Archive

Posts Tagged ‘budget’

Barack Obama unveils US budget plans for 2012

US President Barack Obama has unveiled his 2012 budget, describing the proposal as a “down payment” on future cuts to the US budget deficit. The budget aims to cut $1.1tn (£690bn) from the US deficit over a decade. He said the US must live within its means and called for some reductions, but said “we can’t sacrifice our future” with drastic cuts. Read more…

Categories: Company Accounting Tags: ,

Japan passes $US58b stimulus budget

AFP

The Japanese parliament on Friday passed an extra budget worth $US58 billion ($A59.11 billion) to cover a new stimulus package aimed at averting the threat of a “double-dip” recession.

The powerful lower house, dominated by Prime Minister Naoto Kan’s ruling Democratic Party of Japan, overruled a vote in the opposition-controlled upper house earlier on Friday against the budget, which amounts to 4.85 trillion yen.

The stimulus package, designed to ease concerns over deflation and a strong yen, includes job programs, welfare spending and schemes to help small businesses and infrastructure. Read more…

Categories: International Relations Tags: ,

UK Budget: How it will affect you

Chancellor George Osborne’s first Budget heralds big changes to both the tax and the welfare systems.

He said the tough measures announced were “unavoidable” because he had to deal with the country’s debts, but everyone would be “in it together”.

According to the Treasury’s own analysis, individuals will only be worse off, from the income tax and national insurance changes, once their income gets close to £50,000.

But the picture is different once all the VAT and benefit changes are taken into account.

From 2012, when many of the tax credit changes kick in, all households will be worse off, even the poorest.

Income group impact graph

TAXES

Overall you will probably pay more. Taxes are going up, and the chancellor made no bones about it.

Firstly, VAT on goods and services is going up. On 4 January 2011, the main rate of VAT will rise from 17.5% to 20%. Read more…

Categories: Taxation Tags: , , ,

Australia’s Future Tax System Review

The final report (Henry Tax Review) of the Australia’s Future Tax System Review http://www.taxreview.treasury.gov.au

The Australia’s Future Tax System Review was established by the Rudd Government in 2008 to examine Australia’s tax and transfer system, including state taxes, and make recommendations to position Australia to deal with the demographic, social, economic and environmental challenges of the 21st century.

The Review took a ‘root and branch’ approach and examined Australian and State government taxes, and interactions with the transfer system in order to make recommendations to position Australia to deal with the demographic, social, economic and environmental challenges that lie ahead. Read more…

Categories: Taxation Tags: , , ,

How the Communes are Funded

Cambodian Assembly to start debate on draft budget, finance laws

(last updated December 13th, 2009)

(For your information only)

THE National Assembly is scheduled to begin debate today on the 2010 Draft Budget Law and the Draft Law on Finance for 2010 Management, which includes provisions for new taxes on property and automobiles. Under the proposed laws, a tax of 0.1 percent would be levied on properties that are valued at over 100 million riels (US$24,000) by a Property Valuation Commission to be established by the Ministry of Economy and Finance. Agricultural land, government property and religious, diplomatic and humanitarian organisations would be exempted from the tax. Automobiles would be subject to taxes varying by year of production and horsepower, with vehicles of 24 horsepower and above subject to a tax of 2 million riels (US$480). Read more…