US Deficit To Top USD1 Trillion Again

In the Congressional Budget Office’s ‘baseline’ annual budget projections, assuming that current fiscal laws remain unchanged, it projects a USD1.1 trillion United States federal budget deficit for fiscal year 2012.

Cameron Mocks 'Mad' French FTT Plans

Signalling perhaps the demise of the Entente Cordiale, British Prime Minister David Cameron has openly and pointedly mocked French President Nicolas Sarkozy’s plans for the introduction of a tax on financial transactions in France.

Luxembourg's Juncker Defends Fiscal Compact

Luxembourg’s Prime Minister and President of the Eurogroup Jean-Claude Juncker has recently underlined his support for and confidence in the new so-called 'fiscal compact', a treaty on stability and convergence in the Economic and Monetary Union endorsed by 25 of the 27 European Union member states during a summit meeting in Brussels.

US Urged To Pressure China On Currency

The United States Senate Finance Committee Chairman Max Baucus and House of Representatives Ways and Means Committee Chairman Dave Camp have called on the Administration, at the World Trade Organization next month, to pressure China to stop unfairly undervaluing its currency.

Sarkozy's Presidential Rival Outlines Fiscal Pledges

French Socialist candidate for the Elysée, François Hollande, has recently unveiled details of his presidential election programme, containing a raft of fiscal measures, designed to stimulate the economy, to support small- and medium-sized companies in France, and to reduce the public deficit to 3% of gross domestic product in 2013.

IRS Discloses Identity Fraud Crackdown

The United States Internal Revenue Service and Justice Department have announced the results of a national sweep cracking down on suspected identity theft perpetrators, as part of a stepped-up effort against refund fraud and identity theft.

Tide Turning In Italian Tax Evasion Fight

During his testimony to the Chamber of Deputies’ Finance Committee, the Director of the Italian Revenue Agency, Attilio Befera, pointed to the Agency’s new ability to crosscheck taxpayers’ spending against declared incomes as the weapon that might win the government’s war on tax evasion.

Tax Stymies Indian Aviation Sector

Changes to India's tax policy on the aviation sector are paramount to securing the massive investment required to establish India as one of the top five civil aviation markets in the world, which is the government's goal.