Sunday , January 24 2021
Breaking News
Home / Tag Archives: budget (page 2)

Tag Archives: budget

Spain budget deficit target at 5.8% in 2014

MADRID: The EU’s statistical office Eurostat has confirmed that Spain ended last year with a deficit of 5.7% of GDP, 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 »

Greece’s net budget revenue surpasses to €4.232b in March 2015

ATHENS: the Greece Deputy Finance Minister Dimitris Mardas said net budget revenues significantly surpassed targets to total 4.232 billion euros in March, from a target of 3.16 billion. Speaking to reporters, Mardas pledged that the government will continue paying wages and pensions, and expressed his optimism that an agreement will be reached between the country and its creditors. Responding to ... Read More »

Nepal offers tax breaks in budget including 50% value-add tax rebate for tea industry

KATHMANDU:  Nepal’s finance minister, Ram Sharan Mahat, has offered a number of tax breaks in the 2014/15 budget, including a 50 percent value-added tax rebate for the tea industry. Manufacturing companies investing at least NPR1bn (USD10m) in capital goods and companies investing over NPR2bn in the tourism or aviation sector will be granted an income tax exemption for five years, ... Read More »

Australian tax on bank deposits in federal budget to raise $500 million a year

CANBERRA: The federal government is planning a tax on bank deposits at the May budget in a move that will raise about $500 million a year but which bankers warn could be passed on to customers. Sources have told AFR Weekend that the government is set to proceed with the bank deposits insurance levy, first proposed by the former Labor ... Read More »

Britain budget deficit shrinks on bumper tax revenues in February

LONDON: Britain’s borrowing bill shrunk by more than a third on a monthly measure as the government earned its biggest income tax receipts for February since 2008. The Government raised £4.2bn in self-assessed income tax for the last month, helping borrowing fall by £3.5bn to £6.9bn from the same period last year, according to the Office for National Statistics (ONS). ... Read More »

Britain budget deficit shrinks on bumper tax revenues in February

LONDON: Britain’s borrowing bill shrunk by more than a third on a monthly measure as the government earned its biggest income tax receipts for February since 2008. The Government raised £4.2bn in self-assessed income tax for the last month, helping borrowing fall by £3.5bn to £6.9bn from the same period last year, according to the Office for National Statistics (ONS). ... Read More »

UK Budget 2015: Osborne to reward savers with tax break

LONDON: Savers are expected to be rewarded in George Osborne’s Budget on Wednesday as he seeks to help those, including pensioners, who “do the right thing” and put money aside for the future. The chancellor wants to help those suffering from paltry returns because of low interest rates, although his allies described as “inaccurate” a report in The Independent newspaper ... Read More »

Singapore announces online portal to provide streamlined help for SMEs in budget 2015

SINGAPORE: A new online portal will be set up to make it easier for companies to search and apply for government grants. The Government will roll out the first phase of this Business Grants Portal over the next year, Minister of State for Trade and Industry Teo Ser Luck said in Parliament here the other day. The project involves 10 ... Read More »

Avis Budget Group to buy Italy Maggiore Group in $170 million deal

ROME: Avis Budget Group Inc. has agreed to buy Italian rental car company Maggiore Group in a $170 million deal that will make Avis the largest vehicle-rental company in Italy. Maggiore, which has operated in Italy since 1947, is the country’s fourth-largest vehicle rental business with more than $160 million in annual revenue and 140 locations. Avis plans to launch ... Read More »

Turkey central govt budget records $1.54 billion surplus in January

ANKARA: Turkey’s central government budget ran a TL 3.8 billion ($1.54 billion) surplus in January 2015, the Ministry of Finance reported. The statement came after the U.S. dollar started the week around 2.46 against the Turkish lira yesterday, following its record level of 2.50 last week. Following the truce agreement in Ukraine on Feb. 15 and expectations of the postponement ... Read More »

EU gives ultimatum to France to bring budget deficit back into line with Brussels rules

