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France will tax all financial transactions
France is to introduce a tax on financial services in August this year. The 0.1% Tobin Tax, as it is called, could bring in as much as a billion Euros to the national budget.
President Sarkozy says the new levy will help balance the budget, create new jobs, and support economic growth.
As part of his austerity measures President Sarkozy has introduced a VAT increase to 21.2%.
“The world economy experience shows that any kind of tax increase is always eventually translated on the ultimate consumer. In case of Russian companies, those of them who will operate within the French banking system will also have to raise prices for their clients or consumers. The tax itself is very little, that is why I don’t think it will affect the turnover of capital. The
Ten for Tuesday, January 22, 2012
1. Interesting thoughts on “7 habits of extremely frugal people”
One disagreement – I don’t think making your own bread is really “free.” There are costs involved in all of these (even if it is only time costs). Some of those costs are worth it when you are trying to save money, but some may not be.
2. What Makes Debt Socially Acceptable?
3. 6 Step Plan to Dominate Your Debt
Not a whole lot of new information here, but sometimes it’s good to have a list.
4. I Think I Figured Out Why Frugality Is So Popular
Perfectly sums up the reasons “getting out of debt” and “weight loss” are our favorite topics to read about…but never actually do.
5. 3 Steps to a Quick Turnaround
Another “get out of debt” article. I like that he doesn’t gloss over the difficulties, but outlines some good steps to get started.
6. How to Organize Your Pantry a
Brits plan to cut back on food and clothes to pay for holidays
Money
Millions of Brits are planning to cut back on food and clothes so they can save for a summer holiday, a survey has revealed.
While its good news for the travel industry, the report casts a dark cloud over the high street with 62% of those tightening belts saying it will be at the expense of fashion chains.
Worryingly, the study by website Hotels.com found a third plan to spend less on their weekly grocery shopping with pets also being hit by cutbacks.
And 6% of dog and cat owners will put less pet food in their trollies to claw back cash for the family break in the sun.
Of the 52% who plan to reduce spending on treats and days out so they can save for their annual trip away, four out of 10 will take a packed lunch instead of buying snacks on the go and a fifth will swap their takeaway coffee for a flask from home.
According to the research, scrapping meals out, cutting back on booze, turning down the heating and even slashing spending on toiletries were all on the cards for Brits desperate to put money aside for a summer getaway.
Some will even put personal hygiene on the line and stop buying deodorant or washing clothes regularly, the study of 2,000 adults found.
More than a quarter plan to sell unwanted possessions to top up their holiday fund while 22% admit they will go into the red to make sure they dont miss out.
Hotels.com spokeswoman Kate Hopcraft said, As a lot of homes are continuing to tighten their purse strings, its interesting to see that holidays are not something people are willing to cut back on or cut out and that Brits are reducing everyday spending in order to afford to go away.
While it is promising to see more Brits plan to go on holiday this year compared to last we do hope they save in the right places and dont leave their pets hungry.
To 25 items Brits will cut back on to pay for a holiday:
1.
Markets Slightly Up in Anticipation of Positive Earnings Reports (AMZN, GM)
Major indices showed modest gains today as investors anticipated earnings calls from a few major corporations. In economic news, Federal Reserve numbers show that consumer credit in the US increased by more than $20 billion in the month of November, the largest increase in the past decade. In corporate news, Amazon struck a deal with Indiana’s state government to start collecting state taxes there. It’s the latest in a series of negotiations with state governments that the internet retailer has been involved in to face the long unaddressed issue of state sales taxes on online retailers in general. Meanwhile, General Motors is currently on pace to reclaim its title as biggest global autoseller, a position it has not held since Toyota dethroned it in 2008.
Russia’s biggest airport up for sale?
After a failed IPO earlier this year, Russia’s biggest airport Domodedovo is up for sale.
The Interfax news agency says Goldman Sachs have been appointed to oversee the sale, which has not been confirmed by the current airport’s representatives.
At the time of the proposed IPO Goldman Sachs valued the airport at something between $3.5-7.5 billion. Even though only 25% of the airport was up for grabs, the owners aborted the process saying the price was not good enough.
Ekaterina Andriyanova analyst from Rye, Man & Gor Securities thinks that in the current unstable market the asking price may not exceed $3,5 bln.“Goldman Sachs is very likely to manage the sale, because it has already taken part in the airport IPO arrangement. The conditions of the deal as the deal itself aren’t clear yet, but it’s obvious that airport being a strategic facility can’t be sold to an overseas company”.
In
Some Tidbits from MF Global’s Website
By now, you all are probably familiar with the MF Global story so I won’t go into the details here (if you’re not familiar, Google is your friend). For fun, I went to their website this morning just to see what it looked like. The first thing I noticed was this statement on their homepage:
MF Global is a leading broker-dealer with a deep involvement in financial markets around the world. We work closely with clients to create customized trading and hedging solutions in the world’s markets for commodities, listed futures and options, equities, fixed income securities and foreign exchange.
MF Global is a member of more than 70 financial exchanges around the world, and we are a leader by trading volume on a number of these exchanges. We have trading desks around the world, and we facilitate easy connections to all of the major electronic trading platforms as well as direct market access. MF Gl
VAT dodgers face tough penalties
THE taxman is getting tough on VAT dodgers and has given small businesses a month to come clean and go through the proper registration process.
In July, HMRC launched a VAT initiative offering those who should be registered firms with an annual turnover of more than £73,000 the opportunity to get their tax affairs in order.
Companies must register for VAT by December 31, 2011 and they will then receive a registration number and instructions on how to complete their first VAT return.
Marian Wilson of HMRC said: We are determined to ensure everyone pays their fair share.
We have now begun identifying people and companies who we believe are trading above the VAT threshold but have not come forward.
We will be targeting these people early in the New Year.
It is worth registering as you will face a lower penalty rate of 10% on VAT you owe that is paid late.
Whereas cheats who get caught out will be hit with much higher penalties and they could even face criminal prosecution.
Call HMRC on 0845 600 5217 for more information and advice.