Stories that are tagged 'fiscal policy'

	Hollande Eyes 'Growth Dimension' In Fiscal Compact 5/16/2012 During their first meeting in Berlin, German Chancellor Angela Merkel and French Socialist President-elect François Hollande underscored the importance of Germany and France continuing to work closely together in the interests of Europe, and their responsibility and commitment to collaborating on ideas aimed at stimulating growth in Europe ahead of the European Council meeting in June.
	Eurogroup Committed To Fiscal Consolidation 5/16/2012 Following the latest Eurogroup meeting in Brussels, Luxembourg’s Prime Minister and Eurogroup President Jean-Claude Juncker confirmed that the Eurogroup’s consolidation strategy, in accordance with provisions contained in the Stability and Growth Pact, ‘remains appropriate’ and will therefore continue to form the cornerstone of its strategy to correct fiscal and economic imbalances to overcome the crisis and to return to sustainable growth.
	St Lucia Eyes Income Tax Cuts, After VAT Implementation 5/16/2012 The government of Saint Lucia has outlined new tax measures in its latest Budget to shift the tax burden from direct to indirect taxes.
	English Foreshadows 'Disciplined' NZ Budget 5/15/2012 The 2012 New Zealand government Budget later this month will confirm the path back to surplus in 2014/15, despite lower than forecast tax revenue in the government financial statements in the nine months to March 31, Finance Minister Bill English has said.
	Austria's 'Historic' Stability Pact Signed 5/14/2012 The Austrian finance ministry has announced the recent signing in Vienna of the agreement on the Austrian Stability Pact 2012 between the Austrian federal government, states and municipal authorities.
	Putin Backs Ratification Of WTO Commitments This Year 5/14/2012 Russia's new President, Vladimir Putin has dismissed calls to delay the nation's accession to the World Trade Organisation.
	Luxembourg May Extend Budget Measures 5/10/2012 During a recent address on the state of the nation, Luxembourg’s Prime Minister Jean-Claude Juncker presented the government’s declaration on the current economic, social, and financial situation in Luxembourg, indicating crucially that the fiscal initiatives taken on April 27 to consolidate the public finances will have to be extended beyond 2014.
	Spain 'Confident' 2012 Budget Plans Will Spark Growth 5/10/2012 Spain’s Secretary of State responsible for Budget and Expenditure Marta Fernandez Curraz has recently defended the country’s budgets for 2012, insisting that they are based on discipline and fiscal consolidation, to enable the government to confidently overcome the crisis.
	Turks And Caicos Takes Strides Towards Self-Rule 5/10/2012 The provisional Governor of the Turks and Caicos Islands, Ric Todd, has released a report detailing progress made towards fundamental reforms to the island's frameworks to prevent corruption, and correct fiscal imbalances, deemed necessary before the islands are returned to self-rule by the UK government.
	Australian Budget Scraps Planned Business Tax Cuts 5/10/2012 A planned cut to business tax rates will not go ahead in Australia, as the government seeks to redirect projected mining tax revenue to help families and small businesses in the face of ongoing disputes with opposition parties.
	Luxembourg Unveils Unsatisfactory Q1 Tax Revenues 5/9/2012 Luxembourg’s Finance Minister Luc Frieden has recently unveiled details of the country’s public finances at central administration level for the first quarter of 2012, and has defended the additional budgetary consolidation decisions taken by the government at the end of April.
	Rajoy Eyes Taxpayer Funds To Shore Up Ailing Banks 5/10/2012 Marking a dramatic about-turn, Spain’s Prime Minister Mariano Rajoy has confirmed that he is no longer ruling out the idea of using taxpayers’ money to support ailing banks in Spain to avert a crisis and to restore confidence.
	Ireland Publishes ESM Bill 5/9/2012 Ireland's Minister for Finance Michael Noonan has published the European Stability Mechanism Bill 2012 as part of the government's commitment to ensure that the Irish people are fully informed in casting their votes on the Stability Treaty.
	Juncker Insists Fiscal Compact Not Up For Renegotiation 5/9/2012 Luxembourg’s Prime Minister and Eurogroup President Jean-Claude Juncker has firmly ruled out the idea of completely renegotiating the fiscal compact, agreed by twenty-five of the twenty-seven European Union member states back in March, and aimed at strengthening budgetary discipline, following the election of François Hollande as the new French President.
