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98pc increase in budget allocation to boost IT sector

ISLAMABAD: The government has allocated Rs 3046.325 million for six ongoing and new schemes of Information Technology and Telecommunication Division for the fiscal year 2018-19 in the Public-Sector Development Programme (PSDP) on the other hand the budget allocation for 2017-18 for a developmental project of Information Technology and Telecommunication was R1,538 million. The Ministry’s spokesperson said the 98 percent enhanced ... Read More »

Finnish Budget Increases €10,000, VAT Registration Threshold

HELSINKI: Effective from the start of next year, domestic businesses in Finland will be required to register for value-added tax when their turnover exceeds EUR10,000 (USD11,320). Included in Finland’s 2015 Budget, the increase, from the current level of EUR8,500, brings the threshold closer to those in place in other EU member states, although it remains relatively low. The distance selling ... Read More »

Polish budget deficit at PLN 26.14b after June

WARSAW: The budget deficit amounted to PLN 26.14 billion at the end of June 2015. It stood at 56.7 percent of this year’s budget deficit plan, the Ministry of Finance announced. By the end of June budget revenues amounted to PLN 137.14 billion, or 46.1 percent of the annual plan. Budget expenditures stood at PLN 163.1. Read More »

Polish budget deficit at PLN 26.14b after June

WARSAW: The budget deficit amounted to PLN 26.14 billion at the end of June 2015. It stood at 56.7 percent of this year’s budget deficit plan, the Ministry of Finance announced. By the end of June budget revenues amounted to PLN 137.14 billion, or 46.1 percent of the annual plan. Budget expenditures stood at PLN 163.1. Read More »

George Osborne delivers first conservative budget in almost 20 years

LONDON: As George Osborne delivers the first Conservative Budget in almost 20 years, the outlook is surprisingly positive for North East businesses argues Square One Law’s managing partner, Alan Fletcher. Amidst headlines of welfare cuts and a national living wage there was some good news for UK businesses, mostly surrounding tax measures to be introduced over the coming months and ... Read More »

Osborne says budget kick for ‘lazy’ UK business

LONDON: George Osborne agreed today that his budget measures to boost pay and workplace skills were intended to “kick British businesses up their lazy arses”. The chancellor laughed and said that he was not sure which cabinet minister had made the comment to Tim Montgomerie,the Times columnist, but made plain he was not unhappy with the remark. “I would use ... Read More »

Chancellor George Osborne to present Budget to parliament

LONDON: Chancellor George Osborne will present the Budget to parliament, just under four months after his previous election Budget. BBC News experts offer their views on the themes to look out for in this Budget, where the chancellor will be expected to fulfil pledges made in the run-up to the election. Robert Peston is economics editor, Kamal Ahmed is business ... Read More »

Hungary’s 2016 Budget passed containing number of new tax reforms

BUDAPEST: Hungary’s National Assembly has passed the 2016 Budget, containing a number of tax reforms.The tax measures are aimed at helping the poorest taxpayers and have been passed unchanged from the draft issued in May. The most significant of these is the reduction in the rate of personal income tax, from 16 percent to 15 percent, which the Government says ... Read More »

Hungary’s 2016 Budget passed containing number of new tax reforms

BUDAPEST: Hungary’s National Assembly has passed the 2016 Budget, containing a number of tax reforms.The tax measures are aimed at helping the poorest taxpayers and have been passed unchanged from the draft issued in May. The most significant of these is the reduction in the rate of personal income tax, from 16 percent to 15 percent, which the Government says ... Read More »

Bangladesh’s FM to place Tk295,272cr budget today in Jatiya Sangsad

DHAKA: Finance Minister AMA Muhith will place the country’s 44th budget in the Jatiya Sangsad on Thursday, the size of which is Tk 295,272 crore. With this, the number of national budgets presented by Muhith stands at seven, which is first for any Bangladeshi finance minister. The finance ministry in a statement said, “By presenting budget seven times in a ... Read More »

