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Sylvia Lim, Workers' Party Chairman, explained on Tuesday that while she acknowledged the move towards a progressive tax system, there is even more possibilities to improve it. A progressive tax system provides, in her opinion, a possibility of reducing cost pressures in other areas and demonstrates…


Eurozone confident on Cyprus bailout

Eurozone finance ministers are confident on agreeing a bailout for Cyprus before the end of March. The bailout could be priced at 17bn euros (£ 15bn). Euro group head Jeroen Dijsselbloem expressed his will to help Cyprus, but the details still need to be discussed. This is likely to calm down Germany,…


One of the most outstanding bankers explained Beijing is ready for a currency war as he urged the world to abide by a consensus reach by the G20 to avoid confrontation, state media reported on Saturday. Yi Gang, deputy governor of China's Central Bank, made this statement after G20 finance ministerslast…


This year's Singapore Budget will present tax refunds to both individuals and companies. In the 2013 Budget there will be a 30% corporate tax rebate which is capped at 30,000 SGD per year of assessment. This will be granted for three years, from 2013 to 2015. It is hoped that this measure will help…


Fears that deadlock will lengthen Italy's two year recession and spill over into the rest of the eurozone hit markets across Europe  Italians have rejected spending cuts and tax rises and have opened up the possibility of chaos in the Eurozone. After three years of German led austerity measures aimed…


Heated debates have broken out in Singapore regarding the policies toward the foreign workforce. Approximately 40% of the total workforce in Singapore are foreigners. It is one of a highest ratio in the world. Singapore has had an open door policy for foreign workers for a long time as they are trying…


How important is Russia to Cyprus?

Cyprus is a small island in Eastern Mediterranean and part of EU and Eurozone. The Cyprus economy heavily relies on the property market, tourism and the financial industry. The property market is in decline. The government has made few attempts to revive it by grating residence permits to those who…


Democrat Nicos Anastasiades was elected yesterday as new president of Cyprus with 57.48% of the votes. Euphoric supporters were pouring into the streets of the divided island, honking horns and waving blue and white Greek flags.  The Democratic Party leader stated that there were no winners or losers…


The Singapore government has presented the White Paper on its vision of the demographics of Singapore. Singapore like any other developed nation is facing very difficult decisions on immigration and foreign workforce. The population of Singapore is aging with a fertility rate of only 1.3 which has put…


After the recent G20 meeting, the IMF Chief Christine Lagarde has not ruled out a possibility of Bail-In of Cyprus banks. A Bail-In means that Cyprus bank depositors will lose part of their deposits as a measure of saving Cyprus banks. The previous Cyprus government had never considered this outcome…