	WTO Members Ready To Revisit Doha Agenda 5/8/2012 World Trade Organisation member states have informally agreed to return to the negotiating table to progress the Doha Agenda at a pace that recognises the present crisis-time challenges for nations globally.
	Hollande, Sarkozy Go Head-To-Head On Tax 5/7/2012 During a long, bitter televised debate, aimed at attracting wavering voters ahead of Sarkozy's defeat on May 6, and punctuated by attack and counter attack, outgoing French President Nicolas Sarkozy and new Socialist President François Hollande went head-to-head on key election battleground issues including taxation in France and the crisis in Europe.
	Russia Hikes Gas Tax, Rethinks Luxury Tax 5/4/2012 The Russian government has confirmed proposals to hike the tax paid by natural gas extractors, hitting both the majority state-owned Gazprom as well as private ventures.
	Spanish U-Turn Sees VAT Rise In 2013 5/4/2012 Marking a dramatic about-turn, the Spanish government has confirmed plans to introduce a ‘notable’ rise in value-added tax and to increase special taxes imposed on alcohol and tobacco next year.
	Italy Hopes To Avoid Future VAT Increase 5/3/2012 In recognition of the need to reduce public expenditure as much as possible so as to contain taxpayer burdens, the Italian government has announced the framework of a spending review to be undertaken in the next month.
	Luxembourg Outlines Fiscal Consolidation Plans 5/2/2012 Luxembourg’s Finance Minister Luc Frieden has recently presented the country’s stability and growth programme for 2012-2015, which includes fiscal consolidation measures approved by government on April 27.
	Ireland To Tighten Tax Residence Rules 5/3/2012 Ireland's Minister for Finance Michael Noonan has launched a consultation on possible revisions to the current tax residence rules designed to ensure that affluent individuals that have strong economic ties to Ireland but are not tax resident pay a 'fair contribution' in tax.
	Chile Announces Tax Reform Plan 5/2/2012 Chilean Finance Minister, Felipe Larrain has confirmed a package of measures that aims to improve income distribution, and fund education reforms, whilst maintaining Chile's competitiveness. This is to include the elimination of import duties from 2015, setting the nation apart from the rest of Latin America.
	Bahrain Urged To Explore Long-Term Tax Reform 5/1/2012 Bahrain should look to introduce a corporate income tax or value-added tax to stabilize the country's finances, the International Monetary Fund has said.
	New Zealand Determined To Return To Surplus 5/1/2012 New Zealand's 2012 Budget will aim at ensuring the government remains on track towards securing a budget surplus in 2014/15, a challenge which will require tight control over spending for the foreseeable future, the Finance Minister Bill English has said.
	Ireland Completes Latest Bailout Review 5/1/2012 Ireland has achieved all the targets set under its bailout agreement, the European Commission, European Central Bank and International Monetary Fund have said in their latest quarterly review, news welcomed by the Irish government.
	Di Pietro Calls For Tax Treaty With Switzerland 5/1/2012 Antonio di Pietro, the former anti-corruption magistrate and present leader of the Italia dei Valori opposition party, has written in his blog that the Italian government should now be looking to garner the EUR40bn (USD53bn) in tax revenue that could be available by concluding a tax treaty with Switzerland.
	Ireland Details Planned Stability Treaty Legislation 4/30/2012 Ireland's Finance Minister Michael Noonan has outlined plans for future legislation that would implement key provisions of the European Stability Treaty, were the Irish people to vote in favour of adopting it at a forthcoming referendum.
	Dutch Opposition Shuns Austerity Path 4/27/2012 During an emergency debate in parliament, following the shock resignation of Mark Rutte’s minority coalition, leader of the Dutch Social Democrat opposition party Diederik Samson underlined the need to move away from the controversial austerity course.
	Hollande Eyes Growth-Orientated Fiscal Compact 4/26/2012 With just days to go before the second round of presidential elections, French Socialist candidate François Hollande, currently ahead of his rival Nicolas Sarkozy in the opinion polls, recently welcomed remarks made by President of the European Central Bank Mario Draghi on the need to conclude a eurozone pact on growth, to complement the fiscal compact aimed at strengthening budgetary discipline among member states.
	Finland Adopts Stability Programmes 4/27/2012 The Finish government has recently announced that it has approved both the Stability and Europe 2020 National Programmes, designed to track medium-term economic development, and to enable the country to meet its European fiscal targets.
	Low Tax Receipts Hike UK Borrowing Figures 4/27/2012 Weak tax receipts helped push up UK public sector borrowing in March, with large corporate tax repayments and no increase in value-added-tax receipts among the factors to blame.
