No matching items found
British finance minister Rishi Sunak. File
Gulf Today Report
British finance minister Rishi Sunak to add tax on business to pay for COVID-10 support scheme extension in next month’s budget.
Sunak is expected to announce in his speech on March 3 of increasing corporation tax from 19 pence to 23 pence, according to a report.
The move is likely to raise 12 billion pounds ($16.8 billion) a year.
Sudan central bank sets new exchange rate
Sharjah Entrepreneurship Centre develops new formula for startups
Airbus CEO urges trade war ceasefire over subsidies
According to Sunak allies, he won’t be increasing the corporation tax above 23%.
These measures will help pay for an extension to the furlough scheme, VAT cuts and business support loans until at least August.
Britain's economy had its biggest slump in 300 years in 2020, when it contracted by 10%, and will shrink by 4% in the first three months of 2021, the Bank of England predicts.
British public borrowing surged again in August to a new record high, driven by huge outlays to combat the coronavirus pandemic, with the budget deficit so far this tax year overtaking its full-year peak during the global financial crisis.
British Finance Minister Rishi Sunak is considering a sweeping set of tax increases to help fix the huge hole in the public finances left by the coronavirus pandemic, newspapers reported.
British firms called on Tuesday for another 7.6 billion pounds ($10.3 billion) of emergency government help, saying they cannot wait until Chancellor of the Exchequer (Finance Minister) Rishi Sunak’s March budget to learn if they will get more pandemic support.
Britain is to launch a new Infrastructure Bank with £12 billion ($17 billion) in capital and £10 billion in government guarantees, the Treasury said on Saturday, aimed at kickstarting the economy.
The UAE offers significant growth opportunities to women for growth across sectors and the country’s women entrepreneurs have acquired significant attention in recent years through their innovative ideas and advance skills.
Shares in Taiwan, India and Thailand were higher, as upbeat Chinese exports data also underpinned risk appetite.
Benchmark Brent climbed as high as $71.38 a barrel while US West Texas Intermediate (WTI) crude was down 22 cents or 0.3% at $65.87 after touching $67.98 a barrel.
The blue chip NSE Nifty 50 index was up 0.45% at 15,005.20, while the benchmark S&P BSE Sensex was up 0.44% at 50,625.21.