India s fiscal response to COVID-19 last year prevented severe contraction: IMF official
Gaspar stressed the importance of being ready to provide agile and flexible policy support as appropriate to respond to COVID-19 related developments
Joe C Mathew | April 27, 2021 | Updated 14:28 IST
Director of IMF s Fiscal Affairs Department Vitor Gaspar (Source: IMFBlog)
India s fiscal response to the first wave of COVID-19 infections last year has found a taker in the International Monetary Fund (IMF).
Speaking at a high-level roundtable organised by the IMF in association with the Centre for Social and Economic Progress (CSEP) on Securing Sustainable Finances and Medium-term Fiscal Frameworks: International Experience and Relevance for India , Vitor Gaspar, Director of IMF s Fiscal Affairs Department, supported India s fiscal response in the face of COVID-19, stating that fiscal support in India has prevented severe contractions . The online event was organised on April 23.
Virbac: very strong growth in revenue in the first quarter of 2021 at +22.6% at comparable exchange rates and scope (+12.3% at constant rates), driven by very solid performance in all areas
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1 Growth at constant exchange rates and scope is the organic growth of sales, excluding the impact of exchange rate changes, by calculating the indicator for the financial year in question and that for the previous financial year on the basis of identical exchange rates (the exchange rate used is that in effect for the previous financial year), and excluding the impact of changes in scope, by calculating the indicator for the financial year in question on the basis of the scope of consolidation for the previous financial year, and by excluding sales of Sentinel for the two financial years in question.
1 Growth at constant exchange rates and scope is the organic growth of sales, excluding the impact of exchange rate changes, by calculating the indicator for the financial year in question and that for the previous financial year on the basis of identical exchange rates (the exchange rate used is that in effect for the previous financial year), and excluding the impact of changes in scope, by calculating the indicator for the financial year in question on the basis of the scope of consolidation for the previous financial year, and by excluding sales of Sentinel for the two financial years in question.
SYDNEY and KUALA LUMPUR, Apr 13 2021 (IPS) - US Treasury Secretary Janet Yellen has urged all governments to support a global minimum corporate tax rate of at least 21%. The US is working with other G20 nations to get other countries to end the “thirty-year race to the bottom on corporate tax rates”.
Anis Chowdhury
Corporate tax vital
For Yellen, “governments [should] have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government”.
The Biden administration has unveiled a plan to reverse Trump’s tax cuts and raise US corporate tax rates from 21% to 28%. Crucially, it wants to increase tax rates on US firms’ overseas profits – global intangible low-tax income (GILTI) – from 10.5% to at least 21%. This should be calculated on a country-by-country basis including all tax havens, i.e., low- or no-tax locations, to minimise evasion.
Michael Keen and Joel Slemrod
Michael Keen is deputy director of the Fiscal Affairs Department at the International Monetary Fund. Joel Slemrod is a professor of economics at the University of Michigan, where he is also Paul W. McCracken Collegiate Professor at the Ross School of Business. Both have been awarded the National Tax Association’s Daniel M. Holland Medal for distinguished lifetime contributions to the study and practice of public finance, and both are past presidents of the International Institute of Public Finance. They are the authors of
Rebellion, Rascals, and Revenue: Tax Follies and Wisdom Through the Ages.