Budget at a glance

Article Abstract:

Some of the contents of the UK Budget announced by Chancellor of the Exchequer Kenneth Clarke on Nov. 28, 1995 are presented. The Budget covers several personal tax issues, including income tax rates and personal allowances, income from savings, inheritance tax, capital gains tax and retirement relief, pension schemes and long-term care, and company car fuel. It also includes business measures, such as the reduction of the corporation tax rate for small companies, changes made in the foreign income dividend scheme and the new requirement for insurance firms to maintain equalization reserves. Furthermore, the Budget introduces tax deregulation measures. These include the planned simplification of tax rules, the adoption of a more coherent tax regime for corporate and government debt, and the creation of a new statutory scheme for annual voluntary settlements.

Economic Programs, Administration of Economic Programs, Economic policy, United Kingdom. Treasury

Budget at a glance

Article Abstract:

The British national budget and proposed tax law changes are discussed. The basic income tax rate has been reduced from 29 to 27 percent. The budget also includes tax relief for profit-related pay. The British gross domestic product is expected to grow by about three percent in 1987, inflation may rise to 4.5 percent, and the current account deficit for 1987 will be 2.5 billion pounds sterling. These economic forecasts assume that exchange rates and oil prices remain stable. Tax provisions of the new budget are analyzed, including personal, corporate, value-added, and capital gains.

Political aspects, Income tax, Value-added tax, Capital gains tax, Great Britain

China: market in waiting

Article Abstract:

An increasing number of western businesses demonstrate interest in China, partly because of China's more open trade policy, and partly because China's huge population offers a virtually unlimited market for goods and services. China's geography and foreign trade policies are discussed. The rules governing foreign companies operating in China and the procedures for opening an office there are discussed.

China, Economic aspects, Developing countries, Economic development, Commerce