	New Taxes In Hungary's Euro Plan 4/26/2012 The Hungarian government has recently adopted the second part of its ‘Szell Kalman’ plan, forming part of the country’s euro convergence programme and containing new tax measures to help shore up its revenue base.
	Italian Government Urged To Reduce Tax Burden 4/25/2012 While the Italian government has stressed that there will be no need for new taxes in a further budget this year, the Court of Auditors and the Bank of Italy, in their testimony to the Chamber of Deputies on the recently-issued 2012 Economic and Financial Document, have emphasized, instead, that tax burdens have to be reduced as soon as possible.
	Italy Has No Plans For Wealth Tax 4/25/2012 In his testimony to the Italian Chamber of Deputies’ economic and finance committee, the Deputy Economy Minister Vittorio Grilli confirmed that the government has no plans to introduce a wealth tax, or any other new taxation, in a further budget.
	Russia To Guarantee Low Taxes On Arctic Oil Projects 4/24/2012 Russia has reacted to industry lobbying with the announcement of a 'globally competitive' tax regime to facilitate the extraction of substantial oil reserves lying offshore in the Arctic Circle as Russia's onshore deposits decline.
	Ireland Launches Stability Treaty Campaign 4/24/2012 The Irish government has launched a public information campaign in the run up to next month's referendum on the latest deal designed to shore up the European Union's finances.
	Dutch PM Seeks Opposition Agreement On Budget Cuts 4/24/2012 Determined to retain the country’s much-coveted triple A rating, Dutch Prime Minister Mark Rutte is now seeking to swiftly conclude a budget deal with the opposition, following the recent collapse of talks with right-wing ally the Freedom Party.
	EU Tax Issue With Guernsey's Tax Regime 4/23/2012 Guernsey's zero-ten corporate tax regime has been confirmed as 'harmful' by the European Union's Code of Conduct Group on Business Taxation. The Code Group had previously ruled similarly in relation to the zero-10 regimes of both Jersey and the Isle of Man.
	France Keeps Fiscal Programme On Track 4/20/2012 French Finance Minister François Baroin and Budget Minister Valérie Pécresse have recently reaffirmed the government’s growth forecast for 2012 and 2013, and confirmed the planned path to return the country’s public finances to balance, as laid out in the 2011-2016 stability programme, achieved notably by means of targeted expenditure- and revenue-based measures.
	Russia Hints At Higher Gas Company Taxes 4/19/2012 Russian Prime Minister, and President-elect, Vladimir Putin has announced that taxation will be hiked on gas projects to more fairly distribute the tax burden.
	Austria's Fiscal Policy Backed By Fitch 4/19/2012 Austria’s Finance Minister Maria Fekter has recently welcomed the triple A rating accorded to Austria by ratings agency Fitch, which endorsed the government's 2012 budget consolidation package.
	Cyprus Committed To Deficit Reduction Targets 4/18/2012 Cyprus's Finance Minister Vassos Shiarly has expressed confidence that the nation will be able to meet the deficit reduction targets agreed with Europe and its Russian creditors.
	Monti Produces Future Italian Fiscal Framework 4/18/2012 The government has agreed the draft of a law, to be subsequently approved by parliament, which would provide the framework for tax reform in Italy, but which, in fact, is more notable for what is does not, rather than for what it does, contain.
	World Bank Looks For Chinese Tax Cuts 4/16/2012 In its new China Quarterly Update, the World Bank sees a probable need to facilitate a soft landing for the Chinese economy, with any policy response falling in the first instance on fiscal policy, particularly tax measures supporting consumption.
	TIGA Considers Format Of UK Games Tax Relief 4/13/2012 TIGA, the trade association representing the UK games industry, has urged input from design studios on the functioning of a tax credit, promised by the UK government in its latest budget after years of industry lobbying for fiscal support.
	Future Bright For Panama: IMF 4/13/2012 The International Monetary Fund has published its Article IV report in respect of Panama, noting that the country has exited the global downturn robustly, with a well-capitalised banking system, but efforts should continue to build upon the tax revenue base to reverse poor revenue performance witnessed last year.
	No Quick Fiscal Fix For Heavily-Indebted Nations 4/12/2012 The Organisation for Economic Cooperation and Development has published a new study, warning of the extraordinary measures that are required to achieve fiscal consolidation in many advanced nations, now also facing expenditure pressures from ageing populations.
