

TOKYO: Japan’s Ministry of Agriculture bought a total of 126,190 tonnes of food quality wheat from the United States, Canada and Australia in a regular tender that closed late on Thursday. Japan, the world’s sixth-biggest wheat importer, keeps a tight grip on imports of the country’s second most important staple after rice and buys the majority of the grain for ... Read More »

Analysts see economic growth at 2.3-2.5% in 2016

BUDAPEST: An expected 3 percent drop in investments will push down Hungary’s economic growth rate to 2.3 percent this year from 2.9 percent in 2015, economic research institute Penzügykutató said in their latest forecast published on Wednesday. Takarékbank analysts see this year’s growth higher at 2.5 percent while they said it could reach 3.1 percent in 2017. Penzügykutató added, however, ... Read More »

Commissioner-IR (WHT) Farooq to retire on May 24

ISLAMABAD: Farooq Ahmad Nasir, a BS-20 officer of Inland Revenue Service, is going to retire from the government service on attaining the age of Superannuation. The officer, presently posted as Commissioner-IR (WHT), Regional Tax Office, Rawalpindi, will stand retired from the government service with effect from May 24. Read More »

Japan’s Softbank invests $250m in WME-IMG

TOKYO: Japan’s Softbank has invested $250 million in WME-IMG, which values the talent and sports agency at $5.5 billion, the companies announced today. Private equity firm Silver Lake is the biggest shareholder in WME-IMG, having invested $200m for a 31% stake back in 2012. The valuation from the Softbank deal would rep a major increase in the company’s overall value. ... Read More »

PRA asks federal govt to release Rs 12.7b under tax adjustment

  LAHORE: The Punjab government has asked Federal Finance Minister to release Rs 12.7 billion under cross adjustment of sales tax between federal and provincial taxes. Reviewing the financial position and budget 2015-16 during a meeting on the first day of new calendar year, Chief Minister Shahbaz Sharif had directed the authorities to take up the issue to the federal ... Read More »

Vietnam credit growth rises 0.39% in Feb

HANOI: Credit growth by February 20 rose 0.39 per cent while capital mobilisation increased 0.34 per cent against December last year, a government report released early this week said. Compared with the same period last year, credit increased 0.96 per cent and capital mobilisation inched up 0.05 per cent. The report said the lending interest rate was stable during the months, ... Read More »

Customs duty on fruit imports to go up by 150%: Ghani

KABUL: While insisting on a proper irrigation system, President Ashraf Ghani acknowledged on Sunday the government’s failure in producing, supplying and distributing and utilising water over the past four years. Speaking at an agriculture exhibition in the Badam Bagh area of Kabul, Ghani told farmers: “Every kilogram of year production means that Afghanistan will not need agriculture products from other ... Read More »

2,000 foreigner companies avoid tax, cause US$7.5 bln losses: Minister

JAKARTA: At least 2,000 foreign companies in Indonesia have been avoiding billions of dollars of tax in the last 10 years by claiming that their companies are currently running at a loss, Finance Minister Bambang Brodjonegoro has reported. Each company, according to him, should have paid a minimum average of Rp 75 billion in tax liabilities per year. In total ... Read More »

World oil demand likely to grow by 1.25m b/d in 2016

DOHA: The global oil demand is expected to grow by 1.25 million barrels per day (mbpd) to average 94.23 mbpd in 2016. Speaking at the international conference on the impact of oil prices, Dr Ali Al Amari, Counselor for Economics and Finance, Prime Minister Office, Qatar said that the Middle East oil demand is likely to increase by 0.18 mbpd ... Read More »

France moves to cut ‘Nutella tax’ after protests

PARIS: France has voted to slash the “Nutella tax” – a surcharge on imported palm oil, which is used in the famous chocolate spread  – after protests from world growers Indonesia and Malaysia. The tax of €300 per tonne of palm oil was approved by the country’s upper chamber under pressure from environmental groups as part of a bill on ... Read More »

South Korea imports 76% ferrous scrap from Japan in Feb

SEOUL: South Korea has imported its 76% of ferrous scrap from Japan during the month of February this year, as per the latest official data. South Korea has imported 278,000 tons of ferrous scrap from Japan during February, accounting 76.3% of nation’s total imports. The scrap imports from Japan were up by 13.8% year-on-year during the month. However, it is ... Read More »

Swiss bank, U.S. near tax settlement

GENEVA: The recent news that Zurich-based Swiss Bank Julius Baer has set aside $547 million in anticipation of a U.S. charged settlement is a tiny drop in the bucket of wide-ranging bank accounts that the Swiss have been charged with making available as safe harbor for potential tax evasion. The U.S. has been aggressively tracking down Swiss accounts since 2008, ... Read More »