PARIS: The EU gave France until 2017 to bring its budget deficit back into line with Brussels’ rules, meaning the eurozone’s second-biggest economy will avoid a fine for now. The European Commission said, however, that France must present it with a reform plan on how it intends to get its finances back in order by April. “Today we have decided ... Read More »

Planning tax deal: Austria’s budget target getting cloudy

VIENNA: As the government of Austria has planned to limit the scope for a tax reform, Austria might on the edge of missing its budget target for the next year. The Alpine republic won’t reach a structurally balanced budget, which is a deficit of less than 0.45 percent of gross domestic product adjusted for cyclical effects, before 2017, missing the ... Read More »

Malaysian PM to announce policy changes, budget revisions

KUALA LUMPUR: Malaysian Prime Minister Datuk Seri Najib Razak will announce policy changes, including likely budget revisions, tomorrow to help its oil exporting economy adjust to the impact of slumping global crude prices. Southeast Asia’s third largest economy relies on oil and gas export revenues to maintain strong growth and control a mountain of debt, and the adverse turn in ... Read More »

Falling oil prices to slash Kuwait’s public revenues by 60%

KUWAIT CITY: Falling oil prices will slash Kuwait’s public revenues by 60%, Al Saleh said that plummeting oil prices will slash Kuwait’s public revenues by 60 per cent, leading to a deficit after almost 16 years, Kuwait Times reported.Kuwait will most likely post a budget deficit before 2017 due to the falling oil prices, the country’s finance minister Anas-al-Saleh told ... Read More »

Fiscal deficit of 13.4tr yen projected: Japan approves high tax revenue of 54.5tr yen in 2015 budget

TOKYO: Japan government approved a record spending budget for the fiscal year beginning on April 1, 2015, which it expects to be offset by a 5.4 percent rise in tax revenue to JPY54.5 trillion (USD464.5bn). Through its new Budget, the Government expects to be able to deploy increased tax revenues from the sales tax increase implemented on April 1 last ... Read More »

Govt urged to adopt uniform tax rate to generate revenue

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Zakaria Usman has urged the government to adopt uniform 10 per cent tax rate on rental income to earn more revenue. He said that putting rental income under different tax slabs would encourage corruption and tax evasion, adding, “The tax slabs introduced during budget 2013-14 should be abolished immediately ... Read More »

FBR collects Rs63b ‘more’ revenue in July-Sept

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs563 billion in July-September of current fiscal year as compared to last year’s Rs500 billion, showing growth of 12 per cent. However, there is Rs20 billion shortfall as FBR collected Rs563 billion during the first quarter FY 2014 against the target of Rs583 billion. Sources said that despite the ongoing political turmoil, ... Read More »

UAE okays $13.35b deficit-less budget

ABU DHABI: The United Arab Emirates (UAE) cabinet has approved the country’s deficit-less AED49 billion ($13.35 billion) budget for fiscal year 2014-15. UAE Vice President Sheikh Mohammed bin Rashid Al-Maktoum, who also rules Dubai, said that the approved budget was 6.5 per cent more than the previous budget, adding that 49pc of total budget had been allocated for just uplift ... Read More »

Govt spends Rs42.3b less on development during first quarter of FY15

ISLAMABAD: The government has used 40.6% or Rs42.3 billion less development spending than allocated in the budget during first quarter (July-September) of current fiscal year 2014-15. According to sources in Ministry of Planning, Development and Reform, the government spent Rs62.3 billion out of the annual development budget of Rs525 billion under the Public Sector Development Programme (PSDP). As per the ... Read More »

Rs33.54b annual budget for LDA, Wasa, Tepa approved

LAHORE: The Lahore Development Authority (LDA)’s governing body has approved annual budget of Rs33.54 billion for LDA and its subordinate agencies, the Traffic Engineering and Transport Planning Agency (Tepa) and the Water and Sanitation Authority (Wasa). As per detail, total resources of the LDA (Urban Development Wing) during the fiscal year 2014-15 have been estimated at Rs13.32 billion against the ... Read More »