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Towards a milder tax climate
Meteorologists see global warming as a threat. Tax practitioners in Germany see it as beneficial, certainly in the light of its effects on the tax climate. Traditionally, Germany has been ranked as a country with high direct, but relatively low indirect, taxation. That changed, however, in 2008 with a cut in the corporation tax rate from 25 percent to 15 percent following a VAT hike from 16 percent to 19 percent a year earlier. These and the other accompanying changes were part of the then government’s policy of reducing direct taxes as far as necessary to be seen to be taking international pressure from, in particular, financial investors ... -
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Sustaining success
For a number of years, Cyprus has been considered a popular location for foreign investment. Its status as a former British colony and its stable tax system has proved to be an attractive opportunity for overseas investors, but there’s much more to this island than investment opportunities. An array of important factors contribute to the island’s success. In addition to a European environment, low cost of living and low crime rates, investors in Cyprus benefit from its double taxation treaties and the lowest tax rates in Europe. Cyprus has also previously been commended for the stability of its tax laws and is well known for having the mo... -
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US’ Geithner: TARP to earn healthy profit for US
Plans from Wells Fargo & Co and Citigroup to repay taxpayer funds will put the US government on track to reduce its bailout investments in banks by more than 75 percent, while earning a healthy profit for the US, Treasury Secretary Timothy Geithner said on Monday. “With the recent announcements on repayments, we are now on track to reduce TARP bank investments by more than 75 percent, while earning a healthy profit on that commitment,” Geithner said in a statement after Wells Fargo announced it will repay the $25bn it received from the government under the Troubled Asset Relief Program after it sells $10.4bn of common shares. A Treas... -
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Malaysia PM to offer CO2 reductions in Copenhagen
Malaysia’s government will offer “credible” cuts in its emissions of carbon dioxide at the Copenhagen climate change summit in a bid to halt global warming, Prime Minister Najib Razak told Reuters on Sunday. Najib will be among more than 110 world leaders who will meet in Copenhagen next week to attend a summit to try to clinch a deal on deeper emissions cuts by rich nations, steps by developing nations to cut their carbon pollution and finance to help the poor adapt to climate change. “We are willing to offer our commitment, I am not just going to call on the developed world I am going to commit Malaysia and I am going to commit Mala... -
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UK’s Darling says PBR will reassure markets
The Labour government’s plan to halve the budget deficit over four years will soothe market concerns about Britain’s debt burden, finance minister Alistair Darling told reporters in an interview on Thursday. Government bond futures fell sharply, however, a day after Darling delivered a pre-budget report that shied away from detailing exactly how he plans to cut borrowing. Markets are worried Britain could lose its top-grade credit rating unless policymakers take tough action to cut a deficit set to top 12 percent of gross domestic product this year. “The steps that we have taken will reassure people that we have a credible, deliverable,... -
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IMF to visit Dubai in coming weeks – Fund official
An International Monetary Fund team will visit Dubai in coming weeks to look closer at the economic impact of the Dubai World debt crisis and actions needed to resolve it, a senior IMF official said on Monday. In an interview with reporters, IMF Director for the Middle East and Central Asia Masood Ahmed said the visit was an opportunity for the IMF to update and conclude its 2009 assessment of the UAE. Dubai has been shaken by the debt troubles at government-owned Dubai World, which is currently meeting creditors to delay payment on $26bn in debt, damaging the reputation of the Gulf Arab business hub. Ahmed said the impact of the crisis appea... -
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Bolivia’s Morales needs cash, know-how for bold plans
Bolivia’s President Evo Morales wants to launch state-run paper and cement ventures and develop lithium, petrochemical and iron projects in his second term but a lack of foreign investment and know-how could hamper his ambitious plans. Leftist Morales won 63 percent of the vote in an election on Sunday to run the energy-rich but economically poor Andean nation for a second term, according to quick count tabulations. Official results were due later on Monday. In his first term, Morales nationalized the natural gas industry, the country’s top export earner, forcing foreign firms such as Spain’s Repsol and Brazil’s Petrobras to hand a la... -
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OPEC set for no change, oil price holds the key
OPEC is expected to hold output steady when it meets in Luanda at the end of this month, rounding off a year of stable production policy and of robust oil prices. Oil inventories are brimming and any recovery in demand is expected to be slow, but international benchmark U.S. crude futures have more than doubled from just above $32 a barrel last December to above $76 now – roughly the level OPEC has said is high enough for producers and not too high for the still delicate world economy. “The oil price has not been the cause of surprise for us for some time, so there is really no need for OPEC to surprise the oil market,” one OPEC delegat... -
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Lamborghini braces for tough 2010, China revs up
Lamborghini expects to post a roughly 35 percent slide in 2009 sales as the global economic downturn slams the brakes on spending from even the super-rich, with growth likely to pick up again only in 2011. Next year will remain challenging for the maker of supercars graced by a charging bull logo, a unit of top European car-maker Volkswagen, though bright spots such as China may help salve the pain. Chief Executive Stephan Winkelmann said on Wednesday Lamborghini was on track to end 2009 with about 80 cars sold in China – a sliver of the company’s annual 2,000-odd production but a market that should rank among its biggest in coming years.... -
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Hopes low on near-term China approval for Hummer deal
Hopes China’s Tengzhong will complete the deal to buy General Motor’s Hummer brand as early as this week appear unlikely to be fulfilled, with the regulator tasked with assessing the deal yet to receive a formal application, according to a regulatory source. Nearly two months have passed since GM signed a deal to sell its iconic but tarnished Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery, an obscure Chinese machinery maker. Hummer’s CEO Jim Taylor told Automotive News last month he hoped a deal would be closed by December 1 but the deal needs approval from China’s Ministry of Commerce, which is still awaiting documents ...
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