Greece’s 2015 budget proposal won’t produce surplus: IMF Chief Economist

ATHENS: The Greece government’s proposals for the 2015 budget are not sufficient, International Monetary Fund’s (IMF) chief economist Olivier Blanchard said in an interview published on Monday. According to previous calculations, Greece was supposed to have a 3% budget surplus in 2015, but current economic results make it unrealistic now. “Considering that the most recent estimates mention a substantial budget ... Read More »

What Sh2.1 trillion budget will buy Kenya in 2015

NAIROBI: Every police station is expected to receive a trained dog in the new financial year that starts in July, as President Uhuru Kenyatta’s Government takes the fight against the nightmare that is the country’s insecurity a notch higher. When he rises to read out the next financial year’s Budget next month, Treasury Cabinet Secretary Henry Rotich will also tell ... Read More »

Greece’s net budget surpasses its target €500m

ATHENS: The Greece Ministry of Finance’s general accounting office released its headline budget figures for April 2015. The numbers reflect the country’s success watching every penny it spends and trying to build up revenue through tax collection, all in an effort to hoard its available cash and survive a summer of debt payments. In April, Greece net budget revenue surpassed ... Read More »

Greece budget revenue up 15.2% in April‏ 2015

ATHENS: Greece net budget revenue surpassed target by 15.2%, or 500 million euros, in April offering a large breather to the country’s Finance Ministry in managing its obligations. A Ministry announcement on Wednesday attributed this positive development to a massive response by taxpayers to a Ministry plan offering more favorable payment terms for overdue debt, dividend payment by public sector ... Read More »

UNRWA raises budget for 2015 to $140 million

ZARQA: The budget of the UNRWA office in Jordan has increased from $85 million to $140 million in 2015 in order to cover the needs of refugees in Jordanian camps, according to Roger Davies,  director of operations at UNRWA Jordan. At a meeting with Hittin Refugee Camp residents in Ruseifa on Wednesday, Davies said UNRWA offers humanitarian assistance to 59,000 ... Read More »

Budget proposals: Appraisement-East suggests raising minimum rate of customs duty to 2pc from 1pc

KARACHI: The MCC Appraisement-East has suggested that the minimum rate of customs duty should be 2 percent from the existing 1 percent on all PCT headings. It has also suggested increasing the duty on various other items. The Appraisement-East in its proposals for the budget 2015-16 has suggested a number of measures in the customs tariff with a view to ... Read More »

Hungary’s budget deficit declines by 61.2% to 536.7b forints full year target of 2015

BUDAPEST: The economy ministry said in a second reading of data that the Hungary’s cash-flow-based general government balance, excluding local councils, came to 536.7 billion forints in January-March, or 61.2% of the full year target. The figure balance was the same as in a preliminary report released on April 8. The ministry noted that the deficit is front-loaded, as usual, ... Read More »

Hungary budget projects 2.5% economic growth in 2016

BUDAPEST: Hungary’s Minister for National Economy, Mihály Varga, has put some flesh on the bones of his Government’s pledges on tax cuts. Varga, giving details of the draft budget to be submitted to Parliament on May 13, 2015, emphasized that the country’s projected economic growth of 2.5 percent will enable tax cuts aimed particularly at families and the lower paid. ... Read More »

Visitors might be banned at FBR Headquarters from May 1

ISLAMABAD: As preparations for the upcoming Budget 2015 gain momentum, the Federal Board of Revenue (FBR) is mulling over slapping a temporary ban on visitors at the FBR Headquarters from May 1. Since the staff are busy preparing proposals for the upcoming budget, the main purpose of imposing this ban is to ensure that budgetary proposals are finalised without any ... Read More »

Spanish budget deficit stands at 5.8% in 2014

MADRID: The EU’s statistical office Eurostat has confirmed that Spain’s budget deficit remained at 5.7% of its GDP in 2014, or Spain met 2014 budget deficit target of 5.8%5.8% if banking rescue packages are included, and that it therefore met its budget deficit target of 5.8%. At the same time Eurostat have also confirmed that the accumulated level of Spanish ... Read More »