Archive for February 2011

Effective corporate tax rates, 2010, Asia

February 24, 2011

A new paper from Cato this month,  New Estimates of Effective Corporate Tax Rates on Business Investment written by Duanjie Chen and Jack Mintz, School of Public Policy, University of Calgary, gave an updated review of the subject. They defined the subject as:

“Effective” tax rates take into account statutory rates plus tax-base items that affect taxes paid on new investment, such as depreciation deductions, inventory allowances, and interest deductions. Our calculations also account for other taxes that affect investment, such as retail sales taxes on capital purchases and asset-based taxes.

It’s a good attempt at comparing not only corporate income tax rate but other taxes on businesses. Here are the numbers, in percent, 2010, Asia:

India 33.6

Japan 29.5, S. Korea 29.5

Australia 26.0, Pakistan 24.1

Indonesia 20.5, Malaysia 18.0

New Zealand 17.6, Thailand 17.0

China 16.6, Vietnam 11.7, Taiwan 10.9

Singapore 8.5, Hong Kong 4.0

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Effective corporate tax rates, 2010, America

February 24, 2011

Argentina 43.1 percent

US34.6, Brazil 35.1,

Costa Rica 25.2, Peru 23.0,

Bolivia 22.9, Canada 20.5,

Ecuador 17.9, Mexico 17.5,

Chile 6.7

Effective corporate tax rates, 2010, Europe

February 24, 2011

France 34.0, Russia 31.9

UK 27.9, Italy 26.9,

Spain 25.4, Austria 25.3,

Norway 24.7, Germany 23.8

Portugal 20.8

Sweden 18.9, Denmark 18.5, Finland 18.3,

Switzerland 17.6, Netherlands 16.8, Luxembourg 16.8,

Poland 14.3, Greece 13.0, Czech Rep. 12.0,

Ukraine 3.1, Belgium -1.7

Trade balance, Asia-Pacific, as of Dec. 2010

February 22, 2011

Most Asian economies are net exporters, led by China, Japan and S. Korea. Data below for the last 12 months up to December 2010.

China 176.8 (Jan. ‘11)

Japan 91.2

S. Korea 44.9 (Jan. ‘11)

Singapore 41.1

Malaysia 34.1

Indonesia 22.1

Australia 18.1

Thailand 14.0

Taiwan 9.9 (Jan. 2011)

New Zealand 0.7

India -115.8

Hong Kong -43.1

Pakistan -15.9 (Jan. ‘11)

Vietnam -12.2 (Jan. ‘11)

Philippines -3.2 (Nov.)

Source: The Economist, February 17th 2011,

Trade balance, Europe, as of Dec. 2010

February 22, 2011

Germany and Russia kept their export superpower status last year with a combined trade surplus of $350 billion last year. Britain, Turkey, Spain and France remained as top net importer countries in Europe.

Here are the trade balance data for the last 12 months up to December 2010 (unless specified), in $ billion:

Germany 204.5Russia 149.2Ireland 58.2 (Nov.)

Norway 55.7 (Jan. ‘11)

Netherlands 50.7

Belgium 20.8

Switzerland 18.9

Denmark 12.8

Sweden 10.5

Hungary 7.4

Czech Rep. 6.8

Britain -150.4Turkey -71.6Spain -68.1 (Nov.)

France -67.5

Greece -39.7 (Nov.)

Italy -36.5

Portugal -26.5

Poland -8.4

Austria -5.9 (Nov.)

Trade balance, America, as of Dec. 2010

February 22, 2011

The US kept its huge trade deficit, with an average of $1.77 B a day. Meanwhile, oil exporter Venezuela kept its trade surplus, producing an average of $2.4 B a month surplus. Trade balance over the past 12 months up to December 2010 (unless specified) below , in $ billion:

Venezuela 28.9 (Q3)Brazil 20.9 (Jan. ‘11)Chile 15.3 (Jan. ’11)

Argentina 12.1

Peru 6.5 (Nov.)

US -646.5Canada -6.8Mexico -3.1

Colombia -0.6 (Nov.)

source: The Economist, February 17th 2011

Debt service payment, Nov. 2010, P660.4 B

February 17, 2011

As a result of rising public debt stock, debt service payment (principal + interest) also rose. Here is the breakdown, in P billion.

 

2000

2009

2010 Jan-Nov.

Principal

  88.95 

 343.42

 385.400

Interest

140.89

278.87

274.975

Total

227.84

622.29

660.375

Int. payment as      
% of NG expend

21.7%

19.6%

20.0%

source: Bureau of Treasury, www.treasury.gov.ph