Hong Kong’s Finance Secretary John Tsang has unveiled the region’s 2009-2010 Budget, revealing plans to tackle the economic crisis with personal tax cuts and greater funding for technology-based, creative and green developments.
Regardless of whether one thinks that large corporations pay enough in income tax, new studies have shown that they in fact contribute substantially to government coffers in the UK and US, both through direct corporate tax contributions and by acting as the unofficial collector of a multitude of other taxes.
Two influential US lawmakers have attacked a recent decision by the World Trade Organization’s Appellate Body for undermining the negotiation process that allows nations to settle trade disputes amicably.