	Jersey Business Sentiment In The Doldrums 4/12/2012 The prevailing sentiment among Jersey business is the most negative since records began in 2009, with business activity said to have fallen significantly in the first quarter of 2012.
	HMRC Publishes Guidance On Reduced IHT Rate Eligibility 4/11/2012 The UK tax authority, HM Revenue and Customs has released new guidance on eligibility for the new reduced rate of Inheritance Tax, introduced on April 6, 2012, and available where 10% of an estate is gifted to a registered charity.
	Manx Legislators Lag Behind QROPS Change 4/10/2012 Isle of Man pensions provider, Boal & Co has confirmed that it has been forced to cease offering its Trinity QROPS offering until Isle of Man legislation is brought up to speed with changes to UK pension rules.
	UK Taxpayers Educated On Working Tax Credit Changes 4/9/2012 The Low Incomes Tax Reform Group in the United Kingdom has warned a number of groups of tax credit claimants that they need to contact the UK tax authority, HM Revenue and Customs, if they want to continue to receive working tax credits, following the enactment of Budget provisions.
	Costa Rica Introduces New Corporate Tax 4/10/2012 Costa Rica has introduced a new annual tax on all corporate structures, pegged to average public sector salaries.
	UK Taxpayers Missing Out On Tax-Free Saving Opportunities 4/10/2012 New research from Standard Life says that a general lack of awareness about the UK tax system is preventing UK taxpayers from capitalising on tax relief available annually on contributions to Individual Savings Accounts (ISAs) and personal pensions.
	Philippines Sees Tax Revenues Surge Early In 2012 4/9/2012 Despite rising government spending, the Philippines saw a much reduced PHP5bn budgetary deficit in the first two months of 2012, with the Bureau of Internal Revenue achieving a significant rise in revenues.
	Brazil Prepares Payroll Tax Cuts To Prop Up Economy 4/6/2012 Brazilian President Dilma Rousseff has announced a number of measures aimed at boosting economic growth in ailing sectors of the economy, including through payroll tax concessions.
	OECD Issues New Peer Reviews 4/5/2012 The Organization for Economic Cooperation and Development, publishing eleven new peer reviews, has said that the vast majority of territories which have been subject to critical assessments have implemented satisfactory legislative regimes that can facilitate the exchange of information on request.
	Ireland Faces Fiscal Dilemma 4/5/2012 Irish policy makers face a clear dilemma in choosing an appropriate medium-term fiscal stance, the country's budget watchdog has said, warning that additional austerity measures may be necessary to meet targets.
	Proposal For CGT In Taiwan Due Next Month 4/5/2012 At a parliamentary committee meeting, Christina Liu, Taiwan’s Minister of Finance has promised that a draft proposal for a new capital gains tax on stock exchange profits will be submitted to the Executive Yuan within one month.
	St Lucia Confirms Upcoming VAT Regime 4/3/2012 The government of the Caribbean territory of Saint Lucia has confirmed that a value-added tax regime will be introduced from September 1, 2012.
	Obama Pushes For Buffett Tax 4/4/2012 President Barack Obama has reiterated his strong recommendation for Congress to pass, in the near future, a 'Buffett tax' on the wealthiest United States taxpayers, although he obviously knows that such a tax would be extremely unlikely to obtain the approval of his Republican electoral opponents.
	Luxembourg FM Hints At Tax Rises 4/3/2012 During a recent consultation on the direction of fiscal policy in the chamber of deputies, Luxembourg’s Finance Minister Luc Frieden underlined that the overarching objective should be to have healthy public finances in Luxembourg, to confine the ratio of public debt in the long term, and to preserve social cohesion in an environment conducive to creating new jobs.
	Austria On Track For Zero Deficit 4/3/2012 Austria recorded a significantly lower budget deficit for 2011 than previously forecast, well below the 3% Maastricht threshold, due to substantially higher tax revenues, according to the Austrian finance ministry.
	Spain Unveils Tough Austerity Budget 4/3/2012 The Spanish government of Mariano Rajoy has recently unveiled details of Spain’s 2012 austerity budget, the toughest in recent history, providing for savings totalling around EUR27.3bn (USD36bn), and including the EUR15bn in tax rises and expenditure cuts announced back in December.
	Austrian Lower House Backs Savings Package 3/30/2012 The Austrian national council has recently adopted the government’s savings package, providing for savings between 2012 and 2016 of around EUR17.3bn (USD22.7bn) and for additional tax revenues of approximately EUR9.2bn, achieved predominantly by closing existing tax loopholes.
