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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Rich Chinese look abroad to secure wealth

Category : Business, Stocks

China’s wealthiest citizens are looking to secure their riches and improve the quality of their lives. And many of them are looking to do it overseas.

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HMRC to help Ethiopia and Tanzania collect taxes

Category : Business

Aim is to reduce reliance on overseas funds while ministers hope to distract from lack of aid commitment

The government is to help Ethiopia and Tanzania to build their tax-raising powers and so reduce their dependency on overseas aid to run an effective government.

David Gauke, the Treasury minister, will announce the initiative on Tuesday in a public interparty debate on tax transparency and aid organised by the Enough Food for Everyone IF campaign. Ministers hope the move will mollify aid agencies over the absence of legislation entrenching an aid commitment in the Queen’s speech.

HMRC claims there has been a 40% increase in tax revenue collection in Ethiopia since 2010, when the British government became involved. Nearly 78% of Ethiopia’s tax revenue came from fewer than 1,000 individuals in 2012, the Ethiopian customs and revenue department recently reported.

Tanzania’s tax revenues to central government were equivalent to 15.7% of GDP in 2011-12, with the gap between tax revenues and public spending averaging about 12% of GDP over the past three years. The shortfall is covered by aid and government borrowing. Three-quarters of tax revenues are raised in the region of the capital, Dar es Salaam.

Gauke will say HMRC will work with both Ethiopian and Tanzanian tax authorities to undertake a health check to look at the structure of their revenue authorities, their potential to raise tax, and the degree of corruption or evasion either by individuals or companies. The authorities will be focusing on tax inspector training, a complaints handling process and a risk management system.

Separately, campaigners are concerned about the lack of information on tax co-operation by international companies operating in Africa.

Potential revenues lost to developing countries through tax avoidance and evasion amount to three times the sum that they receive in international aid, it has been estimated.

The hugely complex world of tax transparency is high on the agenda for David Cameron at the G8 meeting of industrialised leaders this summer. George Osborne has already announced a deal to increase tax transparency in overseas territories, but campaigners have been seeking greater detail to evaluate its true impact.

In addition, the IF campaign has been pressing for a requirement in the finance bill for UK companies and wealthy individuals to report their use of tax schemes that have an impact on developing countries.

When such tax schemes are identified, the UK should use its current powers to notify the tax authorities of developing countries and assist in the recovery of the money they are owed.

IF also wants the UK to use its presidency of the G8 to launch a convention on tax transparency. Under such a convention, countries would commit to preventing individuals and companies from hiding wealth so that it is untraceable; tax havens would be required to share with developing countries any important information on hidden wealth and assets; and developing countries would receive assistance in recovering taxes due to

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VIDEO: ‘I bought a whole Spanish village’

Category : World News

As people in Spain move out of rural areas and into cities to seek work, entire villages are being sold off at rock bottom prices, drawing buyers from overseas.

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British territories sign tax deal

Category : Business, World News

Bermuda and other British overseas territories with financial centres have signed agreements on sharing tax information, the Treasury announces.

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Honda profits boosted by weaker yen

Category : Business, World News

Honda reports a 74% jump in annual profits, boosted by a recovery in overseas sales and a weak Japanese yen.

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Opinion: Strong dollar may hit profits, kill stock rally

Category : Business, Stocks

Sales from overseas wind up being reduced once they are translated from weaker foreign currencies back into dollars. Exports also get pricier.

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VIDEO: Football India’s ‘fastest growing sport’

Category : Business, World News

The Premier League’s chief executive Richard Scudamore is in India with David Cameron, on what Downing Street says is the largest trade delegation taken on an overseas trip by a UK prime minister.

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2013 Cathay Pacific International Chinese New Year Night Parade "happy@hongkong"

Category : Stocks, World News

Hong Kong Tourism Board Provides Satellite Feed for Overseas Broadcasting

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Germany brings gold reserves home

Category : Business, World News

Germany’s central bank will bring back some of the gold it currently holds overseas, so that half of its reserves will be in its vaults by 2020.

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Starpharma Holdings Ltd. (SPHRY: OTC Link) | Home Country News Release – Starpharma to recoup $6 million cash for overseas R&D

Category : Stocks, World News

Starpharma Holdings Ltd. has filed a Home Country News Release – Starpharma to recoup $6 million cash for overseas R&D To view the full release click here (link to PDF).

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