Latest news with #MinistryOfFinance
Bloomberg
4 hours ago
- Business
- Bloomberg
Japan's Bond Market Faces First 30-Year Sale Since Issuance Cut
Japan's auction of 30-year sovereign notes Thursday is shaping up as a barometer of policymakers' success in quelling debt-market turmoil that pushed yields on the nation's super-long bonds to record highs in May. Yields have stepped down from their peaks, helped by the Ministry of Finance adjusting issuance to sell fewer super-long bonds, and by the Bank of Japan slowing its pullback from debt purchases. Recent sales of shorter-maturity securities have also gone smoothly.
Arab News
16 hours ago
- Business
- Arab News
Pakistan calls for country-led, results-based approach to global development financing
KARACHI: Pakistan has called for a fundamental shift in global development financing, urging the international community to move away from donor-driven models and adopt country-led, results-oriented strategies that align with national priorities and deliver measurable outcomes, according to an official statement issued on Wednesday. The country has long struggled with foreign loans and aid programs that often impose rigid conditions, restricting its ability to pursue development goals on its own terms. Facing recurring external financing gaps, high debt servicing costs and limited fiscal space, Pakistan has also called for greater access to low-cost financing to support areas like climate adaptation and social spending without deepening its debt burden. Finance Minister Muhammad Aurangzeb raised these issues during his address at the Fourth International Conference on Financing for Development (FfD4) in Spain. 'In his remarks, the Finance Minister laid out a ... comprehensive strategy ... to foster meaningful progress,' said a statement issued by the Ministry of Finance. 'As a first step, he stressed the need for urgent execution of priority actions to transition from pledges to tangible delivery.' 'This, he noted, must involve greater country ownership of development agendas, with national strategies taking precedence over donor-driven models,' the statement added. 'Aligning frameworks with domestic priorities is key to ensuring sustainability and relevance on the ground.' Aurangzeb also called for expanding access to concessional and blended financing, particularly for investments aligned with the Sustainable Development Goals (SDGs) and climate resilience. He emphasized that international financial institutions and credit rating agencies should account for a country's reform efforts, developmental ambitions and climate vulnerabilities when assessing risk and setting lending terms. The minister further advocated for a shift in how development cooperation is approached within developing countries, arguing for a move away from input-focused models toward results-driven strategies linked to measurable outcomes. He underscored the importance of integrating cross-cutting priorities, such as gender equity, digital inclusion and climate resilience, into national development plans. Aurangzeb also urged a scale-up of South-South and triangular cooperation, describing such partnerships as more contextually grounded and effective than externally imposed frameworks. The minister reaffirmed Pakistan's commitment to building inclusive, results-driven partnerships during the conference.
The National
21 hours ago
- Business
- The National
Kuwait reveals rules for new multinationals tax and expects to raise $819m from it annually
Kuwait has revealed executive regulations for its tax on multinational entities in the country and expects the levy to add 250 million Kuwaiti dinars ($819 million) in revenues annually. The country's Ministry of Finance said the new regulations clarify details about the introduction of a supplementary domestic minimum tax (DMTT) under the multinational entities (MNEs) group tax. They "aim to interpret and clarify the provisions of the law, define procedures and implementation mechanisms, enhance transparency, and provide a clear understanding for relevant parties in line", the ministry said early this week. The tax rate was not specified, but the country had said in December that it was planning to impose a 15 per cent tax on multinationals in the country. The new legislation reflects Kuwait's strategy to diversify revenues away from the oil sector, said Noura Sulaiman Al-Fassam, Minister of Finance and Minister of State for Economic Affairs and Investment. The issuance of the regulations "represents a major milestone in the path of economic reform, given their role in providing a fair investment environment and enhancing tax justice", she said. She added that preliminary estimates indicate that the expected annual revenues from the tax could reach about 250 million Kuwaiti dinars, "enhancing the state's ability to build a resilient and sustainable economy". Kuwait's DMTT applies to multinational entities (Kuwaiti or foreign companies) operating in more than one country "whose total revenues meet or exceed annual revenues of €750 million ($885 million) in the consolidated