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U.S. companies face the sixth- highest effective tax rate in the world, according to a study by PricewaterhouseCoopers LLP. The tax rate for the largest U.S. companies between 2006 and 2009 was 27.7 percent, compared with a non-U.S. average of 19.5 percent, according to the study released today. Companies based in Japan, Morocco, Italy, Indonesia and Germany faced higher tax rates. Excluding the U.S., companies based in industrialized countries had an average rate of 22.6 percent.
At the Seoul Summit last November, the leaders of G-20 tasked us to formulate indicative guidelines for the identification of persistently large imbalances requiring corrective action, including their root causes and impediments to adjustment. Earlier this year at Paris, we decided to break up the exercise into an integrated two step process. For the first step, while agreeing on a set of indicators, we resolved to firm up indicative guidelines against which each of these indicators will be assessed to identify persistently large imbalances by our next meeting in April. We now need to finalize these guidelines and move on to the second step of the exercise. Presumably, this would focus on root causes, impediments to adjustment and corrective policies and actions.
Open to extending Aug 15 deadline if he finds the govt on the right path. In an apparent softening of stand, Anna Hazare today said Parliament was supreme and he would accept its decision if it rejected the Lok Pal Bill. Hazare also showed some flexibility on the August 15 deadline he had set for the passage of the Bill by Parliament, saying he was open to extending it if he found the government was on the right path.
The Minister appreciated the Revenue Department for exceeding even the revised targets of direct and indirect tax collections for fiscal year 2010-11. The Budget estimates for 2010-11 for direct and indirect taxes were Rs.7,45,000 crore which were revised to Rs.7,80,000 crore and actual collection at the end of financial year was Rs.7,92,000 crore, said the Finance Minister. The project is expected to be completed in next 24 to 30 months time, the Minister added.
Cautioning judges against taking over the functions of the legislature, Chief Justice Mr SH Kapadia today said that judiciary should maintain self restraint and respect separation of power. “We must refuse to sit as a super-legislature to weigh the wisdom of legislation. We must remember that our Constitution recognises separation of powers and that the legislatures and the government can be made accountable for their legislation and actions by the electorate if they err,” Mr Justice Kapadia said.
The central tax collection — direct and indirect — reached about Rs 7.92 lakh crore in 2010-11, exceeding even the revised estimate, on the back of strong economic growth.The total Budget estimate for direct and indirect tax collections was Rs 7.45 lakh crore for the last fiscal, which was revised upwards to Rs 7.80 lakh crore.
Even as third generation (3G) mobile telephony is still at a pilot stage, technology players are hopeful that the more advanced 4G will be here sooner than later due to its sheer economic advantage over the former besides its easy upgradability on the existing infrastructure. “The 4G is likely to be in India sooner than later, as early as next year, because it is economically more advantageous than 3G, apart as it can be easily upgraded on the existing infrastructure,” said Nikhil Sadarangani of JDSU India, a provider of optical products and solutions.
Global uncertainties have made investors look East, as they have poured $2 billion into emerging market equity funds last week, more than what they have committed to developed nations, says a report. For the first time this year, emerging markets equity funds post bigger inflows than their developed market counterparts, according to data compiled by international fund tracking firm EPFR.
Diversified business house Tata Group will invest up to Rs 1.2 lakh crore across sectors in the domestic market in the next five years as it looks to more than double its revenues to $150 billion (about Rs 6.64 lakh crore) by then. The Tata Group, which has over 90 operating companies, will put in half of the planned investment in power sector, while the other significant portions will be in steel and automobile sectors.
Billionaire industrialist Mukesh Ambani-led Reliance Industries group is planning a big splash in financial services sector, but may take a path different than those adopted traditionally in the business of money. RIL signed a joint venture with global private equity fund house DE Shaw late last month for its financial sector foray and is now considering businesses where it can utilise its expertise and presence in sectors like energy and retail, as also its proposed telecom and power ventures.