	No New Taxes In Budget For Canadians 3/30/2012 The Canadian government has left tax rates on hold for another year in the 2012 Budget, announced by Finance Minister Jim Flaherty on March 29.
	Finland Unveils 2012 Supplementary Budget 3/28/2012 The Finish government has recently unveiled details of its 2012 supplementary budget proposal, revising the tax revenue estimate upwards and providing for an increase in expenditure.
	Gazprom Faces Russian Tax Hike 3/27/2012 Russia is considering a 'windfall tax' on extraordinary profits due to be made by the majority state-owned, gas extraction monopoly Gazprom to fund government spending pledges made by Russian Prime Minister Vladimir Putin as part of his re-election manifesto.
	Mining Firms To Face Higher Brazilian Taxes 3/28/2012 Three Brazilian provincial governments have confirmed that they will introduce new taxes on mineral products, including iron ore and bauxite, from April 1, 2012.
	Bundesbank Chief Slams 'Unambitious' Savings Plans 3/26/2012 Bundesbank President and former economic advisor to Chancellor Merkel, Jens Weidmann, has recently criticized the government’s medium-term savings plan as ‘not ambitious enough’.
	Turks And Caicos On The Mend After Fiscal Reform 3/23/2012 The Chief Financial Officer of the Turks and Caicos Islands interim government, Hugh McGarel-Groves, has reported significant progress towards correcting the territory's deficit after a raft of measures introduced last year.
	Luxembourg Urged To Modify Fiscal Policy 3/23/2012 The Luxembourg government has recently published a report on the macroeconomic forecast and the development of public spending for 2011-2015, which states that without a change of fiscal policy, the country will not be able to achieve a balanced budget in 2014, and warns that the public deficit might even exceed 3% of gross domestic product in 2013.
	UK Budget Delivers Tax Cuts 3/23/2012 George Osborne has delivered a Budget that ‘unashamedly backs business’, slashing the top rate of personal income tax and accelerating corporate tax cuts.
	Tax Policy Work Programme Unveiled In NZ 3/21/2012 New Zealand’s Revenue Minister has revealed the government’s new tax policy work programme, which consolidates the reforms of recent years and aims to return the country to surplus.
	GOP Budget Provides US Tax Cuts 3/22/2012 The Republican Party’s 2013 budget, proposed by the House of Representatives Budget Paul Ryan (R – Wisconsin), which reduces government spending to curb its fiscal deficit and debt levels, also includes the framework for a revenue-neutral reform of the United States tax code.
	Isle Of Man To Engage Taxpayers On 'Critical' Issues 3/21/2012 The Isle of Man government will hold public meetings to engage with taxpayers on matters of 'national importance', including tax and budgetary policy, starting this month, it has been announced.
	EU Parliamentary President Slams Merkel On FTT 3/22/2012 During a recent gathering of the German Social Democrats in Berlin, President of the European Parliament Martin Schulz called into question whether German Chancellor Angela Merkel is actually serious about the introduction of a financial transactions tax.
	German Cabinet Backs ESM Ratification 3/21/2012 The German cabinet has recently approved legislation to ratify the treaty creating the European Stability Mechanism and backed a bill authorizing Germany to contribute to the ESM, thereby establishing the requisite domestic conditions for a new, permanent financing mechanism.
	US Taxpayer Makes USD25bn Profit From MBS Investments 3/21/2012 The United States Treasury has announced the completion of the orderly wind down of its agency-guaranteed mortgage-backed securities portfolio, which it acquired as part of its response to the financial crisis, at an overall profit for taxpayers of USD25bn.
	External Panel To Review NZ Fiscal Policy 3/20/2012 New Zealand’s government has established an independent panel to review the Treasury’s own economic analysis.
	Philippines Will Not Cancel VAT On Oil 3/19/2012 Despite political and transport industry pressure following further increases to the domestic price of oil products, the Philippines government has insisted that the 12% rate of value-added tax on oil products will remain.
	Thailand Shelves VAT Hike 3/16/2012 Thailand’s Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong has said that the government has no intention of increasing the country’s value added tax rate.
	Chile Looks To Raise Corporate Tax 3/16/2012 Chile is to make permanent next year the 20% corporate income tax rate which was temporarily imposed last year but reduced to 18.5% this year, as part of a comprehensive tax reform package, due to be outlined in April.