financial statements of the parent entity for at least two of the four tax periods immediately preceding full year 2025", consultancy KPMG said in a note. Multinational entities should register by September 30 of this year, it said. The DMTT is in line with the Organisation for Economic Co-operation and Development's Pillar Two programme, which has set up a global minimum corporate tax to ensure large multinational enterprises pay a minimum 15 per cent tax on profits in each country where they operate. The proposed global minimum tax is expected to result in annual global revenue gains of about $220 billion, or 9 per cent of global corporate income tax revenue, the OECD said in 2023. The UAE last year also imposed the DMTT on large companies as part of changes to its corporate tax law. Large multinational enterprises are to pay a minimum of 15 per cent tax on the profits generated in the UAE (up from the current corporate tax rate of 9 per cent), effective for financial years starting on or after January 1, 2025. The DMTT applies to multinational enterprises with consolidated global revenues of €750 million or more in at least two of the four financial years immediately preceding the financial year in which the tax applies. Bahrain also said in September last year that it would introduce DMTT starting from January 1 on large multinationals. Most Gulf countries are introducing taxes as they seek to diversify their economies away from oil and strengthen non-hydrocarbon revenues. Oman is set to become the first in the region to introduce personal income tax from 2028. The Personal Income Tax Law, which was introduced last month, imposes a 5 per cent tax on annual income exceeding 42,000 Omani rials ($109,236), the Oman News Agency said reported. The law will levy tax on income derived from 'specific income types as defined by the law', the news agency said.
Arabian Business
a day ago
- Business
- Arabian Business
Kuwait introduces tax rules, expects $820m in revenue
The Kuwait Ministry of Finance has issued a landmark decree introducing executive regulations for taxing multinational enterprise (MNE) groups — marking a major step in the country's economic reform agenda and commitment to diversifying income beyond oil revenues. The decree (No. 55 of 2025) implements Law No. 157 of 2024, which brings Kuwait in line with the OECD's Pillar Two global minimum tax framework through the introduction of a Domestic Minimum Top-up Tax (DMTT). According to the Ministry, the new regulation clarifies legal provisions, outlines implementation mechanisms, and enhances transparency in accordance with international best practices. New Kuwait tax rules The Ministry said the move aligns with Kuwait Vision 2035, which aims to build a more diversified and resilient economy. Finance Minister and Minister of State for Economic and Investment Affairs, Eng. Nora AlFusam, said the regulation is pivotal for creating a fair investment environment and enhancing tax justice. She added that expected annual revenues from the tax could reach around KD250m ($820m), helping build a resilient and sustainable economy. The Ministry of Finance will organise a series of awareness workshops to help explain the new tax law and its executive regulations to relevant stakeholders, ensuring smooth implementation and full compliance. The tax applies specifically to large multinational groups operating in Kuwait, in accordance with global tax fairness principles outlined by the Organisation for Economic Cooperation and Development (OECD).
Independent Singapore
a day ago
- Business
- Independent Singapore
Over 950,000 eligible Singaporean households to get U-Save, S&CC rebates this July
SINGAPORE: Over 950,000 Singaporean households living in Housing and Development Board (HDB) flats will receive up to S$190 in U-Save rebates and up to a month of Service & Conservancy Charges (S&CC) rebates this July to help with utilities and estate upkeep charges, depending on their flat type, the Ministry of Finance (MOF) said in a press release on Monday (June 30). The payouts are part of the permanent GST Voucher (GSTV) scheme and enhanced Assurance Package, aimed at supporting lower- to middle-income HDB households. The rebates are given out every quarter in April, July, October, and January. July's disbursement marks the second round for the financial year. Over the full financial year, eligible households can receive up to S$760 in U-Save rebates and up to 3.5 months of S&CC rebates, depending on their flat type. Eligible households do not need to take any action. The U-Save rebates will be credited directly to their utility accounts with SP Services, while the S&CC rebates will go straight into their respective town councils. Residents who want to check their eligibility for S&CC rebates can log in to My HDBPage on the HDB InfoWEB using their SingPass. /TISG Read also: Over 950,000 eligible Singaporeans to receive first U-Save and S&CC rebates this April, but netizen says it's 'temporary handouts meant to sway votes' Featured image by Depositphotos (for illustration purposes only)
