‘ Agricultural Sector Losses Due to Russian Sanctions Will Reach 200 Million Euro’s ‘

#AceFinanceNews – ROME – September 23 – The losses of the Italian agricultural sector as a result of Russian counter-sanctions in response to Western punitive measures against Moscow for developments in Ukraine will total €200 million annually, experts from the Coldiretti association uniting representatives of the sector said Tuesday.

With the ban on imports to the territory of the Russian Federation of a number of food products — vegetables and fruits, cheeses, meat and sausage products, as well as fish, Italy will lose about €200 million a year,” Coldiretti said.

Besides direct losses, the industry will also sustain indirect losses, experts said.

In particular, the association is afraid that products imitating Italian will land on the Russian market, which will harm the reputation of Italian products.

Not to mention the fact that Italian suppliers will be ousted from the Russian market, which is considered one of the most promising and fast growing.

Italian Agriculture Minister Maurizio Martina is pushing for the unblocking of European Union funds due to be allocated to support farmers affected by Russia’s counter-sanctions.

Ways to overcome the crisis and compensate for the losses to European agriculture will be considered at an informal meeting of EU specialized ministers to be held in Milan on September 28-30 as part of Italy’s presidency of the European Union.

Reported by . /ITAR-TASS/.

#AFN2014

#cheeses, #counter-sanctions, #eu, #european-union, #fish, #fruits, #italy, #milan, #rome, #russia, #russian, #vegetables

WASHINGTON: ‘ Executive Actions Aimed at Rolling-Back Off-Shore Deals ‘

#AceFinanceNews – WASHINGTON – September 23 – The Obama administration on Monday unveiled long-awaited executive actions aimed at rolling back a recent rash of offshore tax deals.

Treasury Secretary Jack Lew said the new rules would at least lead companies to second-guess the benefits of shifting their legal addresses abroad — and slashing their tax bills in the process.

The new rules target the economic benefits of the tax deals and seek to make it more difficult for companies to complete these kinds of cross-border-mergers, known as “inversions.”

These transactions may be legal, but they’re wrong,” Lew told reporters on Monday.

For some companies considering deals, today’s action will mean that inversions no longer make economic sense.”

Still, Lew  also stressed the new rules, which would go into effect for deals that close Monday or after, don’t eliminate the need for Congress to act when it returns to Washington after November’s elections.

The secretary added that the department would consider further rules if Congress remains deadlocked on how to stop the deals.

This ensures that offshore tax deals will continue to be a potent political debate this year, after Democrats have questioned the patriotism of companies that move abroad.

I believe America does better when hard work pays off, responsibility is rewarded, and everyone plays by the same set of rules,” President Obama said in a Monday statement praising Lew and the new rules.

The Treasury’s announcement could give a new spark to a Democratic campaign issue that has yet to catch fire with voters.

Democrats have hammered companies like Burger King, medical device-maker Medtronic and pharmaceutical company AbbVie for seeking to reincorporate abroad.

Source: 

#ANS2014

#afn2014, #cross-border-mergers, #inversions, #obama, #offshore-deals, #patriotism, #tax-bills, #washington

BRITAIN: ‘ Tax Discs Changes Check Rules or End Up Paying a Fine ‘

#AceFinanceNews – BRITAIN – September 23 – The tax disc, which was first introduced in 1921, will cease to exist in paper form from October 1, with a new electronic system being put in its place.

Velology

Velology (Photo credit: Wikipedia)

Under new rules announced in the Autumn Statement last year, motorists will now have to register their car online to pay Vehicle Excise Duty, otherwise known as road tax. This can be done via Direct Debit on the Driver and Vehicle Licensing Agency (DVLA) website, on the phone, or at a Post Office branch.

Those who don’t register for the tax, will be caught out by number plate recognition cameras which track each vehicle on the road.

While the move aims to streamline services and, it is claimed, save British businesses millions of pounds a year in administrative costs, motorists are being warned to brush up on the new rules or face possible fines.

The change mostly affects those buying or selling a used car.

Anyone who buys a used car will no longer benefit if there are months left on the tax disc, as the vehicle tax will no longer be transferred with the car. This means buyers will have to renew their tax disc straight away, or risk being caught out on the road in an untaxed car.

The seller of the vehicle is responsible for informing the DVLA of a change of ownership, otherwise they could face a possible £1,000 fine. This can be done by filling out a V5C for and sending it to the DVLA.

Vehicle sellers will get an automatic refund for any full calendar months left on the vehicle tax.

Paul Watters, head of roads policy at the AA, said: “This is a huge change and vehicle owners and drivers need to be aware of the rules. A driver, not registered owner, can be issued a non-endorsable fixed penalty for driving an untaxed car.

An owner can be fined £80 for using an untaxed vehicle (one not registered off the road) and can be charged any back tax.”

Be Sure to Visit Correct Website Not DVLA Checking Services Or You Will Be Charged Extra    

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#britain, #driver-and-vehicle-licensing-agency-dvla