	Hollande Resurrects French 'Rocard Cap' 3/19/2012 Having recently announced plans to introduce a 75% rate of tax in France, levied on income in excess of EUR1m (USD1.3m), French Socialist candidate for the Elysée François Hollande has subsequently put forward the idea of re-establishing a cap on taxation, to ensure that it is not ‘confiscatory’.
	Families To Lose Most From UK Tax Changes 3/15/2012 Households with children are set to lose the most from the UK's forthcoming tax and benefit changes, the Institute for Fiscal Studies has said.
	Brazil Hikes Financial Tax Again 3/15/2012 The Brazilian government has stepped up its campaign to weaken the nation's currency, the Real, with the extension of the 6% financial operations tax, known as IOF, to foreign loans and bonds maturing within five years.
	Sarkozy, Hollande Lock Horns On Taxation 3/14/2012 With just a month and a half to go before the start of the elections, French presidential candidates Nicolas Sarkozy and his Socialist rival François Holland have once again crossed swords on the key battleground issue of taxation.
	Eurogroup Backs Second Greek Bailout Deal 3/14/2012 Following months of gruelling negotiations, euro zone finance ministers finally gave their seal of approval to a second EUR130bn (USD170bn) bailout package for Greece, during the latest European Council meeting in Brussels.
	Deputy PM Backs UK 'Tycoon Tax' 3/13/2012 The UK's Deputy Prime Minister Nick Clegg has voiced his support for a 'tycoon tax', with a minimum tax rate enshrined in legislation to make sure everyone pays a 'fair share'.
	Philippines Rejects IMF Call For New Taxes 3/9/2012 Presidential spokesman Edwin Lacierda has confirmed that, contrary to suggestions by the International Monetary Fund, the Philippines will not be introducing any new taxes in the near future.
	Ireland Receives Latest Cash Injection 3/8/2012 The European Commission has given the go-ahead for Ireland's latest bailout payment, concluding that the country's austerity programme is strong and on track.
	Guernsey Considering Territory's Economic Direction 3/8/2012 The Guernsey government has welcomed the publication of a new report, commissioned to provide an overview of Guernsey's current economic profile and recommend, on an independent basis, future strategic areas that should be targeted to provide further economic opportunities for the territory.
	Noda Hopes To Deal With Opposition On Tax Hike 3/8/2012 The Japanese Prime Minister Yoshihiko Noda has confirmed, in a news conference with foreign journalists, that he still hopes to have fruitful discussions with the parliamentary opposition, led by the Liberal Democratic Party, on the government’s plan to raise the country's consumption tax from 2014.
	Vietnam Continues To Cut Fuel Import Taxes 3/7/2012 On March 2, with immediate effect, Vietnam’s Ministry of Finance issued a new circular which eliminated the 5% import tax on natural gas, propane, ethylene and other gaseous hydrocarbons.
	CII Calls On India To Cut Coal Duty 3/6/2012 The Indian government should consider a reduction in customs duty on non-coking coal, the Confederation of Indian Industry has said.
	Eurogroup Welcomes Greek Completion Of Prior Actions 3/6/2012 Luxembourg’s Prime Minister and Eurogroup President Jean-Claude Juncker has recently issued a statement on behalf of the Eurogroup, underscoring that the group welcomes the assessment of the Troika that Greece has made sufficient progress in completing the agreed prior actions.
	Hollande Eyes French Local Tax Reform 3/6/2012 During a recent visit to Dijon, French Socialist presidential candidate François Hollande pledged to reform local taxation in France, to strengthen the power of the regions, and to grant them increased fiscal autonomy.
	Portugal's Economic Programme 'On Track' 3/7/2012 Following its third quarterly review of Portugal’s economic programme, the European Commission, the European Central Bank, and the International Monetary Fund underscored that while the programme is indeed on track, many challenges remain.
	Bermuda Announces 2012 Budget 3/5/2012 Bermuda's Finance Minister Paula Cox has released the territory's budget for 2012, containing a number of tax measures to boost tax revenues and employment.
	Cypriot VAT Hike Takes Effect 3/5/2012 An increase to Cyprus's value-added tax rate came into effect on March 1, 2012, as part of a package adopted in December to speed progress towards European Union fiscal retrenchment targets.
	Brazil Introduces New IOF Tax Changes 3/6/2012 Brazil announced its decision on March 1, to expand the scope of its financial transactions tax, IOF, on short-term loans and bonds.

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